Real estate abstract
A system and method for tracking, monitoring, and supporting self-procurement
of an individual for the purchase of a home. As a self-procuring
principal (SPP), the individual would be entitled to the real estate
commission payable to licensed real estate agents. To aid the SPP
in his self-procurement activities, the system provides information
to the SPP of property listings that match the SRP's search criteria.
The system also provides comparable sales information of other homes
in the area, school district reports, environmental hazard reports,
and automated offer drafting assistance. If the SPP wants to view
a property, the system coordinates such viewing by contacting chaperones
to provide the showing of the property. The SPP's self-procuring
activities are tracked by the system for inclusion in the SPP's
loan file. The report certifies that the SPP has indeed represented
and procured himself, and thus, is entitled to the real estate commission.
The SPP can then apply the commission towards the downpayment of
a home.
Real estate claims
What is claimed is:
1. A method for tracking, monitoring, and supporting the purchase
of a real estate property by a buyer via an electronic information
system, the method comprising: generating a user tracking record
for the buyer, the user tracking record storing a list of activities
of self-procurement engaged by the buyer in completing the purchase
of a real estate property; storing in the tracking record information
about the buyer's attendance in a home counseling program; downloading
real estate property listings from a professional real estate database
into a local listings database accessible to the buyer; authenticating
the buyer as an authorized user of the electronic information system;
receiving real estate property search parameters from the buyer;
searching the local listings database for a property matching the
search parameters; notifying the buyer of a matched property; updating
the tracking record with the notification information; entering
a viewing appointment for the matched property; updating the tracking
record with results of the viewing appointment; invoking a user
application module for drafting a purchase offer for the matched
property; updating the tracking record with information on the purchase
offer; storing in the tracking record closing activities engaged
by the buyer in completing the purchase of the matched property;
and providing verification based on the tracking record that the
buyer has engaged in activities of self-procurement performed using
this system, which substitute for the services of a licensed real
estate professional to earn a real estate commission associated
with the matched property for use of the real estate commission
as downpayment for purchasing the matched property.
2. The method of claim 1, wherein the step of notifying comprises
sending electronic mail to the user.
3. The method of claim 1, wherein the step of notifying comprises
sending a pager alert to the user.
4. The method of claim 1, wherein the step of notifying comprises
transmitting profile data of the matched property from the listings
database.
5. The method of claim 4, wherein the step of notifying comprises
establishing a communications link between the electronic information
system and an SPP computer, the SPP computer displaying the profile
data on a display monitor.
6. The method of claim 4, wherein the step of transmitting the
profile data comprises providing an audio recording of the data.
7. The method of claim 1 further comprising receiving a request
of a report related to the matched property and updating the tracking
record with a log of the request.
8. The method of claim 7, wherein the report is a comparable sales
report including sales information of a property in a district where
the matched property is located, the property having at least a
portion of features of the matched property.
9. The method of claim 7, wherein the report is a school district
report of a district where the matched property is located.
10. The method of claim 7, wherein the report is an environmental
hazard report of a district where the matched property is located.
11. The method of claim 7, wherein the report is an offer assistance
report for the matched property.
12. The method of claim 1 further comprising the steps of: downloading
property profile data from a remote computer; modifying downloaded
profile data; and storing the modified profile data into the listings
database.
13. The method of claim 1 further comprising the steps of: creating
a demand feature profile from a plurality of SPP profiles in the
client database; searching an assessor's property database for a
property matching the demand feature profile, the assessor's property
database comprising profile data of properties that have not been
placed for sale; and informing an owner of the matched property
of a demand on the property.
14. The method of claim 1 further comprising: determining whether
a new property listing has been included in the professional listings
database; downloading the new property listing from the professional
listings database into the local listings database; determining
whether information on the new property listing is to be edited;
editing the information on the new property listing; determining
whether the new property listing matches the real estate property
search parameters; retrieving information on a notification mechanism
for the buyer from a user record; and providing notification to
the buyer of the new property listing based on the notification
mechanism.
Real estate description
FIELD OF THE INVENTION
The present invention relates generally to computer implemented
systems for facilitating real estate activities, and more particularly,
to a system and method for tracking, monitoring, and supporting
individuals to represent themselves towards the purchase of a real
estate property.
BACKGROUND OF THE INVENTION
In 1995 the United States Government adopted a National Homeownership
Strategy (the "Strategy") with a primary goal to propel
the rate of homeownership to an all-time high by the end of the
year 2000. The Strategy is described as "a call to action,
not an academic exercise." In the following quotation, the
Strategy cited a major barrier that would have to be overcome to
realize this goal: "For many potential homebuyers the lack
of cash available to accumulate the required down payment and closing
costs is the major impediment to purchasing a home." The Strategy
further suggested that the real estate and lending industries needed
to focus on three issues to overcome this barrier: 1) cut transaction
costs; 2) reduce down payment and mortgage costs; and 3) increase
availability of financing. In addition, a key element of the financing
strategy was to pass on savings to consumers created through reengineering
both the mortgage and real estate sales process.
The traditional path to homeownership requires the buyer to provide
a down payment of approximately four to five times their normal
monthly housing cost as a test of their homeownership commitment.
This requirement can be difficult to meet for many homebuyers. Saving
five or six thousand dollars often requires people to take on a
part time job for as long as a year or more, especially when taxes,
child care and transportation costs are considered. This means a
potential homebuyer may need to spend an additional 400 to 700 hours
away from their families while working to accumulate the necessary
funds for a downpayment. This time commitment can be very disruptive
to normal family life. Testing the buyer's resolve to achieve homeownership
in a manner that alienates them from their families is not in the
interests of government or the consumer. Also, this process can
be especially burdensome for single parent households.
The government has responded to this need with limited down payment
assistance programs for first-time and low-income homebuyers. These
programs have allowed many to attain homeownership, but it has brought
frustration to even more people due to the limited funding availability.
Stringent qualifications restrict disbursing funds to only the most
needy of applicants. As budget cutbacks are threatened, the prospect
of government subsidized programs as a consistent source of down
payment assistance looks bleak. While the simplest solution may
be to remove the down payment requirement altogether, this would
require an act of Congress. The National Housing Act mandates a
three percent cash investment from homebuyers using the FHA loan
program offered through HUD, the Department of Housing and Urban
Development.
Currently, other methods of measuring the buyer's cash contribution
into the transaction have been allowed by HUD. One well-known program,
Habitat for Humanity, promoted by former President Jimmy Carter,
allows lower-income homebuyers to contribute construction labor
in what can be described as an old style "barn-raising"
cooperative. This type of cash investment, known as "sweat
equity", entered the FHA loan underwriting handbook in December
of 1988.
While the Habitat for Humanity program has literally put thousands
of people in their own homes across the country, it falls short
of being considered a major solution. Because buyers are required
to perform labor on the basic structural components of the home,
such as framing, roofing, electrical, plumbing, etc., the program
requires professional construction supervision to ensure that the
participant's efforts meet industry standards. In addition, in the
resale market where over 80 percent of the transactions take place,
the opportunity for the buyer to provide construction labor as the
cash investment does not exist. Also, a physically impaired homebuyer
would have difficulty participating. This encourages regulators
to seek out a program design that reflects better compliance with
the Americans with Disabilities Act, as well as one that is available
on more homes to provide better selection.
