Professional Practice in Real Estate Report - CPPREP4001 Module

This report delves into the realm of real estate professional practice, focusing on the regulatory framework governing the property service industry in Australia, with specific emphasis on NSW. It examines the steps required to gain employment within the sector, including eligibility criteria and necessary qualifications. The report analyzes the business identity of LJ Hooker, a prominent real estate brand, discussing its branding strategies and digital technology utilization. It further presents advertisements for sales, property management, and administration roles, along with detailed job descriptions outlining responsibilities and requirements. The report also provides examples of contractual and fiduciary responsibilities for each role, offering insights into the legal and ethical aspects of real estate practice. Finally, the report explores professional development pathways within the real estate industry and emphasizes the importance of effective communication strategies, including verbal and non-verbal communication, for achieving business objectives. It provides a comprehensive overview of the key aspects of real estate professional practice, including the regulatory framework, job roles, advertisements, and business identity of a real estate company.

CPPREP4001 Prepare for
Professional Practice in Real Estate

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Regulatory framework of the property service industry..............................................................3
Steps to take to be employed.......................................................................................................4
Business identity that is utilized and rationalized........................................................................5
Task 2...............................................................................................................................................6
Advertisement for sales...............................................................................................................6
Advertisement for property management....................................................................................6
Advertisement for administration................................................................................................7
Task 3...............................................................................................................................................8
a) Job Description........................................................................................................................8
b) An example of each role’s contractual and fiduciary responsibilities....................................9
Task 4.............................................................................................................................................10
Task 5.............................................................................................................................................14
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Real estate can be defined as land which is being purchase with permanent changes attached
with it. It includes, natural or man made changes such as, water, trees, buildings or any other.
Professional development is important because it helps in building good image in market and
employees should develop some skills which can be applied to generate more profit and it will
help in satisfying needs of customers. LJ Hooker is a real estate industry which was founded in
1928 by Sir Leslie Joseph Hooker (Glaeser and et.al., 2017). Its headquarter is situated in
Sydney, Australia and it serves many areas such as, Australia, New Zealand, Indonesia, China,
Hong Kong, Papua New Guinea and Vanuatu. There are 8000 employees working in the
organisation and company provides good services to consumers. In the present report, regulatory
framework of property service industry, advertisement given in newspaper, job description for
position is discussed. Further, different communication strategy such as, using plain language,
verbal and non verbal communication is described and its importance. Further, professional
development pathways within real estate is discussed and how it will help in achieving goals and
objectives of company.
TASK 1
Regulatory framework of the property service industry
Real estate industry is the one of the most important prime driver of the growth in the
economy and contributed to the GDP of the Australia. From the real estate sector gives the
tremendous growth in the country. The licensing framework of the real estate and the property
service sector was reviewed in 1997 in Australia (Ullah, and Al-Turjman, 2021). The NSW
government has introduced various reforms in the last 18 years for the protection of the
consumer in the real estate industry sector some of them are:
 The law are strengthen for forbid the underqouting in the real estate sector.
 Consumer’s compliant data are to be regular published.
 In the off plan property sales the use of the sun set clauses are increasing the protection
against this.
 Pre purchase property reports inspection cost is to be reduced.
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The NSW fair trading needs to necessary delivers the services and the regulatory frameworks of
the real estate and to the property markets that are experts. For this NSW government introduced
for the real estate and the division in the year 2015 of the fair trading. People who are working
the NSW service property sector have compulsory to have certificate or the registration or the
license according to the Property and business Agents Act. The license can be hold by the
individual or by the corporation. The property business can be done by the individual can hold an
appropriate license and have following can hold it:
 Real estate agents.
 Business agents.
 Stock and the station agent.
 Community scheme managing agents and many more.
There is general eligibility for the requirements in the real estate license that is managed the
business that is:
 Should be of 18 year of age for the license and have completed 16 years for the
registration.
 Individual should have to be fit and fine and if the business is in the partnership than all
the partners are to fit and fine (Carmichael, and Coën, 2018).
 Disqualified persons are not eligible.
 Qualification is must to get the license.
 Have to pay some contribution in the property service compensation fund.
Steps to take to be employed
To get work with the NSW industry of property as a agent need various documents
required and also other experiences that are:
First check the eligibility
To enter in the real estate business in the Australia firstly need the license and for that the
restrictions are imposed by the government. The eligibility for granting the license that an
individual has to be completed 18 years (Warr, and Inceoglu, 2018). Some restrictions that are
opposed for the entry are individual don’t have not opposed on crime like fraud, drug addict,
dishonesty and violence in the past 10 years, an individual don’t have insolvent under some of
the administration some include bankrupts, having the debt agreements.
Complete the classes of the real estate
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The competency units vary across the Australia, the local training are given to the by the
providers in a way that the units required are taught for the locations. The different classes is
arranged with the academics to build their knowledge in the field of the real estate and help to
understand the procedure and the requirements for the real estate. Some of them will provide the
different certificates for the real estate practice and for the certificate in the property service
course. Both this certificates are recognized nationally. Once the course is completed and get
passed in the assessments an individual is eligible for apply for the license. Some states and
territories in the Australia can require to work in the field for one to two years than they can
apply for the license for the real estate agents.
Start working
After getting the certificates and completed the course then an individual can enter in the
real estate service property sector. To enter in the real estate with the NSW one must has to start
with the assistant agents in the real estate and the in the sales and the leasing (Celuch, Bourdeau,
and Winkel, 2017). In the first year it is quite difficult as to build the networks with the clients,
learn to work with the burden and attending the phone calls etc.
Business identity that is utilized and rationalized
Business identity is a characteristic of the business that keeps the business different from
the others. The company LJ hooker that is well known real estate brand has some special identity
through its Tagline, logo etc. The tag line of the LJ Hooker that is “When you know, you know”
describes the brands to the consumer effectively that instinctual side of the decision making. It
created the best brand identity to the consumer by creating the trust to their customers. Company
get specialised in their sales and the property management from their effective networks and
making the effective strategies and the assisted offices to the priorities in competing the more
market share in the real estate industry in the Australia. Company retains with the use of the best
technology that is digital technology used recently (Grody, 2018). The business identity can be
made with the effective advertising campaign and the company like LJ Hooker, to advertise the
property photographs company uses the professional photography that helps to attract the
customers easily and can create the identity in the mind of the consumer. Excellent use of the
video graphics and the skills of the copywriter are used effectively to describe the property.
They uses the excellent use of the words through engaging the accurate text that attracts
the properties features in a way that benefits the regular life styles. As to be the best brand in the
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industry they effectively use the usage of the digital technology as from the online marketing,
from the real estate portals as where approx 86 percent of the clients use the online portals in
search for the properties and LJ Hooker is best in this by promoting their properties through the
portals. It is important to provide good quality services to consumers so that it will help in
building good image and more revenue can be generated. It is important to create brand image in
minds of customers as it will in increasing sales of company and help organisation in expanding
their business. Brand identity help in making different image from competitors and make unique
product identity. It is necessary for managers to take steps or benefit of company and motivate
employees to perform well. Proper plans or strategies should be made by managers so that more
revenue can be generated.
Task 2
Advertisement for sales
LJ Hooker company
Australia
Coming soon, 3 BHK home is available at Australia with modern design. It is well furnished and
having all the facilities which are essential. This will be sell soon because it has good interior and
people will be attracted.
For more details contact information which is given below and book as soon as possible.
Contact no. – 121-234355-333
Book online for $ 2000
Hurry up because offer is valid for few days.
Advertisement for property management
LJ Hooker
Australia
Reliable and effective management
What we have to offer :
 Marketing via mail
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 Increasing web presence
 Well furnished and good interior design
Comprehensive service includes:
 Inspections
 Leasing
 24*7 maintenance
 Accounting
Find out how easy it is.
