Unit of competency details

Unit descriptor 

This unit of competency specifies the outcomes required to analyse client objectives and formulate a relevant strategy to enable the right market mix of tenants to be targeted. It requires the ability to determine industry trends, document recommendations and select and implement a suitable marketing strategy.

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 analysing client objectives and formulating relevant strategies to enable the right market mix of tenants to be targeted.

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 tenancy mix requirements .

1.1 Client  preferences, needs and expectations  are identified according to organisational requirements .

1.2 Information  is gathered and analysed to determine market conditions  according to organisational requirements.

1.3 Business plans are examined to determine short and long-term goals according to organisational requirements.

1.4 Tenancy mix  objectives and time lines are negotiated and agreed in consultation with relevant people .

2 Develop tenancy mix strategy .

2.1 Segmentation criteria  are chosen and applied to determine tenancy mix that meets client and building capacity requirements .

2.2 Tenancy mix is sought that adds value to property and encourages effective competition according to income projections.

2.3 Draft tenancy mix strategy is prepared and distributed to relevant people to obtain feedback  according to organisational requirements.

2.4 Tenancy mix strategy is reviewed to ensure compliance with relevant regulations  and legislative requirements .

2.5 Marketing options  that best meet requirements of tenancy mix strategy are identified and discussed with relevant people according to organisational requirements.

3 Implement tenancy mix strategy .

3.1 Lease and tenancy contracts are documented and summarised according to organisational requirements.

3.2 Market conditions and industry trends are assessed to determine appropriate benchmarks.

3.3 Tenancy mix strategy is monitored and variances are recognised and documented according to organisational requirements.

3.4 Contingency plans are prepared and implemented according to organisational and legislative requirements.

4 Review tenancy mix strategy .

4.1 Tenancy mix strategy is reviewed and evaluated in consultation with client and other relevant people using appropriate communication strategies .

4.2 Systematic review processes are established and evaluation methods  are identified and used to evaluate strategy processes and outcomes.

4.3 Evaluation results are prepared in required format, style and structure and presented to relevant people within agreed timeframes.

4.4 Recommendations for improvement of strategy are presented to relevant people according to organisational procedures.

4.5 Business equipment and technology  are used to maintain documentation securely and according to legislative and organisational procedures.

REQUIRED SKILLS AND KNOWLEDGE 

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

Required skills :

• analytical skills to interpret documentation, analyse current market conditions and future trends, and devise tenancy mix strategies
• communication skills to consult with clients and potential tenants
• 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 obtain feedback
• literacy skills to interpret written and oral information
• planning skills to estimate financial projections and determine short and long-term goals
• presentation skills to prepare and deliver marketing options to clients
• problem solving skills to develop and implement contingency plans and select appropriate marketing options
• technical skills to develop and complete reports.

Required knowledge and understanding :

• a range of tenancy mix strategies
• common lease terms and conditions
• industry benchmarks
• methods and techniques to analyse market segments
• organisational and professional procedures, ethical practices and business standards
• 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

• relevant local market conditions
• state or territory and local government planning processes
• types of property leases.

Overview of assessment 

This unit of competency could be assessed through practical demonstration of analysing client objectives and formulating a relevant strategy to enable the right market mix of tenants to be targeted. 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:

• documenting a tenancy mix strategy that outlines the targeted market segment
• knowledge of organisation's practices, ethical standards and legislative requirements associated with analysing client objectives and formulating a relevant strategy to enable the right market mix of tenants to be targeted
• obtaining feedback on draft tenancy mix strategy and amending accordingly
• profiling tenancy needs of client after examining client business plans
• selecting and implementing suitable marketing strategies.

Context of and specific resources for assessment 

Resource implications for assessment include:

• a registered provider of assessment services
• assessment materials and tools
• candidate special requirements
• competency standards
• cost and time considerations
• suitable assessment venue and equipment
• workplace documentation.

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 activity and must include evidence relating to each of the 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
• company boards
• fund managers
• fund providers
• institutions
• internal and external property groups
• owner-occupiers
• private investors.

Client needs and expectations  may relate to:

• income stream projections
• increased profile of assets
• long-term tenancy contracts
• short and long-term goals.

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.

Information  that may be used to determine market profiles and conditions may include:

• existing research data
• industry sources
• original research
• response-based research
• surveys.

Market conditions  may relate to:

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

Tenancy mix  may cover:

• length of tenancy
• location
• number of tenants
• size of tenancy
• type of business and tenancy
• type of tenant customers.

Relevant people  may include:

• advertising agencies
• architects
• business consultants
• clients
• managers
• members of industry associations
• real estate agents
• solicitors
• taxation and accounting practitioners.

Segmentation criteria  to be used may include:

• attitude
• business characteristics
• consumer requirements
• demographics
• desired benefits
• lifestyle
• product and service usage
• social and cultural factors.

Building capacity requirements  may include:

• amenities
• associated conditions, such as noise, dust and environment
• building functions
• car parking
• compatible uses
• maximising net lettable area
• parcel size
• space pattern.

Feedback  may include:

• formal and informal discussions, reviews and evaluations with:

• existing and previous clients
• peers, colleagues and managers

• information provided by others involved in a professional capacity, both internal and external to the organisation.

Regulations  affecting tenancy mix strategies may include:

• federal, and state or territory legislation regarding retail and commercial tenancy
• federal, and state or territory zoning requirements
• corporations law
• retail and commercial leasing Acts and guidelines
• Trade Practices Act 1974.

Legislative requirements  may be outlined and reflected in:

• Australian standards
• codes of practice covering the market sector and industry, financial transactions, taxation, environment, construction, land use, native title, zoning, utilities use (water, gas and electricity), and contract or common law
• environmental and zoning laws affecting access security, access and property use
• general duty of care to clients
• home building requirements
• local regulations and by-laws
• privacy laws applying to owners, contractors and tenants
• quality assurance and certification requirements
• relevant federal, and state or territory legislation that affects organisational operation, including:

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

• strata, community and company titles
• tenancy agreements
• trade practices laws and guidelines.

Marketing options  may include:

• business-to business marketing
• direct marketing
• local, regional, interstate and national
• mail-outs
• promotional strategies, such as:

• advertising
• canvassing
• image and presentation
• pricing
• public relations

• community education
• target markets by service type
• use of internet and email.

Communication strategies  may include:

• active listening
• consultation methods
• culturally inclusive and sensitive engagement techniques
• questioning to clarify and confirm understanding
• seeking feedback
• using language and concepts appropriate to cultural differences.

Evaluation methods  could be qualitative or quantitative and may include:

• checklists
• cost data analysis
• expert and peer review
• interviews
• observation
• questionnaires
• review of quality assurance data.

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.

Unit sector 

Property development, sales and management

Competency field 

Property operations and development