Unit of competency details

Unit descriptor 

This unit of competency specifies the outcomes required to market a listed business within the context of a business brokerage. It requires the ability to assess appropriate marketing strategies, develop business profiles, consult with clients and potential markets and review the effectiveness of the marketing strategy. The knowledge requirements for this unit include marketing strategies and techniques within a business broking context, legislative requirements when selling a business, and budgetary considerations.

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 marketing listed businesses within the context of 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 Develop business profile .

1.1 Possible marketing strategies  and budgets for the sale of the business and related components are discussed, drafted and agreed.

1.2 Business profile that accurately portrays the listed business to prospective buyers is prepared, developed and made available according to legislative and agency requirements .

1.3 Necessary source documents  are identified, obtained and made available for inspection according to legislative and agency requirements.

1.4 Client is informed of any potential difficulties  related to the sale of listed business in its current state and is advised of appropriate options.

2 Develop buyer profile .

2.1 Potential buyer profile is discussed with seller.

2.2 Profile of potential buyer is agreed with seller.

2.3 Buyer profile  is compared to business buyer database.

3 Prepare marketing material .

3.1 Marketing materials  that reflect agreed property and agency marketing strategies are developed within agreed budget constraints and timeframes.

3.2 Promotional methods  that best fit the listed business and potential market are selected and used to ensure maximum impact within specified markets.

3.3 Networks  are used to assist in the implementation of promotional activities.

3.4 If appropriate, business technology is used to structure and present information on listings.

4 Implement marketing options .

4.1 Marketing strategies are implemented and monitored against agreed budget.

4.2 Personnel and resources required to support, promote and market the listed business are identified and prepared to support the achievement of a successful outcome.

4.3 Client is informed of marketing strategy and is kept informed of progress  according to legislative and agency requirements.

5 Review and report on marketing activities .

5.1 Need for alternative marketing strategies and adjustments is assessed in consultation with appropriate personnel and agreement is reached with the client on any substantial change in direction.

5.2 Feedback  is collated and provided to personnel and agencies involved in the promotion and marketing of the listed business.

5.3 Effectiveness of planning and marketing processes is assessed to identify possible improvements in future activities.

5.4 Marketing costs and time lines are analysed to evaluate and improve upon future marketing strategies.

5.5 Recommendations on future promotion and marketing initiatives are made based on verifiable evidence.

REQUIRED SKILLS AND KNOWLEDGE 

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

Required skills :

• access and interpret a variety of information relating to marketing a business
• determine most appropriate marketing methods
• identify current market trends and positions
• interpret and comply with legislative requirements
• liaise with clients, marketing agents and other staff
• obtain information relevant to marketing a business and provide information on the marketing process and its progress
• relate to people from a range of social, cultural and ethnic backgrounds and of varying physical and mental abilities
• resolve potential marketing dilemmas and client concerns and issues
• select and use appropriate technology.

Required knowledge and understanding :

• agency's business structure
• agency's policy and procedures for client service, including ethical behaviour and marketing procedures
• mechanisms to obtain and analyse client comments and feedback
• principles and techniques for communicating concerns to clients
• principles and techniques for marketing a business

• relevant federal and state or territory legislation and local government regulations related to:

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

• service standards and best practice models
• strategies for planning and monitoring marketing activities
• types of marketing, and benefits and limitations of each for a variety of business types.

Overview of assessment 

This unit of competency could be assessed through practical demonstration of marketing a listed business within the context of a business brokerage. 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 marketing options and current market trends
• communicating and negotiating with relevant parties and monitoring the marketing process to ensure effective marketing of the property
• documenting relevant information on the marketing process
• knowledge of agency practice, ethical standards and legislative requirements associated with marketing a listed business
• preparing and structuring marketing materials and options.

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.

Marketing strategies  may include:

• advertising options and frequency
• canvassing
• e-business listings
• media releases
• promotional activities
• targeting known areas of potential interest in the listed business.

Legislative and agency requirements  may relate to:

• access and equity policy, principles and practice
• business and performance plans, including organisational goals and objectives
• industry and agency codes of conduct and practice, and code of ethics
• legislative and statutory requirements for provision of business broking services
• marketing plans
• mission statements and strategic plans
• OHS policies, procedures and programs
• organisational policy, guidelines and requirements
• policies and procedures relating to own role, responsibility and delegation
• privacy and confidentiality requirements
• quality assurance and procedures manual, including sales and client liaison procedure manuals
• records and information systems
• reporting and communication structures.

Source documents  may include:

• financial statements
• franchise agreements
• asset and property leases
• plant and equipment inventories
• statutory paperwork, such as incorporation documents.

Potential difficulties  may relate to:

• allocated budgets relating to marketing and promotion
• legislative requirements
• levels of interest
• market trends and current selling prices
• terms and conditions of tenure.

Buyer profile  may include:

• business skills, experience and knowledge
• financial capacity and return expectations
• health status
• income needs
• time constraints
• workforce support expectations.

Marketing materials  may include:

• advertising copy
• brochures and pamphlets
• portfolio of the business
• preparation of displays.

Promotional methods  may include:

• advertising copy
• multi-listing or sole agency
• poster and window displays
• presentations
• web listings.

Networks  may include:

• branches of own or associated agencies
• local community and regional organisations and contacts
• local, regional and national media
• professional associations.

Progress  may relate to:

• buyer interest
• impact of current marketing strategies.

Information on progress  may include:

• agency input into marketing the business so far
• approaches and enquiries of interest regarding the listed business
• costings of marketing activities
• perception of levels of interest and worth of current marketing strategies
• possible changes in the marketing strategy
• strategies used in the marketing and promotion of the business.

Feedback  may be collected from:

• formal and informal discussions with existing and previous clients
• information from potential buyers
• information provided by others involved in the appraisal process, both internal and external to the organisation
• market share data
• sales and completion results.

Unit sector 

Property development, sales and management

Competency field 

Business broking