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ASSESSMENT TASK 3 – Case Study 1
| Scenario
Julie-Anne and Roger have purchased their first investment property from Phillip, one of the salespeople employed with your agency. They were so impressed with the quality of service received from Phillip that they have decided to list their investment property with your agency to manage. Completion of the sale is due in 3 weeks and includes vacant possession. You are the property manager and you met with Julie-Anne and Roger to present the agency’s management listing presentation and you have successfully gained the authority to manage Julie-Anne and Roger’s investment property. It was agreed the property would be leased for $425.00 per week with rent payable each week - to be deposited by EFT into the agency’s property management trust account. Landlords would prefer a family however are happy to review each screened and suitable applicant. As a result, you are now going to start organising inspections, receive tenancy applications, screen tenants for suitability, present suitable tenant applications to the landlords and start the tenancy. Rental property address: 35 Jeanswood Place, Smithville 1234 Rent per week: $425.00 Property Summary Description:
Located in a cul-de-sac and is situated on the high side of the estate. Area Profile The size of Smithville is approximately 50 km². It has 11 parks covering nearly 2% of the total area. The population of Smithville in 2011 was 10,325 people. By 20XX, the population was 16,107 showing a population growth of 56% in the area during that time. The predominant age group in Smithville is 0 - 9 years. Households are primarily couples with children and are likely to be repaying between $1000.00 - $1500.00 per month on mortgage repayments. In general, people in Smithville work in a non-specific occupation. In 2019, 78% of the homes were owner-occupied compared with 68% in 20XX. Category: House Bedrooms: 4 Bathrooms: 2 Garage: double Available date: available in 14 days Landlords Julie-Anne Stevens and Roger Stevens 2 Yellow Street, Smithville 1234 Phone: 1234 5767 Real Estate Agency Blue Vale Real Estate Agency Licensee in Charge: Diane Smith License No: 202201 321 Blue Street Smithville 1234 Phone: 5768 9105 Website: www.bluevaleagency.com.au Email: manage@bluevale.com.au Bank details Northpac Bank Blue Vale Real Estate Agency Property Management Trust Account BSB: 123 445 Account: 1234 5455 545 |
- Qualifying prospective tenants
You are about to begin taking enquiries about this new rental. You have a new assistant property manager in the agency who is still in training. You have talked about the need to ‘qualify’ prospective tenants. You explain that there are two aspects to qualifying the tenant:
- firstly, does the tenant meet your agency’s selection criteria?
- secondly, does the property suit the prospective tenant?
Provide sample questions that you could provide to your new assistant property manager to guide them through the process of qualifying to:
- confirm tenant needs and expectations to create a tenant profile
- determine suitability of the property
These sample questions should reflect the questions that you could ask in this qualifying process.
- Provide prospective tenants with information about the property and application process
Write a brief rental information sheet that you can provide to prospective tenants to provide:
- key information about this rental property
- what they need to do if they want to apply for the property
- what documents they would need to complete
- what information they need to provide the property manager when applying
- Showing the property to prospective tenants
Explain, step-by-step, how you would conduct a property inspection with a tenant. This will be an ‘Open for Inspection’. Your answer must include how you prepare and advertise for the Open for Inspection, how you conduct and finalise the inspection, and what communication strategy you will implement with your client. You can use dot points for your steps.
- Tenant selection process
During a call to the landlords to update them on feedback from prospective tenants after the open inspection, they ask you to explain the tenant selection process to them.
Explain to the landlord how you would review a tenancy application, including checking references and how you document the checking process.
- Make recommendations to landlord about tenant selection.
You have received three applications for the property and confirmed all the provided tenant details and preferences. You create the tenant profiles below to summarise the information in the applications. Explain which tenant you would recommend to the landlords, and the reasoning for your recommendation.
The three applicants are detailed below.
| Prospective Tenant Profiles |
| Matthew and Rona White
Age – 30 and 32 Employment – car salesman and homemaker Children – 2: 4 years and 2 years Pets – small dog Household income – $60,000 per year Renting for the past 10 years Good references – no problems or issues Not listed on tenancy database Require a minimum of 1 year lease Would like to start tenancy in 2 weeks’ time Rufus and Jen Sweeney Age – 47 and 41 Employment – Retail manager and call centre operator Children – 2: 15 years and 10 years Pets – none Income – $90,000 per year Renting for the past 15 years Good references, except for one where there seems to have been an issue regarding notice for leaving and rent arrears (non-payment of rent). Listed on tenancy database for failing to provide adequate termination notice and outstanding rent payments in excess of the bond Require a 5-year lease Can start tenancy immediately Todd Glass and Chris Reeve Age – 21 and 25 Employment – retail sales assistant and hairdresser No children Pets – 2 large dogs Income – $80,000 Renting for the past 2 years Good reference – no issues Not listed on tenancy database Require a minimum 6-month lease Can start tenancy immediately |
6. Preparing tenancy documentation
Your prospective tenant has been approved by the landlords for a 12-month tenancy, at $425 per week. You now must prepare all the documentation ready for the new tenancy.
- Prepare an email to the successful tenant to:
- confirm the details for the new tenancy (start date, length of tenancy, rent, bond and other relevant information)
- explain the entry costs that they will need to pay on or before the start date, rent in advance and rental bond
- outline how they need to pay their rental bond and when it must be paid by
- outline when their tenancy sign-up appointment is and what it involves, so they set aside enough time to complete the process
- Prepare a residential tenancy agreement using the standard form provided.
- Complete the condition report/inspection sheets. You can use the details in the case study and make up any hypothetical information. Your condition report must have descriptive comments about what items are included in the property.
7. Tenancy sign-up appointment
The time for the tenancy sign-up appointment has arrived. Write a step-by-step explanation of how this tenancy sign up appointment should proceed in order for it to be effective.
In your steps, you must cover the following information:
- Key points about tenancy agreement, returning the condition report/inspection sheets and any information or documents that the new tenants need to know and regular routine inspections
- What payments you will need to ensure are made and what receipts you will provide. What information must be included on the receipt?
- How the tenancy agreement is executed (i.e., who signs it and where, what copies are given to parties)
- How keys/security devices are provided to tenant and what agency record you keep of these
- Providing information to the tenant about contacting the property management team for any issues or complaints throughout their tenancy
- Providing information to the tenant about the importance of paying rent on time and what happens if there are rent arrears
- What process the agency uses to deal with tenant request for
- repairs
- urgent repairs
- issues about the tenancy terms and conditions
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