Executive Summary on Real Estate Discussion Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Executive Summary on Real Estate Discussion Assignment
Real estate is the most globally recognized industry. With the increasing demand for professional customer service to facilitate the transactions, real estate brokerage became one of the hottest businesses projected to solid growth post-pandemic. With the increasing number of agents, listings, and clients’ information, a seamlessly integrated database management system can facilitate agents in better helping clients and optimizing stakeholders’ profit.
There are some pain points to operating a real estate firm and better data management will help businesses in relife those issues. To stand out from the highly competitive real estate industry, using different data to manage information and make an efficient decision is important. Agents are the people who really keep the business going. To better keep track of the business activities from each agent and assist them in helping clients is more and more difficult for the firm with large scales in size. Besides managing the agents, facilitating agents in managing the client’s relationship is critical to increasing closing rate and generating revenue. Understanding their client’s needs and better matching the right property for them is a fundamental element to the decided closing rate.
The business relies on the client relationship, using data to analyze clients’ needs and knowing the customers better would help the firm in future growth and expansion. Properties’ listing is the inventory for a company, keeping track of each listing becomes more complicated when the company has more inventories, and adjusting the price for each property will increase the turnover rate as well as bring more profits for stakeholders. An OLAP database management system designed for real estate brokerage can help with the problems mentioned above by better storing, managing, and analyzing data from different perspectives.
Business case
Background: One of the mid-size real estate firms in New York City had unexpected growth last year because of the renounced real estate price after a year plummeting during the pandemic. They hired 40% more agents and opened 3 more franchises to help with company expansion, and their number of clients in the system doubled within the last year. The company is using a file system to manage clients’ information, each agent has their own page to keep track of their leads and the manager can review agents’ work in the same drive.
Database issues: Management now has issues in managing their agents, and agents are having trouble serving each of their clients better with the current system because of the scale of the company. Besides managing their agents’ performance, managing their listing is another problem. They realized the inventory turnover is much longer than before because the inexperienced new agents do not have a professional pricing strategy to list the property, and the closing rate is lower than expected with the longer than before negotiation length. The company needs technical help to better process their client information and make agents work more efficiently.
In a real estate brokerage, each agent has their own listing which can be shared within the entire company. Each transaction is associated with an agent, the company needs to keep track of agents’ performance to compensate them with different commission pay off percentages based on agents’ accumulated sales, but some of the agents said they received an incorrect amount last month. When the owner intends to sell or lease their property, the broker needs to identify a legit number which is attractive enough for owners and acceptable for buyers or renters. The company needs to assist its agents in pricing strategy to increase the inventory and decrease the turnover rate. There is always an optimized point for the property price to maximize profit and minimize the days on the market.
From a customer experience perspective, the company received more feedback from clients regarding they are ignored by agents for a long time and the historical data reflect the closing rate is only 60% which is lower than other similar size brokerages in New York City. The database management system will keep track of all agents’ activity and each agent accounts to calculate commission for accounting purposes and will help agents with managing their own leads by increasing the engagement and interaction with clients.
Once the database system management is implemented, it will automatically calculate the agent’s payroll based on their performance. The company should be able to manage all agent’s accounts accurately and compensate them without errors. The manager will identify the regional top sales, where the hottest neighborhood, easily with OLAP. All property detailed information will be stored in the database, and the system will analyze historical data to provide an estimated price for the inexperienced agents when they list the new property at a reasonable price. For client relationship management, the system will help agents keep track of their leads and identify the most potential clients to increase the closing rate.
Project Objectives
The project will deliver a real estate company database management system to help manage the agents in the firm and help agents better assist their clients in increasing revenue. Since the seasonality of the real estate industry, to better test the efficiency for the new database system, the success criteria will be analyzed in one-year period after the new system is implemented.
The ultimate goal is to increase revenue for the business by 30% within one year by increasing the system efficiency. The system will decrease data inconsistency and redundancy to increase data entry errors and increase the efficiency of the company. The projected success details that facilitate we achieve our ultimate goal include:
Facilitating management decisions: The DBMS will improve data sharing within an organization. The new agents’ information can be easily added to the database, and the better integration will give managers a better view of the whole picture of the organization.
Maintaining the accounting accuracy by 100%. DBMS will increase the data inconsistency and help track agents’ commission in each transaction, calculate each agent’s total commission, and deliver it to an accountant.
Increasing the closing rate by 20%. The most important reason the real estate deal cannot close is the agents’ lack of experience. The system will help agents identify the most valuable customer in the leads and set up follow-up reminders. It will also analyze the historical data from the previous listing to provide pricing strategies and optimize profits.
Increase the customer satisfaction rate by 20%. The DBMS system will transform more useful data into useful information, which helps companies know their customer better and provide better services for them.
Project scope
To create an all-functional information system to facilitate the real estate company in managing their employees and providing help to their employees in assisting their clients, the project is designing a database to represent the real-world business and activity. There are several steps to achieve the final objective that increase the company’s revenue.
In the first step, our group needs to understand the business needs and requirements based on the business’s current situation and available IT infrastructures. The new design needs to be compatible with the organization’s current system and can satisfy all stakeholder’s needs. Once we understand the structure, we need to identify the entities and the relationship between each entity based on the business rules.
To better structure the enterprise model, we need to identify the mandatory and optional relationships and connect with business rules. After the stakeholder approves the enterprise model and all suggestions are revised, we can move to the next stage to convert the model to a real database and implement it into the system. The project is not done until a year after the new system is implemented because maintenance is one of the most important stages in the project as well. We need to make sure the system is fully functional and able to achieve the ultimate goal.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. 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