INF20003 Project 2: Analysis of Real Estate MLS System Report

This report analyzes the impact of COVID-19 on the real estate market and proposes a Multiple Listing Service (MLS) system to address the challenges faced by real estate businesses, brokers, and agents. The analysis identifies key stakeholders, including real estate offices and agents, and highlights the need for a system to manage property listings, client information, and transactions. The report includes a class diagram illustrating the relationships between the system's core components, such as real estate offices, customers, and purchase processes. The diagram emphasizes the role of the real estate office in managing payments, contracts, and listing updates. The report references academic sources that provide context on the impact of the pandemic on commercial real estate and the need for adapting business strategies. This report provides a comprehensive overview of the MLS system.

INF20003 PROJECT 2
PROPOSED SYSTEM
ANALYSIS AND
MODELLING
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TABLE OF CONTENTS
TASK A...........................................................................................................................................3
1. Stakeholder and issues related to real estate in community.....................................................3
6. Class Diagram for MLS system...............................................................................................3
REFERENCES................................................................................................................................5

TASK A
1. Stakeholder and issues related to real estate in community
Based on the case study it is found that covid-19 has imposed several challenges for operability
of businesses. It is mentioned that in Australia real estate business is highly affected by the effect
of covid, where major disparities have been seen between urban real estate prices and country
real estate process (Wen and et.al., 2022). Where stakeholders are identified as real estate
businesses, brokers, real estate agents, state association of realtors. For that reason, local estate
agents have decided to work together in order to pool their resources, to assist real estate
organisations brokers and agents have created cooperative organisation for distributing
information on real estate profession, trends in real estate, historical records of property sales and
current listings of properties for sale. However, the major role is played by real estate offices
who were facing issues in managing and collecting the information about the properties and its
prices along with owner’s addresses, contact information and their status code which leads them
to develop a multiple listing system in order to supply the appropriate information to the local
agents and real estate’s businesses to know about the property selling. Thus, MLS can go ahead
with the process and can update real estate office information such as adding of new office
details, new agent information and even deleting of the agent and real estate office data.
6. Class Diagram for MLS system
Accordingly, a Class Diagram is made which is helps to understand the appropriate
model or structure of the system. In general, class diagram explains the attributes and operations
of the class which is basically used to show the relationship between the different attributes and
gives a sense of orientation (Ling and et.al., 2020). In the below class diagram, there are mainly
four attributes which are connected to each other and delivering the information about the
system. In this system, the main role is played by the real estate office who is applicable for
managing the payments, contracts between customer and brokers and even for customer
purchase. Thus, this class diagram is highlighting the connection of the attributes where real
estate office is responsible for updating and deleting listing, changing of status and record listing
changes as well. The customer attribute has majorly two responsibilities which is to make
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contract between them and purchase the land whereas, purchase is done by the customers and
payment made by the customer will be manage by the real estate office.

REFERENCES
Books and journals
Ling, D.C., and et.al., 2020. A first look at the impact of COVID-19 on commercial real estate
prices: Asset-level evidence. The Review of Asset Pricing Studies, 10(4), pp.669-704.
Wen, Y., and et.al., 2022. Commercial Real Estate Market at a Crossroads: The Impact of
COVID-19 and the Implications to Future Cities. Sustainability, 14(19), p.12851.
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