Chapter 7 of The National Homeownership Strategy introduced homebuyer
counseling as a new concept into the discussion of mortgage default
prevention. Homebuyer counseling was cited as a practice that effectively
reduces the risk of mortgage default. In order to promote its use,
the Strategy recommended that pre-purchase counseling become an
integral part of the homebuying process, that a predictable stream
of funding sources be created for counseling, and that brokers,
lenders and counseling providers pool their resources to expand
homebuyer education.
Thus, HUD announced an initiative offering to reduce the charge
it makes for FHA mortgage insurance by a quarter percent for buyers
who participate in a HUD sponsored housing counseling program. The
incentive was doubled one year later through Mortgagee Letter 97-37.
HUD stated that it believed education made first-time homebuyers
better homeowners and borrowers, and that such homebuyers represented
a lower risk to the insurance fund. Therefore, the reduction in
the amount of the up-front premium collected from these homebuyers
was justifiable.
HUD also called upon the real estate and lending industries to
market the initiative and even developed a special homebuyer training
course called the Homebuyer Education and Learning Program (HELP).
In order to promote its use, HUD allows homebuyers to obtain training
even after they have become committed to a purchase contract. While
it may seem that placing someone through homebuyer training after
they contract to buy a home is putting the cart before the horse,
HUD has little choice in the matter. HUD cannot force their training
into the marketplace, but must work in cooperation with the real
estate industry. Since the industry is dominated by a sales force
that derives its income from commissions, it may be unrealistic
to expect them to turn over control of their client to a government
sponsored instructor.
Thus, use of true pre-purchase counseling is all but non-existent
in the marketplace. What is actually being performed in order to
obtain the FHA mortgage insurance premium discounts is pre-closing
counseling. The difference is simple, yet important. Homebuyers
are currently being sent to an abbreviated class after they have
been obligated in a purchase contract and rarely before. This is
in spite of the fact that true pre-purchase counseling was originally
declared by HUD as being the preferred format. Mortgagee Letter
98-01 released in January of 1998 reprimanded the industry for allowing
grossly inadequate homebuyer counseling in exchange for the mortgage
insurance reduction. HUD warned that training must be provided in
a classroom, face to face or electronic media format, and involve
15 to 20 hours of instruction to claim the premium discount. It
is argued that the industry does not embrace pre-purchase counseling
as it tends to undermine their control of the prospective homebuyer.
By waiting until the client is obligated in an agreement to purchase
a home, real estate agents prevent the possibility of losing a client
as a result of information provided to them in homebuyer counseling
sessions. Typically, only after purchasing a home is the buyer referred
to a counseling program to claim the FHA insurance discount. While
this defeats the purpose of educating them, it may well be that
pre-closing as opposed to actual pre-purchase counseling is the
best voluntary level of compliance HUD can get from the present
real estate industry.
HUD's difficulty in enforcing greater compliance with their pre-purchase
educational curriculum stems from their policy of financing the
mortgage insurance premium. Giving a discount on the up-front mortgage
insurance premium does not reduce the buyer's cash investment requirement,
it only reduces their monthly payment by approximately $5. The nominal
motivation of $5 is not sufficient to compel homebuyers to attend
HUD's full 15 hour classroom training. In fact, the incentive is
so negligible that acquiring the discount becomes little more than
an afterthought. A more compelling reward needs to be offered to
entice homebuyers to attend these classes.
One response that resulted from the National Home Ownership Strategy's
call to action, was from non-profit organizations that generate
down payment assistance through a fee paid by sellers. One such
program is known as the Nehemiah Program, operated by Nehemiah 2000
Homeownership Inc. (Nehemiah) . Nehemiah imposes a four percent
fee on the seller if the seller's buyer is to receive a three percent
down payment gift from the program. The trouble with such a design
is that transaction costs increase instead of decrease. Buyers are
told, that due to the large fee being paid by the seller, it is
likely that they will have to pay the seller's full asking price
or possibly even more. It is apparent that the non-profit programs
are really just providing 100% financing through inflated sales
prices, which mitigates the value of such home buying designs. In
addition, while such organizations are required to only dispense
funds to those that have attended homebuyer counseling, the programs
still accept training that occurs after a contract is entered.
Accordingly, public demand exists for a new format in real estate
brokerage. Examining the results of the Gallup Poll's annual Honesty
and Ethics survey can best prove this. Since entering the poll in
1977, real estate agents have not been able to attain greater than
a 17% public confidence rating for possessing high or very high
ethics. This compares to the 50%+ratings received by doctors, dentists,
engineers and the clergy. By re-engineering the real estate sales
process, sufficient funds can be generated to fuel downpayment assistance
programs that can entice homebuyers to attend HUD training courses
prior to purchasing a home.
SUMMARY OF THE INVENTION
One solution to the problems of inconsistent down payment assistance
funding and under-utilized pre-purchase homebuyer counseling is
the utilization of a "Self-Representing Principal" (SRP)
format. This solution was invented by the Applicant herein, and
approved by the U.S. Department of Housing and Urban Development
for use with its FHA loan programs on May 13, 1998. The SRP format
is rooted in HUD underwriting regulations that came into effect
in Revision 4 of the 4155.1 HUD Credit Underwriting Handbook in
June of 1992 as Section 2-10 (P). This regulation reads as follows:
Commission from Sale. If the borrower is entitled to a real estate
commission from the sale of the property being purchased, that amount
may be used for the cash investment with no adjustment to the maximum
mortgage required. A family member entitled to the commission may
also gift those funds to the homebuyer.
Many, including HUD, have assumed over the years that this regulation
was provided for licensed real estate agents purchasing their own
homes. This assumption was not true. The federal government defers
to the state with regard to licensing requirements for real estate
activities. The applicant herein has been unable to identify any
state that prohibits unlicensed principal self-representation in
real estate transactions. In fact, the California Department of
Real Estate issued a letter indicating that principals do not have
to be licensed to earn a commission while purchasing their own home.
HUD acknowledged this fact when it issued approval of the SRP procedure.
Multiple Listing Service rules typically specify that the commission
is earned through the act of procuring or finding the buyer. In
the SRP format, the buyers procure themselves, thereby earning the
commission. It is possible for someone to represent himself or herself
in a home purchase transaction without a license, but he or she
cannot represent someone else.
A self-representing principal (SRP) is a non-real estate licensed
individual that seeks to purchase a property for his or her own
account under buyer-broker agreement through a Multiple Listing
Service member-broker. The SRP obtains property availability information
through the broker's information system and support services. The
brokerage agreement provides that the SRP will be entitled to a
pre-negotiated share of the commission paid to the brokerage office
that is earned through the SRP's purchase of a home. The SRP may
also be referred as a SPP, self-procuring principal, or a SDP, a
self-directing principal.
Section 2-10(p) of HUD's credit underwriting regulations allows
the SRP format to provide down payment assistance through market
efficiencies instead of government funding. In addition, it maintains
compliance with the National Housing Act's three percent cash investment
requirement. The SRP format further allows those who are physically
impaired and unable to take advantage of sweat equity programs,
to reap the rewards of their homeownership dedication by obtaining
downpayment assistance on the basis of their educational efforts.
Giving homebuyers the ability to use the commission as their downpayment
results in a homebuying process that is more useful to all Americans.
