Real estate abstract
A system and process includes a computer that is operatively connected
to the Internet. A database of MLS properties that are for sale
is maintained that is accessible to the computer. Real estate agents
must subscribe in order to use the system and are then included
in the database. Clients may be either prospective buyers or sellers
of the MLS properties. Each client is required to complete a client
commitment form whereby the client elects to have a currently subscribing
real estate agent represent them before they are allowed access
to the information and services provided. Real estate agents may
view any of the client's files and activities and post upcoming
MLS properties that are to be offered for sale and to FAX property
defects to other real estate agents. Agents are also able to view
the activity of any of their own listings.
Real estate claims
What is claimed is:
1. A real estate information exchange process and system, comprising:
(a) a database that is accessible by connection to an area network;
(b) means for sharing MLS property information between a first real
estate agent and a client; and (c) means for sharing MLS property
information between said first real estate agent and a second real
estate agent; and wherein said client is provided access to said
system subsequent to said client electing to work with said first
real estate agent and wherein said client must first agree to have
said first real estate agent represent said client by accepting
a Client-Commitment that is provided over said area network to said
client and wherein said client must fully complete and agree to
said Client-Commitment prior to an enabling of said means for sharing
MLS property information between said first real estate agent and
said client.
2. A real estate information exchange process and system, comprising:
(a) a database that is accessible by connection to an Internet network;
(b) means for sharing MLS property information between a first real
estate agent and a client; and (c) means for sharing MLS property
information between said first real estate agent and a second real
estate agent; and wherein said client is provided access to said
system subsequent to said client electing to work with said first
real estate agent and wherein said client must first agree to have
said first real estate agent represent said client by accepting
an online Client-Commitment that is provided over said Internet
to said client and wherein said client must fully complete and agree
to said Client-Commitment prior to an enabling of said means for
sharing MLS property information between said first real estate
agent and said client.
3. The real estate information exchange process and system of claim
2 including means for periodically updating said database with current
MLS information.
4. The real estate information exchange process and system of claim
2 wherein said real estate agent is provided access to said system
subsequent to the payment of a fee.
5. The real estate information exchange process and system of claim
2 wherein said first real estate agent includes one of a plurality
of real estate agents, each of whom are included in said database
as a current subscriber.
6. The real estate information exchange process and system of claim
2 wherein said system is adapted to maintain a file of favorite
properties that are selected by said client.
7. The real estate information exchange process and system of claim
6 wherein said system provides updates to said client regarding
a change in status of any of said favorite properties.
8. The real estate information exchange process and system of claim
2 wherein said client includes a prospective seller of a real estate
property.
9. The real estate information exchange process and system of claim
2 wherein said client includes a prospective buyer of a real estate
property.
10. The real estate information exchange process and system of
claim 2 wherein said first agent includes a plurality of first agents.
11. The real estate information exchange process and system of
claim 2 wherein said first agent includes a listing agent of a real
estate property.
12. The real estate information exchange process and system of
claim 2 wherein said system is adapted to provide to said client
a graph of a percentage of real estate properties that are currently
in escrow as compared with a total number of real estate properties
that are offered for sale in a predetermined geographical area.
13. The real estate information exchange process and system of
claim 2 wherein said system is adapted to provide to said client
a listing of comparable properties selected by the listing agent
that have sold with a property that is offered for sale.
14. The real estate information exchange process and system of
claim 2 wherein said system is adapted to provide to said first
agent access to any of the features that are available to said client.
15. The real estate information exchange process and system of
claim 2 wherein said first agent is a listing agent for a real estate
property that is offered for sale and wherein said first agent is
adapted to post to said system a list of comparable properties with
respect to said real estate property.
16. The real estate information exchange process and system of
claim 2 wherein said first agent is able to view a favorite properties
file of said client.
17. The real estate information exchange process and system of
claim 2 wherein said first agent is able to view a listing of the
most recent properties that are for sale that have been viewed by
said client.
18. The real estate information exchange process and system of
claim 2 wherein said first agent is able FAX to said system a disclosure
of property defects, and wherein said disclosure of property defects
is available for viewing by said second real estate agent.
19. The real estate information exchange process and system of
claim 2, wherein a client commitment form is made available to said
client upon an initial login that is required for both buyers and
sellers to complete in order for said client to gain access to said
system.
20. The real estate information exchange process and system of
claim 2, wherein an agent is able to view a saved property search
criteria of said client.
21. The real estate information exchange process and system of
claim 2, including means for alerting an agent when said client
registers on said system.
22. The real estate information exchange process and system of
claim 21, wherein said means for alerting includes transmittal of
an email to said agent.
23. The real estate information exchange process and system of
claim 2, including means for alerting an agent when said client
selects said agent to represent said client.
