Contract process flows
After you purchase a real estate property or lease an asset, you can begin to document the contract in the application, maintain amendments, and track payments. These activities represent the contract management and lease accounting processes that occur after the planning process ends.
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. Meanwhile, the next three phases cover the contract management and lease accounting of both real estate contracts and asset leases.
The business process flow in your organization might not perfectly match the business process flow or application process flow that is delivered with the IBM® TRIRIGA® application. In the IBM TRIRIGA Application Platform building tools, you can modify the process flows to meet your company standards and policies.