It allows them to access the money they need to buy their home by
becoming educated about the homebuying process directly from HUD
and before they have entered into a purchase agreement. The SRP
format contributes to achieving HUD's goals by providing a consistent
non-government source of down payment assistance that HUD controls
through their homebuyer education requirements. Since HUD's approval
of this program requires the buyer's participation in pre-purchase,
not pre-closing, counseling, HUD is assured of their opportunity
to present the government's information prior to the buyer entering
a contract.
The SRP format gives buyers ample reason to attend a full-length
HELP training course, as they are then capable of accessing thousands
of dollars in commissions for use toward their down payment. In
most cases, the entire down payment requirement can be met through
the earned commission. The value in this design is its ability to
create a homeowner of someone who otherwise would not be. Thus,
the SRP format provides HUD with the carrot it needs to attract
homebuyers to the HELP classes. The mass utilization of homebuyer
education was a goal embodied in the National Homeownership Strategy
and one which the SRP format should achieve.
As a bonus for someone using the SRP format, commission funds acquired
in this manner are not considered taxable, but rather a reduction
to the tax basis of the home. This is advantageous to the homebuyer
in light of the new capital gains exemption of up to $500,000 on
a personal home. The lack of taxability on the SRP's commission
stems from the fact that the homebuyer performs representation services
for himself and the value of services one performs for oneself is
not considered income.
The SRP format is therefore an alternative format to traditional
brokerage practice. It employs the principles of the National Home
Ownership Strategy to achieve the goal of expanding the availability
of downpayment assistance. The SRP option puts homebuyers in control
of the purchasing process and allows them to reap financial rewards
which would be unavailable otherwise. By making homebuyers an integral
part of this process, they are likely to be more deliberate in selecting
their homes. This should result in greater homeownership satisfaction
and decrease the possibility of default to the insurance fund.
Accordingly, the present invention comprises a computer system
that tracks, monitors, and supports self-representation of a user
in a real estate transaction. According to currently established
requirements, the homebuyer using the system will have completed
an educational program qualifying him or her for self-representation,
and thus, at least a portion of real estate commissions for use
towards downpayment of a home.
The system has access to a client database and a real estate property
listings database. The listings database includes listings of property
with property profile data. The tracking, monitoring, and supporting
of the user comprises entering user profile data into the client
database, the data including real estate property search parameters.
The listings database is searched for a property profile matching
the user profile. The matched property profile is retrieved from
the listings database, and the user notified of the matched property.
The property profile data might be transmitted in conjunction with
the notification. Otherwise, the profile information is transmitted
after the notification has been sent.
In one aspect of the invention, the system also tracks user self-representation
activities relating to a matched property.
In another aspect of the invention, the system provides school
district reports, or environmental hazard reports of a district
where the matched property is located. The system further provides
comparable sales reports or offer assistance reports of the matched
property.
In yet another aspect of the invention, the system also coordinates
the viewings of the matched property.
In still another aspect of the invention, the system creates a
demand feature profile having property features from a plurality
of user search parameters in the client database, and searches on
assessor's property database for a property matching the demand
feature profile. The assessor's property database includes profiles
of properties that have not been placed for sale. The system further
informs an owner of the matched property of market demand for the
property.
BRIEF DESCRIPTION OF THE DRAWINGS
These and other features, aspects and advantages of the present
invention will be more fully understood when considered with respect
to the following detailed description, appended claims and accompanying
drawings wherein:
FIG. 1 is an exemplary semi-schematic block diagram of a system
for tracking, monitoring, and supporting a self-representing principal
in accordance with the present invention;
FIGS. 2A-2B are illustrations of an exemplary activity tracking
report generated by the system of FIG. 1;
FIG. 3 is an exemplary semi-schematic block diagram of system modules
and database structures of the system of FIG. 1;
FIG. 4 is an exemplary process flow diagram of a client/SRP maintenance
module of FIG. 3;
FIG. 5 is an exemplary process flow diagram of a property listing
maintenance module of FIG. 3;
FIG. 6 is an exemplary process flow diagram of a client notification
module of FIG. 3;
FIG. 7 is an exemplary property availability report generated by
the system of FIG. 1;
FIG. 8 is an exemplary process flow diagram of an Internet support
module of FIG. 3;
FIG. 9 is an exemplary process flow diagram of a touchtone support
module of FIG. 3;
FIGS. 10A-10B are exemplary process flow diagrams of a Home Viewing
Coordination module of FIG. 3; and
FIG. 11 is an exemplary process flow diagram of a reverse multiple
listing service module of FIG. 3.
DETAILED DESCRIPTION OF THE INVENTION
In general terms, the present invention is directed to a particular
system and method for tracking, monitoring, and supporting self-representation
of an individual in real estate related activities. Generally, such
activities will relate to endeavors towards the purchase of a home.
However, one skilled in the art should recognize that the activities
might also relate to the purchase or leasing of real estate properties
in general.
According to a currently preferred embodiment, an individual who
becomes qualified for self-representation may act as his or her
own real estate agent. As a self-representing principal (SRP), the
individual would be entitled to all, or at least a portion, of the
commission otherwise payable to a licensed agent representing the
individual. The SRP would then use the real estate commission towards
the downpayment of a property.
The current requirements developed by the applicant herein which
were submitted to and approved by HUD on May 13, 1998, establish
the procedure for an individual to be qualified as an SRP are as
follows:
a) the buyer has a certificate evidencing his or her training in
a consumer-oriented home purchase educational program;
b) the purchase agreement is entered into after the training certificate
is issued, the purchase contract reflecting the buyer's entitlement
to the commission;
c) the buyer has a documented ability to access property information
systems and obtain broker support services in the same manner as
a conventional agent;
d) the commission payable to the buyer in the purchase agreement
is identical to that which was offered to the brokerage industry,
as reflected in a Multiple Listing Service, a copy of which should
be included in the loan file;
e) the buyer does not have a contrived arrangement for payment
of commission, but rather a systematic approach to earning a commission
through homebuyer education and performance of typical representation
duties utilizing brokerage office support, in the same manner as
a licensed agent; and
f) an evaluation is done and a determination made that the commission
was not a gift from the listing agent as described in 4155.1 2-10C,
3rd paragraph of the HUD Credit Underwriting Handbook. (This element
was added by HUD as a requirement for insuring FHA loans. It amounts
to a restatement of item "e" reflecting the appropriate
regulatory citation.)
According to the above described procedure, an individual attends
a 15 hour housing counseling course, preferably conducted by a HUD-sponsored
non-profit organization, before he or she becomes qualified as an
SRP. It should be noted, however, that the number of counseling
hours required might vary depending on whether the buyer has attended
the course before, or based on modifications to the requirements
established by HUD or other government agency or department. After
counseling is completed, the buyer signs a self-representation agreement
with a real estate brokerage office having access to a system for
tracking, monitoring, and supporting self-representation activities
(hereinafter referred to as the system), and completes orientation
in the use of the brokerage office's services.
Once the SRP completes his or her orientation and is enrolled in
the system, the SRP can receive information of property listings
that match the SRP's search criteria. According to a currently preferred
embodiment, the system downloads property listing information from
a Multiple Listing Service (MLS) operated by a local group of real
estate professionals. A local MLS provides information to its members
of properties listed for sale in the local area. Because the SRP
is a client of a member brokerage office for the purpose of purchasing
a real estate property, such access to property listing information
does not violate MLS rules which currently prohibit access to non-members.
