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Unit of competency details

CPPREP4102 - Market property (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes CPPDSM4014A - Market property for saleSupersedes but is not equivalent to CPPDSM4014A Market property for sale, CPPDSM4061A Obtain prospects for listing. 20/Mar/2019
Supersedes CPPDSM4061A - Obtain prospects for listingSupersedes but is not equivalent to CPPDSM4061A Obtain prospects for listing, CPPDSM4014A Market property for sale. 20/Mar/2019

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 21/Mar/2019


Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080503 Real Estate  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080503 Real Estate  21/May/2019 
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Unit Of competency

Modification History

Release 1

This version first released with CPP Property Services Training Package Release 8.0.

Supersedes but is not equivalent to CPPDSM4014A Market property for sale, and CPPDSM4061A Obtain prospects for listing.

Merged to reduce duplication. Updated to the Standards for Training Packages.

Application

This unit specifies the skills and knowledge required to market property for sale or lease.

It includes interpreting a property appraisal report, negotiating an agreed marketing plan for a property with clients, preparing marketing materials, securing marketing resources, implementing marketing activities, accessing and using agency data on target markets, reviewing effectiveness of the marketing plan and activities and reporting on the effectiveness of marketing activities.

This unit applies to people currently working in or seeking to work in real estate.

State or territory licensing requirements may apply to this unit.

Pre-requisite Unit

Nil

Unit Sector

Real estate

Elements and Performance Criteria

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Establish marketing plan.

1.1

Reference property appraisal report to identify property attributes.

1.2

Reference property listing agreement to determine method of sale or lease.

1.3

Establish target market for potential buyer or tenant.

1.4

Develop marketing plan for property.

1.5

Explain agency marketing service options and costs to client and recommend marketing strategies.

1.6

Document marketing plan in consultation with client.

1.7

Obtain and document agreement to proceed with marketing plan for property.

2

Establish and access marketing resources.

2.1

Access and examine marketing resources to reflect property marketing plan.

2.2

Confirm marketing resources are appropriate for agreed marketing plan and selected media.

2.3

Modify marketing resources as required to meet marketing plan and budget.

2.4

Confirm marketing resources are consistent with agency, statutory and ethical requirements.

3

Implement marketing plan.

3.1

Brief all persons with responsibilities under the marketing plan about roles and activities.

3.2

Conduct marketing activities as set out in agreed marketing plan.

3.3

Monitor marketing activity responses and document data generated to build agency records.

4

Review marketing activities.

4.1

Outline marketing activities and agreed performance indicators.

4.2

Identify opportunities for changes or enhancements to marketing plan and negotiate with client to make adjustments as required.

4.3

Report on effectiveness of marketing activities against marketing plan and budget.

Foundation Skills

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit Mapping Information

No equivalent unit.

Supersedes but is not equivalent to:

  • CPPDSM4014A Market property for sale
  • CPPDSM4061A Obtain prospects for listing.

Links

Companion volumes to this training package are available at the VETNet website - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=6f3f9672-30e8-4835-b348-205dfcf13d9b

 

Assessment requirements

Modification History

Release 1

This version first released with CPP Property Services Training Package Release 8.0.

Supersedes but is not equivalent to CPPDSM4014A Market property for sale, and CPPDSM4061A Obtain prospects for listing.

Merged to reduce duplication. Updated to the Standards for Training Packages.

Performance Evidence

To demonstrate competency in this unit, a person must prepare and implement marketing plans for two different properties. Each marketing plan must include:

  • details of the property
  • property and locality features
  • details of the target market
  • marketing budget
  • performance indicators for success
  • nominated points when the marketing plan will be reviewed
  • marketing resources for one of these two properties that include:
  • how the property is to be described for the market
  • performance indicators.

In doing this, the person must meet the performance criteria for this unit.

Knowledge Evidence

To be competent in this unit, a person must demonstrate knowledge of:

  • role of the agent in providing property marketing advice and plans
  • marketing strategies for at least one of the following:
  • residential property
  • rural property
  • commercial property
  • factors affecting choice of marketing strategy
  • relationship between marketing and communication, and agency brand
  • ethical and regulatory standards associated with marketing property, including misleading and deceptive conduct, false representation, price advertising, and advice and disclosure of material facts
  • agency, ethical and regulatory practices relating to marketing, including documentation
  • agency and statutory marketing documentation and forms
  • marketing budgets, agency fees and charges, and conditions
  • strategies for building agency–client relationships
  • techniques for identifying needs and motivation of vendors and buyers, landlords and tenants
  • methods of sale or lease
  • marketing activities:
  • advertising, including print and electronic media
  • agency property guides
  • brochures
  • direct marketing
  • inspections
  • mail-outs
  • networking
  • open house
  • signboards
  • electronic
  • marketing resources
  • principles underpinning effective marketing resources
  • marketing plan
  • review of effectiveness of marketing plan and materials
  • communication strategies for responding to client complaints
  • legislation relating to marketing of property in the state or territory of operation.

Assessment Conditions

Assessors must satisfy the requirements for assessors listed in the Standards for Registered Training Organisations.

Assessment must be conducted in the workplace or in a simulated workplace environment.

Assessors are responsible for ensuring that the person demonstrating competency has access to:

  • resources and strategies for marketing property
  • an appraisal report for a property
  • legislation relating to marketing residential property in the state or territory of operation.

Links

Companion volumes to this training package are available at the VETNet website - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=6f3f9672-30e8-4835-b348-205dfcf13d9b