Property Business Skills - Term Paper Example

?Property Business Skills Contents Contents 2 Self Management Skills 3 Emotional Competence 3 Negotiation Skills 3 Communication Competence 3 Positive Attitude 4 Various Approaches to Alternative Dispute Resolution 4 Professional Ethics 5 Most Important Points to Note in a Commercial Lease: 5 Current Property Market in UK and Europe 6 Basic Principles of Negotiation 7 SWOT Analysis of Myself 8 Self Assessment Form 10 5 Key Skills The five skills which I have gained and are presentable to the employer are as follows. Self Management Skills Self management skills are necessary as I have to at first manage the competencies of myself, so that I can easily use my skills and make the strategies for achieving the objective and goals. I have developed the skill in the workshops which were included in the course works. Self management skill is such a skill; I can also present it to my employer as it would help me and in turn the company to achieve the objectives easily as I would be able to developing myself and utilize the resources available to me optimally. Emotional Competence For being successful a person has to control his emotion. He should have the ability to control himself whether he should express or restrict his feelings in certain situation. One should think about what would be the affect of the expression of his on others in a specific situation. I have learned how to deal with the emotions of myself in the workshop that has taken place during the course work. It is necessary for whom when I will negotiate with a person about the property dealing. When it is necessary to express my emotion and when it would be good to control it, that would be help me to get success in my business and in the company. Negotiation Skills Negotiation skill is another necessary skill which a person should have when he is in the business of property dealing and I have gained the skill through the workshop that was part of the course work. During the practical implication we have to do mock negotiations and I have effectively done that. In any type of business where I have to sale a good or any service then it is necessary for me that I have the negotiation skill so that I can gain maximum profit from the transfer which would be effective for any organization. Communication Competence When a person want to make any deal successfully then it is necessary for him to communicate with the other person successfully. Communication doesn’t only mean the language problem, but also it includes the gestures in the communication. When the two parties can communicate properly then a good deal can be made. I have acquired necessary knowledge about communication in the course work when I have to make mock deals with the persons who speak different language. Positive Attitude Attitude is the most important thing when I have to make a deal with some other person. If I have the negative attitude then it is really tough to make the deal, the person who is going to buy the property he would have some negative thinking about the property. But the positive attitude in the dealer would be able to inject the attitude in the person who is there to buy the property. I had the positive attitude before I have joined the course but I have developed it with the practical works during the course work. Various Approaches to Alternative Dispute Resolution Alternative Dispute Resolution includes the process and techniques for solving the issues regarding the property disputes. Through the methods the parties come to an agreement which is alternative to legal court hearing. The process has become popular now days as the legal process is not included in the process, so the cost would be less for the two parties. The traditions of Alternative dispute resolution vary from country to country though the processes can be divided in four types. These are as follows. Negotiation: Negotiation is the process through which the two parties reached in an understanding about the disputed property. The parties negotiate for the advantage of the both the parties for reaching a solution Mediation: A third party assist the two parties who want to solve the dispute about the property. The mediator helps the two parties to reach in a solution. Sometimes the mediator is also the lawyers of the two parties. Without the help of the law the lawyers or the other people assist to solve the disputes of the parties. Collaborative Law: When for some disputes the family persons take the decision to separate then they may meet the specific needs of themselves without the intervention of the court and waiting for the outcome of the court. Arbitration: This is another form of alternative dispute resolution. The two parties should agree to bind by the decision of the third party who would take the final decision about the dispute. The third party would be from outside the court, there would be no involvement of the court. Professional Ethics Professional ethics is necessary to be in a person for getting successful in a business. A person should include the traits like honesty, integrity, respectful, legal, confidentiality, accountability. A person should be honest enough so that the other persons associated in the business can believe him and do more business with him. A person should be within the law; he should not break any law. He or she should be accountable for the activities which he had done for the purpose of the business. By this he assures that the activities done by him, doesn’t harm any person. He should maintain the confidentiality of the business activities where it is needed. When a company accountants is doing the window dressing process then that is legal activity done by them, as it is not illegal. When a company management person revealed any confidential matter of the company if he or she feels that the company is doing fraud then it is not against the professional ethics as he is doing that for the interest of the persons associated with the business. In the last 50 years the framework of ethics was tighter as there was more cases of bankruptcy in happened in the past 50 years. New laws are made which the companies have to follow for maintaining the interest of the shareholders like the Sarbanes Oxley act of the United States which made the process more transparent. Most Important Points to Note in a Commercial Lease: The commercial properties are the property which is there to generate the profit through rental income the capital gain. These mainly refer to the buildings or land. In some states the residential property contain more units than the limit are qualified for the commercial property. It would qualify for the tax purposes and borrowing purposes then. The retail centres like the shops, malls; the industrial centres like the offices, garages, industrial property; the healthcare centres like the hospitals, nursing homes; the leisure places like the hotels, restaurants, cafes are qualify for the commercial properties. Leasing is the process so that a firm can use the fixed assets of some other firm and pay them some money against that which would be periodical, contractual, would be qualified for the tax deductions. The commercial property leases referred as the mixed use. The projects depend on various factors like the size of the project. When a people enter into a contract of a commercial lease he or she must understand the agreements of the contracts and understand the terms and conditions. He or she must engage the services of an attorney and a tenant rep broker. This is different from the lease of the private property. Leasing of the private property and the commercial property are the parts of leasing of the real property. Current Property Market in UK and Europe Due to the housing bubble in the United States in the year 2007 the financial recession hit the world and that had continued heavily for next 3-4 years. It can be said that the effect is not totally over in the