Instead, the SRP format involves an MLS member-broker re-distributing
compiled and filtered listing information to its contracted homebuyer
clients for purposes of obtaining a buyer for the property. This
practice is consistent with the stated purpose of a multiple listing
service and the techniques employed are compliant with the current
NAR model rules and regulations.
When a new property listing matching the SRP's profile is detected,
the system alerts the SRP of such listing, and further provides
profile information of the matched property. Upon receipt of such
notice and/or profile information, the SRP might request sales information
of comparable homes in the area, school district reports, environmental
hazard reports, automated offer drafting assistance, demographic
information, and other assistance and information for aiding the
SRP's self-representation activities.
The system tracks the SRP's self-representation activities and
generates an activity tracking report for inclusion in the SRP's
loan file. The report might then be used to certify that the SRP
has indeed represented himself, and thus, is entitled to the real
estate commission. The SRP can then apply the commission towards
the downpayment of a home.
Considering the foregoing summary of the features of the system
and method of the present invention, FIG. 1 depicts a simplified,
semi-schematic block diagram of an exemplary tracking, monitoring,
and support system in accordance with the present invention. The
system comprises at least one network server or a platform computer
10 in communication with an MLS system 12 via a communications link
14. Network connection via the communications link 14 may be performed
by a number of well known methods including LAN connection, WAN
connection, RS-232 connection, R/F communication, and the like.
The network server or platform computer 10 periodically downloads
property listings data from the MLS system 12 into a local MLS database.
The MLS database resides in a local mass storage device 16 taking
the form of a hard disk drive or drive array. The downloaded data
includes profile information relating to the property's price, location,
bedroom and bathroom count, square footage, number of stories, and
the like. Alternatively, instead of downloading property listings
data from the MLS system, the data is entered directly into the
system by a brokerage employee 20.
The mass storage device 16 further hosts a client/SRP database
and a property listings database. The client/SRP database comprises
a series of records of SRPs who have met the necessary requirements
for self-representation and are enrolled in the system. An SRP record
is headed and identified by a client name or a client ID. Following
the client name or ID, the data record includes a client profile
entry comprising property profile search fields (search parameters).
Exemplary search parameters include price, location, bedroom and
bathroom count, square footage, number of stories, and the like.
The record also includes the client's physical address, e-mail address,
pager number, facsimile number, and/or telephone number, for notifying
and providing property profile information and related reports of
a property matching the client's search parameters. The record,
moreover, includes fields for storing the client's passcodes for
Internet and touch tone access.
In addition to the foregoing, each SRP record includes the SRP's
financing qualifications such as monthly income, current rent, first-time
homebuyer status, number of persons in the household, and the like,
for automatically determining whether the SRP is qualified for city,
county or other forms of down payment or monthly payment assistance.
A system status field indicates the status of each SRP as being
active, inactive, in negotiations, having a transaction pending,
or having a transaction closed.
The mass storage device 16 also hosts an activity tracking database
comprising a tracking record for each SRP enrolled in the system.
Each tracking record is headed and identified by a client name or
a client ID. Following the client name or ID, the tracking record
includes an information area for maintaining a log of the SRP's
self representation activities. The information area may be arranged
in a variety of ways, but is most advantageously configured as sequential
entries, with each entry specific to an activity being tracked.
An activity entry might include the date in which the activity took
place. An activity entry might further include text describing the
nature of the activity. In a preferred embodiment, the activities
tracked relate to home counseling course attendance, property availability
notification, interior inspection, offers and counter-offers, physical
inspection, termite inspection and clearance, corrective work, interest
rate lock, title and escrow company and home warranty provider selection,
walk-through, comparable sales requests, appraisal disclosure, seller's
escrow credit, title vesting selection, pre-closing statement disclosure
and acceptance, preliminary title report acceptance, and homeowner's
association documents. It should be apparent to those skilled in
the art that other activities might also be tracked to conform to
the rules established by HUD or any other governmental agency.
After the SRP has taken the steps to formalize the purchase of
a property, the system retrieves the SRP's tracking record from
the activity tracking database, and generates an activity tracking
report. FIGS. 2A-2B are illustrations of one such report. The report
is included into the SRP's loan file, and used to evidence that
the SRP has performed the typical duties of a licensed agent, entitling
the SRP to a real estate commission pursuant to the commission agreement
with their MLS member-brokerage office.
The property listings database, also hosted by the mass storage
device 16, comprises a series of records of property listings downloaded
from the MLS system 12 as edited by the brokerage employee 20. In
a currently preferred embodiment, property listings from the MLS
system are first downloaded to the local MLS database in the mass
storage device 16 on a periodic basis (e.g. every 15 minutes). The
brokerage employee 20 then strips any confidential information from
the downloaded property listing, and stores it into the property
listing database. Such confidential information might range from
alarm and lock box codes to comments about a seller's health condition.
By stripping the confidential information, the seller's privacy
is protected without compromising the SRP's ability to evaluate
the property. Thus, only statements concerning the property's features
and relevant terms and conditions of sale, are disclosed. Additional
remarks relating to the property might also be entered by the brokerage
employee 20 in a comments section of the downloaded listing. The
brokerage employee 20 might further enter proprietary listings not
originated from the MLS system 12, into the listings database.
All edited proprietary property profile information is stored as
a record in the property listings database. Each property record
is headed and identified by a property ID which, in a preferred
embodiment, is the ID assigned by the MLS system 12. Alternatively,
the system might provide its own property ID in addition or in lieu
of the MLS ID.
Furthermore, the system also maintains videographic image data
of available properties, generally in the form of photographs, in
a property photo database. The image data might be obtained by a
field agent visiting a property and taking a picture of the property
with a digital camera or any other device capable of outputting
a digital image. The videographic image might comprise either gray
scale or color video data. Preferably, the videographic image data
will be in color to adequately represent the property's appearance.
This data is associated with its property ID and then stored in
the property photo database.
In a currently preferred embodiment, the brokerage employee 20
also makes a narrative recording of the property's features and
stores the recording as a digital sound file in a narration database.
As in the property photo database, each recording file in the narration
database is identified by its property ID.
The system notifies the SRP of a property matching the user's search
parameters via one or more communication methods elected by the
user. In doing so, the system searches the SRP's record for a pager
number, telephone number, e-mail address, facsimile number, or any
other type of contact information. If a pager number exists, the
system, either automatically or via the brokerage employee 20 making
use of a telephone 22, issues a page alert to the SRP's pager 24.
The system also sends notifications to the SRP's cellular phone
26, telephone 28, fax machine 30, and/or e-mail address if such
methods of notification were elected by the SRP.
The alert might be as simple as a statement that a matched property
was found, and provide the matched property's ID. Alternatively,
the alert might actually provide profile information of the matched
property.
In the first instance where the profile information is not provided
with the alert, the SRP receives such information in later communications
with the system. For instance, a property disclosure form might
be faxed, mailed, and/or delivered by courier to the SRP. Alternatively,
the SRP might use the telephone 28 or cellular phone 26 to access
the system's touch tone service and retrieve a recorded narration
of the matched property's profile. According to one embodiment,
the recorded information is accessible only upon input of a valid
password. Alternatively, the recording is automatically transmitted
to the SRP's telephone 28 or cellular phone 26 after the information
becomes available.
