Location: A house that falls within a radius of three km of the city
Size/Style: A modern styling with a balcony the bigger the balcony the better, A parking sport, two bedroom and a wardrobe
Price Range: between $700000 – $800000
Preferred Features: A huge balcony, a lot of wardrobe space a parking sport and preferably a two bedroom.
Records of Inspection
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Property Seen |
Response |
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Property 1 |
The location of he property is slightly far from the city hence making access to the city difficult |
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Property 2 |
The balcony space was slightly small than the preferred size and the bedrooms were small. |
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Property 3 |
The house was looking lovely and considerations for whether to pick the house were there but the price range for the house was very high. |
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Property 4 |
The house interior décor was not appealing since it had some old designs that made it unappealing. |
Question 2
You want to assist Akira to find properties that match her requirements, and to help her decide which properties to view. REIQ Realty currently has several units for sale in Regatta. You will find the relevant listing information for these units in the Appendices at the back of your manual for this unit. These must be referred to in order to enable you to answer the following questions. Identify three listings that REIQ Realty currently has that you believe Akira should view, and the information you think is most relevant about each one.
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Properties you think Akira should view. |
What you will say to Akira about the key reasons why this particular property would match her particular requirements. |
Any support or promotional material you will show Akira when presenting this property information to her. |
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Listing 6 |
– There are several reasons for the need to take this house, first the house was recently built hence has the modern styling you would prefer. – The house has 2 bedrooms, with a spacious balcony and not of the lower section of the building hence making it more secure. – The property also falls between the price range of the house needed since it goes at a price of $788,000 – the house has a two parking allocated spots which give one the room to park both their car or a friend’s car if any other reason. |
Brochure: this has the information regarding the listing and added pictures of the property. The images in the brochure have been named for easier identification |
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Listing 2 |
The house has a number of features that will interest you, first of all the features the house was built not long ago and has integrated the modern styling and design hence meeting your reference. The property has a walking wardrobe in the main giving one all the pace you would need for the wardrobe space as per the requirement. The property has two balconies one located off the bedroom and the other one located off the living room making the house sand out. Also, the house is off the ground floor and its on the upper floors of the building hence giving enough security. The house also does fall close to the preferred price range where it goes at $805,000 but with all the brief mention of the property feature it leaves it worth. |
Property magazine where the property has been identified and covered. He magazine has more information in relation to the property hence informs Akira more on the property
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Listing 1 |
This is another property that would interest you, the property has multiple features that fill under your interest, the styling of the house for instance makes it most appealing, it has the modern styling, with 1 wide balcony. The property is on the 10th flour hence assuring security. The property has a I parking slot allocation, the house also has a study area within the house hence giving attention to your work and company. The property has also given attention to the wardrobe sector of the main house with a walk-in design accomplished in the main bedroom. |
Brochure will also be the right property for the client Akira that it will help her identify more information regarding the property. The same property is covered in property website that she can review online hence provide her with the correct website’s link
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Question 3
One of the properties on your list in Q2 is currently tenanted, although will be vacant soon. Akira would like to view the property with you as soon as it can be arranged. To organise the appointment, complete the following RTA Form 9 Entry notice showing the minimum permitted notice if the notice is hand delivered to the tenant’s letterbox on 11/07/2016 slightly before 10am.
How much time did it take for you to complete this form?
Entry Notice (Form 9)
Names and Address of the tenant/s
Property owner Property Manager Other Authorized person (Secondary Agent).
Details of all persons entering
Question 4
Having viewed the properties and after some discussions, Akira has decided to make an offer to purchase the property at 115/93 Flite Street, Regatta. She wants to offer $725,000, subject to finance, subject to a satisfactory building and pest inspection and with a 30-day settlement. As the listing agent, you represent the seller in the negotiation. Check your listing information for this property and assess the likelihood of Akira’s offer being accepted by the seller. As a skilled negotiator for your client, consider what you should attempt to do with this offer before presenting it to the sellers. Your answer needs to show what you will actually say/ask/suggest to Akira. You should develop an answer that is persuasive, relevant, and professional.
Response:
You have made the right choice since the picked property has all the requirements you have identified before but a slight issue rises in relation to the amount of money you are willing to offer for the job. The property has multiple features that have led to the increased pricing. A slight increment of the buying price would reflect the value of the property, features such as the walk-in wardrobe increases the expense of developing, the two huge balconies, and the modern design. These are some of the additional features that have been integrated within the house.