24. The real estate information exchange process and system of
claim 23, wherein said means for alerting includes transmittal of
an email to said agent.
25. The real estate information exchange process and system of
claim 2 wherein said system serves as a clearinghouse for a listing
agent to input information regarding an upcoming listing prior to
said listing being placed in said MLS service and for at least one
other agent to retrieve said information prior to said listing being
placed in said MLS service.
26. The real estate information exchange process and system of
claim 2 including means for alerting said agent providing said client
is a client of said agent subsequent to said client accessing said
system.
27. The real estate information exchange process and system of
claim 26 wherein said means for alerting said agent includes transmitting
an email to said agent.
28. The real estate information exchange process and system of
claim 2 including a listing agent and wherein said system is adapted
to provide to said listing agent a report showing how many times
the listing was viewed on-line by another user of said system and
how many times the listing was saved to a "favorites file"
of said another user.
29. The real estate information exchange process and system of
claim 28 wherein said listing agent is provided with the identity
of an agent representing said another user.
30. The real estate information exchange process and system of
claim 29 wherein said listing agent is provided with information
if the agent viewed and saved the listing in said "favorite
file".
31. The real estate information exchange process and system of
claim 30 wherein said listing agent is provided with information
if said another user viewed and saved the listing in said "favorite
file".
32. The real estate information exchange process and system of
claim 2 wherein said first agent includes a listing agent and wherein
said system is adapted to provide to said listing agent a comparison
of activity regarding a listing that is posted to said system by
said listing agent as compared with the activity of other listings
in a predetermined area and price range that are comparable with
said listing.
Real estate description
BACKGROUND OF THE INVENTION
1. Field of the Invention
The present invention, in general relates to methods and systems
for the exchange of specific information from one real estate agent
to another and from an agent to a client and, more particularly,
to methods and systems that provide this information over the Internet.
Currently, some real estate agents and brokers spend a great deal
of time and money in maintaining a presence on the Internet of the
type that allows for the exchange of information from agent to client.
Having such capabilities, the agent may be able to send to the client
a limited amount of information concerning select properties offered
for sale through the Multiple Listing Service (hereinafter "MLS").
However, these "agent-run" types of systems are limited
in that they do not provide any mechanism that can make available
for other agents in a given area any information concerning new
properties (not yet appearing on the MLS). Agents would like to
immediately know as much about such upcoming MLS properties as possible
and then to be able to provide their selected clients with that
information so that these selected clients can respond (i.e., make
an offer to purchase or preview the property, for example) in a
much more timely manner than is possible at present.
There are also a great many needs for both real estate agents and
clients that are not presently being satisfied. This is partly due
to the tendency that agents may have to keep certain information
secret for as long as possible. For example, agents may refrain
from disseminating information concerning upcoming MLS properties.
There is insufficient incentive, at present, for them to do so.
The term "clients" as used herein, refers to those people
(or business entities) who wish either to buy or to sell real property.
Buyers and sellers each have their own unique needs and no existing
real estate system well serves the combined needs of buyers, sellers,
and agents.
Ideally, if such a system were available, agents would be spared
from investing an excess of time, energy, and financial resources
into building and maintaining what is a modest Internet presence,
at best. Instead, they would be better able to focus their energies
on that which they do best, the listing and selling of homes.
Agents would be able to subscribe to such a service, if it were
available. The service, in turn, would then provide an effective
tool for both the agent and their clients to use.
While MLS property information is important to make available to
clients, it is also desirable to restrict its access from the general
public. MLS information is either proprietary or confidential in
nature. Sellers would certainly resist listing their property in
an MLS type of an environment if they knew that this information
would be distributed freely to the general population.
There are many information fields involving the selling of a home
that should remain proprietary or confidential. Sellers, for example,
would not want to be approached by idle curiosity seekers or from
the almost innumerable vendors who would approach them if this information
were available to the public, at large. Moving companies, charitable
organizations, and other businesses would approach them in the hope
of soliciting business.
Perhaps some people having unethical motives would even use MLS
information to their wrongful advantage. A burglar, for example,
could possibly learn which homes were vacant and for what periods
of time.
Clearly, certain types of MLS information must not be released
to unauthorized persons. In general, all types of MLS information
should not be released except to selected persons who first qualify
to receive that information.
No such automated type of a system presently exists for first qualifying
a client and then providing a qualified client with access to selected
MLS information fields.
The necessary criteria for qualifying a client to receive MLS information
is satisfied by first establishing a relationship between a real
estate agent and the client. In typical face-to-face or extensive
phone conversational types of real estate encounters, establishing
this type of a relationship is considered to the be the minimum
criteria for receiving such types of privileged MLS access. The
establishment of a committed type of a relationship is, therefore,
required to occur first before access to such an automated type
of a system, having access to select MLS data, is made available
to the client.