In yet another method of retrieving property information, the SRP
accesses the system's Web page through an Internet connection 32.
The Internet connection might comprise ISDN lines, ADS lines, DBL
lines, and the like. A personal computer 34 equipped with a modem
(not shown) might be used to access the Internet connection 32.
Alternatively, a television system 36 equipped with a digital or
analog set top box with Internet capabilities is used to connect
to the Internet. Once logged onto the system, the SRP enters his
or her client ID and password on the system's Web page. If the entries
are valid, the system provides access to property profile information
for display on a display monitor. The information might then be
stored in the user's PC 34 or television system 36, or printed on
the user's printer.
The SRP reviews profile data of a matched property and decides
if it suits his or her interests. If so, the SRP might perform a
drive-by exterior inspection to familiarize himself or herself with
the neighborhood and the property's setting. If, after this procedure,
the SRP desires to perform an inspection of the property itself,
the SRP calls the viewing desk at the brokerage office to arrange
an appointment for a viewing of the property.
The SRP may designate the viewing as exclusive or open. Exclusive
viewings are private. Open viewings allow the system to notify other
buyers whose search parameters also match the property's features,
of the date and time of the showing. The showing notification is
sent out to the other buyers via the communication methods described
above for property availability notices. Any subsequent SRPs attempting
to "piggyback" the showing can register their attendance
with the system to keep the appointment open in the event the original
SRP cancels. If the original SRP cannot make the appointment, and
no other SRP's have registered their attendance, the system proceeds
to cancel the viewing.
After the SRP has inspected the property, he or she can request
additional information on the property, its neighborhood and schools.
The SRP can also retrieve sales of comparable homes to determine
the value of the property, and hence, the price the SRP might wish
to offer. Offer composition tools available through the system allow
the SRP to prepare a Request to Draft Offer form for submission
to the brokerage office. The offer composition tools may be any
suitable commercial tool or software, such as Altaira.TM. available
from Geac Computer Corporation, LTD. The tools consist of closing
cost estimating routines that allow the SRP to consider the effects
of different interest rate and loan discount point options. By selecting
higher or lower interest rates in the software utility, the closing
costs may be re-calculated to inform the SRP of the accurate amount
he or she may need to request for seller paid costs. Since FHA loans
specifically allow a seller to pay up to six percent of the sales
price toward the buyer's closing costs, this feature assists buyers
in minimizing the amount of cash they will need to close escrow.
Once the SRP completes the Request to Draft Offer form, he or she
presents it to the brokerage manager at the brokerage office. The
manager assists the buyer by drafting the offer in a format acceptable
to the marketplace and obtains the SRP's signature approving the
offer. The brokerage office then transmits the offer to the MLS
listing office.
With the aid of commercially available tools such as Altaira.TM.,
the system is able to track the offer and any acceptance or counter-offers,
and provide a status report to the SRP upon request. The SRP, therefore,
can reliably stay up-to-date on the progress of the transaction
until a closing stage.
FIG. 3 is a block diagram of the modules and databases for aiding
the SRP in his or her self-representation activities. The modules
might reside operationally on a single network server or platform
computer 10. Alternatively, the modules might reside on a local
area network or wide area network.
A Client/SRP Maintenance Module 40 allows the brokerage employee
20 (FIG. 1) to make additions and edits to client records in a client
database 52. FIG. 4 is an exemplary process flow diagram, described
in terms of a computer program routine, of the Client/SRP Maintenance
Module. The process begins by displaying a selection screen in step
101. The selection screen comprises a listing of client records
in the client database 52, along with menu choices allowing addition
and edits of a client record and the SRP's tracking record. As a
menu choice is detected in step 102, the process inquires in step
103 whether the selection is valid. If the selection is invalid,
the process reverts to step 102 for another menu selection.
If the selection is valid, the process continues to inquire in
step 104 whether the employee selected an existing client record.
An affirmative answer causes the process, in step 105, to retrieve
the corresponding client record from the client database 52, and
the SRP's tracking record from an activity tracking database 60.
The process displays the retrieved information in step 108. The
SRP brokerage employee 20 may then edit the information as desired.
Referring back to block 104, if the existing client data is not
to be edited, the process creates a new client record and an SRP
tracking record in step 106, and adds appropriate profile and tracking
information in the records in step 108.
In step 109, the process inquires whether the client record is
to be saved. If the answer is YES, the process in step 107 stores
the edited or new client record in the client database 52. The process
also inquires in step 110 whether to print the client's profile
data. If the answer is YES, the process in step 111 prints a client
report containing the client's profile information.
The process also determines in step 112 if an SRP activity history
report is to be printed. If this is true, the process accesses the
activity tracking database 60 (FIG. 3) and generates such a report
in step 113. In a currently preferred embodiment, the report includes
data such as: the dates of enrollment and completion of the home
counseling program; the date the SRP signed the self-representation
agreement with a broker; the date the buyer received SRP orientation
from their broker; the dates and addresses of the property notifications
received by them; the dates and addresses of homes that were physically
viewed; any previous offers that were attempted but failed; the
date the successful offer was issued; the date the SRP attended
the physical inspection; and the date the SRP attended the pre-closing
walk-through inspection. This report evidences that the SRP has
indeed performed activities of a licensed real estate agent, and
allows the SRP to use the earned commission towards the downpayment
of a property.
Referring back to FIG. 3, a Listings Maintenance module 42 allows
the editing and storing of property listings downloaded from the
MLS system 12 (FIG. 1), or input directly into a property listings
database 54. FIG. 5 is an exemplary process flow diagram of the
Listings Maintenance module 42. The process begins by displaying
a selection screen in step 120. The selection screen comprises a
listing of property records in the property listings database 54,
along with menu choices allowing addition and edits of a property
record. As a menu choice is detected in step 122, the process inquires
whether the selection is valid in step 124. If the selection is
invalid, the process reverts to step 122 for another menu selection.
If the selection is valid, the process determines in step 126 whether
an existing property record was chosen for editing. If so, the process
continues to step 128 where the listing and corresponding photo
is retrieved from the property listing database 54 and the property
photo database 56, respectively. The process, in step 130, enters
the new property data or photo into the system. If the data or photo
is to be stored, as inquired in step 132, the process, in step 133,
stores the data or photo into the respective databases.
Referring back to step 126, if the brokerage employee did not select
to edit a property listing, the process inquires in step 134 if
a new property record is to be added. An affirmative answer causes
the process to create a new property record and add data or photo
of the property as described in step 130.
If the brokerage employee selected a print listings option, as
depicted by the YES branch to step 136, the process in step 138
prints a property report containing the property's profile information.
Referring again to step 136, if the employee did not opt to print
a listing, the process determines in step 140 whether the employee
selected a remark editing option. If so, the system continues to
step 142 where an MLS listing is retrieved from the MLS database
and edited in step 144. The employee might also add additional comments
in a comments section of the listing. The process in step 146 stores
the new or edited remarks in the property listings database 54 (FIG.
3), if such a selection is detected in step 148.
