CPPREP4103 Scenario Questions Homework Help

CPPREP4103 Scenario Questions Homework

Scenario

As part of your role at Phantom Realty, you need to actively generate leads for listings to ensure that you have sufficient properties to sell. This is one of your ongoing responsibilities and will play a significant part in your success as a sales representative.

Note to Students:

This assessment focuses on a case scenario, appraising and then listing the fictitious property of 7 Phillip Island Drive in Fantasy Glen. It will commence from prospecting for listings and interacting with prospective sellers. You will be required to research information on the properties and the market and create a comparative market analysis. Lastly you will present an appraisal to the sellers and conduct a listing presentation.

Note: As you progress through this assessment you will need to refer to an additional residential property which is:

  1. not part of a community title (free standing house) 
  2. located in Queensland (for the purposes of completing this assessment, refer to either the property you are living in or that of a friend of a family member). 

Please note that Fantasy Glen is a fictitious suburb created for assessment purposes. You cannot search for this suburb. You are able to make assumptions about the area and its amenities, together with any information which has not been provided and is applicable to the appraisals you complete. 

 Property A: The property you will appraise and then list for sale is 7 Phillip Island Drive in Fantasy Glen (use the details of your own property. Your office has been managing the property although it is now vacant so an ideal time for Robert to sell.

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Question 1

Scenario

You are working as a sales representative for Phantom Realty in the Fantasy Glen area.  In addition, you are also managing a small rental portfolio although your main focus is sales.

Part of your job is to prospect for listings actively promoting yourself and Phantom Realty in the Fantasy Glen area.

Complete a prospecting plan to seek sales listings (use the table below as a guide), and upload your response.

PROSPECTING PLAN
Prospecting Method/StrategyTarget Market and Agency BrandPlanningTimeframe
 Identify the target market for each prospecting method. Then outline why you would use this approach to reach this group while promoting Phantom Realty in Fantasy GlenList three actions you need to take to implement each strategy. i.e., Door knocking – Researching number of homes to door knock, making brochures/flyers, carrying out the door knocking.Plan how often would you carry out each of these strategies.

Question 2

A) How would you record the prospecting outcomes?

B) What information would you record in your agency database? (List at least three items)

Question 3

Scenario

Your efforts have paid off. You have made a successful contact with Robert Cagiva who owns a number of properties in Fantasy Glen. He is looking to retire in the coming months and to travel with his wife Shirley. 

Robert owns a number of properties and asks you to prepare appraisals on a house at 7 Phillip Island Drive in Fantasy Glen.

Robert wants to sell this property before heading off on his travels.

This is a residential property.

Note to Students:

Please note that these are fictitious properties compiled for assessment purposes only – you will be using the property in which you currently reside or a property resided in by a family member or friend within Queensland that you have access to as you progress through these assessment questions. The property must be a residential freestanding house (not part of a community title). You will not be able to search for the property addresses provided in this case scenario as they do not exist.

Mr Cagiva requests an appraisal over the phone. What can you provide Mr Cagiva? Outline the requirements under the Property Occupations Act in relation to a CMA. 

 Question 4

During your phone consultation, what information do you need to verify to confirm the ownership and details of the property? Please provide at least two sources of information which can give you further details about the property and/or the owners.

Question 5

Scenario

You arrange a time to meet with Robert at 2pm on Friday at 7 Phillip Island Drive to discuss his requirements for the property to be sold and another he is considering selling. He is keen to sell 7 Phillip Island Drive in a reasonable time so they can travel and has to finish off some simple renovations on another property he is considering selling.

Draft an email to Robert confirming the appointment, explaining the purpose of the appraisal and the process you will follow to complete the transaction. 

Your email must include:

  • The purpose of the appraisals
  • The process you are going to follow
  • Robert’s expectations and how you can address his needs
  • Confirmation to proceed with the appraisal process and meet with him to view the properties.

Question 6

Scenario

You inspected the property at 7 Phillip Island Drive with Robert. During this time, you gained information about the property both from what Robert told you and what you saw. Whilst making notes during the conversation, you notice that there appears to have been an extension done to the property and there is also an old style water bore in the back yard.

Create three questions you would ask the owner at this initial meeting regarding both of their properties to help clarify the situation and establish further material facts.

Question 11

Scenario

After you have gathered and checked all information you prepare your appraisals for the property. 
You need to establish your recommendation to Robert Cagiva as to what market price he should expect for the property.

Prepare a “Signature CMA Report ” for the property you have selected to use for the purpose of the assessment as to what the worth of the property could be for sale.

Note to Students:

You should have received an email with student log in details for RP Data Professional.

Please note: If you haven’t received the RP Data Professional email please check spam and junk folders, prior to contacting your trainer.

You will need to access Core Logic RP Data Professional by using the student log. Complete the CMA using the property address you have chosen as part of the assessment requirement. Must be a residential house located in Queensland which is not part of a Community Title Scheme. 

