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RICS APC - Ella > Client Care, Communication & Negotiation, Business Planning and Accounting Principles > Flashcards

Client Care, Communication & Negotiation, Business Planning and Accounting Principles Flashcards

1
Q

How do you make sure you provide good service to clients?

A
  • understand objectives
  • clear terms of engagement
  • be transparent
  • uphold Rules of Conduct
  • CPD
  • strong communication
  • manage expectations
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2
Q

How can you measure a clients satisfaction?

A

Client Relationship Management Systems
* writing to clients after an instruction
* net promoter score to measure satisfaction

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3
Q

What are good communication skills?

A
  • agreeing client’s objectives & strategy at the start of instruction
  • Swot Analysis
  • preparing a win-win situation
  • detemining which points are non-negotiable
  • Understand both parties positions
  • consider methods of communication
  • develop a collaborative approach
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4
Q

What analysis is good for buisness planning?

A

SWOT analysis

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5
Q

What is a business plan?

A

An analysis of opportunities and risks and resoources required to service clients

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6
Q

How can business plans aid business growth?

A
  • incorporating budgets
  • analysis of cash flow and financial audits to ensure the correct allocation of resources
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7
Q

What is your firms 5 year strategy?

A

new 5 year plan in 2022,
focus on growth,
expanding capabilities in new areas (geographically and sectors),
supported by annual plans to clarify years activities and prioritise investment and resources

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8
Q

What is a WIP and why is it discussed?

A

Work In Progress

Discussd to help budget and inform cash flow. Also an aid to ensure transactions and instructions are flowing

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9
Q

Why do you discuss fees?

A

To provide team morale, and to understand other parts of the team’s priorities

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10
Q

Why do you share insights into your field of practice?

A

Good to have regular market updates, good to understand what everyone does in the team to help with cross selling etc .

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11
Q

What are the benefits of cross selling?

A

Helps company, provides good quality service to clients

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12
Q

What do you need to bear in mind when referring business?

A

you have to make sure if you get a referral fee for referring the business to another company that you make it clear that is the case to the client.

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13
Q

What is a PLC?

A

a
public limited company, indicates that shares in the firm are publicly traded

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14
Q

What is an LLP?

A

A limited partnership is when two or more partners go into business together, with the limited partners only liable up to the amount of their investment.

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15
Q

How can a new business monitor its performance?

A
  • KPI
  • Sales
  • Profit
  • Reviews
  • Analyitics
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16
Q

What is a balance sheet?

A

A statement of financial position that shows assets and liabilities on a given date.

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17
Q

What is included a PLC accounts

A
  • Chairman’s Statement
  • Independent auditor’s report
  • Income statement (P&L)
  • Statement of financial position (balance sheet)
  • Corporate Governance report
  • Remuneration report
18
Q

What is a Balance Sheet?

A

a statement of the business’s financial position showing assests and liabilities at a given date. (end of financial year usually)

19
Q

What might be included in balance sheets?

A

Assets
* cash
* property
* debtors
* investments held

Liabilities
* borrowings
* overdrafts
* loans
* creditiors
* obligation to pay rent

20
Q

What is a Profit & Loss Account

A

A summary of the business’s income and expenditure transactions, prepared annually

21
Q

What are management accounts?

A

Prepared for internal use, not audited

22
Q

Who prepares audited accounts?

A

Chartered or Certified accountants

23
Q

What is a consolidated account?

A

individual subsidiary accounts for a company put together in one

24
Q

What is a cash flow statement?

A

Shows receipts and expenditure including VAT

25
Q

What is the IFRS 16?

A

The International Financial Reporting Standard which relates to leases where the full cosr of keases have to be accounted for on the balance sheet as a liability. Service charge is accounted for seperatley

26
Q

What accounting standards must publicly listed companies comply with?

A

In the UK - IFRS (International Financial Reporting Standards)

27
Q

If you are not a publicly listed company what accounting standard must you comply with?

A

International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles (GAAP)

28
Q

What is a publicly listed company?

A

A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public company can be listed on a stock exchange, which facilitates the trade of shares

29
Q

What is a private limited company?

A

A limited company is a type of business structure whereby a company is considered a legally distinct body. If you choose to run your business as a limited company, the business will: Be legally distinct from the people who run it. Keep business finances separate from the owner’s personal finances.

30
Q

Please explain how you showed good client care in your Palmers Green Inspection

A

As this was a confidential inspection of the residenial flats i ensured to not dislclose the exact purpose of the viewing. The client has made us aware that the tenants did not know their flats were on the market as as they were on assured shorthold tenancies it meant they did not have much security. The flats were in a poor condition makinf it a likley redevlopment for any purchaser

31
Q

What information would you find in terms of engagement

A
  • fee basis
  • minimum fee if applicable
  • agency rights
32
Q

Please talk me through your client onboarding - BFT

A
  • This is a franchisee business where we have a relationship with the main co
  • we recive franchisee details from HQ and i share with them our service offering document which has two tiers to it
  • the client thenr equested a teams meetig to run through our services and how we can help them find a gym and the expericne we have had with the company
  • i clearly set it out and showed them the process we used to reassure them on our skill
33
Q
A
34
Q

What is your firms Complaint Handling Procedure?

A
  1. Report it to Usha de Sousa (Complaint Handling Officer)
  2. Has to be in writing anf acknowleged within 7 days
  3. Investigated within 28 days and complainant will be notified of outcome
  4. If unhappy, CHO will negotiate
  5. If unsuccessful then go to ADR via either the Centre for Dispute Resolution (Business to Consumer or the Arbitration Procedure for Surveying Disputes
35
Q

What would you do if you recieved a complaint from a client?

A
  • Take responsibility
  • learn from the exeperience
  • identify any additional training needs
  • report if there is a potential claim
36
Q

Which Legislation is relevant to Comunication & Negotiation

A

Estate Agency Act 1979

37
Q

How do you prepare for a client meeting with a new client?

A
  1. Background reseach on companu and their strategic & operational objectives
  2. Research any significant recent deals
  3. Consider my relevant experience
  4. Follow up meeting with an email
38
Q

How do you assess the covenant strength of a tenant?

A

I review company accounts and apply a profits test which is broadly if they have enough liquid capital in their accounts to pay three years’ worth of rent – then they are of a good covenant strength.

39
Q

What are Dun & Bradstreet report ratings

A
  • Financial Strength (1A-5A, A-H)
  • Risk Indicator (1-4)
40
Q

What are your firms’ corporate goals/objectives?

A
  • Short term – increase recruitment and expansion
  • Medium term – pioneer innovation and new technology
  • Long Term – Net Carbon Zero by 2030

RICS APC - Ella (15 decks)

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