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List three reasons why property management is essential to the success of a real estate agents practice.

a) Finding the Higher quality tenants is the main aim of the real estate agents in property management. It emphasizes some factors of tenants, which are as followed.
b) Payment of rent on time
c) The number of damages to the property must be minimal
d) Proper property management helps the real estate agents to minimize the legal issues.
e) It also promotes a low maintenance and the repair costs.

What agreement needs to be signed for a “casual letting”?

Casual letting generally contains the details of the tenant such as the photograph of the person and the recent address. However, it also contains the reason for leaving the past rental place if any (Mee et al. 2014). This also contains the agreement regarding the rent between the owner and the tenant. It also contains the terms and conditions which the tenant needs to follow.

a) The agreements that need to be signed for casual letting are

b) Permitting the access to a personal rental property, preparing tenancy agreement, bond form by

consulting with landlord all the time and making arrangements for both the landlord and the tenant to sign

c) Lodging the bond with the help of the housing department
d) Collecting the rent from the tenant and depositing into the bank account of the landlord.

How does the Strata Schemes Management Act 1996 affect your role as a Property Manager?

Schemes Management Act 1996 emphasizes the financial management and the decision-making process in order to take rent of an apartment or flat. This law covers certain issues in terms and facilities regarding the rent, which is as followed.
a) parking
b) Safety and security measures
c) The keeping of pets
d) Floor coverings
e) Garbage disposal
f) Architectural guidelines for the lot owners to follow

List 3 reasons why you may reconsider taking on a new management?

a) The new management is required to reduce the cost related to the law works and minimize the legal issues.
b) Find the tenant in an efficient way who will aim to take rent for a long time. Moreover, the management will take care of the rent in time and minimal damages to the property (Martin, Hulse, & Pawson, 2018).
c) New management is required to promote the advertisement for the rent in an efficient way through low advertisement cost.

List 3 things you would give to your own when meeting them for the first time at a property or may discuss with them at your first meeting?

a) At the first meeting with the owner at the property place, the tenant will ask the owner about the number of rooms and area coverage of the property.
b) Secondly, the tenant will ask about the legal issues if any or any past history with the property.
c) At last, the tenant will ask about the rent, terms and conditions and any facilities available or not with the property.

Work out the total “move in” costs for a property being rented at $435 per week (show calculations)

Rent of the property is $435 per week. In order to calculate the move in cost the other factors required are key fees, security deposit, broker fees, first-month rent, application fees and last month fees (Herro, 2017). For this property, first month and last month rent are $1740. Application fees are $50. Security fees, key fees and broker fees are $2500, $100 and $1750. Hence the total move in cost is $(1740+1740+50+2500+100+1750) or $7880.

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