Real Estate Assessment: Questions, Research Project, Case Study

A sole trader is the cheapest and simplest form of business ownership for a business owned by one person. The owner may run the business alone or employ staff to perform the work in their behalf.  The sole trader takes all the profit business. The owner is also liable for the losses.

On the other hand, a company under the real estate must have a corporation license and a licensee in charge. Companies are run by the directors. Theoretically, directors are not personally liable for the company’s debts. But practically they may be personally liable, and that is why creditors such as banks require that they provide guarantee, so that such creditors may access creditors home and other assets if the business fails. A company is a different legal entity and that is why it can be liable for the debts it has incurred.

Lastly, partnership involves a legally binding agreement between two or up to 20 parties to run the business together. In partnership, all the partners share profits and losses in an agreed percentage, which in most cases correspond to their original investment.

Estate Agents Act 1980 (VIC)

Consumer Affairs Victoria

·         Australian Consumer Law and Fair Trading Act 2012

·         Residential Tenancy Act 1962

These two regulations can be accessed on the Victorian Legislation and Parliamentary Documents Website.

The agents must not:

·         Act as an estate agent unless licensed to do so. This rule can get violated if one is pretending to be a licensed agent but using forgery documents. If found culpable, such agents may be imprisoned for 12 months or receive 500 penalty units for an individual or 1000 for a company.

·         Not permit or help a person who is not licensed to do the business of an agent. This rule can be violated if a licensed agent gives someone else who has been licensed to operate as an agent to perform agent duties.  In such case the offender will face a penalty of 500 units, cancelled license, and temporary or permanent disqualification.

The role of the Australian Competition and Consumer Commission (ACCC) is to enforce the Competition and Consumer Act 2010 and various additional legislations. It also promotes competition, enforces fair trade and regulates national infrastructure for the advantage of all the Australians.

The role of the Office of Privacy Commissioner is to provide advice on policy matters, breaches of the privacy principles, or deals with privacy enquiries. The Privacy Commissioner has the authority to investigate the public sector organizations as well as the private organization and the individuals concerning privacy issues that the Commissioner thinks suitable.

The role of the Australian Human Rights Commission is raise systematic public policy issues that affects human rights, and seek reform at a federal level.  It examines the right to access affordable housing and focuses on removing regulation barriers that faced by native title holders requesting for economic development.

The role of Safe Work Australia is to develop and evaluate national policy and strategies, perform research, and collect, and analyse and report data concerning safe work in Australia.

The role of Fair Work Commission is an independent body with powers to perform functions such as facilitation of good faith bargaining and creation of enterprise contracts, controls how industrial action is done, deals with applications related to unfair dismissal among others.  It also provides fair hearing in relation to work issues.

·         A gent’s representative may perform any function of an agent but only under the authority of estate agent

·         A licensed agent can carry out duties and is able to own and operate their own agency while the authority given to agent’s representatives can allow them to operate or control a real estate.

·         When legal advice or interpretation of legislation is required

·         Leasing disputes  

·         Landlord seeking advice to get access to have a repair done

When legal advice or interpretation of legislation is required, it is recommended that one should seek for independent legal assistance for a lawyer. 

Leasing disputes are also common in real estate sector and in such cases; the property owner would have to seek legal advice from an independent legal assistance.

When a landlord is seeking for advice to have access to the property for repairs; he or she can get an expert advice from Fair Trading.

Cayzer Real Estate

I found Cayzer Real Estate agents through an online Google search by typing “real estate agencies in Victoria”, then i selected Real Estate Agencies in VIC (page 1) – realestate.com.au, which also contain their website https://www.realestate.com.au/agency/cayzer-real-estate-albert-park-CAPALB

Real estate agent’s licence – the reason for ascertaining this fact depend on the services they offering such as buyer’s agent, real agent, business agent, among others.

Business agent’s licence – the reason for ascertaining this fact is because Cayzer Real Estate helps in negotiating sale, provide professional practices, purchase or exchange, and disposition of business among others that can only be done by a holder of business agent holder.

Corporation licence – Cayzer Real Estate is a corporation; therefore, it cannot operate without a Corporation licence that enables it to act as a business agent, real estate agent among others.

McGrath operates in five areas that include:

·         Providing residential property sales

·         Property management

·         Mortgage broking

·         Auction services and,

·         Career training

·         Geoff Cayzer is the founder and managing director of Cayzer Real Estate. He is responsible for leading the board of Cayzer, leads the agendas and ensuring that they are effective group at the top of the corporation.

·         Michael Szulc – is a director at Cayzer Real Estate. He is responsible for listing customer’s property, performing inspections, meeting clients, and conducting auction.