Also, the security of the building has seen the buildings value appreciate. The bedroom gives one a beautiful river view and the city view from the living room makes the house an elegant place to live, invite friends and have a family. The house has covered most of the required features (Sui Pheng, L. and Lee, S.H., 1993). A slight increase to the buying value will really be appreciated. As seen from the listing, the house pricing is $805 000. The price could be slightly negotiable. This means a few dollars can be reduced from the price given. This would be gladly accepted by the owner of the management and you are guaranteed an amazing modern, spacious and excellent property (Day, E. and Nourse, H.O., 1991). Kindly consider the offer and give use your consideration in relation to the pricing of the house.
Question 5
On Monday 18th July 2016 the contract is eventually signed by Akira as the prospective buyer for a sale price of $770,000. The seller is not available to meet with you until late that evening, so you present this offer to the seller when they are available. The seller accepts and signs the contract. The seller then asks you if you will wait until morning now to let Akira know that her offer has been accepted, given how late it is. Taking into consideration that the buyer is not aware that the offer has been accepted, how would you respond to the seller comments?
Response:
Since from the first introduction to the client Akira, she had clearly specified that the best time to conduct a meeting with her was either in the afternoon or in the evening, the decision should rely on this information. So, the appropriate response to the seller would be, it is ok for me to inform Akira and et her know that her offer has been accepted. Since its in the evening am sue she will be in a position to show up for the concluding of the contract rather than push it forward to the next day which means that she will be available the following day in the afternoon or in the evening (Antoniades, H. and Eves, C., 2013). So, to avoid all these incidences,
it is appropriate to finalize all the dealings while every party is available. Again, the postponing process involves the introduction of different variables such as the ability of the seller or the buyer having second thoughts on these decisions which would introduce other an anticipated variable for the case. Hence the need to finalize the project. Also, since the seller got the chance to wide up on all their activities then show up in the evening, it is cartious to also give the buyer the chance to choose the time she is more comfortable appearing for the meet. Professionally one is expected to disclose the status of the transaction progress to the involved parties.
Despite the fact that Akira has not been updated on her approved proposed price, it is unethical to withhold this information from the buyer or the client (Crews, G.L., 2004). It is ethical to let the client decide on how to respond to the information. Also, appreciating the information, the client has provided such as the different times she is available helps build one’s reputation since the client is able to identify your focus on information and dedication to your work (Antoniades, H., 2013.).
This then leaves the matter at a point where you inform Akira on the progress and ask her if she is available for the evening meeting or should it be pushed forward to the following day. One of the key elements under contract law is communication. This means that one is bound by the contract law to ensure they effectively communicate with the client and the sellers update is information that need or requires the response from the client. Hence making communication With Akira very important.
Question 6
You call Akira to let her know that the contract is now fully signed and you date the contract the 18th July 2016. Akira asks you about insurance on the property. As a salesperson you are familiar with the terms of the REIQ/QLS Queensland contract, and what the contract terms say about when the property is at the buyer’s risk. What will you actually say to Akira about when the property is at her risk? Your answer must specify the date and time that applies to Akira.
Your reply to Akira:
The property has he seller’s insurance till the minute the property is transferred to your ownership. According to the corporate act 2001 the seller might want to check that their insurance risk that may rise from a property inspection and if it doesn’t, the seller might want to extend the cover so that it does, for more information I would recommend a well-informed move by approaching a company that holds an Australian financial Service License (AFSL) they will be in a way better position to advice on the matter (Batt, C., Antoniades, H., Rowe, T. and Stowell, R., 2015).
But as per now all the insurance cover of the property is under the seller, any risks as per the current state is to be incurred by the seller unless the risks are associated with the agency’s negligence. This governs the purchase period insurance. It is the responsibility of the agency to minimize the risks of things such as theft, or property damage during the period of inspection (Agboola, A.O., Ojo, O. and Amidu, A.R., 2012).
Question 7
You provide Akira with the copy of the fully signed contract on the morning of Tuesday 19th July, 2016. Akira later sends you the following email:
From: Akira Nakama
Sent: Wednesday 20/07/2016
To: (your name)
Subject: Cooling off period ………………………………………………………………………………………………………………………………….
Hi (your name) Something I forgot to ask you this morning – when does the cooling off period for my contract end? Don’t’ worry, I’m not having second thoughts but I recall you mentioning it and can’t remember when it ended. Thanks Akira
Write a response to Akira’s email. Your reply must specify a date and time when her cooling off period will end.
