Modification History
Not Applicable
Unit Descriptor
Unit descriptor |
This unit of competency specifies the outcomes required to sell and finalise the sale of all types of property by private treaty. It includes qualifying buyers, arranging for potential buyers to inspect listed properties, delivering effective sales presentations, submitting offers and negotiating property sale with sellers and buyers and maintaining communications with sellers and prospective buyers. It also includes monitoring the process between exchange of contracts and settlement for all types of property and businesses and preparing documentation for agency disbursements. The unit does not include the sale of property by auction. The unit may form part of the licensing requirements for persons engaged in real estate activities in those States and Territories where these are regulated activities. |
Application of the Unit
Application of the unit |
This unit of competency supports the work of licensed real estate agents and real estate representatives involved in selling and finalising the sale of all types of property by private treaty. |
Licensing/Regulatory Information
Refer to Unit Descriptor
Pre-Requisites
Prerequisite units |
Nil |
Employability Skills Information
Employability skills |
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the required performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge and/or the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
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1 Qualify buyer . |
1.1 Enquiries from potential buyers regarding purchase of property are handled promptly to enable high quality service delivery according to agency requirements. 1.2 Appropriate rapport is established with potential buyer. |
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1.3 Buyer requirements are clarified and accurately assessed using appropriate interpersonal communication techniques . 1.4 Factors likely to influence the purchase of properties are identified and used to confirm buyer intentions. 1.5 Customer due diligence is undertaken according to agency practice and legislative requirements. 1.6 Potential buyers are provided with suitable information about available and prospective listings and assisted to find listing that best matches their requirements. 1.7 Potential buyers are assisted in making a decision to view properties using information obtained from sellers and buyers. 1.8 Qualified prospects are recorded to provide an opportunity to maximise future marketing activities. |
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2 Arrange property inspection for potential buyer . |
2.1 Appointments are made for property inspections in line with agency practice, ethical standards and legislative requirements . 2.2 Preparations are made for property inspection in line with agency practice. 2.3 Promotional material on the property is used to describe main sales features of the property. 2.4 Effective questioning techniques are used to clarify buyer interest in the property. 2.5 Records of inspections are accurately completed in line with agency practice. |
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3 Deliver effective sales presentation . |
3.1 Factors affecting the successful conclusion of the sale are identified and addressed in the sales presentation. 3.2 Key decision makers are identified to ensure that their needs and concerns are met in the sales presentation. 3.3 Main features of property are matched to buyers' stated needs and motivation. 3.4 Relevant legal and financial information is used to support the sales presentation. |
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3.5 Effective communication and presentation skills are used to create buyer interest and focus buyer attention on the property. 3.6 Buyer is given time and space to evaluate property while time is used to maximum advantage to promote property. 3.7 Buyer is encouraged to clarify key aspects of property before a decision is made to purchase property. 3.8 Buyer questions are answered fully and honestly. 3.9 Details of offer to purchase property submitted by buyer are confirmed and documented. |
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4 Submit offer and negotiate property sale . |
4.1 Offer from buyer is submitted to seller in line with agency practice, ethical standards and legislative requirements. 4.2 Professional agency advice is provided to seller that incorporates declared knowledge of buyer's motivation. 4.3 Negotiations are conducted with buyer according to seller response to offer. 4.4 Negotiations are conducted in a professional manner, including showing respect for seller and buyer in line with agency practice, ethical standards and legislative requirements. 4.5 Effective negotiation techniques are used to persuade and reach agreement between seller and buyer. 4.6 Alternative offers are discussed and their viability assessed. 4.7 Effective techniques are used for dealing with conflict and breaking deadlocks where required. 4.8 Effective techniques are used for closing sale . 4.9 Mutually agreed price and conditions of sale are established and confirmed with seller and buyer. 4.10 Relevant sale of property documentation is explained to seller and buyer in line with agency and statutory requirements for finalisation of the property transaction. |
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4.11 Documented, agreed price and conditions of sale are made accessible that provide an accurate record of agreement and meet agency and statutory requirements for finalisation of the property transaction. |
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5 Maintain communication with seller . |
5.1 Seller confidence in agency marketing activities is maintained through ongoing contact and correspondence. 5.2 Communication is diarised to provide an accurate and objective record of progress reports to seller. |
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6 Manage contract to settlement . |
6.1 Settlement requirements are identified and checked with relevant parties to minimise misunderstanding or breaches of contract in line with agency practice and legislative requirements. 6.2 Requests from buyer to inspect property prior to settlement are facilitated in line with agency practice and legislative requirements. 6.3 Information on buyer and seller responsibilities with regard to building and content insurance prior to settlement is provided in line with agency practice and legislative requirements. 6.4 Procedures for holding and release of deposit moneys during the settlement period are implemented in line with agency policy and legislative requirements. 6.5 Settlement within the contract's legal framework is ensured by liaison with settlement agents and other assisting professionals representing the seller and buyer. 6.6 Progress of settlement agents and other assisting professionals is monitored in line with agency practice. 6.7 Contingency plans are prepared in consultation with relevant legal agents to avoid the possibility of one or more parties to the transaction being unable to fulfil contractual obligations. 6.8 Appropriate procedures are implemented if any party to the transaction is unable to fulfil contractual obligations. |
