CPP41419 Certificate IV in Real Estate Practice

Working ethically in real estate requires a thorough understanding of ethical standards in real estate. This unit supports real estate professionals in reducing financial and reputational risks, in meeting consumer protection standards, and in dealing responsibly with ethical breaches and challenges.

Identify, access and interpret legislation relevant to work in real estate. Develop an understanding of the legislative framework, its structure and the impact of legislation on work in real estate.

Develop marketing and communication profiles in real estate. It includes understanding methods for marketing and communicating, clarifying type, value and purpose of different communication activities and developing a personal profile for marketing and communication in real estate.

Work with real estate trust accounts within established agency controls. This unit applies to people currently working in or seeking to work in the real estate industry.

Appraise residential property for sale or lease. It includes selecting appraisal method/s and recommending appraisal price of property for sale or lease. It does not include establishing a formal property valuation.

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.

Establish vendor relationships to support property sales. It includes planning activities to achieve property listings, confirming vendor needs and expectations, preparing and conducting a listing presentation, completing a listing agreement and planning for ongoing communication and records management associated with the vendor relationship.

Establish, develop and manage positive relationships with buyers. It includes establishing an understanding of buyer needs and expectations, matching these to property, and maintaining relationships and records of engagement with buyers throughout the buying process.

Sell property by methods including private treaty, auction and other negotiations. It includes presenting property for sale, negotiating sales between vendors and buyers, and facilitating completion of contracts.

Establish landlord relationships to support property management. It includes establishing an agreement with a landlord to provide residential property management services and maintaining the relationship including keeping records of interactions with landlords.

Establish landlord and tenant relationships to support property management. It includes responding to enquiries from tenants, establishing details and profile of potential tenants, matching tenants with properties, aligning landlord and tenant expectations, managing relationships and maintaining records of interactions. It also includes timely and effective communication with tenant, landlord and other stakeholders and the management of rent payments, arrears, routine inspections, repairs, maintenance, tenancy renewals, rent increases and tenancy agreement breaches.

Finalise a tenancy. It includes determining circumstances in which tenancy agreements may be ended, processes and documentation to end tenancy agreements, processes to re-let property and issues that may arise from termination of tenancy agreements.

Conduct transactions in real estate trust accounts. It includes identifying the purpose and types of property trust accounts, applying agency controls to transactions in property trust accounts for specific purposes, balancing, reconciling and reporting on trust account transactions, and maintaining records of trust account transactions.

The skills and knowledge required to undertake pre-auction processes includes: preparing a strategy for auctions, including liaising with the vendor or sales agent, confirming the details of the contract and confirming the details of the property.

Conduct an auction of property, complete post-auction process and contract execution. This includes accessing, interpreting and applying written instructions for the auction, calling an auction and completing the auction process, including when a property is sold and when a property is passed in.

It also includes identifying successful bidder and confirming their legal entity, completing contract details, ensuring that all required signatures are obtained and completing and maintaining records of the auction.