The agency agreement is a written form of agreement, which is prepared for performing all the services by an agent directed for its client unless those services are associated with livestock. It is essential that the agreement is cautiously prepared, signed and acted properly, or there might be a situation where the agent may lose its entitlement to gain commission or recover its expenses (Baker, 2014). Further, the agreement proclaims the services agent shall provide to the client. Signing up of an agency agreement implies that an agent is authorized to act upon for the principal in lieu to the sale of its property like arranging advertisements, inspection, receiving deposits etc. from buyers. In return, the client agrees to pay for agent’s services in terms of fees or commission and determine when and how it shall make payments for such services.
The client appoints an agent to find them with potential customers for its property and then introduce them to the client. The agent is entitled to negotiate the terms of sale with customers on behalf of the client (Czinkota and Ronkainen, 2013). But nevertheless, it can never conclude the sale, between client, i.e., principal and customer.
The Consumer Protection Act (CPA) applies to the transaction wherein agents are involved with a supplier directly, as mentioned in CPA, the seller is also the principal agent as well as the supplier. The supplier is protected from the agent by the clause within the agreement that conforms to law, which is understandable and cannot be unfair, unjust or unreasonable in any manner (Ling and Archer, 2012).
The fees, commission, charge or expenses are the amount that is charged by agents, not specifically stated under any law. The client is free to negotiate with the agent regarding the amount of commission or fees or other expenses that it is liable to pay for its services. The circumstances in which agent is entitled to payment is for the services provided in context to property, for instance, in case of commission it’s mostly payable only when the property is sold (Fisher, Ury and Patton, 2011). The charge or fees could also be for the marketing of principal’s products changed prior to sale. The principal has all rights to negotiate with the agent regarding terms and conditions of payment.
Since the digital age continues to draw a considerable impact on business, it is one of the most important aspects that need to be considered by agents for ensuring a sale. There is an esteemed level of competition that rules the market and marketing is the key to attract sales (Giannetti, Burkart and Ellingsen, 2011). Sales require a strategy, procedure, and a way by which it can progress to measure and monitor. By developing and launching a coherent and well-articulated marketing strategy, the agent can promote the business.
Effective marketing helps one define their vision, mission and business goals, further outlining the necessary action that needs to be undertaken for attaining such goals. It is important that these strategies are drafted keeping in mind consumer’s expectations and detailed analysis of their product and present their promotional strategies from the perspective of client’s customer’s view (Gummesson, 2011). The central focus of firms marketing strategy must be founded on the notions of developing and increasing awareness of the principal’s product and attempt to enhance its publicity through promotional marketing strategies. Also, the research is an essential part for framing a potential marketing strategy as this segment helps in gathering information about the market like social trends, size, growth and demographics etc. Effective market research can help agencies to develop a profile of customer its client seeks to target and consecutively recognize its needs.
A marketing plan serves as a blueprint for one’s strategy. A good marketing plan comprises of strategies that are important for attracting potential customer and retaining the current customers. A Marketing plan is an essential and fundamental part of determining the success and revenues that can be gained from a property. If an agent wants to market principal’s property in a successful and rewarding manner, it will have to create a marketing plan. As, a marketing plan helps in determining the overall direction that the agent needs to take for marketing the property (Campbell, Giglio and Pathak, 2011). Since it is as valuable as a resource, it helps in signifying an outlay of time and money. In a marketing plan, every detail is specified on what is wanted and what may be subject to change or evaluation due to the fluctuations in the market. So, by evaluating the marketing plan, one can make the requisite changes to the current marketing in tune with the constantly changing business environment. Further, evaluating a marketing plan by the agent can help in saving money as it is cheaper to evaluate a marketing plan on an ongoing basis and to make necessary changes that to ignore the plan and make some costly mistakes that could have been avoided. Thus, it can be seen that main purpose of the marketing plan is to function as a saving and controlling tool.
Once the market for house or property has begun via advertisement or another form of marketing the next steps is to think upon inspection. Both in private or open for inspection are available options that permit buyers to come and seek over the property, but open for inspection is subject to conditions as per different situations (Chaney, Sraer and Thesmar, 2012). The open house is a fruitful way of convincing the buyer and also a conducive way to improve the chances of success for an agent. Since in an open inspection the agent opens up the property to any stranger it is important for the agent to make the home memorable for the buyer to remember and showcase its property’s versatility.
