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Elements and Performance Criteria

Identify business opportunities in the property market.
Establish the potential demand for agency services.
Establish business goals and objectives for agency.
- Activities relating to business goals are identified to achieve an increase in the agency's share of the property market.
- Required rates of return are accurately estimated for short and long-term agency viability to ensure cash flow management.
Document and review agency business strategies.
- Business plan is documented to provide an accessible reference tool for evaluation of agency business performance.
- Strategic directions are developed within the plans that are assessable against performance benchmarks over time.

Required Skills

This section describes the essential skills and knowledge and their level required for this unit

Required skills

ability to communicate with and relate to a range of people from diverse social economic and cultural backgrounds and with varying physical and mental abilities

analytical skills to interpret documents such as legislation regulations and property documentation

application of risk management strategies associated with strategic business planning

computing skills to access databases send and receive emails and complete standard forms online

decision making and problem solving skills to analyse situations and make strategic business planning decisions

literacy skills to access and interpret a variety of texts including legislation regulations and rules of ethics prepare general information and papers prepare marketing materials and marketing plans and complete standard forms

numeracy skills to calculate and interpret data such as business costs and to ensure compliance with agreed budgets

planning organising and scheduling skills to implement business plans

research skills to identify and locate documents and information relating to the preparation of business plans

Required knowledge and understanding

preparation of a business plan

principles of risk management relevant to business planning

reasons for and benefits of business planning

relevant federal and state or territory legislation and local government regulations relating to

antidiscrimination and equal employment opportunity

antimoney laundering

consumer protection fair trading and trade practices

employment and industrial relations

environmental issues

financial services

industrial relations

leases and tenancy agreements

property sales and management

risks and risk management associated with business planning

setting business goals and objectives

tools for evaluating agency business performance

types of business planning including

feasibility studies

financial planning

Evidence Required

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge the range statement and the Assessment Guidelines for this Training Package

Overview of assessment

This unit of competency could be assessed through case studies demonstrations and practical exercises of strategic business planning in an agency context Targeted written including alternative formats where necessary or verbal questioning to assess the candidates underpinning knowledge would provide additional supporting evidence of competence

The demonstration and questioning would include collecting evidence of the candidates knowledge and application of ethical standards and relevant federal and state or territory legislation and regulations This assessment may be carried out in a simulated or workplace environment Assessment may be carried out in a simulated or workplace environment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

A person who demonstrates competency in this unit must be able to provide evidence of

identifying business opportunities in the property market

documenting agency business strategies

establishing the potential demand for agency services

establishing business goals and objectives for agency

knowledge of ethical and legislative requirements associated with agency business planning

reviewing agency business strategies

Context of and specific resources for assessment

Resource implications for assessment include

access to suitable simulated or real opportunities and resources to demonstrate competence

assessment instruments that may include personal planner and assessment record book

access to a registered provider of assessment services

Where applicable physical resources should include equipment modified for people with disabilities

Access must be provided to appropriate learning andor assessment support when required

Assessment processes and techniques must be culturally appropriate and appropriate to the language and literacy capacity of the candidate and the work being performed

Validity and sufficiency of evidence require that

competency will need to be demonstrated over a period of time reflecting the scope of the role and the practical requirements of the workplace

where the assessment is part of a structured learning experience the evidence collected must relate to a number of performances assessed at different points in time and separated by further learning and practice with a decision of competence only taken at the point when the assessor has complete confidence in the persons competence

all assessment that is part of a structured learning experience must include a combination of direct indirect and supplementary evidence

where assessment is for the purpose of recognition RCCRPL the evidence provided will need to be current and show that it represents competency demonstrated over a period of time

assessment can be through simulated projectbased activity and must include evidence relating to each of the elements in this unit

In all cases where practical assessment is used it will be combined with targeted questioning to assess the underpinning knowledge Questioning will be undertaken in such a manner as is appropriate to the language and literacy levels of the candidate and any cultural issues that may affect responses to the questions and will reflect the requirements of the competency and the work being performed

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.

Sources of information may include:	educational institutions government agencies industry associations market analysts property reports.
Business opportunities may relate to:	property development property management property sales.
Business goals may include:	goals, objectives, plans, systems and processes short, medium or long-term goals financial projections customer needs and marketing projections proposed size and scale of the business market focus of the business lifestyle issues.
Business plan may include:	business opportunities details of ownership and management financial details, including: balance sheet and cash flow forecast capital expenditure and its timing stock turnover creditor payment period debtor collection period expected level of inflation and taxation expected trend of interest rate expenditure statement level of risk involved projections for the initial years of operation assumptions underlying the business plan return on investment risk assessment and management market focus of the agency marketing requirements need to raise finance and requirements of lenders organisation and operational arrangements proposed size and scale of the agency recognition of any seasonal or cyclical (time-based) elements that are crucial to the success of the agency resources required and available sources of funding specialist services and sources of advice that may be required staffing stages in the business development.