Call today for free property management
121-546447-7366
[e-mail]
Contact on above information for any query.
Advertisement for administration
LJ Hooker
Australia
Responsibilities:
Setting rent
Property maintenance
Managing budgets
Screening tenants
Collecting rents
A good administrative person is required who can manage day to day activities and it will help in
increasing sales of company. Make attractive plans or strategies for increasing profit of
company.
Email your CV along with photograph: [e-mail]
For more details contact 121-73363-73838
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Task 3
a) Job Description
Sales
Responsibilities included in role
 Generating clients for buying, selling and renting of property
 Counselling client about conditions of market, prices and their requirements
 Creating competitive market price on the basis of comparison of different properties
 Providing information and suggestion to client regarding property suitable for them
 Showing properties to potential buyers and guiding them about property
 Facilitation of negotiation between buyer and seller of the property and between owner
and tenant
 Maintain knowledge and license for real estate
 Promotion of property with listings and advertisements
 Negotiation and preparing contracts and ensuring that conditions are met by buyers and
sellers
Requirements included in role
 Must have a real estate license
 Should have 3-5 years experience in sales
 Strong communication and interpersonal skills
 Strong knowledge of local property (Atalay and et.al., 2020).
Property Management
Responsibilities of Property Manager
 Preparing and managing budget
 Taking interview of potential tenants and also checking credit
 Addressing complaints of tenants
 Undertaking inspection of vacant property
 Determining rates for rent, negotiation for lease agreements and enforcing lease
agreements
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 Collecting and dealing with payments and handling operational expenses
 Maintaining records of income and expenses, complaints, signed leases
 Preparing reports about properties’ financial performance
 Attracting clients through advertising, property viewing and referrals
Requirement for Property Manager
 Degree in real estate, property management, business management or equivalent
 Experience of 3-5 years as property manager
 Knowledge about property regulations
 Strong communication and negotiation skills
 Ability to operate property management software (Gumban, 2021).
Administration
Responsibility of administrator
 Completing paperwork for all property transactions to ensue completion of deal
 Monitoring deadlines and providing timely notice
 Ensuring transactions are in compliance with legal rules and regulations and treatment for
taxation is done adequately
 Scheduling appointments with parties
 Creating and distributing weekly and monthly reports and communicating results with to
ensure goals of company are met
 Participating in training sessions and improving skills and knowledge
 Overseeing day-to-day operations of real estate organisation
 Interacting and coordinating with other organisational members
Requirement for administrator
 Real estate license
 Previous experience in real estate industry
 Has strong written and verbal skills
 Has knowledge of computer operations and real estate related software
 Strong managerial and multitasking abilities (Tomko, 2018).
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b) An example of each role’s contractual and fiduciary responsibilities
Sales
Contractual responsibility of sales includes reviewing purchasing contract between buyer
and seller to ensure terms of contract are met.
Fiduciary responsibility of sales includes accounting, care, confidentiality and loyalty for
client. This means that sales must account for all the funds that are entrusted to them and sales
are also require using their skill on behalf of client. Confidentiality is also a responsibility of
sales and according to this, sales is required to ensure confidentiality of information of client that
can harm their interest.
Property management
Property managers’ contractual responsibility includes laying out all specific
responsibilities for renting out property, managing property and following all legal regulations
regarding property management and different aspects of real estate.
Fiduciary responsibility of property management includes that they must act with highest
good faith and fair dealing with respect to owners’ assets and disclosing all material information
that is likely to affect decision of client (Abas and Raji, 2018). Along with this duty of care, and
loyalty are also there for property manager.
Administration
Fiduciary responsibilities of administrator include acting in best interest of estate and its
beneficiaries. Careful investigation of assets and property.
