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This unit describes the performance outcomes, skills and knowledge required to maintain the records of a business or records system in good order on a day to day basis.
Assessment Task 1 – Short Answer Questions – 100-200 words (1-2 paragraphs)
In order to stay competitive, agents need to regularly record and analyse data on current trends and developments in their local property market to ensure the accuracy of property appraisals. Providing accurate estimates will increase the confidence that vendors have in an agent’s judgements and decisions. A comprehensive, accurate and current information system can be a valuable tool for a real estate business. Estate agents conduct regular research into the state of property markets and collect, analyse and evaluate local sales and property management. Estate agents need a sound way of storing this information that is accessible, up to date and provides an accurate record of current property market trends and conditions relevant to the market serviced by the agency.
A records management system should be comprehensive, accurate, accessible and current. Real estate data can be stored manually or on an electronic database. A computer database is recommended in preference to a manual filing system. The advantages of a computer system over a paper-based system is that data can be more easily sorted, quickly accessed and analysed. Analysing data in a paper-based system can be time consuming. Hard copies of important documents, for example, documents with signatures, should be safely stored in a paper-based filing system to avoid theft or damage. Whether an information management system is paper-based or electronic, the data needs to be organised so it can be located quickly, updated easily, and kept current and secure. Back-up files need to be kept in case there is a problem with the computer system or there is a fire or flood and the records are damaged.
A records system is a system which captures, manages and provides access to records through time. Records systems can be either electronic or paper-based. Managers and Heads of business units are required to establish and set up appropriate recordkeeping systems for their business unit to facilitate the collation and registration of records. All records systems should:
(1) property appraisals
(2) listings and sales figures
(3) sold properties
(4) sales prices
(5) rental ranges and returns
(6) comparisons of agency and client expectations of sales prices and rental ranges with actual prices
(7) competitor sales prices and rental ranges
(8) sales prices and rental ranges of comparable properties
(9) agency property management and sales reports
(10) rental vacancy rates
(11) prospective, existing and past clients – developers, tenants, landlords, past clients, other real estate agents, family and other potential vendors and purchasers.
Assessment Task 2 – Workplace Project
You have just been employed as the Office Manager in a new agency in Jonesville. The Principal bought a rent roll of 200 properties from another agency and has 15 exclusive properties for sale. The staff consists of a Property Manager, a salesperson, receptionist, the Principal and yourself. The Principal has asked that you design a records management system for the new office and then train the staff in its successful implementation and ongoing operation. The system you design needs to be user friendly as well as functional and should include all the necessary elements discussed in Assessment Task 1. Flow charts or other presentation methods may assist. 1 to 2 pages is a guide.
Assessment Task 3 – Workplace Project
It is now time to train the staff in the operation of the system you have designed. Your task is to design the training session to ensure that each staff member is aware of the system, what it does, its importance to the business, their role within the system and what each of them needs to do to ensure the ongoing success of records management within the new agency. 1 to 2 pages is a guide. It can be written as a role play if you wish. Use samples, charts etc if it assists.Order Now