  • The  CMA must contain at least three comparable properties sold within the last 6 months within a 5 klm radicus
  • The CMA must contain an opinion on market price.
  • Upload CMA below

Question 7

Scenario

To assist you in ascertaining and remembering pertinent facts about the property, you complete the Property Description Details, pages 4 and 5, of the REIQ Schedule Appointment of Real Estate Agent (Residential Sales) PO Form 6. Review example here.

In the space below provide a list of the details you would include when completing the property description details for 7 Phillip Island Drive in Fantasy Glen – you are to use information from the property you have selected to refer to as part of the assessment tasks.  

Note: You need to identify any key features although for the purpose of the assessment state no for any encumbrances as the requirement to complete a title search is not part of this assessment task.

Question 8

Scenario

Following the inspection and discussion with Robert, update your vendor profile in Phantom’s CRM.

Update Phantom Realty’s database to create a vendor profile for Robert Cagiva (use the table below as a guide).

ClientContact DetailsProperty/iesProperty DetailsFollow up / Action
     

Question 9

Obtain all the background information on the geographical area of your chosen properties and prepare a report to help you with your appraisal. Please outline the following areas and how they may affect your appraisal.

You use the following sources to assist you:

  • Ref – Local government websites
  • REIQ
  • Core Logic – RP Data
  • RTA 

Background information report

A1) Current market conditions

A2) How does this information affect your appraisal?

B1) Local demographics

B2) How does this information affect your appraisal?

C1) Local amenities and schools

C2) How does this information affect your appraisal?

D1) Current economic, political and social factors

D2) How does this information affect your appraisal?

Question 10

Scenario

As part of your evidence gathering on similar properties listed in the area, you speak to an agent from a different agency about the property. 

They ask you if you could give them some further personal information on the owner, such as owners names, how desperate the owner is to sell and could they inspect the property with some potential buyers today.

What is your response and why would you give this response? Detail the applicable legislation in this situation.

Question 11

Scenario

After you have gathered and checked all information you prepare your appraisals for the property. 
You need to establish your recommendation to Robert Cagiva as to what market price he should expect for the property.

Prepare a “Signature CMA Report ” for the property you have selected to use for the purpose of the assessment as to what the worth of the property could be for sale.

Note to Students:

You should have received an email with student log in details for RP Data Professional.

Please note: If you haven’t received the RP Data Professional email please check spam and junk folders, prior to contacting your trainer.

You will need to access Core Logic RP Data Professional by using the student log. Complete the CMA using the property address you have chosen as part of the assessment requirement. Must be a residential house located in Queensland which is not part of a Community Title Scheme. 

  • The  CMA must contain at least three comparable properties sold within the last 6 months within a 5 klm radicus
  • The CMA must contain an opinion on market price.
  • Upload CMA below

Question 12

Prepare a professional listing presentation point guide for your own reference in preparation for how you will conduct the listing presentation with Robert.

Download the listing presentation template here.

Question 13

You arrange a time to meet with the seller, Robert Cagiva again to deliver the listing presentation and appraisal. At the meeting, the seller has some questions for you.

Provide your responses below to Roberts questions by writing what you would say, and how would you say it.  (Remember to answer using direct speech i.e. Thank you Robert, you should employ an agency because…).

Robert:

  • “Why should we employ an agency to sell our property?”
  • “What services does your agency offer us as prospective sellers?”
  • “What are the fees and commissions we will in incur if we sell through you?”
  • “What are the different methods of sale available to us through your agency?”
  • “How soon do you think it will take to sell the property? We need to sell it before we head off on our travels”
  • “I do not like your recommendation to have the air-conditioner and water bore repaired prior to placing their home on the market”.
  • “Can you please tell me how you will contact me throughout the sale process?”

Question 14

This task now requires you to deliver your listing presentation to Mr Cagiva. 

To do so you will need to video and upload your presentation.  (this can be recorded on your phone or another device and uploaded here). 

It must include the items detailed in your listing presentation and make reference to the CMA.

In the video uploaded, of your Listing presentation, you must demonstrate:

  • Effective communication skills
  • Knowledge about the real estate industry
  • Knowledge about the appraisal process
  • Professional presentation skills

Following are the questions to record as your conversation with Robert (drawn from question 13), ensuring the elements are covered as mentioned below in the Observational Checklist.

Robert:

  • “Why should we employ an agency to sell our property?”
  • “What services does your agency offer us as prospective sellers?”
  • “What are the fees and commissions we will in incur if we sell through you?”
  • “What are the three methods of listing with your agency?” 
  • “What are the different methods of sale available to us through your agency?”
  • “How soon do you think it will take to sell the property? We need to sell it before we head off on our travels”
  • “I do not like your recommendation to have the air-conditioner and water bore repaired prior to placing our home on the market”.
  • “Can you please tell me how you will contact me throughout the sale process?”

Note: Please find example presentation here to assist in your presentation and then see below observational checklist to ensure you have addressed all required information you will be assessed on. 