Referring back to step 140, a NO answer to the inquiry as to whether
a review agent remarks was made causes the process to continue to
step 150 where it inquires whether the employee has opted to create
or re-record a listing information narration. If so, the process
continues to step 152 where the process retrieves the corresponding
audio file, if it exists, from a narration database 58 (FIG. 3).
The employee may then hear, edit, and/or re-record the narration
in step 154. In step 156, the process inquires if the narration
is to be saved. If it is, the process stores the narration as a
digital audio file in the narration database 58 in step 158.
Referring again to FIG. 3, a Client/SRP Notifications module 44
provides up-to-date information of property listings matching the
SRP's search parameters. In this way, the SRP is not at an information
disadvantage to licensed agents practicing in the industry, as it
enables the SRP to become aware of new listings within a short time
of their being placed in the MLS system 12.
FIG. 6 is an exemplary process flow diagram of the Client/SRP Notifications
module 44. According to a currently preferred embodiment, the module
cycles in a "watchdog" fashion waiting for a new listing
from the MLS system 12 (FIG. 1). Accordingly, the process inquires
in step 170 whether such a new listing exists. If so, the process
in step 172 downloads the new listing from the MLS system. In step
174, the process compares the new listing with client profiles in
the client database 52 (FIG. 3). The process flags the matched listings
in step 176 for sending notifications to the matched SRPs. The process
further associates a narrative recording flag, photo flag and agent
remark editing flag in step 176, for operator intervention.
Referring back to step 170, if the process has downloaded all the
new listings from the MLS system, as reflected by the NO branch
to step 170, the process determines in step 178 if the new listings
have been edited. This might be accomplished by polling the remark
editing flag associated with the listing. If the remark editing
flag has not been set, edits are required. In this case, the process
transmits in step 180 a remark editing request to the brokerage
employee 20 (FIG. 1). The request might take the form of telephonic
pages and/or internal system alerts according to well known principles.
The requests are periodically transmitted until the brokerage employee
retrieves the listing from the MLS database, edits any confidential
information, and stores the edited property information into the
listings database 54. In a preferred embodiment, alerts are transmitted
every fifteen minutes. Those skilled in the art would recognize,
however, that longer or shorter time intervals may be used for sending
the alerts. Once a property listing has been edited, the process
sets the remark editing flag to TRUE.
In step 182, the process issues notifications of a matched property
listing if the confidential information has been edited. In doing
so, the process retrieves contact information (e.g. an e-mail address
or a fax number) from the record of a matched SRP. The process then
notifies the SRP of the new listing. If the SRP has elected to be
notified via e-mail or fax, the actual profile information of the
matched property is also transmitted to such e-mail address or fax
number.
The process also inquires in step 184 whether the new listings
have corresponding photographs in the property photo database 56
(FIG. 3). This might be accomplished by polling the photo flag associated
with each new listing. If the photo flag for a listing has not been
set, the listing does not have a corresponding photograph. In this
case, the process transmits a request for a photo in step 186. An
agent out in the field receives the photo request and proceeds to
take a digital photograph of the property. The agent delivers the
photograph to the brokerage employee 20 for input to the photo database
56. The process then sets the photo flag associated with the property,
to TRUE.
If a photograph of the new listing exists in the photo database
56, the process arranges the photograph and the edited property
profile information as a property availability report, and transmits
the report to matched SRPs in step 188. FIG. 7 is an example of
one such report.
In step 190, the process inquires whether the new listings have
corresponding audio files in the narration database 58 (FIG. 3).
This might be accomplished by polling the narrative recording flag
associated with each new listing. If the narrative recording flag
for a new listing has not been set, the listing does not have a
corresponding audio file. In this case, the process, in step 192,
transmits a request for such audio recording to the brokerage employee
20.
Upon receipt of such request, the brokerage employee 20 creates
an audio file of the property and stores it into the narration database
58. The process then sets the narrative recording flag to TRUE.
If an audio file for a new property exists in the narration database
58, the process, in step 194, transmits pager and voice mail notifications
containing a narrative of the property's profile to the matched
SRPs. Alternatively, upon receiving notification from the system,
an SRP might access the system's touch tone service via a telephone
to retrieve the narration. This method of retrieval is discussed
below in greater detail.
Referring back to FIG. 3, an Internet Support module 46 provides
Internet accessibility to the SRP. Communication with the SRP via
the Internet is currently preferred due to its speed and relatively
inexpensive operation costs. An SRP accesses the system via the
Internet connection 32 (FIG. 1) through the SRP's PC 34 or television
system 36.
FIG. 8 is an exemplary process flow diagram of the Internet Support
module. The process starts and continues to step 201 where the client
ID and password are requested for logging the SRP onto the system.
The process authenticates the password in step 202. If the ID or
password is incorrect, the process reverts to step 201 for re-entry.
If the input is validated, the process continues to step 203 where
a main selection menu is presented. The process continues to step
204 where a user menu selection is validated. If validation of the
selection fails, the process returns to step 203 for re-entry of
the selection. If a valid selection was made, the process continues
to step 205 where it inquires whether the SRP selected an option
to modify his or her property search criteria. If this is the case,
the process continues to step 206 where it accesses the client/SRP
database 52 (FIG. 3) and retrieves the SRP's search parameters from
the SRP's record. The process displays the search parameters for
user edits.
Upon completion of viewing or editing of the SRP's his or her search
parameters, the process continues to step 207 where the SRP may
elect to save the new search profile. If the SRP responds to step
207 by electing to save the new search profile, the process continues
to step 208 where the updated SRP record with the new search profile
is stored in the client/SRP database 52. In addition, the time and
date that the SRP modified the search profile as well as the content
of the search parameter modification is written into the SRP's tracking
record in the activity tracking database 60. This allows generation
of tracking documentation for the SRP's loan file according to the
currently established HUD procedures.
Referring back to step 205, if the process determines that the
user did not select the option to edit the search profile, the process
continues to step 209 where it determines if the user requested
a listing of the available homes matching his or her search profile.
If the answer is YES, the process continues to step 210 where the
process retrieves a listing of the matched properties from the property
listings database 54. The process continues to display the listings
to the SRP along with a sub-menu of options available for the displayed
listings.
The process thus inquires in step 211 if the user requested a comprehensive
property data display for a particular listing. If so, the process
continues to step 212 where it searches the listings database 54
and the photo database 56 for data corresponding to the selected
listing. The process retrieves property profile data from the listings
database 54 and the property's photograph from the photo database
56, and bundles the profile data and photo into a report format.
The process then displays the report to the SRP.
According to a preferred embodiment, the process further displays
school district information and environmental hazards information
retrieved from a school information database 64 and environmental
hazards database 66, respectively. The school district information
might include photos of the schools in the area, rankings, student-to-teacher
ratios, and the like. The environmental hazards information might
include information as to waste dumps, chemical factories, and the
like, in the area where the property is located. A person skilled
in the art should recognize, however, that additional types of information
relating to the property and its district can also be displayed
to the user. For instance, a link to the local sex offenders database
would allow display of a list of any convicted sex offenders in
the area. The process also records the SRP's selection to view property
data in his or her tracking record to document that the user reviewed
the subject property.