Task 4
In every organisation it is important that effective communication can be done so that
company can achieve its goals and objectives. If proper information is not communicated among
employees then it will create confusion and workers will get confused. So, to avoid confusion
and misunderstanding managers distribute work among employees according to their
specialisation as it will hep in completing work on time. It is important that managers should
give proper instructions to workers and they should make structure in which goals and objectives
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should be mention (Ataguba and Ataguba, 2020). Roles and responsibilities of every employee
should be clearly mentioned so that they can work according to guidelines given to them and this
will reduce duplicate work.
Effective communication refers to comprehensive statements which is taken and contain
all relevant details, rules and regulations should be made so that employees can work safely and
they can get healthy environment. Active and accurate listening is important for effective
communication as it helps in providing feedback, questioning, checking and restating. Types of
effective strategies that can be used by a company to improve their performance are, plan,
manage and conduct interviews to collect maximum information and it should be relevant. All
the employees should be given treatment and there should be no discrimination among
employees as it will help in creating good image in minds of customers and workers will get safe
and healthy environment. Another strategy which can be used is to exchange information with
other members as it helps in identifying details from various people and assess the relevant
information (Bolsen and Shapiro, 2018).
Strategies should be made to establish a relationship with an agency client, it includes
confirming client identity and details with client records, establishing active listening. Strategies
to process client inquiries includes, satisfying client needs efficiently. It will help in improving
performance of employees and overall productivity of company can be increased. This will help
in satisfying needs of customer and effective communication helps in getting proper details about
every employee. If proper details will be communicated to workers then they can do their work
properly and it will help in making good plans so that goals and objectives can be achieved.
Using plain language
In an organisation it is important that proper communication should be done within
company so that employees can understand what work they have to do and roles should be
clearly defined so that there should be no confusion among workers. It is necessary that
employees should interact with each other properly and discuss what work they have to do.
Methods which can be used by company is to use plain language which means that easy words
should be used while giving instructions to employees so that they can understand their work and
it helps in building good relations with each other. When sender sends message then there are
many barriers which affect company (Couzin, 2018). It is essential that managers should make
proper structure by which people can complete their work and it will reduce misunderstanding
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and duplicate work. When communication is done properly then it will help in building trust and
employees develop skills to work in a team.
Sometimes, when there is work load in LJ hooker then work is divided in teams so that
employees can understand about each other and they will build good relationship. It will help in
developing skills which is necessary for growth of company and work will be completed on time.
There are many ways which can be used by managers so that all employees can get proper
information and it will help in maintaining good environment of company. If plain language is
used then it is easy for all to understand and there will be no doubt among employees. When
there is workload then work should be done in groups so that effectively work can be done and it
will help in increasing productivity of employees as well as of firm.
Using plain language will help audience in understanding what speaker want to convey
and it will help in reducing information. Simple words and language is easily understood by all
and it will create interest among listeners and they will learn things (Dalton, Rapa and Stein,
2020). It is important that effective communication should be done among employees so that
goals and objectives can be achieved. Plain language helps in doing work fast and employees
will develop interest while working. It saves time of sender and receiver will understand easily
that what they have to do and all employees can do their work efficiently. Benefits of effective
communication is it helps in building trust, helps in solving problems, providing clarity and
direction to employees for completing their work. It increase engagement of workers and
promotes team building. It is important to work in a team and information should be
communicated properly so that there will be no confusion.
Using verbal and non verbal communication
Verbal and non verbal communication is a way by which interaction can be done and it
will help in achieving goals and objectives of company. It is essential that managers should make
proper plans and it will in promoting team building. It is crucial that all workers should get
proper details and help in creating better relationship. Verbal and non verbal communication can
be defined as words which are used for interacting and sometimes body language plays a crucial
role in expressing views (Nurullayevna, 2020). Non verbal communication refers to body
movements, gestures, facial expression, physical appearance and other expressions which help in
communicating things to receiver. It is important that effective communication should be done in
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