As such, a screening process will have occurred whereby the selected
MLS data is provided only to those people who are earnest enough
to first establish a client relationship with an agent (or broker).
As such, these types of people may truly be referred to, after having
first established such a relationship, as "clients". The
act of first establishing a committed relationship with a particular
agent well demonstrates their intention to be a client of one form
or another.
As mentioned hereinabove, it is further necessary to restrict the
viewing of certain fields of information from the general public.
For example, a prospective buyer may not be permitted to view certain
MLS fields of information that are considered proprietary and which
are shared by the seller with the real estate agent. If it is later
appropriate for the agent to provide a prospective buyer with this
information, the agent may then personally do so after first having
obtained the approval of the seller, either directly or inferentially.
An agent's time is also quite limited. There are also numerous
related questions that an agent must answer and services that an
agent must provide in order to satisfy both buyers and sellers.
These factors intrude upon the agent's available time for important
face to face contacts with his or her clients. It is desirable to
automate the availability of this type of information so as to lessen
the burden on the agent while making this information available
in an especially timely manner to their clients.
Such a feature that would lessen the burden of an agent would,
in turn, encourage agents to use (i.e., subscribe to) such a system.
The more agents that use such as system would, of necessity, share
information with the system and this would, in turn, make the system
more informative to other agents. Accordingly, the value of such
a system would increase in proportion to the number of agents who
use it. Therefore, it is important that the system be of value to
agents in the performance of their duties.
A number of other real estate needs exist as well. For example,
it would be advantageous if agents and clients were able to view,
on a geographical basis, a graph that showed the percentage of homes
in escrow as compared with the number that are generally available
for sale. Such a graph would indicate the type of market for a particular
area, namely if it was a buyer's or a seller's market and it would
be useful in both pricing properties and in helping to make a decision
whether to purchase a property at a particular price or, conversely,
whether or not to sell it at a particular price in view of these
current market conditions.
Furthermore, review of changes occurring with such a type of a
graph could be used to provide a timely indication of changes that
are occurring in market conditions. The subscribers and users of
such a service would be able to detect a change from one market
condition shifting toward another market condition and this shift,
itself, could influence their buying or selling decisions.
Similarly, an activity report that compiles and informs the listing
agent of activity appertaining to a property the listing agent has
for sale by other agents, and which compares this level of activity
to other properties that are also for sale, would provide novel
and useful information to the listing agent as well as save time.
Furthermore, if this information were provided by the listing agent
to his client, the seller, the listing agent would not have to personally
answer a myriad of questions regarding these types of activity.
The ability of a buyer-client (i.e., a prospective buyer) to view
select comparable properties that are posted to a listing by the
listing agent is useful in persuading the prospective buyer that
the asking price is reasonable.
The ability of a buyer-client to track preferred (i.e., favorite)
properties and to timely receive updates, for example, that would
show if the price has been lowered or if the property has gone into
or fallen out of escrow would also be of great value.
The ability of an agent to view the favorite properties file of
his buyer-clients would be useful in that it would allow the agent
to compare the stated needs of his client with the apparent preferences
demonstrated by the client. The agent would therefore be better
able to serve his client, either by showing properties that are
more akin to the favorite properties of his client, or by engaging
in further dialogue with the client so as to better determine the
client's true needs and desires.
The ability of the agent to view the most recent properties that
a client has been viewing is similarly valuable.
An ability of the agent to search upcoming listings is useful because
the agent can then elect to pass on specific upcoming listing information
to his select clients in a most timely manner. The client, in turn,
would feel especially well-served by this level of "personalized"
service.
An ability for a listing agent to FAX to the system a disclosure
of property defects and other documents that was available only
to other agents makes this information readily available to other
agents who would share it only with their selected prospective buyer
clients. This would preserve the secrecy of this information from
unwarranted parties, yet make it available to prospective buyers.
Accordingly, a method to better comply with the law would be provided.
An ability to provide a "Client Commitment" form to both
prospective buyers and sellers upon initial log-on is useful in
establishing from the onset clear agent-client relationships as
a prerequisite for the client in obtaining access to view select
and valuable MLS information fields.
Accordingly, there exists today a need for a real estate information
exchange process and system that has a data base accessible over
the Internet (or an Intranet) to permit the exchange of such types
of timely information between real estate agents and their clients
that includes current MLS information and which also allows agents
to exchange proprietary information amongst themselves that may
then be selectively shared with certain of their clients.
Clearly, such a process and system would be especially useful and
desirable.
2. Description of Prior Art
Real estate Internet based systems are, in general, known. These
types of systems are limited in that they provide only an agent
to client relationship. They burden the agent and do not permit
agents to exchange proprietary information amongst themselves.
