Application
This unit of competency supports the work of those involved in establishing formal partnerships for property investment. |
Prerequisites
Nil |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA | ||||
1Determine investment requirements. | 1.1 Property investment requirements are determined in consultation with relevant people. 1.2 Client needs are accurately assessed and clarified using appropriate research and survey techniques and consultative processes. 1.3 Relevant documentation and legislation are assessed to ensure investment options comply with investment requirements. 1.4 Reliable methods for gathering information are used, making efficient use of time and resources. 1.5 Applicable legislative, ethical and organisational requirements are interpreted and applied. | ||||
2Research partnership opportunities. | 2.1 Desired investment partnership arrangements are determined in consultation with client and relevant people. 2.2 Criteria for potential partners are established in line with investment, client and organisational requirements. 2.3 Listing of potential partners is established and confirmed with client according to organisational procedures. 2.4 Identified partner preferences, needs and expectations are clarified and addressed using appropriate communication techniques. 2.5 Preferred partner is selected based on assessment against specified criteria and in line with client preferences. | ||||
3Develop negotiation strategy. | 3.1 Strategy is developed for negotiation of partnership offer, according to client preferences, needs and expectations. 3.2 Strategy includes details of timetables, budget and negotiation parameters. 3.3 Negotiation strategy is established that complements workable partnership relationships. 3.4 Potential conflict situations are identified and strategies developed to manage, resolve and facilitate partnership arrangement. 3.5 Situations requiring specialist advice are identified and addressed. | ||||
4Negotiate partnerships. | 4.1 Negotiations are conducted in a professional manner and maintain a focus on client interests and agreed negotiation strategy. 4.2 Problems are identified, analysed and addressed with minimal disruption to achievement of client objectives. 4.3 Communication styles and methods are adapted to meet preferred individual negotiation style. | ||||
4.4 Interactions are conducted in a manner that reflects sensitivity to individual social and cultural differences. 4.5 Appropriate facilitation skills are used to promote a professional environment that supports and promotes participation throughout negotiations. | |||||
5Establish partnership arrangements. | 5.1 Partnership arrangements are established and confirmed according to client requirements. 5.2 Financial arrangements are finalised according to negotiated terms and conditions. 5.3 Documentation is prepared using business equipment and technology and formalised reflecting agreed arrangements. 5.4 Client is advised of formal partnership arrangements and feedback is received on process and outcomes. 5.5 Information is securely maintained with due regard to client confidentiality, and legislative and organisational requirements. |
Required Skills
This section describes the essential skills and knowledge and their level, required for this unit. | |
Required skills: analytical skills to identify and assess potential partners and identify potential areas of conflict computing skills to access the internet and web pages, prepare and complete online forms, lodge electronic documents and search online databases interpersonal skills to relate to people from a range of social, cultural and ethnic backgrounds and varying physical and mental abilities and to adjust communication style to suit negotiations negotiation skills to direct focus of people involved in negotiation, negotiate agreement of all parties and resolve conflict and problems arising during negotiation organisational skills to coordinate assessment and selection process, conduct negotiation process and develop and complete strategies within established timeframes research skills to analyse and interpret property investment documentation and identify relevant sources of information technology skills to use financial and assessment software and spreadsheets, and to develop and present information. | |
Required knowledge and understanding: a range of research methods and analytical techniques budgeting concepts and strategies for investing capital in property current property and investment markets ethical practices and relevant codes of conduct industry benchmarks investment risk factors and relationship to return expectations legal processes local property market conditions and overall trends in the industry negotiation strategies relevant federal and state or territory legislation and local government regulations related to: anti-discrimination consumer protection environmental issues equal employment opportunity (EEO) financial probity franchise and business structures industrial relations OHS privacy property sales, leasing and management sources of funding taxation as it applies to property development. |
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 practical demonstration of establishing a formal partnership for property investment. Targeted written (including alternative formats where necessary) or verbal questioning to assess the candidate's underpinning knowledge would provide additional supporting evidence of competence. The demonstration and questioning would include collecting evidence of the candidate's 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. |
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: conducting negotiations using effective communication and facilitation methods determining investment requirements and objectives through effective consultative processes and identifying required legislative compliance developing a negotiation strategy that includes timetables, budget and negotiation parameters and addresses potential areas of conflict formalising and documenting partnership arrangements, showing evidence of agreement by all parties to the arrangement identifying and selecting potential partnership arrangements using criteria developed for assessment and selection |
knowledge of organisation's practices, ethical standards and legislative requirements associated with establishing formal partnerships for property investment. | |
Context of and specific resources for assessment | Resource implications for assessment include: a registered provider of assessment services assessment materials and tools candidate special requirements competency standards cost and time considerations suitable assessment venue and equipment workplace documentation. Where applicable, physical resources should include equipment modified for people with disabilities. Access must be provided to appropriate learning and/or 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 person's 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 (RCC/RPL), 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 project-based activity and must include evidence relating to each of the elements in this unit. In all cases activity and must include evidence relating to each of the 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.
