Real estate abstract
A system and method for managing real estate transactions is provided.
The method includes the steps of receiving and storing data relating
to a plurality of contacts including buyers and sellers of real
estate, receiving and storing data relating to a plurality of vendors
each associated with at least one phase of a real estate transaction,
accessing vendor data based upon occurrence of a particular phase
of the real estate transaction and communicating data relating to
the vendors to a contact upon occurrence of the particular phase
of the real estate transaction. The system includes means for conducting
each of these steps.
Real estate claims
What is claimed is:
1. A method for managing real estate transactions over a distributed
computing network comprising the steps of:
(a) receiving and storing data relating to a plurality of contacts
including buyers and sellers of real estate in a contact database,
wherein each contact is associated with a real estate agent;
(b) receiving and storing data relating to a plurality of vendors
of real estate related services in a vendor database, wherein each
vendor is associated with at least one phase of a real estate transaction;
(c) accessing data in the vendor database relating to at least
one vendor based upon an occurrence of a particular phase of a real
estate transaction involving a contact;
(d) communicating said data relating to said at least one vendor
to the contact upon the occurrence of the particular phase of the
real estate transaction so as to market real estate related services
provided by a vendor to the contact;
(e) receiving and storing data relating to the services provided
by a vendor to the contact in the contact database; and
(f) providing the real estate agent associated with the contact
with access to the contact database over a distributed computing
network, so as to enable the real estate agent to monitor the services
provided to the contact by a vendor.
2. A method according to claim 1, further comprising the step of
determining a commission based upon a sale of vendor service to
said contact.
3. A method according to claim 1, further comprising the step of
determining a commission based upon the communication of data relating
to the vendors to a contact upon occurrence of the particular phase
of the real estate transaction.
4. A method according to claim 1, further comprising the step of
receiving and storing data relating to a plurality of sales agents.
5. A method according to claim 4, further comprising the step of
generating reports relating to activity of said plurality of sales
agents.
6. A method according to claim 1, further comprising the step of
receiving and storing data relating to real estate listings.
7. A method according to claim 6, further comprising the step of
transmitting data relating to said real estate listings to said
contact when said contact requests said data.
8. A method according to claim 1, wherein the step of accessing
vendor data occurs upon signing of a real estate listing agreement.
9. A method according to claim 1, wherein the step of accessing
vendor data occurs upon signing of a buyer agreement.
10. A method according to claim 1, wherein the step of accessing
vendor data occurs upon signing of a binder agreement.
11. A method according to claim 1, wherein the step of accessing
vendor data occurs upon closing of a contract for a sale of real
estate.
12. A method according to claim 1, wherein the step of accessing
vendor data occurs within a predetermined time period following
a closing date for a real estate contract.
13. A method according to claim 1, wherein the step of accessing
vendor data occurs within a predetermined time period preceding
a closing date for a real estate contract.
14. A method according to claim 1, further comprising the step
of assigning a move consultant to a contact upon the occurrence
of a particular phase of the real estate transaction.
15. A method according to claim 14, wherein the steps of accessing
and communicating data relating to vendors is conducted by the move
consultant.
16. A method according to claim 15, further comprising the step
of notifying the move consultant of the occurrence of a particular
phase of the real estate transaction.
17. A method according to claim 1, further comprising the step
of communicating future maintenance reminders to said contact based
upon historical data relating to goods and services provided to
the contact by a vendor during the real estate transaction.
18. A method according to claim 1, further comprising the step
of issuing an access code to each contact to permit each contact
to obtain discounted goods and services provided by the vendors.
19. A method for managing real estate transactions over a distributed
computing network comprising the steps of:
(a) receiving and storing data relating to a plurality of contacts
including buyers and sellers of real estate in a contact database,
wherein each contact is associated with a real estate agent;
(b) receiving and storing data relating to a plurality of vendors
of real estate related services in a vendor database, wherein each
vendor is associated with at least one phase of a real estate transaction;
(c) assigning a move consultant to each contact to facilitate communication
between the contact and at least one of the plurality of vendors
upon an occurrence of a particular phase of the real estate transaction
involving the contact, wherein the move consultant markets real
estate related services to the contact;
(d) receiving and storing data relating to the services provided
by a vendor to the contact in the contact database; and
(e) providing the real estate agent associated with the contact
with access to the contact database over a distributed computing
network, so as to enable the real estate agent to monitor the services
marketed to the contact by the move consultant.