While the structural arrangements of the above described systems,
at first appearance, may have similarities with the present invention,
they differ in material respects. These differences, which will
be described in more detail hereinafter, are essential for the effective
use of the invention and which admit of the advantages that are
not available with the prior processes or systems.
OBJECTS AND SUMMARY OF THE INVENTION
It is an object of the present invention to provide a real estate
information exchange process and system that includes a data base
accessible over the Internet or an Intranet that allows exchange
of information between agent to agent and also between agent to
client.
It is also an important object of the invention to provide a real
estate information exchange process and system that can provide
a graph of a predetermined geographical area, such as a city or
county, of the percentage of listings that in escrow as compared
with the total number of homes that are for sale.
Another object of the invention is to provide a real estate information
exchange process and system that can provide an activity report
that informs the listing agent of the amount as well as the source
of activity regarding the names of other agents who have looked
at the listing agent's property, as well as the names of those agents
who have clients that have looked at the property, and to compare
that level of activity with that of comparable homes that are for
sale.
Still another object of the invention is to provide a real estate
information exchange process and system that can allow a client
to view selected comparable properties that are posted to a listing
by the listing agent.
Still yet another object of the invention is to provide a real
estate information exchange process and system that can allow a
client to save and to track favorite properties and to receive timely
updates regarding a change in status (i.e., price changes, going
into or out of escrow) of those properties.
Yet another important object of the invention is to provide a real
estate information exchange process and system that can allow an
agent to view the favorite properties file of his clients.
Still yet another important object of the invention is to provide
a real estate information exchange process and system that can allow
an agent to view the most recent homes that have been accessed by
his client.
Still yet another useful object of the invention is to provide
a real estate information exchange process and system that can notify
the agent by email or other means whenever his or her client(s)
access the system.
One further important object of the invention is to provide a real
estate information exchange process and system that can allow an
agent to perform a search of upcoming listings while preventing
the client from accessing this information (unless it is provided
to the client by the agent).
One still further important object of the invention is to provide
a real estate information exchange process and system that can allow
a listing agent to FAX to the system a disclosure of property defects
or other relevant documents that can be viewed directly only by
other agents.
Still one more important object of the invention is to provide
a real estate information exchange process and system that can provide
a client-commitment form whereby a client, either a buyer or a seller,
must first establish a relationship with a "registered"
real estate agent (i.e., one who is authorized to access the system)
prior to the client being provided with access to information that
is compiled by the system.
One remaining object of the invention is to provide a real estate
information exchange process and system that offers it features
for use by agents on a subscription basis (i.e., for payment of
a fee).
One remaining important object of the invention is to provide a
real estate information exchange process and system that can provide
agents with timely information regarding the availability of upcoming
properties not yet on MLS.
One remaining especially important object of the invention is to
provide a real estate information exchange process and system that
can expedite the dissemination of MLS information amongst real estate
agents and their clients.
Still yet one more important object of the invention is to provide
a real estate information exchange process and system that requires
the establishment of a client-agent relationship before access to
select information fields is provided to the client.
Still one more additional important object of the invention is
to provide a real estate information exchange process and system
that can provide the agent or client with email or other alerts
when a property meeting their saved criteria or a change in status
of their tracked favorite properties occurs.
Briefly, a real estate information exchange process and system
apparatus that is constructed in accordance with the principles
of the present invention has an on-line data base accessible by
subscription over the Internet (or an Intranet) that is periodically
updated with current MLS listing information as well as with current
information as to which real estate agents are authorized to use
the system. After a client has logged on and satisfied the requirement
of selecting an authorized agent, the client is provided access
to selected information fields and services. The fields and services
will vary depending upon whether the client is a buyer or a seller.
After an authorized agent has logged on, the agent is provided with
access to selected information fields and services as are deemed
appropriate. After an authorized listing agent has logged on, the
listing agent is provided with the most comprehensive access to
system fields and services and can update or change selected information
fields in the data base.
BRIEF DESCRIPTION OF THE DRAWINGS
FIG. 1 is a block diagrammatic view of a real estate information
exchange process and system for use over the Internet or an Intranet.
FIG. 2 is a flowchart of the overall application.
FIG. 3 is a flowchart of any page frame.
FIG. 4 is a flowchart of the home page and login procedure.
FIG. 5 is a flowchart of buyer or seller registration into the
system.
FIG. 6 is a flowchart of agent registration into the system.
FIG. 7 is a flowchart of the features that are available to buyers
and sellers.
FIG. 8 is a flowchart of a search routine of the system.
FIG. 9 is a flowchart of the favorite properties file of prospective
buyers.
FIG. 10 is a flowchart of the details of a given property, including
system features that are available.
FIG. 11 is a flowchart of the search engine of the system.
