RealEstateFirm_Scenario

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School

Simon Fraser University *

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362

Subject

Business

Date

Feb 20, 2024

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docx

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2

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Business Process Analysis BUS 362 Processing Modelling using Use Cases Instructions to use this exercise STEP 1 RealEstateFirm_Scenario -- Students will read the scenario and model 3 use cases. This will be extensive and the students are encouraged to complete them for the most benefit. STEP 2 RealEstateFirm_Exercise.pdf -- They will then complete the Use Cases in this file, which has the solutions for the above use cases except with some blanks to be filled. Then they will attempt the Supplementary questions RealEstateFirm_UseCases.pdf – This file has the complete Use Cases. Model the To–Be use cases for the below processes that are to be incorporated into a potential information system at a real estate firm -- Burnaby Property Group (BPG). The case is an extended version of Exercise E in Chapter 4. Selling Properties People who want to sell their houses meet with a BPG agent who would be the user of the new system. In short, the system should enable the Client and Agent to enter into a Listing Agreement and capture information on the property and client. This information is kept in a database by BPG, and a subset of this information is sent to the citywide multiple listing service (MLS) used by all real estate firms and agents who act as buyer’s agents. The various internal BPG databases are: Client database with information about past/prospective individuals/firms as Buyers, Sellers or both: Property Database with information about all properties in BPGs geographical domain which may or may not have been on the market: Listing database with information about all properties that were ever listed in the geographical domain which may or may not have been sold. The system should also allow the agent to access any (historical) property transaction in the entire jurisdiction (Greater Vancouver). The system should allow the agent to use the Land Title office records as well as BPG internal databases to look at similar properties in similar neighbourhoods and by comparison recommend a listing price of the property to the seller. The system also needs to allow the creation of a Listing Agreement which authorizes the Agent to act on the seller’s behalf, a commission structure for the Agent, Listing Price and what parts of the property and belongings are included in the Listed Price. 1) Create Use Case for the above scenario (label it as UC 1) 2) Split the Use Case into two such that: The second Use Case (UC 1a) should capture the part of the above scenario where the agent will not immediately recommend a Listing price and the seller will not immediately sign the Listing Agreement but all this will happen after a brief interval of a few days. So, the last part of the scenario will be modified as follows. When the Seller is ready to sign the listing agreement, they meet with the agent who pulls up the property details and recommends a listing price. Therefore, the system also needs to allow the creation of a Listing Agreement which authorizes the Agent to act on the seller’s behalf, a commission structure 1
Business Process Analysis BUS 362 for the Agent, Listing Price and what parts of the property and belongings are included in the Listed Price. Create UC-1a Buying properties (UC – 2 & 3) 3) Create UC-2 BPG works with two types of potential buyers. Some buyers have an interest in one specific property that they may have seen while driving on the road or on a realtor’s website, and they know its address. In this case, agent access information from the public Listings (MLS) and other realtor websites, to know more about the property, its history of listings and transactions which resulted from them. This information can be spread across the Land Title Office records, BPG internal databases on Property Transactions and Listings. The agent also uses these sources to identify similar properties which were listed and/or transacted so as to arrive to arrive at an offer price for the property. This is followed by the Agent and Buyer discussing the terms of the offer such as how much initial deposit should be given to the Seller’s agent so as to show commitment, when the transaction should be completed by paying the agreed-upon price and property transferred in the Buyer’s name. The Offer terms also include whether any house inspection will be done and whether the transaction is dependent upon financing received by the buyer from a lender. These details are entered by the system into a Purchase Offer, and concurrently the system also prepares an Agency Contract to be signed by the Buyer and Agent. While the Offer is made only after the buyer’s credit check is completed, the Agency Contract is filed with the BPG main office right away. 4) Create UC-3 The second manner in which the buying process unfolds is when the buyer(s) do not yet know what property she wants to purchase and needs the Agent’s assistance in starting a property search. In this case, the search involves the Agent using the system to first register the buyer as a new client and enter into an Agency contract with her (them). Only after the contract is signed does the Agent move to the next step of capturing Buyer preferences for the property such as number of bath/bedroom, type of property, square footage, lot size, and so on (only in Exceptional circumstances the contract is not signed and the use case should terminate). Once the contract is signed the Agent then uses the system to access internal and external listings database to prepare a property shortlist. The buyer then further narrows the shortlist selectively. After that the agent uses the system to access transactions and listings of these properties so as to create a Prior Transaction Report for all the shortlisted properties. The system is also used next to create a Comparison Report comparing similar properties that has been sold/listed, details of such properties and the price/transacted prices. This helps the Buyer to decide on a Viewing Itinerary with the agent. 2
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