A listing presentation is a marketing tool that informs the prospects of the unique qualifications and expertise knowledge held by the agent. It is drafted to convince the potential homeowners about strategy it places to sell property find their dream home. It reveals four key aspects:
Since a real-estate listing presentation entails a reasonable amount of information; it can present the same in easy-to read stats and figures. The Picktochart form of listing presentation can be used to sell history and local market facts in a beautiful form of charts and graphs. The purpose of choosing this form of presentation is:
Rapport is a relationship that is marketed through mutual understanding and trust. The success of B2B depends highly on establishing a strong client rapport. Being property business relationship as client-focused, it is important to possess the requisite skill and knowledge to develop a successful client rapport. The establishing of rapport with clients covers the following aspect of work in the property industry. It is important for:
Communicating is a critical aspect, as it requires the client to have the adequate technique and commitment to communicate with the client help in forming a strong rapport.
The primacy of public interest
In accordance with this code of conduct, the interest of public must be prioritized in comparison to personal and sectional interests even in resolving conflicts. By considering this approach, in real estate industry, agents are required to safeguard the interest of clients through regarding their duty of loyalty they owe to the public. For this aspect, they do not misguide either clients or their associates for their personal benefit.
This clause of the code of conduct states that professional must not breach the public interest or trust of stakeholders (ACS Code of Professional Conduct Professional Standards Board Australian Computer Society, 2014). In this aspect, real estate agents are required to provide genuine approximations regarding projects under their control, make a clear difference among personal and professional opinions and advice and most important they must not mislead any client with false hopes.
This code of conduct states that real estate agent must only accept that work for which they believe they are competent enough to perform. Further, they are obliged to obtain additional expertise if the advice of qualified individuals is required for the particular project. They must not misrepresent their knowledge and skills and respect the proprietary interest of stakeholders. They must accept accountability for their loss in case of negligence or other loss.
Information about the property
Our real estate agency is beneficial for customers as it operates in accordance with real estate agency laws and codes of conduct. Further, the agency is having a qualified team member who is well versed with the market conditions to assist customers in getting good deals. Our agency believes in transparency and fairness thus entire dealing is done with the consent of customers by providing a sample of rental lists and promotions brochures. In addition to this, to assist customers in the selection of appropriate package examples of our previous clients will be provided to them so they can understand terms of each package in an appropriate manner.
All the dealing used for the purpose of leasing and renting property is supported by professional management approach. In this aspect, our agency will be in contact with you constantly regarding offers, advertisement of your property, proposed tenants and other relevant aspects (ACS Code of Professional Conduct Professional Standards Board Australian Computer Society, 2014). Further, all transactions are conducted in a written form supported by clear terms and authorized by the signature of both the parties. For the promotion of property, extensive market strategies are utilized by providing accurate information to tenants in most presentable manner.
Accounting for transactions are properly recorded, and receipt for each transaction will be provided to the client to verify the same. The client can pay for the services by cash or cheque or by using online banking. In addition to this, the secured tenant will be selected by considering entire information of a tenant to ensure bond amount and regular rent by them (Ling and Archer, 2012). Along with it, the proper inspection will be done to ensure that tenant is taking good care of the property and not making unethical use of it. The entire property will be insured to provide blanket cover for the loss of property.
Management and letting costs for agencies services will be 5% of rental charges which is comparatively low than competitive firms.
References
Abbe, A. and Brandon, S.E., 2013. The role of rapport in investigative interviewing: A review. Journal of investigative psychology and offender profiling, 10(3), pp.237-249.
ACS Code of Professional Conduct Professional Standards Board Australian Computer Society. 2014. [PDF]. Available through < https://www.acs.org.au/content/dam/acs/rules-and-regulations/Code-of-Professional-Conduct_v2.1.pdf >. [Accessed on 1st September 2017].
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Campbell, J.Y., Giglio, S. and Pathak, P., 2011. Forced sales and house prices. The American Economic Review, 101(5), pp.2108-2131.
Chaney, T., Sraer, D. and Thesmar, D., 2012. The collateral channel: How real estate shocks affect corporate investment. The American Economic Review, 102(6), pp.2381-2409.
Czinkota, M.R. and Ronkainen, I.A., 2013. International marketing. Cengage Learning.
Fisher, R., Ury, W.L. and Patton, B., 2011. Getting to yes: Negotiating agreement without giving in. Penguin.
Giannetti, M., Burkart, M. and Ellingsen, T., 2011. What you sell is what you lend? Explaining trade credit contracts. The Review of Financial Studies, 24(4), pp.1261-1298.
Gummesson, E., 2011. Total relationship marketing. Routledge.
Halinen, A., 2012. Relationship marketing in professional services: a study of agency-client dynamics in the advertising sector. Routledge.
Ling, D. and Archer, W., 2012. Real estate principles: A value approach. McGraw-Hill Higher Education.
Terpstra, V., Foley, J. and Sarathy, R., 2012. International marketing. Naper Press.
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