FIG. 12 is a flowchart of new matches obtained by the system.
FIG. 13 is a flowchart of the features that are available to agents.
FIG. 14 is a flowchart of the listing reports that are available
to agents.
FIG. 15 is a flowchart of the procedure for submitting by facsimile
reports and disclosures (of defects) that appertain to a property.
FIG. 16 is a flowchart of how an agent can post upcoming MLS listings
to the system database.
FIG. 17 is a flowchart of the client features provided to agents
by the system.
DETAILED DESCRIPTION OF THE INVENTION
Referring on occasion to all of the drawings and in particular
now to FIG. 1 is shown, a real estate information exchange process
and system, identified in general by the reference numeral 10.
An area network 12 preferably includes the Internet. It may also
include a Local Area Network, (LAN), sometimes also known as an
"Intranet".
Only a small portion of the Internet network 12 is shown and is
expandable, as desired.
A computer 14 is a "server" that is electronically connected
to the Internet network 12 and can readily communicate with other
computers and peripheral devices (not shown) that are also connected
to the network 12, as are well known in the arts.
The computer (server) 14 includes access to a database 16 which
it updates (maintains) as it receives new, relevant information
that is transmitted over the network 12.
A number of users are shown connected to the network 12. A listing
agent 18, an authorized agent 20, a prospective seller 22 type of
a client and a prospective buyer type of a client 24 are shown engaged
in two-way communications with the computer 14 over the network
12 and having, ultimately, access to certain of the information
fields (i.e., files) that are stored in the database 16 or which
are compiled by the system 10 during its operation.
Any number of these types of users 18-24 may similarly have access
to the system 10.
Normally, the listing agent 18 and the authorized agent 20 will
pay a subscription fee (on a monthly or other basis) in order to
access the system and be listed on a "register" of authorized
agents in the data base 16.
Clearly, the greater the number of agents that are willing to subscribe,
the more profitable will be the system 10.
Other types of users, for example data entry, computer system analysts,
and other types of software specialists (not shown) may also be
"on-line" connected with the computer 14 and they may,
as is well known in the computer arts, have specialized access capabilities
as needed to enter data and to service the system 10 not specifically
described herein.
Referring in particular now to FIG. 2, an application flowchart
28 is shown that governs overall system operation for any given
activity that is occurring.
A page frame flowchart 29 is shown in FIG. 3 that provides greater
detail of the system 10 features and operation.
In particular issues of privacy 29a and membership agreement 29
information are included in these subroutines.
Referring in particular now to FIG. 4, a home page flowchart identified
in general by the reference numeral 30 is shown, that details operation
for the home page and for login.
It is noted that all of the various flowcharts are included for
general information purposes sufficient to provide an enabling disclosure
to one skilled in the computer programming and system arts, but
are not necessarily discussed in detail unless it is to illustrate
a particular feature of the system 10.
A review of the flowcharts will show one way in which the various
features and capabilities of the system 10 are implemented. Obviously,
other ways will become known to those having ordinary skill in the
programming arts after having first benefited from the disclosure
herein.
During login, the agent 20 may view an "agent demo" subroutine
32 as may the buyer 24 or the seller 22 view a "buyer/seller
demo" subroutine 34.
Qualified agents may subscribe to the system 10 by electing and
by properly completing the "screens" as provided by an
agent registration subroutine 36. A "qualified" agent
is described as a verified member of the MLS serving the local real
estate market. The buyer 24 or the seller 22 may similarly gain
access to the system 10 by electing and by properly completing the
screens and agreements associated with a buyer/seller subroutine
38.
If the buyer 24, the seller 22, the agent 20, or the listing agent
18 have already logged onto the system 10 and merely wish to gain
access, then the logic path would take them through a series of
login subroutines, identified in general by the reference numeral
40.
The login subroutines 40 would authenticate the login procedure
including verification of the password and, if required, of providing
password assistance as well as in determining if the login is by
an agent or a client (i.e., the buyer 24 or the seller 22). Different
logic paths are, accordingly, provided.
If the user is either the buyer 24 or the seller 22 and does not
have an agent (i.e., has not completed a commitment form on-line),
the interim "no agent" message 42 is indicated and the
buyer 24 or the seller 22 is guided through the registration process
in which the buyer 24 or the seller 22 selects an agent and commits
to work with that agent.
This is detailed in a "buyer/seller registration" flowchart
50 as shown in FIG. 5. Issues of whether or not the agent 20, 18
is a subscriber (i.e., whether or not he or she is in fact authorized
to use the system 10) are addressed in various subroutines. The
buyer 24 and the seller 22 are, accordingly, guided through the
agent selection and commitment process.
