Client Care - Level 2 Flashcards
What process needs to be in place for handling clients money?
RoC 8 for Firm - Client Money
- Clients must always have access to funds
- ‘client’ must be in the account name
- records of transactions/balance sheet must be kept
- agreed interest
- agreed terms and client informed of account details
- keep separate and identifiable
- must be be overdrawn
- controls in place to ensure funds are secure
- competent staff to process client money
What components must a CHP include?
RICS provides a template to assist firms which states;
- complaint reviewed by senior member of firm or complaints officer
- the compliant reviewed by independent 3rd party
- notify PI insurer of complaint
- must include the contact details of those who will deal with the complaint
- must include a redress mechanism
- must be clear simple
- must be free except stage 2, but fees covered by the complainant
What is client care?
Looking after a client’s best interests and providing an appropriate service that satisfies their needs.
Can be achieved by 1. professionalism 2. competence 3. trust 4. communication
When should you decline an instruction of new work?
- If there is a conflict of interest
- If you are not competent to do the work
- If it involves illegal activities
What is a conflict of interest?
Where there is reduced impartiality as there is a pre-existing relationship which affects the duty to deliver services for a client
What makes up a fee proposal/fee bid?
- Executive summary
- Clients needs/ requirements
- Project issues
- Benefits for client/ experience of firm
- Terms and conditions
- Methodology
- Proposed fees
How would you process if a client wanted you to work with them despite a conflict of interest?
I would obtain informed consent in writing.
I would ensure that the client is fully informed about the Conflict of Interest and the associated risks and other options available.
What is a client brief?
The purpose of the brief is to provide a firm foundation of the intention of the project.
It is a formal statement of the objectives and functional requirements.
Provides sufficient details so tasks can be executed by any team.
How would you limit the risk of working with a client who may be financially unstable?
I would carry out a screening process;
- Credit check - Dun & Bradstreet
- Company Search - check the information on Companies House
- Review their accounts
- Seek references to judge reliability.
If you client asks you to lower your fees because of their limited funding, what would you do?
The client would need to pay the agreed fee or negotiated to reduce the scope of services.
Who are your clients?
An individual or firm to who you or your firm provide a service to.
How do you establish your clients’ objectives?
The client brief
What influences how a fee is calculated?
- Time spent multiplied by an hourly rate
- Percentage of compensation received
- a fixed fee agreed on a scope of works
What is a KPI?
Key Performance Indicator
Enables a team to monitor performance and make smart decisions.
How are KPIs used?
- Goal measurement
- Providing information and feedback
- Education
- Staff morale
- Consistency and continuity
When have you demonstrated successful communication with your client?
Cambridge Gate boiler room 5
- delivering bad news about installation
- advising on what was necessary
What do you understand about client care?
It is a continuous process or concept of understanding client’s requirements, suggestions and complaints.
How will you identify and utilise the systems and processes for managing client care?
- Customer complaints procedure
- Customer satisfaction questionnaires
- Client feedback meetings
- Lessons learned workshops
How do you act on feedback from a client?
- Listen
- Understand their needs
- Take actions required
- Communicate updates
What is the RICS Client’s money protection scheme?
The main purposes of the
scheme are;
1. RICS firms to offer client’s protection inline with rules
2. to compensate Clients of an RICS firm for the losses of its money
3. Gives some protection to members of the public by making funds available for their reimbursement when all other avenues have been exhausted. The RICS firm repay the losses via insurance or its assets.
Why cant you say the company name?
Client confidentiality
Give examples of differing client requirements.
- Freehold copmanies - major works/compliance
2. Developers - new builds - defects/compliance/ service offering
How do you create a good relationship and build trust?
- Communication
- listening and delivering
- Providing clear and reasoned advice
How do you communicate effectively?
- clear and concise emails and report
- detailed and clearly set out
- invite questions
What is FTSE 100?
100 largest copmanie listed on London Stock Exchange
What timescales are set in a HSFRA?
1 month - signage/ electrical safety
3-6 months - fire alarm installation because of section 20.
What is a freehold management company?
A company owned by leaseholders and collectively they own the freehold of the block.
What reporting frequency would you recommend for a new client?
Finance/management - monthly then 1/4ly
General updates - monthly then ad hoc
What would you do if you were ask to survey the structure of a building
I would act within my area of expertise and act with integrity and appoint a competent professional.
what are normal key objectives?
I understand that a key client objective is to efficiently manage the service charge. I review each budget annually and re-tender maintenance contracts. I also update my client with the year-to-date expenditure on a quarterly basis.
