Unit of competency details

Unit descriptor 

This unit of competency specifies the outcomes required to provide advice on current property investments. It requires the ability to collect and analyse appropriate market and financial data from a range of sources and provide advice to clients.

The unit may form part of the licensing requirements for persons working in the property industry, including in the real estate, business broking, stock and station agency and property operations and development sectors, in those States and Territories where these are regulated activities.

Application of the unit 

This unit of competency supports the work of those involved in providing advice on current property investments.

Prerequisite units 

Nil

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 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.

ELEMENT 

PERFORMANCE CRITERIA 

1 Determine client requirements .

1.1 Consultative processes are used to determine and verify client needs and expectations  according to organisational requirements .

1.2 Existing or potential issues  are identified, anticipated and analysed to determine impact on client requirements.

1.3 Specialist resources and sources of information  are accessed and assessed according to client and organisational requirements.

2 Research asset .

2.1 Information on client assets  is gathered and organised in a format suitable for analysis and interpretation according to organisational requirements.

2.2 Source documents  are obtained and analysed according to legislative requirements to ensure that accessed information is reliable.

2.3 Appropriate interpersonal techniques  are used to obtain additional information according to organisational and legislative requirements .

2.4 Property trends and market conditions  are identified and evaluated against industry benchmarks  to determine performance of asset.

2.5 Comparative market data  is accessed to enable valid conclusions on performance of asset to be made.

3 Provide advice and recommendations .

3.1 Clients are provided with clear recommendations on whether performance of asset meets their identified needs.

3.2 Advice and recommendations  are presented in a suitable format, style and structure using appropriate business equipment and technology  and are distributed to relevant people .

3.3 Feedback  on suitability and sufficiency of advice and recommendations is obtained according to organisational requirements.

3.4 Limitations in providing objective advice to client are recognised and specialist advice  is sought as required according to organisational requirements.

3.5 Relevant documentation is securely maintained according to legislative and organisational requirements and with due regard to client confidentiality.

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the essential skills and knowledge and their level, required for this unit.

Required skills :

• analytical skills to apply basic statistical methods and techniques
• computing skills to access the internet and web pages, prepare and complete online forms, lodge electronic documents and search online databases

• interpersonal skills to relate to people from a range of social, cultural and ethnic backgrounds and varying physical and mental abilities and to deal with stakeholders
• numeracy skills to interpret asset depreciation schedules
• organisational skills to prepare advice and recommendations and to use organisational filing systems
• problem solving skills to determine factors that may affect depreciation of assets
• research skills to analyse and interpret financial information and identify relevant sources of information
• technology skills to use financial and assessment software and spreadsheets efficiently and to access market information.

Required knowledge and understanding :

• alternative property uses
• asset life cycles
• budgets and financial reporting
• ethical practices and relevant codes of conduct
• industry benchmarks
• investment risk factors and relationship to return expectations
• range of research methods and analysis techniques
• relevant federal and state or territory legislation and local government regulations related to:

• anti-discrimination
• consumer protection
• environmental issues
• equal employment opportunity (EEO)
• financial probity
• franchise and business structures
• industrial relations
• OHS
• privacy
• property sales, leasing and management.

Overview of assessment 

This unit of competency could be assessed through practical demonstration of providing advice on current property investments. 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:

• accessing and comparing a range of information and statistical data to determine performance of assets
• following organisational and legislative procedures when giving advice
• knowledge of organisation's practices, ethical standards and legislative requirements associated with providing advice on current property investments
• providing appropriate advice and recommendations to clients regarding their assets
• using appropriate techniques to verify client needs.

Context of and specific resources for assessment 

Resource implications for assessment include:

• access to suitable simulated or real opportunities and resources to demonstrate competence
• assessment instruments that may include personal planner and assessment record book
• access to a registered provider of assessment services.

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:

• competency will need to be demonstrated over a period of time reflecting the scope of the role and the practical requirements of the workplace
• where the assessment is part of a structured learning experience the evidence collected must relate to a number of performances assessed at different points in time and separated by further learning and practice with a decision of competence only taken at the point when the assessor has complete confidence in the person's competence
• all assessment that is part of a structured learning experience must include a combination of direct, indirect and supplementary evidence
• where assessment is for the purpose of recognition (RCC/RPL), the evidence provided will need to be current and show that it represents competency demonstrated over a period of time
• assessment can be through simulated project-based activity and must include evidence relating to each of the elements in this unit.

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.

Clients  may include:

• bankers
• fund managers
• fund providers
• institutions
• internal and external property groups
• owner-occupiers
• private investors.

Client needs and expectations  may relate to:

• immediate capital gains
• long-term capital gains.

Organisational requirements  may be outlined and reflected in:

• access and equity principles and practice guidelines
• business and performance plans
• complaint and dispute resolution procedures
• goals, objectives, plans, systems and processes
• legal and ethical requirements and codes of practice
• mission statements and strategic plans
• OHS policies, procedures and programs
• policies and procedures in relation to client service
• quality and continuous improvement processes and standards
• quality assurance and procedure manuals.

Existing or potential issues  may relate to:

• best use of assets
• financial constraints
• maximum asset use
• ownership structure
• residual life of assets
• supply and demand for asset type
• tenancy possibilities.

Sources of information  may include:

• consultants
• industry and organisational databases
• information services
• press clippings
• published industry data, including industry indices
• third parties
• trade journals.

Assets  may include:

• buildings
• business and marketing contracts
• equipment
• furniture
• goodwill
• land
• vehicles.

Source documents  may include:

• asset valuation statements
• company asset documents and registers
• comparative market data
• depreciation schedules
• financial documents
• qualitative and quantitative data
• reports and inventories
• taxation records.

Interpersonal techniques  may relate to:

• active listening
• clear presentation of options
• consultation methods
• culturally inclusive and sensitive engagement techniques
• questioning to clarify and confirm understanding
• seeking feedback

• two-way interaction
• using language and concepts appropriate to cultural differences
• verbal or non-verbal language.

Legislative requirements  may be outlined and reflected in:

• Australian standards
• general duty of care to clients
• home building requirements
• privacy requirements
• relevant federal, and state or territory legislation that affects organisational operation, including:

• anti-discrimination and diversity
• environmental issues
• EEO
• industrial relations
• OHS

• relevant industry codes of practice, which may cover areas including market sector, financial transactions, taxation, environment, construction, land use, native title, zoning, utilities use (water, gas and electricity), and contract or common law
• strata, community and company titles
• tenancy agreements
• trade practices laws and guidelines.

Market conditions  may relate to:

• availability of alternatives
• business confidence
• economic conditions
• level of competition.

Industry benchmarks  may include:

• discounted cash flow
• employment rates
• industry association performance index
• inflation rate
• internal rate of return
• life cycle costing
• published vacancy factors
• tenancy mix.

Comparative market data  may include:

• best practice information
• national and international benchmarking
• inter-organisation comparison data.

Advice and recommendations  may relate to:

• alternative asset management strategies
• disposal of asset
• fit-out, construction and refurbishment
• maintenance and repairs
• tenancy mix strategy.

Business equipment and technology  may include:

• computers
• data storage devices
• email
• facsimile machines
• internet, extranet and intranet
• photocopiers
• printers
• scanners
• software applications, such as databases and word applications.

Relevant people  may include:

• clients
• colleagues
• legal representatives
• members of industry associations
• supervisors.

Feedback  may be obtained through:

• clients and colleagues
• documentation and reports
• quality assurance data
• questionnaires.

Specialist advice  may be sought from:

• bankers and financiers
• business consultants
• developers
• land economists
• members of industry associations
• real estate agents
• solicitors
• taxation and accounting practitioners
• valuers.

Unit sector 

Property development, sales and management

Competency field 

Property operations and development