What is a Business Process?
We have all heard the term process before, but what exactly does it mean?
A process is a series of tasks that are completed in order to accomplish a goal. A business process, therefore, is a process that is focused on achieving a goal for a business. If you have worked in a business setting, you have participated in a business process.
Before you can decide to purchase or lease a property, you might consider how the real estate transaction fits into your real estate portfolio strategy. This consideration represents the real estate planning that occurs before the real estate contract management begins.
business flow diagram for the phases of the real estate management process.
Pro the first phase in the real estate management process is planning the strategies and goals of the real estate portfolio. The second phase is identifying the transaction scenarios from the portfolio, planning the real estate transactions from the scenarios, and obtaining or releasing the properties.
After planning, the third phase is documenting the clauses, options, and terms for the lease or purchase transactions by creating their records in the application. The fourth phase includes maintaining contracts by sending and receiving notifications about upcoming dates and revising each contract through proposed changes and amendments. The final phase includes managing the scheduled payments, one-time payments, pass-through payments, payment adjustments, accounts payable, and accounts receivable. The first two phases cover real estate planning of transactions and projects, while the next three phases cover real estate contract management and lease accounting.
Examples of business process
· sharing the sales proposal.
· sending quotes.
· Negotiations.
· receiving orders for products/services.
· updating records of sales.
· Delivery of product/service.
· billing.
· Payment