In particular, the buyer 24 or the seller 22 must commit to work
with a particular agent by completing a registration form 52 on
line in which they select an agent to work with. The selection of
an agent can be delayed, however the buyer 24 or the seller will
not be provided with access to all of the features of the system
10 that would otherwise be available to them had they selected an
agent.
Although the buyer or seller typically know their agent in advance,
the database 16 includes lists of all available agents from which
the buyer 24 and the seller 22 may peruse and select an agent to
work with. This is accomplished by completing the registration form
52. If the buyer 24 or the seller 22 selects an agent who has not
subscribed to the system 10 and is therefore not authorized to use
the system 10, the buyer 24 or seller 22 will be informed and options
given. It is obviously desirable for the buyer 24 or the seller
22 that the agent enroll (i.e., subscribe) into the system 10.
Referring now to FIG. 6 an agent registration flowchart 100 is
shown. If the agent is not in the database 16, he or she will be
guided to complete an agent registration form 102 on line and will
receive confirmation thereof. The privacy policy is stated to both
the agent 20 and the client (22, 24) during registration so as to
ensure a proper understanding and agreement of the conditions necessary
for use of the system 10.
If the agent is properly registered, he or she will be given access
to an agent briefcase series of features, as is described in greater
detail hereinafter.
The flowcharts periodically include the letters "CO"
and the name "CleanOffer". These refer to the name of
a business entity that administers the instant system 10.
Referring now to FIG. 7, a buyer/seller briefcase flowchart 150
is shown. The buyer or seller 22, 24 are able to update their account
152 including selecting a new agent 154, if they wish.
Frequently asked questions 156 are answered and they can learn
more about the services that are available for their use in a "learn
more" 158 subroutine.
The buyer 24 and seller 22 are guided to provide the necessary
information so that they may receive e-mail updates 160. These e-mail
updates 160 may include changes in the status of favorite types
of properties as well as any other type of information that the
agent 18, 20 desires to share with them.
A "my searches" subroutine 162 (see flowchart my searches
200 in FIG. 8) allows the buyer 24 or seller 22 to search various
parameters. For example, the buyer 24 may search various property
listings 202 looking for prospective homes to buy. He may find property
details 204 and save these property listings 202 in another file,
entitled "my favorites" 164.
The my favorites 164 subroutine and resultant file is updated by
the buyer 24 to include those property listings 202 that he is most
interested in. Accordingly, he can receive e-mail updates 160 as
to changes occurring in the status of any of the favorite properties
164. This would apprise him (in a most timely manner) of a change
in price, for example. He, being among the first to know of the
change, may then elect to make a timely offer to purchase based
on a new lower asking price, for example.
Referring now also to FIG. 9 for a detailed accounting of the my
favorites subroutine 164. As is shown, the buyer 24 is able to also
track incidental data as desired that appertains to the criteria
for establishing his favorite properties. City and school reports
180 as well as area market conditions 182 (number of homes in escrow
as compared to the number for sale) may also be viewed. There is
no limit as to the amount of incidental information that the system
10 can include and associate with any given property.
The buyer 24 can elect to delete previous favorite properties 184
if they go into escrow (or if they actually close) or if, for whatever
reason, his criteria change and he no longer is interested in tracking
any of them.
Referring now to FIG. 10, a property details flowchart 250 is shown.
After a successful search for a property based on a given set of
criteria (see FIG. 11) the various property details are provided
for scrutiny. Agent or client may also name and save any number
of searches in order to easily search the same criteria again. They
may also elect to receive email alerts should new listings become
available that meet their search criteria.
A "map it" 252 feature is provided and allows the client
to view the location of the property.
A mortgage calculator 254 allows the client to determine what a
mortgage payment would be based on a given sales price, down payment,
and interest rate. Various other closing costs are factored into
the calculation, as desired.
The client (i.e., the buyer 24) or agent can see the property to
view his favorites 164 as well as view if comparable properties
256 exist that have been sold. The comparable properties 256 file
is provided only by the listing agent 18 specifically for the property
for sale that is of concern (i.e., which has been listed by the
listing agent 18).
Clearly, it is in the interest of the listing agent 18 to provide
comparable properties 256 along with the listing agent's comments
regarding these comparable properties 256 that have sold for a comparable
amount, and preferably for an even greater amount, than the listed
property, so as to help to convince the prospective buyer 24 that
the property he is interested in is fairly priced. This feature
will encourage the buyer 24 to submit an offer to purchase the listed
property. Accordingly, agents 18, 20 will appreciate as a benefit
of the system 10 its ability to provide comparable properties 256
data to the buyer 24 that can, in turn, help encourage the sale
of the listed property to the buyer 24.
Also, if any report 258 that relates to any relevant area of the
listed property are available, the buyer 24 can view them as well.