Observational Checklist (Ensure these are all addressed in your video) SNYS
In the Listing presentation have you demonstrated: Effective communication skills Knowledge about the real estate industry Knowledge about the appraisal process Professional presentation skills
Give an Introduction to the seller  
Outline of services offered by their agency  
Outline the area and property characteristics that affect the selling price.   
Identify features that may assist or detract from the value  
Marketing and promotion of the property is discussed covering: benefit of a good marketing campaign  professional photography and property staging.  Suggest a marketing plan and discuss costings.  
Outline of a proposed communication plan.  
Outline Market Conditions that may affect the selling price, providing such evidence/making reference to your Signature Reports.  
Outline Appraisal data (CMA) including; – Establish the appraised value range. – Limitations of appraisal – Disclaimer/Disclosure  
Sell yourself and agency services  
Discuss commissions and use persuasive language to sell the value of the service offered  

Question 15

After completing an appraisal/listing presentation, what information must be retained by the agency and how must it be stored?

Question 16.A

Scenario

Robert Cagiva has agreed with your appraisal price and decided to list his property to sell with you. You are now meeting with Robert Cagiva to complete a PO Form 6.

See completed Form 6 sales appointment example here for assistance.  

Using the case scenario below to complete and upload the form.

Case Scenario

Robert Cagiva agrees to list his property (7 Phillip Island Drive, Fantasy Glen, Q, 4305) with you on 1st

May 2021 for the maximum permitted period for an exclusive agency, selling by private treaty negotiation.

Robert’s address is 25 Main Road, Fantasy Glen, QLD, 4305. 

  • Phone 07 32 987654 
  • Mobile 0417 989123 
  • Email rcagiva@bigpond.com  –
  • He is not registered for GST  
  • You have completed a Title Search for 7 Phillip Island Drive, Fantasy Glen (refer to Appendix 1)

Sellers Solicitor, Powers and Associates. 

  • Contact: John Powers
  • Address: PO Box 666, BOURKES BAY QLD 4123
  • Ph: 07) 3883 8933 
  • Fax: 07) 3893 3893
  • Email: info@powers.com.au 

The agency details are; 

  • Trading name: Phantom Realty 
  • Licensee name: ABC Pty Ltd 
  • ABN #9876543210
  • ACN #1234567891
  • Licence #7654321 Licence Expiry 01/10/2022
  • Address: 50 Southgate Avenue, Cannon Hill. Q, 4170 
  • Ph: 3249 1111. Email: sales@phantom.com

Robert Cagiva has agreed to a listing price of $470,000.00. 

Robert Cagiva has agreed to a commission of 3.3% inclusive of GST.

Robert Cagiva has agreed to the listing continuing as an open listing at the end of the exclusive agency period.

Robert Cagiva has agreed to pay a maximum of $3000.00 for marketing (inclusive of GST) towards the advertising, signboards, printed materials and promotions based on your marketing proposal for the property. This amount is payable on the 1/5/21. The agency does not receive any rebates associated with the advertising costs expended on behalf of the client. Complete the property description details page with details from the property you have selected to use for this case study information.  Note – for the RPD (lot and plan) together with encumbrances you will need to refer to the Title Search Appendix 1. 

There are no other agents appointed (reference Schedule A)

You have been asked for advise on price and the CMA is attached to the PO Form 6 (reference Schedule B) of the Appointment

The property is insured via AON Insurance and has public liability cover for $20 million.  Policy number is HOM1589746 expiry 1/4/22 (reference Schedule E)

The Agency Privacy Policy is located on their website, www.phantomrealty/privacy.com.au (reference Schedule G)

The premises is vacant.

Note to student: Please upload completed PO Form 6 below.

Question 16.B

As part of securing the listing authority, what information about the sellers do you need to verify/record?

Question 16.C

What certificate provides this information?

Question 17

How can the information and feedback you have obtained doing this appraisal/listing presentation help you for future appraisals and presentations?

Question 18

After having secured the listing with Robert, you discuss and agree to a suitable communication plan which involves updating Robert on a weekly basis.  Send an email to Robert after week one addressing the below points:  

  • Enquiries received 
  • Number of people through the open home and their feedback
  • Website hits on online advertising
  • Number of offers received
  • Question 19
  •  
  • Create a weekly communication plan outlining how you will keep your client informed as per their instructions and get feedback from them on the sales process moving forward.
  • You may be creative and make up some information relating to the success of your sales campaign in line with the case scenario.
  • Use the table below as a guide.
  •   COMMUNICATION PLAN – WEEK 3 OF SALES CAMPAIGN   Number Buyer feedback given Seller’s instructions and feedback on the sales process and progress reports Email /phone call  update sent to client Yes/No Number of enquiries received         Number of home opens/inspections conducted         Number of people through home opens/inspection         Website hits         Offers received         Outline when and how you will contact Robert on a weekly basis to give him this feedback  

Appendix 1

Current Title Search (Robert Cagiva)

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