Referring again to step 214, if the user did not select to display
property data, the process determines in step 214 if the user chose
to review comparable sales information. If the answer is YES, the
process displays comparable sales information in step 215 for user
consideration. Comparable sales information includes photos and
data of property similar to the matched property in size, location,
amenities, and the like. The SRP might use this information in determining
the potential market value of the matched property. The process
records the SRP's selection to view comparable sales information
in his or her tracking record to reflect that the SRP considered
the comparable sales information in evaluating the property.
If the SRP did not select the option to review comparable sales
information the process inquires in step 217 if a viewing appointment
option was selected. If this is true, the process continues to step
219 where the process invokes a viewing appointment sub-routine.
The sub-routine, discussed in further detail below in conjunction
with FIGS. 10A-10B, presents a calendar to the user to indicate
the status of viewing opportunities for the matched property. The
user may request a viewing appointment for a certain time and day.
The process records the SRP's selection to view appointments in
his or her tracking record.
At step 218, the process determines if the user selected an offer
assistance option at step 210. If this is the case, the process
continues to step 220 where an offer assistant sub-routine is invoked.
The sub-routine provides current interest rates on the loan for
which the SRP has been pre-approved, and further allows the SRP
to create theoretical offer scenarios to accurately estimate their
monthly payment and cash down payment for the selected property.
The sub-routine incorporates taxation computations as well as miscellaneous
dues in estimating the total monthly payment the SRP would make
in the event the theoretical offer was accepted. The sub-routine
further provides an estimated escrow closing date and closing costs.
The SRP's actions upon invoking the offer assistant sub-routine
are also entered into the SRP's tracking record.
If the process determines in step 221 that the user has selected
to exit matched property selection list and associate sub-menu,
the process returns to step 203 where a main menu choice is expected.
Referring back to step 209, if the user did not select to list
matching homes, the process inquires whether the user has selected
to view his or her tracking history. If the answer is YES, the SRP's
history of HUD class training dates, SRP orientation, any self-representation
activities, and all other tracked activities is displayed in step
216. The tracking history might thus be used to certify the SRP's
execution of his or her functional duties, allowing the SRP to claim
that he or she has earned a real estate commission for use toward
a minimum cash investment requirement for a particular property.
Referring back to FIG. 3, a Touchtone Response module 48 allows
the SRP to obtain disclosures of matched properties by calling the
system via his or her telephone or cellular phone, and accessing
the system's touch tone services. All SRP activity while being connected
to the system is recorded in the SRP's tracking record.
FIG. 9 is an exemplary flow diagram of the Touchtone Response module
48. The process starts as it detects an incoming telephonic call
on the system's phone line. In step 250, the process requests a
client ID and password. The process continues to step 252 where
the ID and password are verified. If an incorrect ID or password
is provided, the process reverts to step 250 for valid input from
the user. Upon such valid input, the process continues to step 254
where it advises the SRP of any new listings matching the SRP's
search parameters. According to one embodiment, the system simply
plays an audio recording stating the number of such new matched
listings. The process then continues to step 256 where an audio
recording of a main menu is provided. For instance, the audio recording
might state: "Please press 1 to retrieve all new matched listings;
press 2 for comparable sales report; press 3 for offer assistance
report; press 4 for changing profile information; or enter the property
ID number of the property you would like to retrieve"
The user selects a menu item or enters a property ID number via
the keypad on his or her telephone. The process then inquires in
step 258 if a specific property ID was entered. If the answer is
YES, the process plays an audio recording of the status of the property
matching the property ID number in step 260. The audio recording
might advise the status of the property as active, expired, sold,
or pending, and further provide the asking price of the property.
The process next inquires in step 262 if the SRP has opted to review
all the new matching listings. If this is the case, the process
plays profile information of the new listings in step 264, including
the current sales prices, from newest to the oldest. In doing so,
the process searches the narration database 58 (FIG. 3) and retrieves
audio files of all the new property listings. An exemplary audio
recording might state: "At 7:40 am Thursday the property located
at 123 Elm Street in Any town--map grid no 693 A2, came on the market
at a price of $150,000. This property is described by the listing
agent as a 3 bedroom 2 bath single story home offering 1,500 square
feet of living space and a fireplace in the family room. The home
was built in 1988 and sits on a 7,200 foot lot. The listing agent
comments that the home is priced below market and is expected to
sell quickly. The escrow term indicated is 30 days or less. Please
drive by to see this home and, if interested, call back to arrange
an inspection."
If the SRP did not opt to review all the new matching listings,
the process continues to step 266 and determines whether the SRP
has selected a comparable sales information option from the main
menu. Upon an affirmative answer, the process in step 268 generates
industry standard reports of comparable sales. Such reports comprise
photos and data of property similar to the matched property. The
reports are transmitted to the SRP via the Internet, fax, or other
known communication methods. The SRP might then use this information
in determining the potential market value of the matched property.
Referring back to step 266, if the user has not selected the comparable
sales option, the process determines in step 270 whether an offer
assistance option was selected. If so, the process continues to
step 272 and generates an offer assistance report of a specified
property. For example, the report might contain instructions on
how to structure closing costs so that the SRP can close escrow
with no cash out of pocket. The report might also advise an SRP
of the opportunity under a HUD lending guideline allowing the financing
of household appliances, such as refrigerators, washers, and driers,
into a purchase offer.
An SRP utilizing the SRP's touchtone system might also change his
profile information by selecting a change user profile option from
the main menu. If such a selection is detected in step 274, the
process inquires which profile information the user wants to modify.
The SRP might, for instance, have a change of address, telephone
number, or property search parameters. The process retrieves the.
SRP's client record from the client/SRP database and proceeds to
update the record with the newly provided information. The process
ends upon detection of selection of an exit option in step 278.
Any property report, comparable sales report, or offer assistance
report selected by the user is then transmitted to the user via
the Internet, fax, or other selected communication methods.
Referring again to FIG. 3, a Home Viewing Coordination module 50
maintains a viewing schedule for the matched properties. FIGS. 10A-10B
are exemplary process diagrams of the Home Viewing Coordination
module. The process illustrated in FIG. 10A allows a brokerage employee
20 (FIG. 1) to maintain home viewing schedules through the system.
The process begins and continues to step 400 where the process waits
for a user menu selection. Once a selection is entered, the process
continues to step 402 where the selection is validated. If the selection
is invalid, the process reverts to step 400 where another selection
is expected.
When an SRP makes an appointment to view a home by contacting the
brokerage employee 20, the employee selects an add/modify option
from the menu provided to enter the SRP's appointment. Thus, the
process inquires in step 403 whether such a menu option was chosen.
If the answer is YES, the process continues to step 404 where an
electronic calendar is displayed with a list of all appointment
schedules. The user may filter the displayed appointment schedules
by client ID, chaperone name, or property ID. A chaperone is an
employee of the brokerage firm that facilitates the showing of the
property the SRP desires to view.
The employee enters the appointment time and date indicated by
the SRP through the electronic calendar. When the employee has completed
entering or editing an appointment, the data is saved into a home
viewing coordination database 68 (FIG. 3). Alternatively, if the
SRP is connected to the system via the Internet, the SRP may access
the add/modify option of the Home Viewing Coordination module and
enter the viewing appointment directly, without aid of the brokerage
employee.