It is noted that listed properties include MLS properties. Accordingly,
the MLS properties for sale data is entered into the database 16
through any number of ways, including the electronic transfer of
MLS files, entry by data specialists, and by listing agents 18.
Referring to FIG. 11, a search flowchart 300 is shown. The search
flowchart 300 may be used by buyers 24, sellers 22, or agents 18,
20. The results obtained are based on the files in the database
16 and on a set of search criteria 302 that is entered.
The system 10 can be tailored to search for any criteria or set
of parameters, as desired. For example, properties that cost less
than a maximum threshold or properties that fall within a given
price range may be searched for. Similarly, the search criteria
may include the number of bedrooms, bathrooms, square footage, garage
or laundry facilities, or any other parameter that is available
in the database 16 and is desired.
The search criteria 302 are saved. Essential search criteria are
not likely to change too frequently. Accordingly, it is advantageous
to save the search criteria 302 to facilitate performing subsequent
searches. The need for additional input may be lessened if the search
criteria 302 are saved.
Referring momentarily to FIG. 12, a new matches 350 flowchart is
shown that correlates those properties that match with the search
criteria 302.
Referring now to FIG. 13, an agent briefcase flowchart 400 is shown.
It is important to note that the agent briefcase 400 includes the
functionality level 402 of the buyer/seller briefcase 150 (see FIG.
7). As such the agent 18, 20 may view the favorites files 164 of
his clients (but he may not change them, unlike the client).
The agent 18, 20 may also view the searches 162 file of his clients
to review the types of searches his clients have recently accomplished.
The client (buyer or seller 24, 22) does not know that the agent
18, 20 is able to view these files 164, 162.
The agent 18, 20 is able to verify the types of properties that
are really of interest to his clients by viewing the searches 162
and the favorite properties 164 files of his clients. If a discrepancy
between the stated wishes of the client and the properties the client
appears to have an interest in is detected, the agent 18, 20 can
respond accordingly.
The agent 18, 20 may respond by showing the client properties that
are similar to those in the client's favorite properties file 164
or by discussing the matter further with his client. Accordingly,
the agent 18, 20 is provided with an optimum method of showing to
his buyer-clients 24 the types of properties that they are really
interested in purchasing. This maximizes the chances that a sale
will occur as a result which, in turn, makes the system 10 especially
valuable to the agent 18, 20.
The agent 18, 20 is able to do considerably more while having access
to the system 10. The agent 18, 20 can view a file of his clients
404 (see FIG. 17 to gain an overview or to select a particular client
for further inquiry), can post or make edits to upcoming MLS listing
406 (see FIG. 16), can subscribe (or renew his subscription) to
services 408, and he can invite a client 410 of his to log into
(i.e., to join) the system 10.
The agent 18, 20 can also make avail of specialized services that
were heretofore time consuming and difficult to arrange. For example,
the agent 18, 20 can readily contact an alternate service provider,
for example Webvan 412 for promotional services. Webvan 412 can
cater an open house, for example or the agent 18, 20 can even subscribe
to virtual reality types of property tours 414, such as are offered
by IPIX tours.
The listing agent 18 alone can post comparable properties 416 that
have sold which the listing agent 18 wishes to accompany (i.e.,
attach to) a property that he has listed with the system 10. The
prospective buyers 24 of other agents 20 may then view the comparable
properties 416.
As was mentioned hereinabove, the comparable properties file 416
(see reference numeral 256, FIG. 10) can be viewed by clients as
well as by agents 20. This is because agents 18, 20, in general,
even those agents 20 that have not listed the property, are able
to enjoy the buyer/seller functionality 402 level of the system
10.
Listing agents 18 may also access a listing reports subroutine
418 (see also FIG. 14) in which they can select a listing for details
420, select a listing for reports 422, select a listing competition
report 424 that shows comparable properties and see who (i.e., what
other agents 20 and their clients) have viewed and saved the properties
426 that the listing agent 18 has posted with the system 10.
This is valuable in determining the relative activity appertaining
to any given listed MLS property that the listing agent 18 has posted.
Furthermore, the listing agent 18 may wish to share (i.e., to e-mail)
this information to his seller-client 22 (i.e., the person that
has listed the property with the listing agent 18).
The seller 22 will feel well served by receipt of activity that
is sent to him by the listing agent 18. Furthermore, the listing
agent 18 is freed of having to determine, or worse yet guess, at
the level of activity and try to answer the questions of the seller
22 in this regard. An objective compilation of activity regarding
any listed property is provided by the system 10.
Both the listing agent 18 and the non-listing agent 20 are able
to view the file of reports or disclosures 428 that relate to any
given property. Refer also to FIG. 15 for details as to how the
listing agent 18 only may submit the report by facsimile to the
system 10.
