Reference no: EM132707926
Assessment Task : Property Management
Project 1 - Instructions
Read through the following scenario and complete the tasks below.
Ian and Rebecca Harrison have recently purchased an investment property through your agency. They are intending to lease the property for a fixed period of at least 12 months and have engaged you to manage the property.
Details of the property are as follows.
Address: 5/256 Black Street, Preston VIC 3072
Description: Two bedroom, brick and tile villa unit approx. 22 years old, central bathroom, laundry and toilet, spacious kitchen with open plan living and dining, large private courtyard and single remote lock up garage. Features: Built in Robes, wall to wall carpet in bedrooms, stainless steel appliances, gas cooking, reverse cycle air-conditioning, gas heating.
Pest treatments conducts at pre-purchase of property
Property has been refurbished in full within last 5 years (original plumbing and wiring).
Reverse cycle air-conditioner
Electric hot water system
Stainless steel dishwasher and rangehood
Hardwired smoke alarms and safety switch tested at pre-purchase XYZ Building and Pest Pty Ltd
Located within walking distance to transport, shopping and cafes.
Task 1: Owners Property Details Sheet and Exclusive Leasing and/or Managing Authority
Complete required documentation
Using the information on the scenario and the additional information below, complete the following documents (these are provided in the student portal in the relevant assessment task).
o Owners Property Details Sheet
o Exclusive Leasing and/or Management Authority
Task 2: Market the Property
Now that you have successful obtaining the authority to act on behalf landlords Ian and Rebecca Harrison you must now market the property in order to secure a suitable tenant(s) for their investment property.
2.1 - Marketing Strategy
In the space provided below, outline a marketing strategy for advertising the property.
2.2 - Advertisement
Write an advertisement for the property to be including in the agency's website listings.
2.3 - Risk Management
Develop a risk management plan using the table below and include a minimum of three risks and the strategies you would implement to manage the risks. Submit the documents you developed as part of your assessment for this task.
Task 3: Residential Tenancy Agreement
Aaron Hamil has been approved to lease the property. The landlords have requested a twelve month lease starting from the 1st of the following month.
Complete a ‘Residential tenancy agreement' form and submit it as part of your assessment for this task.
Task 4: Residential Premises Condition Report
4.1 - Prepare the Report
Before the tenant moves into the property a Residential Premises Condition Report must be prepared by the agent to accurately detail the condition the property is in prior to the tenant occupying it. This will ensure that the property is returned in as near a condition at the end of the tenancy period.
For the purpose of the exercise, identify a property that you can access, it could be your own home, or that of a family member or friend. Conduct a property inspection as if you were inspecting the property of Ian and Rebecca Harrison and accurately complete the residential premises condition report - make sure you put the address of the Harrison's property on the report.
Assume the following issues with the property add the following issues to the condition report:
• broken light fitting in the bathroom
• a hole in the lounge room wall
• a broken wardrobe door handle in the master bedroom.
Submit the completed form as part of your assessment for this task.
4.2 - Questions
A week later, Ian (the landlord) knocks on Aaron's door at 8:00pm. He tells Aaron that he was ‘in the neighbourhood' and thought he would pop in to fix the wall and take the broken fittings so that he can get them replaced.
a) What section of the Act has been breached?
b) Outline a landlord's entry rights and obligations as defined in the Act.
c) Under what circumstances can a landlord enter a property? Identify the appropriate section of the Act.
d) When can an inspection be carried out on a rental property?
e) What must be in a notice of entry?
f) Does Aaron have the right to refuse Ian entry?
Task 5: Undertake termination process
When it comes to the end of the tenancy the agent must follow appropriate termination processes.
Eleven months have passed and the lease is due for renewal. The owners decide that they will not renew the lease as their daughter is going to move into the property.
5.1 - Notice to Vacate
Prepare a ‘Notice to vacate' to provide to the tenant for Ian and Rebecca Harrisons investment property.
Submit the completed form as part of your assessment for this task.
5.2 - Process
Outline the steps that you take to ensure compliance with legislation and that the best interests of the owner are considered. You should include any documentation that needs to be completed.
Project 2 - Instructions
During day to day real estate activities, the keys belonging to properties of various owners and landlords for whom the agency is providing service will be removed from the office and used by staff, tenants and possibly tradespeople.
Keeping track of the whereabouts of these keys is imperative to maintaining the security of your client's valuable assets and minimising the risks that can affect the agency relating to key security.
Task 1 - Key Register
1.1 - Complete the Key Register
Amanda Watkins is the officer responsible for managing the key register at ABC Real Estate. You have a number of property inspections to attend.
You receive the following keys at 10:00am on 2 April 20XX and return them at 2:30pm on the same day.
• You are conducting an end of lease inspection at 13 Bucket Way, Keilor (Key P065).
• You have been asked to advertise a rental property at 25 High Street, Essendon (Key P267). You need to see the property before writing the advertisement.
Amanda is on leave, so the receptionist Paul Barber, is issuing keys. You are conducting two open for inspections in the evening.
You receive the following keys at 5:00pm on 4 May 20XX and return them at 9:00am the next day.
• 2/17 Partridge Street, Niddrie (Key P515)
• 23 Callum Court, Sydenham (Key P349)
Complete the key register template provided in your student portal using the information provided.
Submit the completed form as part of your assessment for this task.
1.2 - Key Management Procedures
Undertake research to determine the process for maintaining and accessing key registers. You may like to interview an agent, agent's representative or other agency staff, or you can review the key procedures sample provided in your course.
If possible, obtain a copy of a written procedure for accessing, maintaining and security of a key register in an agency.
You must answer the following questions.
i) In what format is the key register kept, ie database, spreadsheet
ii) Who is responsible for maintaining the register and issuing keys?
iii) Outline the process for obtaining, using and returning keys, ie: Who can sign keys out? Can they be kept overnight? Can they be passed on to a third party?
iv) What happens if a key is not returned?
v) How is security for both the register and keys maintained? ie password protection for register, keys are kept locked up, etc.
Attachment:- Assessment Task - Property Management.rar