Real Estate Agency Research Project

Task summary

To complete this assessment, you will research information about various aspects of the real estate sector and prepare a report based on what you find out. The instructions below will explain the specific information that must be included in your report. You can discuss your report with your trainer and you can seek advice and guidance from them about what to include and the format and presentation of your report. You may be able to prepare a report using one of a number of different formats depending on your learning situation and personal requirements.

Resources and equipment required:

• Access to your learning materials
• Internet access
• Access to a range of websites related to real estate, including legislation and codes of practice
• Access to information about specific roles within a real estate workplace, including the role of the real estate licensee in charge or person who has effective control of the office and others
• Access to Microsoft Word (or a similar program)

Task instructions:

• Your report must include the following and should be prepared as a print or digital file, depending on the requirements of your trainer. You can write your report as a print document or as a digital file. Ensure your trainer can access and read the report, and that you retain a back up copy for your records.
• Your report must include the following sections, but you can talk to your trainer about variations that might work best for you. For example, you could present your research project as a poster or give a brief talk as part of the project.

1. Cover Page
   A cover page which has your full name, unit name and code, and the name of your assessor (if required).
2. Section 1: About the Real estate Agency
   1. What is the structure of a real estate agency and its people?
   2. Create a table to explain the structure and staffing of a real estate agency and the roles of the people within it. Set your table up like this:
   3. Interview a person who works as an agency principal/licensee in charge/agent in effective control and ask them to describe their responsibilities and activities in their daily work practices. Based on the interview, write a tip sheet of best practice ideas for succeeding in the agency principal role.
   4. Identify and explain a suitable business structure for a real estate agency. Conduct a phone interview, online chat or use online resources to research and give an example of this structure from your state or territory. Then, write a brief summary about something you have learnt from your research.
   5. What are three things that a real estate agency business structure must include?
   6. What are the functions of the real estate agency? Identify and explain the functions of a real estate agency.
3. Section 2: Real Estate Framework
   1. Who is the regulator for real estate in your state or territory? Describe what the regulator does in one paragraph or a dot point list and provide a link or reference to the most up to date information about the scope and function of the regulator in relation to real estate practice in your state or territory.
   2. Who is eligible to hold a real estate licence in your state or territory? Provide a screenshot or link to the source of your information.
4. Section 3 Working in Real Estate
   1. Go online. Locate information about the licence requirements for each of these real estate tasks. Identify the person who is able to perform these tasks in your state or territory.
      • New South Wales:
        • Negotiating with a person to enter into a residential sales transaction or contract:
          1. Class 1 Agent in Real Estate Sales and Leasing
          2. Class 2 Agent in Real Estate Sales and Leasing
          3. Assistant Agent in Real Estate Certificate holder
          4. Class 1 Agent in Real Estate Business Agent
        • Withdrawing money from a trust account:
          1. Class 1 Agent in Real Estate Sales and Leasing
          2. Class 2 Agent in Real Estate Sales and Leasing
          3. Assistant Agent in Real Estate Certificate holder
          4. Class 1 Agent in Real Estate Business Agent
        • Selling a business or professional practice:
          1. Class 1 Agent in Real Estate Sales and Leasing
          2. Class 1 Agent in Real Estate On-site Residential Property Management
          3. Assistant Agent in Real Estate Certificate holder
          4. Class 1 Agent in Real Estate Business Agent
        • Giving possession of residential premises under a lease:
          1. Class 1 Agent in Real Estate On-site Residential Property Management
          2. Class 2 Agent in Real Estate Sales and Leasing
          3. Assistant Agent in Real Estate Certificate holder
          4. Class 1 Agent in Real Estate Business Agent
        • Inspecting a residential property:
          1. Class 1 Agent in Real Estate On-site Residential Property Management
          2. Class 2 Agent in Real Estate Sales and Leasing
          3. Assistant Agent in Real Estate Certificate holder
          4. Class 1 Agent in Real Estate Business Agent
      • Queensland:
        • Auction a property:
          1. Licensed real estate agent (holding a licence)
          2. Real estate salesperson (holding a registration certificate)
          3. Licensed auctioneer
        • Manage the units in a complex on behalf of a body corporate:
          1. Resident letting agent licence
          2. Real estate salesperson (holding a registration certificate)
          3. Licensed auctioneer
        • Lease out a business:
          1. Real estate agent (business letting)
          2. Licensed auctioneer
          3. Real estate assistant
      • Victoria:
        • Negotiating and finalizing a contract of sale for a residential property:
          1. Real estate agent
          2. Agents representative
          3. Officer in effective control
        • Managing the principal office of a real estate agency which is part of a corporation:
          1. Agents assistant
          2. Principal agent
          3. Officer in effective control
        • Managing the principal office of a real estate agency which is part of a partnership:
          1. Real estate agent
          2. Principal agent
          3. Officer in effective control
        • Verify statements from trust account:
          1. Any signatory to the account
          2. Principal agent
          3. Agents representative
      • ACT:
        • Can employ sales people:
          1. Real estate agent
          2. Reception staff
          3. Conditional real estate agent
        • Collecting payments under a lease of rural land:
          1. Conditional real estate agent
          2. Stock and station agent
          3. Real estate agent
   2. Find three real estate jobs which are currently advertised in print or online. Show the details of each advertisement to your assessor.
   3. For each advertised position, write a checklist which describes at least three of the terms and conditions (such as permanent, casual, retainer payment, etc) which apply.
   4. Imagine you are working in one of these positions. Find details of at least two different and relevant professional development opportunities which could be useful to continue to build your skills and knowledge. Include information about how these opportunities would help you continue to learn over time.
   5. Use tables like the ones below to complete two flow charts of possible professional development pathways for a person who wants to build their skills and qualifications in the industry. Choose two different areas of interest for you which are relevant to your state or territory.
   6. Interview two people who are currently working in an area of real estate practice that interests you. Develop questions about the professional pathways that they have used in their career, and then record or make interview notes based on their answers.
5. Section 4 Communication Strategies
   1. Imagine you are working with a client, such as a vendor or potential buyer. Complete a table like the one below to explain these three communication strategies that you could use with parties to a real estate transaction or interaction. Give an example of a situation where you could use each strategy effectively.
   2. For each of these situations, identify the communication strategy being used and explain how effective you think it will be:
      • Jonti ignores a customer who is waiting, clearly annoyed, at the reception counter of the real estate office with a complaint form in their hand. Jonti does not look at the customer and turns her body away from them. She continues with her current phone call, taking her time in wrapping up the call before finally acknowledging that the customer is waiting to make a complaint.
      • Paul paraphrases a complaint made by a customer, using similar words to their own. He asks them to repeat some parts of the complaint and he takes notes as they are speaking.
      • Maxine gives a complaints policy document to a customer and reads it out to them. She gives them her card and highlights her mobile number. She writes a date on the back of the card and tells the customer she will respond to them by this date.
   3. Interview two people who are currently working in an area of real estate practice that interests you. Develop questions about the communication strategies they find most effective in their area of work, and then record or make interview notes based on their answers.

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