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6.9 Effective communication techniques are used in liaising with seller, buyer and other parties representing the seller and buyer through the settlement process. |
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7 Prepare documentation for agency disbursements . |
7.1 Settlement financial transactions are checked for accuracy against contractual documentation, and agency fees are calculated and safeguarded during disbursement activities. 7.2 Authorised agency disbursements are obtained within contractual, agency and statutory requirements. 7.3 Financial systems are updated to reflect authorised transactions. 7.4 Agency fees are calculated and safeguarded during disbursement activities. 7.5 Due and proper attention is paid to obtaining required authorisations, signatures and identifications prior to disbursement. |
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8 Decide on future contacts with prospects . |
8.1 Nature of future contacts with prospects is assessed in the light of likely agency-client interaction to a given point in time. 8.2 Business correspondence records are held on file to provide justification for the continuation or termination of contract, and are communicated without prejudice to the parties involved. |
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9 Maintain client relationships . |
9.1 Future business relations are established by mutual evaluation of seller and buyer satisfaction with services provided. 9.2 Business records and databases are updated to facilitate networking and informed marketing strategy planning. |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
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This section describes the essential skills and knowledge and their level, required for this unit. |
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Required skills :
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Required knowledge and understanding :
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Evidence Guide
EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.
Overview of assessment |
This unit of competency could be assessed through practical demonstration of selling different types of property using general real estate sales procedures and techniques in line with agency practice, ethical standards and legislative requirements affecting the sale of property. Targeted written (including alternative formats where necessary) or verbal questioning to assess the candidate's underpinning knowledge would provide additional supporting evidence of competence. The demonstration and questioning would include collecting evidence of the candidate's knowledge and application of ethical standards and relevant federal, and state or territory legislation and regulations. This assessment may be carried out in a simulated or workplace environment. |
Critical aspects for assessment and evidence required to demonstrate competency in this unit |
A person who demonstrates competency in this unit must be able to provide evidence of:
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Context of and specific resources for assessment |
Resource implications for assessment include:
Where applicable, physical resources should include equipment modified for people with disabilities. Access must be provided to appropriate learning and/or assessment support when required. Assessment processes and techniques must be culturally appropriate, and appropriate to the language and literacy capacity of the candidate and the work being performed. |
Validity and sufficiency of evidence require that:
In all cases where practical assessment is used it will be combined with targeted questioning to assess the underpinning knowledge. Questioning will be undertaken in such a manner as is appropriate to the language and literacy levels of the candidate and any cultural issues that may affect responses to the questions, and will reflect the requirements of the competency and the work being performed. |
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Range Statement
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.
Enquiries from potential buyers may be received through: |
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Appropriate rapport relates to use of techniques that: |
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Buyer requirements may include: |
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Appropriate interpersonal communication techniques may include: |
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Factors likely to influence the purchase of properties may include: |
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Customer due diligence may include: |
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Legislative requirements may include: |
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Promotional materials may include: |
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Effective questioning techniques may include: |
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Records of inspection may include: |
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Factors affecting the successful conclusion of a sale may include: |
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Key decision makers may include: |
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Presentation skills may include: |
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Effective negotiation techniques may include: |
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Effective techniques for dealing with conflict and breaking deadlocks may include: |
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Effective techniques for closing sale may include: |
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Sale of property documentation may include: |
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Settlement requirements may include: |
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Deposit moneys may refer to: |
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Settlement agents and other assisting professionals may include: |
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Unit Sector(s)
Unit sector |
Property development, sales and management |
Competency field
Competency field |
Real estate |