20. A method according to claim 19, further comprising the step
of determining a commission based upon a sale of a vendor service
to said contact by said move consultant.
21. A method according to claim 19, further comprising the step
of determining a commission based upon the communication of data
relating to the vendors to a contact by said move consultant upon
the occurrence of the particular phase of the real estate transaction.
22. A method according to claim 19, further comprising the step
of receiving and storing data relating to a plurality of real estate
agents.
23. A method according to claim 19, further comprising the step
of receiving and storing data relating to real estate listings.
24. A method according to claim 19, further comprising the step
of accessing data related to at least one vendor upon an occurrence
of an event selected from the group consisting of signing a listing
agreement, signing a buyer agreement, signing of a binder agreement
and closing of a contract for a sale of real estate.
25. A method according to claim 24, further comprising the step
of notifying the move consultant of the occurrence of one of said
events.
26. A method according to claim 19, further comprising the step
of providing the move consultant with access to a database containing
information relating to a plurality of contacts.
27. A method according to claim 19, further comprising the step
of providing the move consultant with access to a database containing
information relating to a plurality of vendors of real estate related
goods and services.
28. A method according to claim 19, further comprising the step
of communicating future maintenance reminders to said contact based
upon historical data relating to goods and services provided to
the contact by a vendor during the real estate transaction.
29. A method according to claim 19, further comprising the step
of issuing an access card to each contact to permit each contact
to obtain discounts on goods and services provided by the vendors.
30. A system for managing real estate transactions over a distributed
computing network comprising:
(a) means for receiving and storing data relating to a plurality
of contacts including buyers and sellers of real estate in a contact
database, wherein each contact is associated with a real estate
agent;
(b) means for receiving and storing data relating to a plurality
of vendors of real estate related services in a vendor database,
wherein each vendor is associated with at least one phase of a real
estate transaction;
(c) means for accessing data from the vendor database relating
to at least one vendor upon an occurrence of a particular phase
of a real estate transaction involving a contact; and
(d) means for communicating said data relating to said at least
one vendor to the contact upon the occurrence of the particular
phase of the real estate transaction so as to market real estate
related services provided by a vendor to the contact;
(e) means for receiving and storing data relating to the services
provided by a vendor to the contact in the contact database; and
(f) means for providing the real estate agent associated with the
contact with access to the contact database over a distributed computing
network, so as to enable the real estate agent to monitor the services
provided to the contact by a vendor.
31. A system as recited in claim 30, further comprising means for
determining a commission based upon a sale of a vendor service to
said contact.
32. A system according to claim 30, further comprising means for
generating reports based upon the determination of commissions.
33. A system as recited in claim 30, further comprising means for
receiving, storing and presenting text and graphics relating to
real estate listings.
34. A system as recited in claim 33, further comprising means for
transmitting said text and graphics to said contact when said contact
requests said text and graphics via Internet communications.
35. A system as recited in claim 30, further comprising means for
analyzing surveys received from said contacts relating to performance
of a real estate company and employees thereof during a real estate
transaction.
36. A method according to claim 30, further comprising means for
communicating future maintenance reminders to said contact based
upon historical data relating to goods and services provided to
the contact by a vendor during the real estate transaction.
37. A system as recited in claim 30, further comprising means to
permit each contact to obtain discounted goods and services provided
by the vendors.
38. A method of cross-selling real estate related goods and services
during various phases of a real estate transaction cycle, comprising
the steps of:
a) receiving and storing data relating to a plurality of contacts
including buyers and sellers of real estate in a contact database,
wherein each contact is associated with a real estate agent;
b) receiving and storing data relating to a plurality of vendors
of real estate related goods and services in a plurality of vendor
databases, wherein each vendor is associated with at least one phase
of a real estate transaction cycle;
c) accessing a first data set from a vendor database relating to
at least one vendor based upon the execution of an agent agreement
by a contact commencing a first phase of the real estate transaction
cycle, and communicating the first data set to the contact based
upon data in the contact database to facilitate a sale of preparatory
goods and services to the contact during the first phase of the
real estate transaction cycle;
d) accessing a second data set from a vendor database relating
to at least one vendor based upon the execution of a binder agreement
by the contact commencing a second phase of the real estate transaction
cycle, and communicating the second data set to the contact based
upon data in the contacts database to facilitate a sale of closing
related goods and services to the contact during the second phase
of the real estate transaction cycle;
e) accessing a third data set from a vendor database relating to
at least one vendor based upon the execution of a contract for a
sale of real estate by the contact commencing a third phase of the
real estate transaction cycle, and communicating the third data
set to the contact based upon data in the contacts database to facilitate
a sale of postclosing related goods and services to the contact
during the third phase of the real estate transaction cycle;
f) receiving and storing data in the contact database that relates
to the goods and services provided by vendors to the contact; and
g) providing the real estate agent associated with the contact
with access to the contact database over a distributed computing
network, so as to enable the real estate agent to monitor the goods
and services provided to the contact by vendors throughout each
phase of the real estate transaction cycle.
