Unit of competency details

Unit descriptor 

This unit of competency specifies the outcomes required to develop and implement a marketing strategy to position the agency in the property market. It does not cover marketing required for individual properties.

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 

This unit of competency supports the work of those involved in developing and implementing a marketing strategy to position the agency in the property market.

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 Undertake market research .

1.1 Market research methods  are developed that provide a sound base for the creation of a property database and comparative analysis of property markets.

1.2 Research is undertaken that provides a sound base for operational marketing decisions to be made in line with ethical and legislative requirements .

2 Develop marketing strategy .

2.1 Organisation's business plan, needs of the existing client base and the nature of further business opportunities are established that are appropriate to the scope of market opportunities available to the agency.

2.2 Relative strengths and weaknesses of competitors are assessed to identify opportunities for competitive advantage and for inclusion in marketing strategies.

2.3 Marketing strategies  are formulated to position the agency in the property market and to minimise adverse effects of direct competition on the agency.

2.4 Marketing strategy is developed based on the needs of key stakeholders and to enable its implementation within agency services.

2.5 Marketing strategy is presented to all stakeholders  ready for their consideration.

3 Implement marketing strategy .

3.1 Agency logo and mission statement are developed to promote positive public recognition of the services provided.

3.2 Clients are clearly informed of value-added services that are provided by the agency.

3.3 Promotional materials are produced as a ready reference for agency staff.

3.4 Community networks are accessed to promote the agency's services.

3.5 Service fees are charged that are consistent with agency business objectives and are able to be consistently understood and applied by relevant staff.

4 Review and adjust marketing activities .

4.1 Marketing activities and plan are reviewed against agreed benchmarks and targets.

4.2 Feedback on outcomes of marketing activities is sought using reliable methods and verifiable data according to agency practice.

4.3 Need for alternative marketing activities and adjustments to marketing plan are assessed in consultation with relevant people.

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

4.5 Costs and time lines are analysed to evaluate and improve future marketing initiatives.

4.6 Conclusions are prepared from verifiable evidence  and advice is provided on future marketing initiatives.

4.7 Stakeholder recommendations are presented to allow for implementation in revised marketing plans, whose effectiveness is regularly monitored.

4.8 Agreed agency services are regularly assessed and adjusted to reflect agreed marketing policies.

5 Select and promote agency services .

5.1 Agency services are selected to maximise competitive advantage and profitability and address stated client requirements.

5.2 Achievable targets are set for each service that are in line with the business marketing plan and the size and nature of the agency.

5.3 Cost-benefit analysis is performed on services delivered, to enable the determination of the overall financial viability of individual services.

5.4 Service performance is reviewed periodically, allowing for adjustments to be made in line with changes in the marketplace.

REQUIRED SKILLS AND KNOWLEDGE 

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

Required skills :

• ability to communicate with and relate to a range of people from diverse social, economic and cultural backgrounds and with varying physical and mental abilities
• analytical skills to interpret documents such as legislation, regulations and property documentation
• application of risk management strategies associated with marketing agency
• computing skills to access databases, send and receive emails and complete standard forms online
• decision making and problem solving skills to analyse situations and make ethical marketing decisions consistent with legislative and ethical requirements
• literacy skills to access and interpret a variety of texts, including legislation, regulations and rules of ethics; prepare general information, papers, marketing materials and prepare marketing plans; and complete standard forms
• negotiation skills required in discussions with service providers on marketing activities, budgets and timeframes
• numeracy skills to calculate and interpret data, such as costs of marketing activities and to ensure compliance with agreed marketing budgets
• planning, organising and scheduling skills to implement marketing plans
• research skills to identify and locate documents and information relating to the preparation of agency marketing plans.

Required knowledge and understanding :

• ethical standards associated with marketing agency
• factors considered in review of effectiveness of marketing strategy, plan, activities and materials
• factors influencing choice of marketing strategy for agency
• market opportunities
• market research methods
• marketing activities, including:

• advertising, including print and electronic media
• brochures
• direct marketing
• business-to-business marketing
• networking
• seminars
• targeting markets by service type
• internet and online advertising

• marketing budget
• marketing materials
• marketing plan and strategies
• relevant federal, and state or territory legislation and local government regulations relating to:

• anti-discrimination and equal employment opportunity
• consumer protection, fair trading and trade practices
• financial services
• OHS
• privacy
• property sales and management

• risks and risk management strategies
• strengths, weaknesses, opportunities and threats (SWOT) analysis.

Overview of assessment 

This unit of competency could be assessed through practical demonstration of case studies, demonstration and practical exercises focused on marketing an agency. 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. 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:

• knowledge of the ethical and legislative requirements relating to marketing an agency
• undertaking market research to support the marketing of an agency
• developing a marketing strategy for an agency
• implement a marketing strategy for an agency
• reviewing and adjusting agency marketing activities in response to changing business objectives and market conditions
• selecting and promoting agency services to clients and other stakeholders.

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.

Market research methods  may include:

• qualitative methods
• quantitative methods.

Legislative requirements  may include:

• anti-discrimination and equal employment opportunity
• consumer protection, fair trading and trade practices
• financial services
• OHS
• privacy
• property sales and management.

Marketing strategies  may include:

• achieving lower costs than competitors
• agency service range and mix
• creating a different service so that the agency becomes a class leader in the industry
• presentation and display of agency services
• pricing
• promotion and advertising
• pursuing cost leadership and product differentiation within the market.

Stakeholders  may include:

• accountants
• board of directors
• clients
• customers
• managers
• marketing personnel
• owners
• staff
• strategic business partners
• subcontractors.

Verifiable evidence  may include:

• checklists
• notes
• qualitative and quantitative data
• records
• testimonies.

Unit sector 

Property development, sales and management

Competency field 

Real estate