CPPREP4103 Establish Vendor Relationships Assessment

ASSESSMENT TASK 1 – Multiple Choice Questions

Please review the questions below and select the correct answer, e.g., a or b

1. Which of the following is not an example of a prospecting method for properties for sale?
   1. doorknocking
   2. conducting open houses
   3. buying a rent roll
2. Keeping in touch with your past clients for referrals is a powerful form of ‘word-of-mouth’ marketing. People tend to trust the recommendations of their family and friends over other sources.
   1. true
   2. False
3. All prospecting is an opportunity to put prospective vendors, as prospects, into a database. This assists the agent in… (you may choose more than one option)
   1. determining the quality of the lead
   2. knowing what stage, they’re at in the sales cycle
   3. tracking both potential and existing customers
   4. servicing their buyers.
4. When you provide your estimate of the selling price to a vendor as part of your presentation…
   1. it should be greater than 10?ove what you think it’s worth
   2. you should base this price on a reasoned and well-researched CMA
   3. it does not have to be substantiated the vendor sets the price
   4. it can be based on sale of any other property
5. Which of following information should form part of the feedback to be communicated to a vendor?
   1. clear market feedback on the price of their property
   2. actionable market feedback
   3. market comparisons
   4. steps to improve the marketability of their property
   5. all of the above

ASSESSMENT TASK 2 – Short Answer Questions

Please review the questions below and answer in 200 words / 1-2 paragraphs or less (unless advised otherwise).

1. List four (4) prospecting methods suitable for property sales. Choose one (1) and detail how you would undertake this method.
2. Building an agency database is crucial to good business. List five (5) pieces of information you would gather from your prospecting activities that would be entered into your database.
3. What information would you provide to a prospective vendor, at a listing presentation, about your…
   1. Agency?
   2. Services?
4. What information would you collect and record in relation to the vendor’s profile, preferences, and expectations?
5. You have a new listing. You need to thoroughly inspect, confirm, and record details about the listing. What details would you record? What would you do with this information?
6. How would you address the property appraisal (pricing) with a vendor at a listing?
7. List five (5) resources from the listing kit that you would take to a listing presentation to support your agency profile.
8. Choose one (1) resource from your listing kit (previous question) and explain why you believe this would add value to your listing presentation.
9. Provide a structure of the information you would cover and explain to the vendor during the listing presentation from the initial inspection to the vendor agreeing to list with you. You must include:
   1. 1. CMA and estimate of selling price
      2. method of sale
      3. possible timeframe
      4. disclosures
      5. privacy
      6. conflict of interest
      7. documentation
   2. According to your state or territory property legislation, when a vendor’s property is listed for sale, what documentation is signed by both the vendor and agent?
   3. Outline five (5) activities you would include in a communication plan for a vendor and why
   4. List a minimum of four (4) “touch-points” with the vendor that you expect to see in a communication plan.
   5. When a prospective vendor reaches out to you, your aim is to build a relationship that leads to securing the listing. This requires a gathering of information, so you are prepared to meet the needs and expectations of your vendor. List a minimum of three (3) activities or pieces of information you could provide during your prospecting activities that show the services of your agency.

   ASSESSMENT TASK 3 – Workplace Situation Skills Activity

   Part A

   Prospecting for potential sellers is a vital part of the real estate industry. You are to prepare a prospecting plan, and to make mention of the appropriateness to:

   • The target market
   • Your personal brand
   • The agency brand

   Fully explain three (3) prospecting methods and design a plan to measure the success or otherwise of each method. Refer to sample below.

   Method	Time Spent (hrs)	Calls	Appts	Presentations	Listing
   Door knocking	6	2	1	-	--
   Social Media	2	6	2	1	-
   Letter Box Drop	8	2	1	1	-
   Database	8	4	2	1	1

   Part B

   Your agency engages in weekly training. You have been selected by the agency licensee-in-charge to prepare a detailed checklist for the listing presentation with a prospective vendor. Please provide a step-by-step guide to this structure.

   ASSESSMENT TASK 4 – Demonstration

   Part A

   You have received an enquiry from one of your prospecting methods and you need to conduct a listing presentation, working through the checklist created in Assessment Task 3. For the presentation, use the property you currently live in or a property that you are familiar with.

   Choose either a family member, colleague, or peer to role-play the part of the vendor. The listing presentation must refer to a property appraisal report and cover vendor expectations.

   Film your presentation. The presentation should be a minimum of five (5) minutes and a maximum of ten (10) minutes and must be uploaded with your assessment.

   Refer to the observation sheet, which can be found on the assignment page for this unit. The observation sheet will provide guidance on what you will need to cover in your video role play. Your “vendor” should also be given a copy of the observation sheet to help with their understanding of what you need to achieve through the role play.

   After you have conducted your listing presentation, discuss your presentation skills with your role play partner (vendor) and write a report answering the following questions:

   • What resources were used in the presentation?
   • What was your proposed communication plan with the vendor?
   • What worked well? Why?
   • What would you not do differently next time?
   • What will you continue to do?

   What comments did your vendor make about your presentation?

   Part B

   Congratulations! The vendor has agreed to list the property with you. Using the information, you provided in the listing presentation, such as price, commission, and marketing details, you are required to complete an ‘Appointment of property agent’ agreement with the vendor. Assume any other information you need to ensure the Agreement is complete in full and in accordance with all legislative requirements.

   When you have completed both parts of this assessment, please submit your video, your report, and the agreement for marking.

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