39. A method according to claim 38, further comprising the step
of assigning a move consultant to a contact in the contact database,
the move consultant accessing data from the vendor databases during
each phase of the real estate transaction cycle for each assigned
contact.
40. A method according to claim 38, further comprising the step
of determining a commission based upon a sale to a contact during
any phase of the real estate transaction cycle.
41. A method of cross-selling real estate related goods and services
during various phases of a real estate transaction cycle, comprising
the steps of:
a) receiving and storing data relating to a plurality of contacts
including buyers and sellers of real estate in a contact database
containing a plurality of contact records, each contact record containing
information corresponding to a particular contact, wherein each
contact is associated with a real estate agent;
b) receiving and storing data relating to a plurality of vendors
of real estate related goods and services in a plurality of vendor
databases, each vendor database corresponding to a particular type
of good or service and containing a plurality of vendor records,
each vendor record containing information corresponding to a particular
vendor, each vendor being associated with a particular phase of
a real estate transaction cycle;
c) accessing a first vendor record based upon the execution of
an agent agreement by a contact commencing a first phase of the
real estate transaction cycle, and communicating information stored
in the first vendor record to the contact based upon information
stored in a contact record to facilitate a sale of preparatory goods
and services to the contact by the first vendor during the first
phase of the real estate transaction cycle;
d) accessing a second vendor record based upon the execution of
a binder agreement by the contact commencing a second phase of the
real estate transaction cycle, and communicating information stored
in the second vendor record to the contact based upon information
stored in the contact record to facilitate a sale of closing related
goods and services to the contact by the second vendor during the
second phase of the real estate transaction cycle;
e) accessing a third vendor record based upon the execution of
a contract for a sale of real estate by the contact commencing a
third phase of the real estate transaction cycle, and communicating
information stored in the third vendor record to the contact based
upon information stored in the contact record to facilitate a sale
of postclosing related goods and services to the contact by the
third vendor during the third phase of the real estate transaction
cycle;
f) receiving and storing data in the contact's record that relates
to the goods and services provided by vendors to the contact; and
g) providing the real estate agent associated with the contact
with access to the contact's record over a distributed computing
network, so as to enable the real estate agent to monitor the goods
and services provided to the contact by vendors throughout each
phase of the real estate transaction cycle.
42. A method according to claim 41, further comprising the step
of assigning a move consultant to a contact in the contact database,
the move consultant accessing at least one vendor record during
each phase of the real estate transaction cycle for each assigned
contact.
43. A method according to claim 41, further comprising the step
of determining a commission based upon a sale by a vendor to a contact
during any phase of the real estate transaction cycle.
44. A method according to claim 1, further comprising the step
of providing the contact with access to the contact database over
a distributed computing network, so as to enable the contact to
monitor the services provided by the vendor.
45. A method according to claim 19, further comprising the step
of providing the contact with access to the contact database over
a distributed computing network, so as to enable the contact to
monitor the services marketed by the move consultant.
46. A method for managing real estate transactions over a distributed
computing network comprising the steps of:
a) receiving and storing data relating to a plurality of contacts
including buyers and sellers of real estate in a contact database,
wherein each contact is associated with a real estate agent;
b) receiving and storing data relating to a plurality of vendors
of real estate related services in a vendor database, wherein each
vendor is associated with at least one phase of a real estate transaction;
c) assigning a move consultant to each contact to market real estate
related services to the contact at each stage of a real estate transaction
involving the contact;
d) receiving and storing data relating to the services provided
by a vendor to the contact in the contact database; and
e) providing the real estate agent associated with the contact
with access to the contact database over a distributed computing
network, so as to enable the real estate agent to monitor the services
marketed to the contact by the move consultant.
