Unit of competency details

Unit descriptor 

This unit of competency specifies the outcomes required to monitor the ongoing performance of an asset or facility portfolio. It requires the ability to source and assess performance information, and provide advice and recommendations.

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 monitoring the ongoing performance of an asset or facility portfolio.

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 performance requirements .

1.1 Performance requirements  are identified in consultation with relevant people .

1.2 Client needs and expectations  are assessed and clarified using appropriate research and survey techniques and consultative processes .

1.3 Source documents  are obtained and analysed to ensure information is current and reliable.

1.4 Situations requiring specialist advice  are identified and addressed.

1.5 Applicable industry, organisational and legislative requirements  are interpreted and complied with.

2 Monitor performance of assets and facilities .

2.1 Performance of assets and facilities  are regularly monitored to ensure client objectives are met.

2.2 Trends and market conditions  are identified and evaluated against industry benchmarks  to determine performance of assets and facilities.

2.3 Assessment requirements  are determined and assessment processes established that accurately reflect client needs.

2.4 Reliable evaluation methods  for measuring performance are used, making efficient use of time and resources.

2.5 Variations  between performance expectations and actual performance are identified and explained to relevant people according to organisational procedures.

3 Provide advice and recommendations .

3.1 Clients are provided with clear advice and recommendations  on whether performance of facility meets their identified needs and expectations.

3.2 Feedback  on suitability and sufficiency of advice and recommendations is obtained according to organisational procedures.

3.3 Advice and recommendations are formed on the basis of verifiable evidence and are consistent with monitoring objectives and client requirements.

3.4 Advice and recommendations are presented in an appropriate format, style and structure using business equipment and technology .

3.5 Information is securely maintained with due regard to client confidentiality, and legislative and organisational requirements.

REQUIRED SKILLS AND KNOWLEDGE 

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

Required skills :

• analytical skills to analyse asset or facility performance, identify variances and provide recommendations for optimum performance
• communication skills to clarify ideas and perspectives
• 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
• leadership skills to take a leading role in a variety of situations and pursue new challenges and opportunities
• literacy skills to interpret written and oral information, complete documentation, report findings, access and interpret relevant information, evaluate performance of assets and facilities, and prepare advice and recommendations
• research skills to collect reliable and valid information and source market analysis data to determine performance of specific assets and facilities.

Required knowledge and understanding :

• adaptive re-use strategies and implications for business continuity
• due diligence procedures
• economics and management of facilities and support services using a whole-of-life approach
• financial analysis and forecasting principles
• impact of taxation on portfolio management, including asset depreciation
• industry performance benchmarks, including use and application of value analysis and benchmarking techniques
• industry practice and benchmarks
• investment risk factors and relationship to return expectations
• organisational and professional procedures, ethical practices and business standards
• principles and practices of performance measurement, including evaluation processes and techniques
• 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

• risk management associated with facility use
• value identification and quality assessment.

Overview of assessment 

This unit of competency could be assessed through practical demonstration of monitoring the ongoing performance of an asset or facility portfolio. 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:

• accurately determining facilities and asset performance expectations through consultation and research of relevant documentation
• knowledge of organisation's practices, ethical standards and legislative requirements associated with monitoring the ongoing performance of an asset or facility portfolio
• monitoring asset performance using data analysis evaluation methods and identifying variations in performance expectations
• providing advice and recommendations to client using business equipment and technology and incorporating constructive feedback.

Context of and specific resources for assessment 

Resource implications for assessment include:

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

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.

Performance requirements  may relate to:

• concepts and plans
• customer service outcomes
• productive use of property and assets
• strategies and placement of capital in property for investment.

Relevant people  may include:

• accountants
• analysts
• clients
• government personnel
• legal representatives
• management and colleagues
• members of industry associations
• taxation specialists.

Clients  may include:

• bankers
• company management
• facility agents
• facility owners
• fund managers
• fund providers
• government and legal instruments or agencies
• institutions
• internal and external facility groups
• investors
• owner-occupiers
• tenants.

Client needs and expectations  may include:

• immediate capital gains
• long-term capital gains.

Consultative processes  may include:

• face-to-face meetings
• telephone, facsimile and written communication.

Source documents  may include:

• company property documents and registers
• comparative market data
• depreciation schedules
• financial documents
• funding strategies
• life cycle strategic asset management plans
• property valuation statements
• qualitative and quantitative data
• reports and inventories
• strategic facilities management plans
• taxation records.

Specialist advice  may be sought from:

• architects
• bankers and financiers
• builders
• business consultants
• government officials
• investment consultants
• members of industry associations
• OHS representatives
• planners
• real estate agents
• solicitors
• subcontractors

• technical experts
• valuers.

Organisational requirements  may be outlined and reflected in:

• access and equity principles and practice guidelines
• business and performance plans
• complaint and dispute resolution procedures
• emergency and evacuation procedures
• employer and employee rights and responsibilities
• 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
• policies and procedures relating to own role and responsibility
• quality and continuous improvement processes and standards
• quality assurance and procedure manuals
• records and information systems and processes.

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 and facility use, and access security
• general duty of care to clients
• home building requirements
• local regulations and by-laws affecting subject facility
• 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.

Performance of assets and facilities  may be influenced by:

• capacity to improve assets
• capital growth versus short-term gain
• cash flows
• change to organisational structure
• demographics
• gearing possibilities
• geographic aspects
• limits to financial resources
• return on investment
• return versus risk
• taxation considerations
• type of facility.

Asset  may include:

• building
• equipment
• land
• property.

Facilities  may include:

• child care centres
• offices
• recreation
• sport and recreation venues
• car parking

• community facilities
• educational facilities
• meeting places
• security facilities.

Market conditions  may include:

• 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.

Assessment requirements  may relate to:

• after and pre-tax analysis
• capital growth
• cash flow
• client objectives
• degree of compliance with legislation
• degree of functionality
• degree of market acceptance
• depreciation
• discounted rate of return
• financial feasibility
• foregone income
• horizon for investment
• internal rate of return
• nett present value
• sale potential.

Evaluation methods  could be qualitative or quantitative and may include:

• computer modelling
• cost data analysis
• examination of cash flows and other financial projections
• examination of collected data
• expert and peer review
• observation or interviews
• probability analysis
• time series recognition.

Variations  may relate to:

• financial performance
• functionality
• physical condition
• use.

Recommendations  may relate to:

• acquisition
• disposal
• establishment of a new asset
• new finance arrangements
• new tenant or lease arrangements
• operation and maintenance
• rebuilding
• redeveloping
• refurbishment and fit-out
• repackaging.

Feedback  may be obtained from:

• clients and colleagues
• legal representatives
• documentation and reports
• quality assurance data
• questionnaires
• regular meetings.

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