ABC Real Estate Case Study High-Level Database Design - IT Assignment Help

Assignment Task

Case Scenario 

You, as a group, have been contracted by a national real estate agency — ABC Real Estate — to  develop the backend database for a property management system (the System). The System shall  allow the owners of the agency to track their sales performance, to calculate commissions for their  sales agents and to extrapolate business insights from their property sales history. 

The party who sells a property is normally called ‘the vendor’. They are normally but not always the  owners of the property. A property may be owned jointly by multiple people. Thus, there may be  more than one vendor for a property. For the purpose of this assessment, please assume that each  of the vendors would have the attributes of an individual person. For example: name, gender and  age. 

A vendor will normally engage a sales agent and authorise the agent to run a marketing campaign to  sell the property. Inreturn, the sales agent will take a proportion from the sales proceeds as a  commission. The commission is calculated at 6% of the property sale price if the property is sold  through auction, or 4% of the property sale price if it is sold through other means, for example a  private sale. For the purpose of this assessment, please assume that a property can be sold by only  one agent. 

Once the vendor contacts the agent and authorises them to market the property, the agent will then  advertise the property on popular websites such as Domain or Realestate.com.au. At this stage, the  property will be labelled as ‘listed’. 

If the property is auctioned, the highest bidder and the vendor will enter into an unconditional  Contract of Sale (‘CoS’) on the auction day and the status of the property will be changed to ‘under  contract’. In this assessment, you do not need to consider any other possibilities at auction, e.g., the  property is withdrawn or passed in. 

If the property is not to be auctioned, interested purchasers may approach the agent and make  offers on the property. If the vendor accepts the offer, both parties will normally proceed to a  conditional CoS, which is subject to conditions, for example, securing a home loan from the bank. At  this stage, the status of the property will be changed to ‘under offer’. Once the conditions in the CoS  are satisfied and the CoS becomes unconditional, the status of the property will be changed to  ‘under contract’. 

There is normally a one to six month gap between the date when a contract, conditional or  otherwise, is entered into and the date that the ownership of the property is transferred from the  vendor to the purchaser. The time duration allows the vendor to move out of the house and the  purchaser to prepare finances and other paperwork required for the conveyancing of the property.  The date on which the ownership is transferred is called the settlement date. Once the property is  settled, its status will be changed to ‘settled’. This is when the commission becomes payable to the  agent.

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