Questions: Property listing generally is an agreement which shows that the agent of real state or broker have right under which he can sale or handle a real property and against it will receive commission or fee for his services. There are two case scenarios given with the help of which you need to answer the following questions.
- Establish a clients rapport
- Determine the needs of the client
- Provide client with the accurate advice.
- Address all the concerns that a client have.
PART 1
Role Play for Scenario 1
According to the case Ian and Rebecca Harrison are intending to give their property on lease. The reason behind this leasing is that they are now shifting to another place and they want to give this property to lease as this will help them to not put their property on sale and they can even earn some money as rent from this. The main requirement of the client is that they want to give this property to a family person so that it is maintained properly. For the lease process they have to submit a Lease offer in the company so that they can proceed further with the process. Leasing is a binding contracts, so all the papers is signed properly by the client to complete the whole process. In this way Ian and Rebecca Harrison can put their property on lease.
Role Play for Scenario 2
As per the given case Dominic and Tina Azzopardi wants to sell their property. They want to sell their house as they are living in the same home from thirty years and their children have also moved out from that house so now they want to purchase a new small house. The amount which they will get from selling the property will be used in purchasing a new smaller house. They want a good amount from that house so that it can fulfil their requirement. For sale process they have to register their house in the sale option of in company so that they can get customers. After getting clients they can negotiate with them before finalizing the final contract.
PART 2
For Leasing Property
MOCK PROPERTY INSPECTION
The purpose of inspection is to advice prospect buyer to take this property on lease. Bitumen roofing material has been used in roof. It is well furnished and reverse cycle air conditioning gas is being fitted in the leasing estate. Furthermore, brick siding style also been used. That looks nice from front and back side as well.
LISTING KIT FOR PROPERTY
Information promotes by agency
The real estate agency promotes information through brochure. In this brochure they give all detail related to size, value, of the leasing property. Furthermore, architectural design, construction aspect, and renovation requirements all information will be promoted through agency brochure.
Marketing opportunities for leasing property
Real estate agency has opportunity to use digital marketing (website) tactics in order to gain attention of prospective buyers. Email new letters is another opportunity that can be used by agency to enhance awareness of people about property and making them ready to take it on lease. It will take time of 2 months because agency will have to develop own website and has to communicate with interested people through website and emails.
Read more: Process of Financial Accounting
Rent and estimation of likely renal returns
Rent
Per week rent = $330
Total rent for year would be
=Per week rent*12*4 + leasing fee + re leasing fee+ managing fee
=$15840+$522.72+$522.72+$1219.68
=$18105.12
Rental return
Buyer can use this property for commercial purpose and can earn return over its paid rent. Overall return that can be received on this property is $20105 annually.
Agency fees and charges
Agency fee including GST is 3.3% of final lease value.
Process once property is listed
Once property has been finally agreed by the buyer then it would be process to lease agreement.
Strategy to maintain communication
In order to maintain communication with client, it is essential to take support of Fax, email and face to face meeting communication methods. Agent has to mail all detail about property to buyer and have to conduct personal meeting so all quarries of the person can be resolved. All communication will be recorded.
Agency and statutory documents in relation to listing
There would be lease agreement in which property document, lease agreement will be require.
RISK MANAGEMENT PLAN
| Description of risk | Level of risk | Occurrence | Mitigating strategy |
| Change in the GST | High | Moderate | |
| Poor marketing techniques | Moderate | High | Implementing better and innovative techniques. |
EXCLUSIVE LEASING AUTHORITY AND LISTING SHEET
Agent, seller, buyer all three are main leasing authorities in this leasing agreement. Buyer and the person who is giving their property on lease will make bond and will decided rent. In this fee agent charges, marketing expenses will be included.
Listing sheet
- Title document
- Share certificates
- Electricity bills
- Verification of place
- No object certificate (NOC)
- Lease agreement form
EXCLUSIVE AUCTION AUTHORITY
The vendor would be first person who is responsible to pay commission to real estate agent as per their pre- decided charges. Real estate agent is another auction authority who is irrevocably authorised to look at deposit received by the owner.
COMMUNICATION STRATEGIES
It is very important to maintain communication with clients. In order to do the same agent has to use email communication strategy. It is the type of written communication in which agent and client both can maintain records of their conversation. This will help in minimizing further confusions. Furthermore, use of personal meeting is another way of maintaining communication because this will help in minimising confusions of both involved parties and they will be able to make their decision.
DELIVERING PRESENTATION
For Selling Property
MOCK PROPERTY INSPECTION
The property is well maintained. It has two bedroom villa unit, central toilet, laundry and toilet, spacious kitchen with open plan living and dining, large private courtyard and lock up garage. Other features of the property includes, BIR'S, wall to wall carpet in bedrooms, stainless steel appliances, gas cooking, reverse cycle air-conditioning, gas heating.
LISTING KIT FOR PROPERTY
Information promotes by agency
By distributing brochure in public can help company to promote their services. All the details related to the property is listed in this brochure, such as, size, value of the selling property. Apart from this its location, what are prices set for the property is also listed in this.
Marketing opportunities for selling property
For the marketing of the property to put it on sale, there are various ways which can be opted by them. Such as, they can choose online marketing options and can put their advertisement on internet to aware as many people as possible by the company. It will help them to get better outcome and it will also take less time.
Additional details for sale property
| Vendor’s asking price | 420000 |
| Less( advertisement) | 1000 |
| Total Cost | 419000 |
| GST | 13200 |
| Total Amount | 405800 |
Agency fees and charges
Agency fee including GST is 3.3% of final lease value.
Process once the property is listed
After the property being listed for the selling process it will then further proceed for the sale agreement.
Strategy to maintain communication
It is very important to maintain the communication with the client to make the whole process effectively. They can seek help of phone calls, through emails or by faxing. Proper recording of all the communication has to be done for keeping record for the future. It the duty of the agent to deliver all the details to the client so that he can make decision about the property.
Agency and statutory documents in relation to listing
There will be a sale agreement of the property between owner and the final client before proceeding forward as it is very important task in the whole selling process.
RISK MANAGEMENT PLAN
| Description of risk | Level of risk | Occurrence> | Mitigating strategy |
| Change in the GST | High | Moderate | |
| Poor marketing techniques | Moderate | High | Implementing better and innovative techniques. |
EXCLUSIVE SELLING AUTHORITY AND LISTING SHEET
Seller, buyer and agent are the main selling authorities in this process. There will be a bond between the seller and the buyer for selling the property. In this fee agent charges, marketing expenses will be included as per the agreement.
Listing sheet
- Listing sheet for selling process
- Title document for sale process
- Verification of place
- No object certificate (NOC) for client
- Sale agreement form
EXCLUSIVE AUCTION AUTHORITY
The seller will be first person who is responsible to pay commission to real estate agent in order to complete the whole process. Real estate agent helps to maintain all the money transaction which is being performed in the process.
COMMUNICATION STRATEGIES
It is very important to maintain the communication with the client to make the whole process effectively. They can seek help of phone calls, through emails or by faxing. Proper recording of all the communication has to be done for keeping record for the future. It the duty of the agent to deliver all the details to the client so that he can make decision about the property.
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