Property investment may include: | concepts and plans strategies and placement of capital in property for investment productive use of property and assets customer service outcomes. |
Relevant people may include: | accountants agents analysts clients government personnel legal representatives management and colleagues members of industry associations site personnel taxation specialists. |
Clients may include: | developers financial institutions fund managers individuals internal and external property groups investment organisations joint ventures owner-occupiers partners unit trustees. |
Consultative processes may include: | face-to-face meetings telephone, facsimile and written communication. |
Documentation may include information relating to: | bank reports budgets and other financial reports contracts and other legal papers cultural variations general knowledge of industry government statistics industry reports and indices market intelligence media reports published analytical reports. |
Legislation may be outlined and reflected in: | Australian Securities and Investments Commission, Australian Competition and Consumer Commission, Foreign Investment Review Board requirements Australian standards federal and state taxation requirements consumer protection laws and guidelines court and tribunal precedents environmental and zoning laws affecting access security, access and property use freedom of information home building requirements licensing requirements privacy and confidentiality requirements and laws applying to owners, contractors and tenants public health quality assurance and certification requirements relevant common law relevant federal, and state or territory legislation and regulations affecting organisational operation, including: anti-discrimination and diversity environmental issues EEO |
industrial relations OHS relevant industry codes of practice covering the market sector and industry, financial transactions, taxation, environment, construction, land use, native title, zoning, utilities use (water, gas and electricity), and contract or common law relevant local government policies and regulations strata, community and company titles tenancy agreements trade practices laws and guidelines. | |
Resources may relate to: | materials personnel tools and equipment training transport. |
Organisational requirements may be outlined and reflected in: | access and equity principles and practice guidelines business and performance plans complaint and dispute resolution procedures goals, objectives, plans, systems and processes legal and ethical requirements and codes of practice mission statements and strategic plans OHS policies, procedures and programs policies and procedures in relation to client service quality and continuous improvement processes and standards quality assurance and procedure manuals. |
Partners may include: | banks builders corporations developers government instrumentalities other financial institutions |
other investors private individuals tenants. | |
Communication techniques may include: | active listening clear presentation of options consultation methods culturally inclusive and sensitive engagement techniques questioning to clarify and confirm understanding seeking feedback two-way interaction using language and concepts appropriate to cultural differences verbal or non-verbal language. |
Assessment may include: | establishing that potential partners are bona fide verifying financial credentials. |
Negotiation techniques should include: | clearly presenting options and consequences control of tone of voice and body language demonstrating flexibility and willingness to negotiate using positive, confident and cooperative language using language and concepts appropriate to the people involved using strategic questioning and listening to gather information and direct the focus of people involved using summarising of positions and agreements to move understanding. |
Conflict situations may include: | accidents resulting in injury arguments and disagreements conflicts between members of the public destruction of property ejection of persons persons suffering from emotional distress or mental illness |
persons under the influence of intoxicating substances persons with criminal intent refusals to follow directions and guidance riots and demonstrations situations affecting the security of self, others or property. | |
Specialist advice may be sought from: | analysts architects bankers and financiers government officials investment consultants members of industry associations planners real estate agents solicitors valuers. |
Social and cultural differences may be expressed in: | beliefs, values and practices conventions of gender and sexuality cultural stereotypes dress food and diet religious and spiritual observances social conventions traditional practices and observations verbal and non-verbal language. |
Business equipment and technology may include: | computers data storage devices facsimile machines internet, extranet and intranet photocopiers |
printers scanners software applications, such as databases and word applications. | |
Feedback may be sought from: | clients and their legal representatives supervisors and colleagues formal and informal performance appraisals workplace assessment. |
Sectors
Unit sector | Property development, sales and management |
Competency Field
Property operations and development |
Employability Skills
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements. |
Licensing Information
Refer to Unit Descriptor