·         Simon Carruthers is also a director and is specialized in listing customer’s property, performing inspections, meeting clients, and conducting auction.

·         Alisha Hinde – is a senior property manager. She is responsible for managing the tenancy and property of the clients.

·         Andrew Turner – is a licensed estate agent. He is responsible for negotiation and selling of client’s property.

·         Brocke Hambrecht – is a professional representative at Cayzer. He provides advice to property owners.

·         James Keep – is a commercial manager at Cayzer. He is in charge of leasing, commercial and residential sales, and asset management.

·         Jane Feely is the property manager at Crayzer. She is in charge of leading property managers who provide make decisions about tenants, maintenance, repairs, and maintenance, and management matters for client’s property.

·         Jason De Stefano and Jordan Gravestein are Cayzer Real Estate sale consultants. They are responsible for providing exceptional and time advice to clients.

I obtained the above responsibilities through on the Cayzer

I will ensure I spend enough time researching about the company, real estate, and the management responsibilities. Aside from being tidy and neat I will ensure I take heed on my personal grooming including hair, shoes, nail and breath. I will also choose the appropriate dress code for that day. I will opt for formal business attire. Besides that, I will have to prove interview etiquette by being there on time, being firm and confident, maintaining eye contact with the interviewer and saying ‘thank you’ at the end of the interview.

·         I will ensure I use non-threatening topics in my initial meeting with clients. I will prefer talking more about the experiences, how we travelled and the weather than asking direct questions that will make the client unease.

·         I will try to inject some elements of humour. When people laugh together, they create harmony and become easy to get along.

·         I will take time to get to know my clients. I will request my clients to have one on one conversation with them and ask them questions about the challenges they face.

·         I will use comparative benchmarks. I will access and employ the industry analysis to get the trends or the potential forces that influence the clients.

·         Use positive language.Instead of saying “I cannot be available until next week” I will say “I will be available next week to serve you.” This reduces the chances of dissatisfied clients.

·         Give credence whenever customers complain. In order to be consistent and provide accurate advice and follow up services, I will control the issue, acknowledge the dilemma, refocus and finally solve the problem so that when the customer leaves, he goes satisfied.

·         Identify an organizational system that will be advantageous for me.

–          Check with the practices and policies of the broker

–          Put my clients first

–          Have a back-up plan

·         Maximize the efficiency of the workspace

–          Find a perfect home

–          Organize digital files

–          Keep the information of one client in one file

·         Plan each day

–          Prioritize

–          Maintain schedule

–          Prospect for new clients

Employee rights or responsibilities

Employer rights or responsibilities

1

Work to a maximum of 38 hours in a week

Have a right to make employees work extra reasonable hours

2

Have a right to parental leave and related entitlements

Have a right not to pay workers when they seek additional leave

3

Have a right to be paid on each public holiday which they do not report to work

Have a right to reasonably request employees to report to work on public holidays

                                                      Classification                                                                            Minimum Wage

·         Real Estate Employee Level 1 (Associate level) – first 12 months of employment                 $728.20

·         Real Estate Employee Level 1 (Associate Level) – After first 12 months of employment      $768.60

·         Real Estate Employee Level 2 (Representative Level)                                                                  $809.10

·         Real Estate Employee Level 3 (Supervisory Level)                                                                        $890.00

·         Real Estate Employee Level 4 (In-Charge Level)                                                                            $930.50

Eligibility criteria:

·         Must be 18 years and above

·         Must have completed a course under Estate Agents Regulations 2008.

Ineligibility Criteria:

·         Proven insolvent under administration

·         Have committed an offence over the last 10 years

·         Has been represented under the Guardianship and Administration Act 1986

·         Are subject to orders by regulatory bodies

Eligibility criteria:

·         Must be 18 years and above

·         Must have passed the required courses

Ineligibility Criteria:

·         Proven insolvent under administration

·         Have committed a serious offence over the last 5 years and convicted

·         Have been disqualified from holding a license

·         Monetary penalty of up to 11,000 dollars to an individual and twice the amount to a corporation.

·         Preventing the individual from performing certain functions

·         Cancel the certificate of registration

·         Australian Property Institute (API)

·         Property Council of Australia

·         API is a leading professional body that represents residential, commercial, plant and machinery valuers among others. Joining this association will, therefore, help m qualifications, experience and ability become recognized.

·         The Property Council of Australia delivers excellent policy outcomes and powerful benefits. Joining the association will enable me to be at the forefront of policy-making and it will also help in enhancing my influence and networking.