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MMP212 Property Investment

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MMP212 Property Investment

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Course Code: MMP212
University: Deakin University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Question
Listing three questions that need to be asked
1. Where had you resided previously?2. Do you agree with the financial amount that has been set on the property?3. What are the things that you expect from the property?
Why? The reasons for asking these questions are that it is important to know the interests of the people so that valuation of the property can be judged. The Smiths can also be provided with the responses so that they can take proper care of the property and ensure that the expectations that the Millers have on the property be fulfilled.
Answer

Real Estate Industry
Explaining the purpose of qualifying buyers
The purpose of having a qualifying buyer is that it provides an opportunity to understand the person or people that is purchasing the property. Thereby it is important that proper steps are undertaken so that every person or people that want to purchase a property undergo an interview process. The process begins with an interview in which people are asked about personal questions related to the purchase of the property. The financial stability and the reasons for the purchase of the property are analysed so that these information can help in judging people better. Therefore, it can be said that qualification of the buyers is important for the sellers as well so that the legality of the transaction is maintained. The sellers need to ensure that the buyers are financially stable and at the same time do not hold any criminal records that may hamper the progress of the transaction.
Listing actions to be completed

Before 1

Before the home open one of the actions that need to be undertaken is to ensure that all the legal documentation regarding the purchase of the property are fulfilled. This includes handing over property statement to the new owners.

2

Another action that needs to be undertaken is handing over the keys to the people purchasing the property so that they can settle quickly at the new home.

During 1

During the opening of the home, it is necessary that the property be checked thoroughly to mitigate any type of errors such as untidy areas.

2

At the same time it is also necessary that the property be cleaned once again so that the new buyers does not have to do any extra work during the moving

After 1

The after sales service is important and it is necessary that the previous owners of the property ensure that the new owners are nor suffering from any problem. Checking on the level of comfort of the property need to be done so that any glitches such as improper cleaning or if any particular item that is left behind be taken back

2

If there are any due payment left, then it is necessary that the remaining amount be collected after the property has been handed over

Table 2: Actions to be completed
(Source: Created by author)
Responding to the comments

Mrs Miller

I like this property, I am concerned that the kitchen seems a bit small

Sales Rep

The kitchen can be extended as the property have is built on a large ground and any room adjacent to the kitchen can be demolished and made small so that people can have a comfortable time while working in the kitchen.

Mr Miller

It’s a short drive to work and close to the golf course

Sales Rep

Yes, this is one of the advantages that can be gained while residing in the property. The golf course is an attractive property that can be reached with minimum effort.

Tracey

What is lowest offer the sellers will accept ?

Sales Rep

The lowest price that are offered by the sellers is $400,000

Table 3: Conversation#1
(Source: Created by author)
Responding to the question

Mr Miller

$460,000 is much higher than I was expecting to pay

Sales Rep

It is the offer that has been made by the Smiths as the property provide various luxury to the people residing in it which includes having a short walk to the golf course and an easy access to the main road

Mrs Miller

I thought we made a fair offer, especially considering the kitchen is small

Sales Rep

The offer was fair, however, as stated earlier the kitchen can be expandable and made into a proper place for people to work in it comfortably

Mr Miller

What are our options now?

Sales Rep

The options that you have are to engage in further negotiation directly with the Smiths. You can make counter arguments and offers based on your thought. Another option that you have is that you can stop pursuing this particular property due to the high price rate and lack of proper engineering construction as perceived by you.

Mr Miller

We agree to the new price. What happens now?

Sales Rep

Now you need to sign legal documents that can be used as proofs that you have agreed to the offer made by the Smiths. For this it is necessary that both parties come face-to-face so that this can be considered in a proper manner.

Table 4: Conversation#2
(Source: Created by author)
Maintaining relationship with buyers and sellers

1

Relationship with the buyers and sellers can be maintained with the use of social media so that proper chat message can be received about the new property

2

At the same time it is also necessary to maintain communication via email so that any type of grievances can be replied back

3

Making personal visits to check on the property and valuate the property for future sales opportunity can be done to understand the opinion of the buyers

4

Telephonic conversation with the buyers and sellers need to be maintained so that future actions taken by the parties can be understood

5

Following the people on Facebook can help in establishing a deeper relationship with the buyers and sellers

Table 5: Relationship with buyers and sellers
(Source: Created by author)
Responsibilities of sales representatives

1

Ensure that the clients, buyers and sellers does not have any criminal records and are not fraud

2

During settlement it is important to verify the items and the property so that everything mentioned during the advertisement remains

3

Ensure that the buyer pay the finances that are due so that no financial problem exists during the settlement

4

Maintain legality of the documents and ensure that the documents are signed by both parties

5

Conduct after sales services for a minimum specific time so that feedback can be maintained

Table 6: Responsibilities of sales representatives
(Source: Created by author)
Bibliography
Hair Jr, J.F. and Lukas, B., 2014. Marketing research (Vol. 2). McGraw-Hill Education Australia.
Hartmann, P., 2015. Real estate markets and macroprudential policy in Europe. Journal of Money, Credit and Banking, 47(S1), pp.69-80.
Kopczuk, W. and Munroe, D., 2015. Mansion tax: the effect of transfer taxes on the residential real estate market. American economic Journal: economic policy, 7(2), pp.214-57.
Lovelock, C. and Patterson, P., 2015. Services marketing. Pearson Australia.

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