47. A method according to claim 46, further comprising the step
of providing the contact with access to the contact database over
a distributed computing network, so as to enable the contact to
monitor the services marketed by the move consultant.
Real estate description
BACKGROUND OF THE INVENTION
1. Field of the Invention
The subject invention relates to managing real estate transactions,
and more particularly, to a system and method for gathering, processing,
disseminating and controlling information relating to real estate
transactions.
2. Background of the Related Art
The traditional business model for real estate companies has been
to list and sell properties with a sales force of independent contractors.
Real estate companies have exclusively provided real estate agents,
tours of properties on the market, submission of bids and information
about schools and neighborhoods. Real estate agents have been the
main interface for customers, who are the most vital assets of a
real estate company.
Organizations such as a Multiple Listing Service (hereinafter "MLS")
developed to aid the flow of information to customers. A MLS normally
prepares books, which serve as references for real estate agents.
The MLS books contain photos and descriptions of property for sale
(hereinafter "listings"). Unfortunately, the MLS publications
become outdated and are often difficult and costly to distribute.
The present invention provides an improved system and method for
disseminating information to customers, sales agents and real estate
companies.
Real estate companies and sales agents have traditionally relied
solely on commissions generated from listing sales. However, typical
customers seek goods and services as a result of transactions in
which they are involved. Providers of real estate related goods
and services would desire the opportunity to have direct access
to these customers in a timely manner. Consequently, a need exists
for real estate companies to implement a method which links providers
of such goods and services with customers to fully realize the potential
revenue associated with their customer base as well as add value
for their customers.
Despite their success, current business models for real estate
companies have several additional shortcomings. For example, the
sales agent controls the customer information. When sales agents
try to extract value from the customer data, the time and effort
they spend selling homes is diminished. Furthermore, the task of
acquiring new customers, keeping existing customers satisfied and
controlling customer information becomes a burden for sales agents.
Often times, referrals are lost and appointments missed, because
information has not been properly recorded.
Another problem arises when sales agents freely release customer
data to electronic commerce businesses who profit therefrom. Alternatively,
if the sales agent distributes customer data at a price, several
additional problems may arise. First, customers have an expectation
of privacy with respect to their personal information. Therefore,
the customer data should not be distributed without permission.
Second, the customers receive a multitude of cold calls from vendors.
As a result, the customer develops an aversion to the process. Thus,
there is a need for a system in which a sales agent can delegate
tasks, such as information management and still maintain control
over customer data in order to provide a monetary return to the
real estate company.
Large investments in training and technology are necessary to enable
sales agents to control the flow of information. Despite such large
investments, no guarantee exists that the information will be managed
better, value will be added for the customer or new revenue streams
will be generated for the real estate company. Further, such efforts
can fail due to a lack of support from sales agents and vendors
of real estate related goods and services. Thus, the need exists
for a method of managing real estate transactions which is highly
endorsed and supported by sales agents as well as national and local
vendors of real estate related goods and services. Furthermore,
such investments are cost prohibitive for smaller organizations.
Under these circumstances, a further need exists for a proven business
model, which is accompanied by turnkey software that is easy to
implement and yet affordably priced so that small size organizations
can take advantage thereof. Moreover, the software would advantageously
feature interoperability which allows the software to be enhanced
by additional modules and integrated with current systems.
The proliferation of the Internet has presented an additional challenge
to the traditional business model for selling real estate. The low
overhead distribution of information via the Internet has created
alternatives to the traditional real estate company. Customers are
increasingly acquiring traditional real estate company services
via the Internet without engaging a real estate company. As a result,
the Internet has caused a downward pressure on broker commissions
and increased competition for customers. Therefore, real estate
companies require an improved method which adds value for their
customers, generates new revenue streams and allows customers full
access to information.
In view of the above deficiencies in the prior systems and methods
for managing real estate transactions, there is a need in the art
for an improved system and method for managing real estate transactions
which gathers, processes and controls information in a more efficient
and profitable manner.
SUMMARY OF THE INVENTION
The subject invention is directed to a system and method for managing
real estate transactions. The method includes the steps of receiving
and storing data relating to a plurality of contacts including buyers
and sellers of real estate, receiving and storing data relating
to a plurality of vendors of real estate related goods and services,
wherein each vendor is associated with at least one phase of a real
estate transaction, accessing vendor data based upon an occurrence
of a particular phase of the real estate transaction and communicating
data relating to the vendors to a contact upon the occurrence of
a particular phase of the real estate transaction.