Upon saving of a new appointment, the system sends an alert to
all chaperones available in the area, preferably via pager, to obtain
a commitment from one chaperone of his or her availability to do
a showing. The first chaperone to call the system and "lock
down" (i.e. reserve) the viewing will provide the showing services.
The chaperone must then confirm to the system that he or she will
be keeping the viewing appointment. Preferably, a chaperone confirms
a viewing between 30-45 minutes prior to the viewing appointment
time. If the viewing chaperone fails to confirm the appointment
prior to 30 minutes before the showing time, the system will issue
a page for them to respond. If the response is not forthcoming,
the system will alert office personnel so that the showing will
not be missed.
A chaperone might make reservations or confirmations of a viewing
appointment by accessing the Home Viewing Coordination Module via
the Internet. Thus, the process in step 405 inquires whether the
user has selected to reserve/confirm a viewing appointment. If the
answer is YES, the process marks the appointment as reserved/confirmed.
After a viewing, a chaperone and/or SRP reports back the results
of the viewing. If the chaperone has direct access to the system,
the results might be entered by the chaperone himself or herself.
Otherwise, the results are communicated to the brokerage employee
who then enters them into the system. The process thus inquires
in step 407 whether the user has selected an SRP viewing maintenance
option. If this is so, the process continues to step 408 where the
user inputs the results of the viewing of the property. For instance,
the user could describe the viewing as resulting in the following:
1) no-show by the chaperone; 2) no-show by the SRP; 3) property
unavailable (occupant refusal or other); 4) lock box problems; or
5) successful. The user might also enter a more detailed description,
such as a comment that the SRP was not satisfied with the floor
plan of the property he or she was viewing. The results are then
recorded in the SRP's tracking record.
The Home Viewing Coordination module further allows the brokerage
employee to maintain chaperone management information via selection
of a chaperone maintenance option. Thus, the process in step 409
inquires if such a selection was made. If the answer is YES, the
process continues to step. 410 where information about the chaperones
is displayed. Such information might indicate which chaperones are
active, and also state the preference of each chaperone for location
of the showing appointments. The employee might search for a chaperone,
based on the location of a property he or she wishes to view, and
edit information concerning the chaperone (e.g. chaperone's contact
number). The process then ends if the user then wishes to exit the
module in step 411.
FIG. 10B is a process diagram of an alternative method of making
reservations/confirmations of appointments by chaperones. According
to this embodiment, a chaperone might access the system's touch
tone service for reserving or confirming appointments.
The process starts upon detection and answer of a telephone call
to the system. In step 421, the process requests a chaperone I.D.
and password. The password is confirmed in step 422. If the password
or I.D. is incorrect, the process reverts to step 421 where the
data is re-entered. Otherwise, the input is confirmed and the process
continues to step 423 where the process plays an audio recording
of available appointments and outstanding confirmations. The process
also plays a recording of a main menu of options in step 424, and
awaits user selection of a menu option.
In step 425, the process validates a menu selection. If the selection
was incorrect, the process reverts back to step 424 where a new
selection is entered. If the chaperone entered a valid selection,
the process continues to step 426 where the process determines if
the chaperone requested the option to reserve a viewing appointment.
If this is true, the process, in step 427, provides an audio recording
of a series of appointment opportunities entered by the SRPs, and
requests that the chaperone select an appointment he or she wants
to secure. The appointment secured by the chaperone will then be
unavailable to other chaperones.
If the chaperone did not select to reserve an appointment, the
process inquires in step 428 whether the chaperone selected to confirm
an appointment. If the answer is YES, the process continues to step
429 where appointments that have been reserved by the chaperone
are presented via an audio recording. The chaperone may then confirm
that he or she will indeed keep the viewing appointment, or may
cancel the appointment, allowing notifications to be sent to other
chaperones.
After the chaperone has completed securing or confirming a viewing,
he or she exits the system as depicted by the YES branch to step
430.
Referring back to FIG. 3, a Reverse MLS Matching module 52 notifies
owners of unlisted homes that their property matches a certain number
of SRP profiles, and solicits them to bring their home to market
if they are interested in selling. Preferably, only owners of real
estate properties who have actively enrolled in the system are selected
for notification. The property profiles of such potential sellers
are stored in an assessor's property database 62. In an alternative
embodiment, notifications are sent to property owners even if they
are not enrolled in the system. This type of solicitation is nonetheless
passive from the owners' viewpoints as the system notifies the property
owners only in the presence of a high demand.
FIG. 11 is an exemplary process flow diagram of the Reverse MLS
Matching module 52. The process begins and, in step 301, a scoring
method is utilized to rate the level of demand of particular property
profiles by the SRPs enrolled in the system. For instance, if 90
out of 100 SRPs desire a property with a particular number of bedroom
and bath counts, square footage, and lot size, a market demand rate
of 90 points is given to this particular combination. In one embodiment
of the invention, a combination with a market rate of 50 points
or above is considered to be in high demand. It should be noted,
however, that other values might be utilized to determine what rating
constitutes a high demand rating.
In the above example, if most buyers' profiles, however, restrict
their search to one story homes and very few buyers monitoring this
area are willing to accept a two story home, a combination that
would otherwise be considered to be in high demand, when adding
a two story feature, would cause the market demand score for the
overall combination to significantly decrease. Thus, the higher
the score of a particular combination of features, the more readily
the market will absorb a property containing those features. On
the other hand, the lower the score, the more difficulty there will
be in finding an interested buyer for a property containing those
features.
Each combination of features with a high market demand rate is
designated as a demand feature profile. The process then continues
to step 302 where it searches the assessor's property database 62
(FIG. 2) for a property profile matching one of the demand feature
profiles. The matched property profile is then tagged for informing
the owner of the high demand, and for soliciting the owner to bring
the matched property to the market.
In step 304, the process also searches the matched property profile
for an e-mail or fax number of the owner who desires to receive
notification via e-mail or fax. The matched owners are thus contacted
via such means.
The described process of bringing unlisted properties to the market
that match the SRP's search parameters, allows the SRP's selection
opportunities to be expanded. In addition, the sellers can test
the waters to see how many buyers are looking for a property similar
to what the seller has, without the dread of a long listing, a lock
box on the front door, a for sale sign in the yard, or intrusive
phone calls from agents.
Accordingly, there has been brought to the art of computer systems
used in the real estate industry, a system and method for tracking,
monitoring, and supporting individuals to represent themselves during
the purchase of a real estate property. The described system and
method connects SRPs to the real estate marketplace. In doing so,
SRPs are informed of matched property listings, and given access
to property profile information as well as school district information,
hazardous waste information, and the like. SRPs may then conduct
a viewing, make offers, and ultimately conduct a closing of matched
properties. All SRP action is tracked by the system, and a final
report of such actions is provided for evidencing that the SRP has
indeed represented himself. The present system and method therefore
empowers homebuyers to take control of their real estate transactions,
and allows them to use earned commissions toward a downpayment of
a property.
While the present invention has been described in certain specific
embodiments, those skilled in the art will have no difficulty devising
variations which in no way depart from the scope and spirit of the
invention. It is therefore to be understood that this invention
may be practiced otherwise than is specifically described. Thus,
the present embodiments of the invention should be considered in
all respects as illustrative and not restrictive, the scope of the
invention to be indicated by the appended claims and their equivalents
rather than the foregoing description. |