Unit of competency details

Unit descriptor 

This unit of competency specifies the outcomes required to seek out and secure the listing of businesses with a business brokerage. It requires the ability to identify marketing opportunities that match the agency's focus and area of expertise, engage prospective clients and promote the agency in order to secure new listings and custom. Knowledge of the agency's business goals, current market trends and conditions, and sales and promotion techniques is required.

The unit may form part of the licensing requirements for persons engaged in business broking in those States and Territories where business broking is a regulated activity.

Application of the unit 

This unit of competency supports the work of those involved in obtaining and securing listings of businesses with a business brokerage.

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 Identify and develop marketing opportunities .

1.1 Relationships with targeted groups  are established and conducted according to agency practice .

1.2 Potential clients  suitable to agency's brokerage are identified and targeted in line with agency's expertise, focus, business plan and marketing strategies .

1.3 Potential clients are engaged through use of appropriate interpersonal communication skills  and marketing strategies.

1.4 Appropriate rapport  is established and maintained with potential clients to ensure delivery of a quality service to maximise new business opportunities.

2 Discuss options to encourage client patronage .

2.1 Potential client needs , motivation and expectations  are established, clarified and discussed sensitively.

2.2 Potential clients are provided with information about available options  for meeting their needs and expectations.

2.3 Potential clients are assisted in the selection of preferred and realistic options.

2.4 Benefits  to potential clients of listing business with agency and agency's approach to business broking are highlighted.

2.5 Recommendations are made to potential clients, emphasising suitable service and listing options according to agency practice.

2.6 Prospective client's agreement to list with agency is sought and wherever possible secured.

3 Secure client patronage .

3.1 Points of agreement  and rights and obligations  are discussed and documented to ensure clarity and to avoid potential misunderstanding and conflict.

3.2 Documentation relating to obtaining and beginning listings is completed according to legislative , industry and agency requirements .

3.3 Suitable arrangements  are made for further contact with the agency to complete the listing process.

3.4 Opportunities for repeat or future business are maximised according to agency procedures and requirements.

REQUIRED SKILLS AND KNOWLEDGE 

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

Required skills :

• access a variety of information relating to business broking services and relevant market information
• engage clients, promote agency services, provide information on products, and encourage business from potential clients
• identify market trends and positions and business broking opportunities
• prepare and present information specific to target audience that clearly communicates intended message regarding the agency's services
• relate to people from a range of social, cultural and ethnic backgrounds and of varying physical and mental abilities
• resolve potential client concerns and issues
• select and use appropriate technology.

Required knowledge and understanding :

• client engagement methods and promotional techniques and protocols
• organisation's policy and procedures for client service, including ethical behaviour and promotional strategies
• mechanisms to obtain and analyse client comments and feedback
• organisation's business structure, services and client service procedures
• principles and techniques of public relations
• relevant federal and state or territory legislation and local government regulations related to:

• anti-discrimination
• business broking
• business operation and listings, especially in regard to franchise and business structures and the sale and appraisal of businesses
• consumer protection
• environmental issues
• equal employment opportunity
• financial probity
• industrial relations

• OHS
• taxation

• service standards and best practice models.

Overview of assessment 

This unit of competency could be assessed through a practical demonstration of obtaining and securing the listing of a business. 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:

• analysing market trends as they relate to business broking opportunities and threats
• clarifying concerns and explaining listing procedures to clients
• engaging potential clients and providing the best opportunity to secure their business
• knowledge of agency practice, ethical standards and legislative requirements associated with listing a business
• preparing and structuring advice on services provided by the agency.

Context of and specific resources for assessment 

Resource implications for assessment include:

• access to suitable resources and simulated or real opportunities 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.

Targeted groups  may include:

• business sectors or groupings identified as fitting within the agency's focus and expertise
• local community networks
• new emerging areas of business opportunity for the agency
• professional associations
• specific business sectors and industries.

Agency practice  may be outlined within:

• access and equity policy, principles and practice
• business and performance plans
• ethical standards
• goals, objectives, plans, systems and processes
• legal and organisational policies and guidelines
• marketing plans
• mission statements and strategic plans
• OHS policies, procedures and programs
• privacy and confidentiality requirements
• quality and continuous improvement processes and standards
• quality assurance and procedures manuals, including sales and client liaison procedure manuals.

Potential clients  may include:

• new business types identified by the agency
• specific business types identified as fitting within the agency's brief and focus.

Marketing strategies  may include:

• advertisements
• client functions
• literature and materials that explain and promote agency's services
• media announcements
• presentations and displays
• promotion of the agency's services
• sales pitch that suits agency's philosophy and target audience
• service launches
• web pages.

Appropriate interpersonal communication skills  may include:

• active listening
• providing opportunities for potential clients to clarify their understanding of services offered
• soft questioning and seeking feedback from potential clients to confirm own understanding of their needs
• summarising and paraphrasing to check understanding of potential client's message
• using appropriate body language.

Appropriate rapport  relates to use of techniques that:

• establish and build confidence and trust in the agency and its representatives
• make the seller or buyer feel valued
• promote and maintain an effective relationship with the seller or buyer.

Client needs , motivation and expectations  may relate to:

• expectations of market
• expectations of agency
• motivation for selling
• need to consider exit strategy or succession planning
• need to sell within a specified timeframe.

Options  may include:

• auction
• closure of business
• employee or family buy out
• employee share option plan (ESOP)
• liquidation
• open market sale
• operating under a deed of agreement
• partial or progressive sale
• receivership
• sale of business out of company
• sales of shares of company
• strategic acquirer sale
• tender.

Benefits  may include:

• accreditation, certification and qualifications
• associations and networks
• market knowledge
• range of services, such as marketing and backup
• reputation and market position.

Points of agreement  need to be identified by:

• agency
• clients and/or those acting as their agents.

Rights and obligations  relate to those of:

• the agency
• the client.

Legislative , industry and agency requirements  may relate to:

• access and equity policy, principles and practice
• business and performance plans, including organisational goals and objectives
• client service policies
• industry and agency codes of conduct and practice, code of ethics
• legislative and statutory requirements for the provision of business broking services
• OHS policies, procedures and programs
• organisational policy, guidelines and requirements

• policies and procedures relating to own role, responsibility and delegation
• privacy and confidentiality requirements
• records and information systems
• reporting and communication structures
• terms and conditions of employment.

Suitable arrangements  may include arrangements for:

• conducting an appraisal
• listing the business.

Unit sector 

Property development, sales and management

Competency field 

Business broking