The disclosures 428 file will include a listing of any property
defects and the like. Obviously, the seller 22 will not want clients
(i.e., other buyers 24 or other sellers [not shown]) to view this
information. The law requires that such a disclosure be made to
the prospective buyer 24. The seller 22 will normally rely upon
the discretion of the agents 18, 20 to access this information and
to only share it with appropriate prospective buyers 24.
The listing agent 18 need only supply this information to the system
10 once. Other agents 20 are then able to access it and to disseminate
it as required. This lessens the burden of the listing agent 18,
which in turn further encourages agents 18, 20 to list properties
with and to otherwise utilize the system 10.
Referring now to FIG. 16, the detailed flowchart as to how listing
agents 18 can post to the system 10 upcoming MLS property listings
in a timely manner or make edits to existing postings of upcoming
properties.
This information is not generally made available to buyers 24 or
sellers 22 but it is available to both listing agents 18 as well
as non-listing agents 20. The agents 18, 20 can search for properties,
including upcoming properties, that match the needs of their prospective
buyer clients 24 and the agents 18, 20 may, themselves, share this
information with their selected clients 24, in particular those
clients 24 who desire to purchase the types of property that are
soon going to be listed with the MLS.
It is important to note that the sellers of these upcoming properties
have agreed to use the MLS in order to maximize the chances for
selling their properties. For various reasons, a seller or agent
may not yet be ready to put a property in the MLS (i.e., the house
is not ready, etc.).
Referring now to FIG. 17, the agent 18, 20 may fetch from the database
16 files of all of his clients (that have logged onto the system
10).
The agent 18, 20 may use these subroutines to duplicate the functionality
of the buyer/seller briefcase 150 in that the agent 18, 20 may view
the saved searches of a particular client, view any recent activity
by the client, view the favorites files of the client, or send e-mail
to the client, for example, a property defects report to the prospective
buyer 24.
The agent 18, 20 may also deny access to the system 10 (i.e., to
the site) to certain clients at his discretion, for example, if
they are no longer the client of the agent 18, 20. The client 22,
24 would then have to establish a relationship with another authorized
agent in order to continue having access to the features of the
system 10.
When the term "agent" is used, it is to be understood
that this term refers to any type of a real estate agent including
real estate brokers.
Operation:
In use, all data, including property descriptions and related information
is entered into the database 16 by agents 18, 20 and, as was mentioned
hereinabove, by other data entry and computer specialists (not shown).
Agent 18, 20 information and client 22, 24 information is automatically
captured as they log into the system 10.
To gain access, agents 18, 20 must furnish all necessary information
and pay for a term of subscription to the services provided. The
agents 18, 20 must agree to the terms and conditions of use as are
indicated on various "screens" that are presented to them
on their own computer. They "click" on certain icons to
signal their agreement in order to complete the initial log on procedure.
They also select a password that matches with their name and is
needed in order for them to later log on and to gain access to the
system 10 providing, of course, that their subscription is still
current or that they are still within a grace period.
During normal login, agents 18, 20 need only enter their name and
password in order to gain access to all of the system 10 features
and services. Once they have subscribed, the names of agents 18,
20 will appear on the data base 16 for clients 22, 24 to choose
amongst as the clients 22, 24 select an agent with whom to establish
a working relationship.
Both buyers 24 and sellers 22, in order to gain access to the system
10, must furnish all necessary information and select an authorized
agent (i.e., one who is current in their membership subscription
status) with whom they will work. The buyer 24 or seller 22 must
first commit to work with that agent whom they have selected (identified
by either reference numeral 18 or 20) by clicking on certain icons
on a "commitment screen".
The commitment, while not necessarily legally binding, nevertheless
establishes a working relationship between the client 22, 24 and
the agent 18, 20. The agent 18, 20 is, of course, notified by the
system 10 whenever a new client 22, 24 elects and establishes a
relationship with him or her.
Buyers 24 and sellers 22 must also agree to the terms and conditions
of use that are also presented to them. They "click" on
certain icons to signal their agreement and complete their initial
log on. They also will select a password that must match their name
in order for them to later log on and gain access to the system
10.
After having selected an agent 18, 20 to work with and after having
completed their initial log in, both buyers 24 or sellers 22 need
only enter their name and password in order to log on thereafter.
Of course, for both agents 18, 20 as well as for buyers 24 and
sellers 22 in order to log onto the system 10 over the Internet
12, it is necessary for them first to enter an address (i.e., "URL")
that will allow them to access the server 14 of the system 10, as
is well known in the Internet and computer-related arts.
The invention has been shown, described, and illustrated in substantial
detail with reference to the presently preferred embodiment. It
will be understood by those skilled in this art that other and further
changes and modifications may be made without departing from the
spirit and scope of the invention which is defined by the claims
appended hereto. |