current economic scenario. The common people of the United States have taken the loan against the mortgage which was available for them easily but they have failed to do the repayment as they didn’t have enough money to do the repayment. The banks like Lehmann brothers has got bankrupted and the organizations like Fannie Mae and Freddie Mac which worked in the secondary mortgage market also fell in problem, the federal government has takeover the two organizations. Due to the fallen of the strongest economy the world economy also got affected and the recession has started. In the year 2009 from the data it is revealed that the price of the hoses have been dipped by 20% than August, 2007. It has been continued to decrease in the next few years. From the data released by the government it has been seen that the price of the property has been decreased by 0.3% in the year 2011 than the previous year. The data was on the basis of the data of November, 2011. The data on the basis of the data October, 2011 shows that the price of the property decreased by 0.4% in the previous year. So it can be said the property market is improving continuously. From the other data released by the government it can be derived that the price of the property is decreased in the year continuously which trend has started from the year 2007. Though the price declining is continuing but it can be said that the declining percentage is decreasing means that the situation is improving gradually though the pace is slow. From the data it has also been revealed that the average price paid for the new properties has increased. So from the whole thing it can be concluded that the situation is improving though the pace is not fast, but it is not also like the other countries like Latvia where the housing property price has decreased by more than 50%. UK is one of the strongest economies of Europe and in between the financial downturn UK was one of the five European countries where the property price have increased than the last year for the year 2010. Turkey is the other country where the property prices has been continued to increase in the last one year that is in the year 2011. Due to the recent crisis in Greece and the subsequent crisis of Portugal, Italy, Spain the economic condition is bad as well as the housing property market. For the debt crisis of Europe the other countries of the European Union also get affected as they have to suffer because they have to participate in the bailout package. For that reason if the economic condition of a country is not pretty good and the economic policy of the country government is not so good then the people have to suffer and that reflect in the property prices of the country. It has been seen that the property prices in Britain, Turkey, Germany and France is stable amid of the financial crisis also. So it can be said that the economic situation of these countries are good. Overall the current property market is not so healthy, but the market has improved in recent times and this is a good time for the property dealers as the market will improve in near future. Basic Principles of Negotiation Negotiation skill is one of one of the most important traits which the property dealer or any other sales person should possess. The principles of negotiation are as follows The person should know about the right moment of negotiation. Doing the negotiation at a wrong time would make it a mess; there may be no chance of a deal. One should ask more questions for doing the negotiation rather than making the statement. Through the question one would come to know about the requirements of the clients and their query can be solved by the sales persons. The sales persons should talk about the benefits that the buyers can get from the goods or the services rather than listing the features. The dealers should always state the relevant things for the specific buyer than the irrelevant things for them. The negotiator also should offer some value added service with the main product, often this strategy makes the deal. Congratulating the other side attracts the side and helps to make the deal; as the people on the other side feel good and the probability of deal increases. The persons should concentrate on the issues more than the other issues. SWOT Analysis of Myself The SWOT analysis of me on the basis of the coursework which I have undergone is as follows. Strength Using this course I have developed some of my personality traits which would help0 me in turn for make a property deal and getting success in my own field in future. I always had the skill of perseverance, I don’t lose hope ever. Through this course I have improved my negotiation skills, self management skills, emotional competence, and positive attitude and communication skills. For become a successful property dealer one should have the mentioned traits. Along with this I also have the listening skills which would help me to listen to the needs of the customers with more concentration and help me to solve their query. Weakness My weakness is my limited skills in the area of time management. I can’t manage the time effectively which is also an important trait for become successful in the business. I also unable to improve this area from the course work I have undergone. Opportunity The opportunity of mine is the current economic scenario of the United Kingdom and the economic condition of the European Union. It has been revealed from the data of the government that the economic condition of the company will improve in the near future. For the debt crisis of some nations there is a problem, but the countries like Britain, France and Germany are strong enough even in the present condition. The property price is increasing and also it will increase in the near future. The price of the new properties are increasing and it has also been found the price of the housing properties were stable in the past years means the property price was stable amid of the financial crisis. From these it can be concluded that the financial condition of the United Kingdom is good basically and this is the opportunity of mine. If I use my traits in this trade efficiently it can be good career path for me. Threat The economic condition of the nations like Greece, Portugal, Italy not only affects their domestic economy; but also affects the economy of the whole Europe. The European countries have announced a bailout package and countries like Britain, France, and Germany are also part of that. Though the countries are helping the countries who are in debt crisis for the appreciation of the Euro which is the common currency of the Euro zone; but the monetary condition of the countries are tight which will not help the people to spend more on properties instead de motivate them. This is a threat of the career path chosen by me. Self Assessment Form PROPERTY BUSINESS SKILLS (4PRO505) PORTFOLIO SELF ASSESSMENT FORM NAME: Self Assessment Grade Awarded: 65% Justification: I have undergone the course which has improved the skills like negotiation, self management, emotional competence, positive attitude etc but I was unable to improve the time management skills, so I can’t give myself more than 65%. How this portfolio could be improved: The portfolio needs more practical exposure and more strategic commitment from my side. Particular problems I encountered: I have faced some problems regarding communications though I was able to improve it in the latter stage of the course. What I’d have to do to turn this into an “A” grade: I have to think more about the negotiation process and imply some innovative strategies in the process so that the probability of getting success will increase. What I’d like the tutors comments on: I would like the tutor comment on their observation on myself as they would understand me better from their side as they have the needed experience. I would like to comment on the steps that I should take to improve my competencies. Read More