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CPPDSM4019A Assessment Tasks Prepare For Auction and Complete Sale

NSW Assessment Tasks

Student Name: Shuo Min Yan

By submitting this work I confirm that I agree to the College policy on original submissions. The work submitted herewith is my own work and original.

Please complete all the assessment tasks below. This document can be copied and pasted into a word processing document. Completed assignment can be uploaded to the website or emailed to the College for assessment. Assessment of your work is usually completed within 48 hours of submission to the website. To make a submission, check your result and/or the Assessor’s feedback; please access the ‘assignment’ section of your topic.

ASSESSMENT TASK 1 – Multiple Choice Questions

1. The definition of an auction sale is

a)  Sale by public outcry to the highest bidder

b)  Buyers write down bids

c)  Sellers advertise a price and buyers make offers

2. True or false

An auction marketing plan needs to be confirmed with the seller prior to any marketing

True

3. The main types of marketing plans include

a)  Open House inspections

b)  Internet marketing

c)  Signboard

d)  Local newspaper advertising

e)  All of the above

4. Marketing is successfully monitored by

a)  Having written set procedures and systems that everyone works with

b)  Chatting with buyers to see how they heard about the property

c)  Responding to emails

5. True or False

Offers received prior to an auction are not required to be presented to the vendor. Only bids made on the day need be presented.

False

6. The following must occur prior to the day of the auction

a)  Confirming of venue

b)  Inspection of property by the auctioneer

c)  Reserve price is confirmed

d)  Contract is available

e)  All of the above

7. on the auction day, the agency should ensure

a)  That the vendor leaves for the day

b)  There are refreshments available for the bidders

c)  That the terms and conditions of the sale are displayed

8. The reserve price is the price that

a)  Below which the vendor will not sell

b)  A guide for the auctioneer as to where he can start the bidding

c)  The buyers have been told is the maximum needed to pay for the property

9. The property is passed in if

a)  No bids are received

b)  The reserve price is not reached

c)  Both A and B

10. If the reserve price is reached during bidding, the property is sold. What happens then?

a)  The auctioneer announces the property is sold to the highest bidder

b)  The purchaser executes the contract for sale and pays the required deposit

c)  Both A and B

ASSESSMENT TASK 2 – Short Answer Questions – 100-200 words (1-2 paragraphs)

1. In your opinion, why is it necessary to have the agreement to auction obtained from the vendor?

ANSWER:

Sale by auction is different from sales by private sale. There are many motions needs to discuss with the vendor, such as reserve price, auction fees and different marketing strategies. It is necessary to confirm with the vendor in writing to ensure that the vendor agrees with every step take.

2. What do you consider the most effective marketing options available to an agent and why would he use them?

ANSWER:

The most effective marketing options to an agent and the vendor are online marketing, window display as well as invitation to open inspection.

Online marketing is often use this days, simply because it can be view by most op people as well as it is cost effective. Window display is also an effective ways to marketing the property, it can give a 24/7 display of the property at the agency.

By inviting people to the open inspection can give the agent a direct contact with the buyer as well as it can give the buyer a direct impact of the property.

3. Questions from buyers are used to gain information about the property, the vendor and the reserve. How would you approach these questions ensuring that privacy is maintained but accuracy of answers is ensured?

ANSWER:

Anything relate to the property regarding the safety issue, general question such as the size or strata starters should be disclosed with the buyer.

Things like why the vendor is selling or is the vendor want to sell the property faster due to certain reason should not discuss with the buyer, it is because it might put the vendor in a disadvantage position.

4. You have received an offer from a buyer to purchase the property before auction, but it is well below the expectations of the vendor. Do you still have to submit it? Why? What would your advice to the vendor be?

ANSWER:

The offer should submit to the vendor, even it is below the expectation, it is still a valued offer. Depends on the current market condition, value the offer to the vendor then let the vendor decider either take the offer or wait till to the auction.

5. Give a brief explanation of the communication techniques you would use during the auction campaign.

ANSWER:

It is important that agents regularly communicate with vendors throughout a marketing campaign. Keeping vendors informed (verbally and in writing) about the response to advertisements, the number of people attending inspections and recommending alterations to the marketing plan, all help to demonstrate that agents are doing everything possible to achieve a successful result. Providing ongoing professional customer service helps to ensure favorable word of mouth advertising.

ASSESSMENT TASK

Case Study 1

You have been approached by the owner of a property that is on a large parcel of land suitable for development into medium density housing. An auction is the ideal method of sale and the vendor agrees. You are required to prepare a detailed auction marketing plan. The marketing plan should include:

a)  Advertising and promotional strategies

b)  Auction day procedures

c)  How you plan to contact buyers and

d)  Communication with the seller

Part a) can include brochures, displays, media etc. Samples should be included

ANSWER:

Case Study 2

Your manager is very happy that you have managed to obtain such a desirable property but is concerned that you have followed the necessary state or territory legislation.

Outline fully your state’s legislation as it relates to:

a) Auction documentation

• Authority

The Property, Stock and Business Agents Act 2002 and the Property, Stock and Business Agents Regulation 2003

• Contracts

Property, Stock and Business Agents Regulation 2003

• Terms of the auction sale

The Property, Stock and Business Agents Act 2002 and the Property, Stock and Business Agents Regulation 2003

 

b) Consumer protection

Australian Consumer Law

c) Occupational health and safety

Work Health and Safety Act 2011 and the Work Health and Safety Regulation 2017.

d) Privacy

Privacy Amendment (Enhancing Privacy Protection) Act 2012

ANSWER:

Case Study 3

Well, it is now auction day and the marketing plan has worked well. There are many buyers and you are expecting a good auction.

Please give a detailed summary of the auction day procedures. Your summary should include:

– Auction equipment

Contract of sales, bidding number plate,

– Potential distractions and how you may handle them

Try to avoided public holidays, avoiding too many kids at the auction.

Ensure the auctioneer turn up on time as well as all other staff, including buyer.

 

 

– Hazards

Over crowd. Taking control by letting registered buyer into the auction any random buyer turn up to the auction should be registered and all detail should be recorded.

– Marketing

Floor plan, sign board as well as all marketing material should be presented at the auction.

– Roles of staff

Staff should be acting as the assistance for the auctioneer, look after the buyer they bought to the auction.

Dedicated staff for recording any bids has been made.

– Follow up of losing bidders

Keep them updated for the auction result, just in case the winning bidder drop off.

– Follow up of other bidders

Keeping them updated, recorded them into the data base for future reference.

– Communication with the seller

During the auction keeping communicate with the vendor, inform them all the bids as well as if the property has reached reserve price.

– The reserve price

Once the reserve price has been reached, inform the vendor.

– The completion of the contract

Make sure the contract contain all relevant information regarding the property is on auction. Make sure all party has sign the relevant parts.

– Receipt issuing

Issuing receipt with all information required, such as date, amount, payee.

– Attendance records

Attendance records should be reviewed and saved at the end of the auction for future reference.

And any other procedures you may feel are necessary to ensure a successful auction day.

ANSWER: