Maintaining Business Records for Real Estate Business

This article discusses the importance of maintaining business records for real estate business, including good record systems, security of records, and information from the record system. It also provides insights into staff training for real estate business. The article emphasizes the need for easily accessible, up-to-date, accurate, and comprehensive record management systems. It also highlights the role of good record systems in maximizing profits, measuring business performance, and protecting investments. The article further explains the importance of security in record management systems and the need for staff training to ensure efficient and secure information storage.

Running Head: MAINTAINING BUSINESS RECORDS
1
Maintaining Business Records
Student’s Name
Institutional Affiliation

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Maintaining Business Records
Records System
A record management system is an information storage and retrieval system that acts as
an authoritative source for particular information. The mode can be manual or electronic. Manual
record keeping systems include the filing, while electronic storage systems are computer-based
databases. Notably, the records system must ensure security and data integrity to prevent
discrepancies during information storage and retrieval. According to (Maguire, 2005) electronic
record keeping is more efficient, easy to locate and secure; however, they are liable to file format
conversion, time frame changes, multiple edits, and bugs. Also, paper-based filing is time-
consuming and susceptible to damage by fire or floods.
The record management systems should be easily accessible, up-to-date, accurate, and
comprehensive. For instance, in real estate, the sold prices, listings and property appraisals are
routinely stored to provide information for audit, and other business operations. Records systems
ensure information preservation, timely availability, accurate updating, and more accessible
control of resources such as computers and space (Demirtela & Bayram, 2014). For example, in
real estate, the landlord can easily access information regarding the tenant’s security and rent
payment. In this way, the concept ensures necessary property information and unit specific
expenses are readily available. The unit costs include worksheets, security deposits, depreciation,
and fees; while essential information consists of repair receipts, insurance documents, mortgage
papers and instruction manuals.
Good Record Systems for a Real Estate Business

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According to (Tough, 2011) excellent record keeping helps maximize profits, measure
business performance and protect the investment. Notably, records are the basis of electronic and
physical documentation consisting of business details, legal agreements, and transaction amounts
and dates. For example, property appraisals detail information on the market value of real estate
property. Today, most businesses utilize the electronic record systems to store information,
update and generate reports when required. The concept is advantageous compared to the manual
filing system in that data is stored for longer and securely.
Cumming (2007) suggests that good record systems for the real estate business include
the sold properties, sales prices, listings and sales figures, property appraisals, rental ranges,
rental vacancy rates, sales reports and comparisons between agencies and client expectations of
prices, sales, and rental fields with the actual costs. Notably, record keeping in the real estate
business depends on the transaction files, length of time and disclosure provisions specified by
the sales representatives, brokers and real estate developers. In this way, record systems prevent
money laundering and corporate espionage because receipts, invoices, and checks are readily
available. The record systems are subject to legislative rules and regulations such as the
Proceeds of Crime Act.
Role of Good Record Systems
Information storage is essential for business records because it allows real estate agents to
examine and analyze current trends and developments in the industry. Further, it will enable
potential tenants to analyze local sales before deciding on the suitable residency. Examples of
record systems in real estate include the property appraisals; listings and sales figures; sold

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properties; rental vacancy rates; sales prices; rental ranges and returns; and agency property
management reports.
Schreier, Wilson & Resnik (2006) suggests that property appraisals indicate the economic
value of the real estate business. However, the evaluation relies on the appraiser, market value,
and the insured property. Notably, a written appraisal is essential for property buying, selling,
insuring and mortgaging of the real estate business. Further, it allows evaluation of cases
involving compensation of destroyed or damaged property.
According to (Ngoepe, 2015) listings includes placing the firm’s shares on the stocks lists
for the stock exchange. Sales figures and listings of real estate businesses allow the owners to
assess the tenant’s confidentiality and their overall sales within a particular period. Notably, sales
prices are the actual costs of which property sold. Johnston (2005) suggests that sales prices
allow real estate agents to analyze the market depending on previous sales and propose values of
the available products. Further, the sales reports provide information for potential tenants who
are interested in buying and selling the property.
Ryan (2005) suggests that rental ranges and returns allow the owners to determine the
expected returns from the investment before maintenance fees, tax deductions, and other costs.
Further, agency property management and sales reports enable the companies to record sold
properties for audit purposes. Notably, records on past, existing and prospective clients allows
real estate agencies to identify contacts and other valuable assets relating to the tenants.
Security of Records
Maguire (2005) explains that good record systems must ensure the safety of the stored
information. In this way, the agencies prevent fraud, identity theft, and corporate espionage.

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Further, the concept allows protection of information from unauthorized use, access, inspection,
theft, modification, and destruction. According to (Ngoepe, 2015) security entails methodologies
and processes created to ensure confidentiality of record management systems. For instance,
paper-based records are backed-up in different locations for protection from floods or fire.
Another method of providing security for hard copy documents is safe storage – to avoid damage
or theft.
Backing up involves copying virtual or physical files to secondary storage in case of any
catastrophe or equipment failure (Khan & Batool, 2016). The concept allows rapid and reliable
retrieval of the duplicated copies in case need arises. Further, it prevents information corruption
and deletion. Real estate firms must restrict backup files to authorized employees only – this
prevents crucial passing information to unscrupulous personnel. Further, real estate companies
can create a security policy limiting access to the record keeping system – this protects physical
records and electronic documentation from unauthorized personnel. Smyth (2005) suggests that
hackers target the information storage systems, and therefore, companies must ensure proper
storage of information in a secure facility.
Information from the Record System
Win (2005) demonstrates that record systems relating to real estate involve accounting
journals and a summary of all business transactions. Primarily, the business checkbook allows
for future reference. In this case, proper record keeping is essential in preventing
misunderstandings and unfair claims from the agencies employees. Notably, the records system
details information of current tenants – which allows easy monitoring of the rental property.
Lomas (2010) suggests that sales price enable the agents to analyze and estimate the market

Record Management System
Paper filing system Electronic Recordkeeping e.g., MySQLBackup software, e.g., Microsoft SQL Server
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value of their real estate property – this attracts potential tenants seeking cost-effective
accommodation.
Workplace Project: Records Management System
Record-keeping is essential in that it allows secure and efficient information storage. For
the agency in Jonesville, the record management system will involve both manual and electronic
filing. For instance, files consisting information such as sales prices, rental vacancy rates, sales
prices, rental ranges and returns and property appraisals should be physically documented and
safely stored on shelves. On the other hand, electronic documentation will involve property
appraisals, agency listings, and necessary information regarding the clients. In this case,
information storage features in databases management systems (DBMS) such as MySQL. The
database allows secure storage of data and sequential access for authorized personnel only
(Blansit, 2008). Further, MySQL enables information modification, addition, rearranging and
updating of the records. Notably, information regarding the 200 properties from another agency
and 15 exclusive properties for sale will be backed up in software such as the Microsoft SQL
Server. In this way, data storage takes place in case of loss from the primary sources.
Figure 1: A record management system for the agency in Jonesville

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Workplace Project: Training
Staff training is a crucial sector in any organization; it aims to effectively direct and
manage labor provisions for an organization to achieve their desired targets. The primary
functions of the human resource are to access the performance, development, training, selection,
and recruitment of human labor force. Also, they are typically responsible for managing
promotions and dismissals to the employees (Liu et al., 2014). Adequate employee training
should incorporate the age difference. Among employee, the age difference allows development
of various generations depending on the training methods utilized. Strategies used in continuing
professional development of employees clustered in age groups. The cluster is necessary because
professional goals for young employees differ from their older counterparts. Young entry stage
business employees are still timid in undertaking various business procedures. Employees at this
stage need more formal training to improve their performance in dealing with the system
(Sharma, 2016). Middle ages employees need practice for them to realize the best specialization.
Employees who are nearing retirement have different mentalities they require training to improve
with their commitment with the system (Pool et al., 2015).
Steps that will be involved in training
1. Involve the employee’s in software selection.
Practical training on software systems includes employee engagement in software
selection – this helps them understand the benefits of the new system. Further, it makes the
system more endearing to the employees and creates awareness about the software's usability.

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2. Define the Objectives
While implementing the new software packages, the agency will set definite and
measurable learning objectives for what workers are going to achieve from the training. For
instance, when implementing the MySQL database, provide employees with transactional entries
to retrieve particular information – this develops their ability to relate the practice to real-life
situations.
3. Online training
Since the agency's workers occur across a varied region, with different time zones, online
coaching is suitable. The practice occurs from a given set-up room and requires the internet
connection for employee interaction. In this case, pre-requisite coaching takes place via e-
learning and other emerging learning platforms. During this step, the employees become
conversant with the software packages and business methods relating to its application. Online
training is efficient and cost-effective because it saves the workers productive hours. Further, the
approach provides updates of the area unit and necessary changes to the package software
processes and steps.
4. Provision of a role-based training system
The action involves developing coaching modules as per the responsibilities and roles of
the workers. Sharma (2016) suggests that the course should consist of a spectrum of characters,
rather than one duty. In this case, workers undergo training on the software functions about their
roles and responsibilities. Notably, role-based coaching involves training workers in individual
departments on the supported tasks and daily usage of the software package (Voegtlin et al.,
2015). The step makes the training relevant and enhances its worth.

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5. Collect feedback
Feedback in software package training sessions is essential – this is because it helps the
trainer to wedge the user acceptance of newly installed software. Meng & Arunkumar
(2018)explains that collecting feedback builds necessary enhancements to the educational
program. The step involves supporting queries, suggestions, views, and doubts that allow the
trainer to improve the training methods continually.
Employees will fill the sample table after training
Question Training to be done here by
the trainer.
Trainees feedback
Dou you know what the
system explains?
Explanation of the
functioning of the system in
general.
Do you understand the
functioning of the system?
Is the system relevant to the
organization?
Explanations of the benefits
of the system to the
organization
Do you think the system is
beneficial to your workplace?
Explanations of the benefits
of the system to the users
What is your overall
experience with the system?
Showing employees all the
functioning’s of the system

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The flowchart below shows the sequence of how events will happen in training.
The flowchart
below shows the
sequence of how
events will happen
in training.
Activity/days
of training
Monday Tuesday Wednesday Thursday Friday
Informing of
the new system
Issuing of demo
version for
employee trials.
Training how
the system is
used
Employees
giving
feedbacks

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References
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Arunkumar, G. M. (2018). Construction of employee training program evaluation system of
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Batool, Y. K. (2016). PERCEIVED RELATIONSHIP BETWEEN TRAINING AND
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Bayram, H. D. (2014). The efficiency of Electronic Records Management Systems: Turkey and
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(25), 189-196.
Blansit, D. (2008). The Basics of Relational Databases Using MySQL. Journal of Electronic
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C. Voegtlin et al. (2015). How to empower employees: using training to enhance work units'
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