From: Students Name
Sent Wednesday 20/7/2016
To: Akira Nakama
Subject Cooling Off Period
Hi Akira
The cooling off provision for residential sales lasts for a duration of 5 days and ends on the fifth working day at 5pm. This provides the client enough time to think about the whole transaction, clear up on any issues that may be unclear at the moment so as to ensure the client receives satisfactory services. For our transaction since the signing was on 19th July 2016 then the fifth day will be on Monday 25th July 2016. Saturday and Sunday are not official days hence the day passes on to Monday the official day (Vandenbergh, M.P., 2005).
Take the time and don’t feel pressured to make a decision you feel you would need any further information regarding the venture. A home is a place that you go back at the end of very day for years and feel comfortable hence the 5 days to completely think about everything and conclude.
Question 8
On 19th August 2016, settlement has now been confirmed by both the buyer’s solicitor and the seller’s solicitor, and you are instructed to disburse the money held in the agency trust account to the seller, minus the agency commission. This will require you to provide an account of sales/tax invoice to the client, and update agency financial records. Using the information shown in the relevant documentation (as explained above), calculate the relevant commission and client settlement figures. Set out your calculations below to show what will appear on the account of sale. The format can vary but must clearly show how much is held in the trust account, and then how it will be distributed. N.B. Advertising funds were paid by the seller at time of listing, and as such will be accounted for separately (not required as part of this question). Your answer should clearly show
Calculation
Dates 19th August 2016
Financier (bank)
$700,000
$70000 Akira Nakama
Total amount $770, 000
Deposit in the trust account
10/100 * 770,000 = $77, 000
Commission to the agent is 3.3% of the actual sale price of the property including GST
3.3/100 * 805,000 = $ 26, 565
All Relevant Amount
Agents commission as per the agreed percentage with the client and as per the calculation the amount totals $ 26, 565. The seller receives the rest this is a total of; $741,081
A simple explanation of what each figure represents
There are different amounts of money changing hands and it is important to identify what each figure means. First, we have the buyer; Akira Nakama, she introduced the bank which gave her $700000 then on her hands she had $70,000 this gives us the total of $770,000 that is the exact amount of capital needed to settle the contract. An agreement between the agency and the buyer clearly stipulates the percentage share the agency is to take and goes down to 3.3%. After the calculation this has summed up to $ 26, 565. The balance of deposit to seller becomes deposit in trust = $77, 000 (trust account) – $ 26, 565(Commission) = $ 50,435
At the conclusion of the sale, you would like to keep Akira on your database and stay in touch with her in case she has further real estate requirements that REIQ Realty could assist with. As a first step you want to find out whether Akira was happy with the agency service provided, whether she may have any other current or future real estate needs, and whether she would be happy to deal with you and REIQ Realty again as a seller, or a buyer. Consider the service you have provided and develop 6 effective survey questions you will ask.
Questions
1 to 10
References
Agboola, A.O., Ojo, O. and Amidu, A.R., 2012. Investigating influences on real estate agents’ ethical values: the case of real estate agents in Autralia. International Journal of Strategic Property Management, 16(3), pp.298-315.
Antoniades, H., 2013. Real Estate Education Throughout Australia: Are the fields of knowledge in a diploma qualification more advantageous than a certificate IV qualification?. In International Conference of Education, Research and Innovation. International Association of Technology, Education and Development (IATED).
Antoniades, H. and Eves, C., 2013. Real estate agents: why is education important?. In Construction, Building and Real Estate Research Conference (COBRA). RICS.
Batt, C., Antoniades, H., Rowe, T. and Stowell, R., 2015. A review of training for licensed occupations in the New South Wales property services industry. A Review of Training for Licensed Occupations in the New South Wales Property Services Industry.
Crews, G.L., 2004. Real Estate Education on the Run: The classroom comes to town. 10 th Pacific Rim Real Estate Society (PRRES) Conference. In Annual Conference Proceedings, Thailand.
Day, E. and Nourse, H.O., 1991. Client selection of a residential real estate agency or agent. Journal of Professional Services Marketing, 6(2), pp.81-96.
Rutland, S.D., 2005. “Buying out of the Matter”: Australia’s Role in Restitution for Templer Property in Israel. Journal of Israeli History, 24(1), pp.135-154.
Sui Pheng, L. and Lee, S.H., 1993. Effectiveness Of The Managing Agent: Property Management And Maintenance. Facilities, 11(9), pp.5-15.
Vandenbergh, M.P., 2005. The private life of public law. Colum. L. Rev., 105, p.2029.
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