In addition, the method further includes the steps of receiving
and storing data relating to a plurality of sales agents, generating
reports relating to the plurality of sales agents as well as receiving
and storing data relating to listings. Preferably, the step of accessing
vendor data can occur upon the signing of a listing agreement, the
signing of a buyer agreement, the signing of a binder agreement
and closing of a contract for real estate. Alternatively, the step
of accessing vendor data can occur within predetermined time periods
preceding and following a closing date. The method further includes
the step of determining a commission based upon the communication
of data relating to the vendors to a contact or upon a sale of a
vendor service to the contact.
The method further includes the steps of assigning a move consultant
to a contact upon the occurrence of a particular phase of the real
estate transaction, accessing and communicating data relating to
vendors by the move consultant, notifying the move consultant of
the occurrence of a particular phase of the real estate transaction
and transmitting data relating to listings to contacts when a contact
requests such data.
In another preferred embodiment, the method includes the steps
of receiving and storing data relating to a plurality of contacts
including buyers and sellers of real estate, receiving and storing
data relating to a plurality of vendors, wherein each vendor is
associated with at least one phase of a real estate transaction,
and assigning a move consultant to each contact to facilitate communication
between the contact and at least one of the plurality of vendors
upon occurrence of a particular phase of the real estate transaction.
The method also includes the steps of providing the move consultant
with access to a database containing information relating to a plurality
of contacts, providing the move consultant with access to a database
containing information relating to a plurality of vendors and notifying
the move consultant of the occurrence of a particular event in the
real estate transaction cycle. Additionally, the method includes
the steps of storing for each contact, data relating to goods and
services provided to the contact, communicating reminders to the
contact based upon the data relating to goods and services and issuing
an access card with a code to each contact to permit each contact
to obtain discounts on goods and services provided by the vendors.
The system for managing real estate transactions includes means
for receiving and storing data relating to a plurality of contacts
including buyers and sellers of real estate, means for receiving
and storing data relating to a plurality of vendors each associated
with at least one phase of a real estate transaction, means for
accessing vendor data based upon occurrence of a particular phase
of the real estate transaction and means for communicating data
relating to the vendors to a contact upon occurrence of the particular
phase of the real estate transaction.
Preferably, the system also includes means for determining a commission
based upon a sale of a vendor service to a contact and means for
generating reports based upon the determination of such commissions.
The system also has means for receiving, storing and presenting
text and graphics relating to real estate listings, means for transmitting
the text and graphics to a contact when a contact requests the text
and graphics via Internet communications. Additionally, the system
has means for analyzing surveys received from contacts relating
to performance of a real estate company and employees thereof during
a real estate transaction. The system also has means for storing,
for each contact, data relating to the goods and services provided
to them, communicating reminders to the contact based upon the data
relating to the goods and services, and issuing an access code to
each contact to permit them to obtain discounts on goods and services
provided by the vendors.
These and other unique features of the system and method disclosed
herein will become more readily apparent from the following description
and the accompanying drawings.
BRIEF DESCRIPTION OF THE DRAWINGS
So that those having ordinary skill in the art to which the disclosed
system and method appertains will more readily understand how to
make and use the same, reference may be had to the drawings wherein:
FIG. 1 is an overview of an environment in which an embodiment
of the present invention may be used;
FIG. 2 is a diagrammatic representation of embodiments of servers
within the subject invention;
FIG. 3 illustrates Table 1, which depicts a contact database within
the servers of FIG. 2;
FIG. 4 is an example of a World Wide Web page depicting a contact
search video display in accordance with an embodiment of the present
invention;
FIG. 5 is an example of a World Wide Web page depicting a contact
information video display in accordance with an embodiment of the
present invention;
FIG. 6 illustrates Table 2, which depicts a vendor database within
the servers of FIG. 2;
FIG. 7 is an example of a World Wide Web page depicting a vendor
information video display in accordance with an embodiment of the
present invention;
FIG. 8a and FIG. 8b illustrate Table 3 which depicts a listing
database within the servers of FIG. 2;
FIG. 9 is an example of a World Wide Web page depicting a listing
information video display in accordance with an embodiment of the
present invention; and
FIG. 10 is a flowchart depicting a process for managing real estate
transactions in accordance with an embodiment of the present invention.
DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT
The present invention provides a novel system and method for managing
real estate transactions. The system and method allows sales, management
and administrative personnel of a real estate company to gather,
process and control data relating to real estate transactions in
an efficient cost effective manner. Additionally, the system and
method provides buyers and sellers of real estate with convenient
access to information relating to the real estate transactions in
which they are involved.
In particular, the system coordinates purchases and sales of residential
real estate. In accordance with a preferred embodiment of the system,
each of a plurality of different users perform different functions
within the system. For example, the sales agent, buyer and seller
access information relating to real estate transactions stored in
a database. Based upon the same information, administrative personnel
of the real estate company maintain schedules and cross-sell products
and services, while management personnel generate reports and evaluate
the performance of agents.
Referring to FIG. 1, there is illustrated a schematic representation
of an environment 10 in which the system and method of the present
invention may be implemented. The environment 10 includes servers
12 and 14 which communicate with a distributed computer network
22 via communication channels 30a and 30b, respectively. Servers
12 and 14 host multiple web sites and house multiple databases necessary
for the proper operation of the system of the subject invention.
It is envisioned that the subject invention 10 may incorporate
one server or multiple servers. Multiple servers can cooperate to
facilitate greater performance and stability of the subject invention
by distributing memory and processing as is well known. U.S. Pat.
No. 5,953,012 to Venghte et al. describes a method and system for
connecting to, browsing and accessing computer network resources
and is herein incorporated by reference in its entirety. Similarly,
U.S. Pat. No. 5,708,780 to Levergood et al. describes an Internet
server which controls and monitors access to network servers and
is also herein incorporated by reference in its entirety.
Distributed computer network 22 may include any number of network
systems well known to those skilled in the art. For example, distributed
computer network 22 may be a combination of local area networks
(LAN), wide area networks (WAN), intranets or the Internet, as is
well known. In the preferred embodiment, the computer network 22
is the Internet. The preferred method of accessing information on
the Internet is the World Wide Web, because navigation is intuitive
and does not require technical knowledge.
Computers 16(1)-16(n) are associated with users 18(1)-18(n), respectively.
Users of the subject invention include vendors, contacts, sales
agents and administrative personnel. Vendors provide goods and services
related to real estate, such as, house painting, plumbing, electrical
work, roofing and the like. Contacts, i.e. home sellers and/or buyers,
generally hire vendors in the months leading up to and following
the closing of a real estate transaction. The real estate company
engages sales agents to manage the contacts. Administrative personnel
may be any combination of a technical system analyst, a move consultant,
a sales manager, accounting personnel and the like, who work directly
or indirectly for a real estate company.
A plurality of users may share the same computer although for simplicity
only one user per computer is illustrated. The plurality of users
can utilize the system 10 simultaneously. The computers 16(1)-16(n)
allow users to access information on the servers 12 and 14. The
computers 16(1)-16(n) communicate with the distributed computing
network 22 via communication channels 30c-30e, respectively. The
communication channels 30a-30e, whether wired or wireless, are well
known and therefore not further described herein.
In a preferred embodiment, the computers 16(1)-16(n) are desktop
personal computers that support MICROSOFT INTERNET EXPLORER.RTM.04.0
(available from Microsoft Corporation, One Microsoft Way, Redmond,
Wash. 98052-6399) and have a 56k modem, ISP or WAN connection. For
example, the computers 16(1)-16(n) preferably consist of a PENTIUM.RTM.
processor (available from Intel Corporation, 2200 Mission College
Boulevard, Santa Clara, Calif. 95052), 64 MB RAM, a 56k modem, a
WINDOWS.RTM. 95 operating system (available from Microsoft Corporation,
One Microsoft Way, Redmond, Wash. 98052-6399) and a video monitor
with 16 bit color and 800.times.600 pixels, as is well known and
therefore not depicted in detail.
Referring now to FIG. 2, there is illustrated a diagrammatic representation
of embodiments of servers 12 and 14 in connection with the present
invention. In a preferred embodiment, multiple servers 12 and 14
share similar architecture. Exemplary servers 12 and 14 include
memory 60 and 62, respectively, for storing resources which are
accessed by users over the Internet. Resources include any software,
data, files, documents, web pages and other data necessary to practice
the subject invention. At least one processor 40 and 42 are in communication
with memory 60 and 62, respectively. Modems 50 and 52 are also in
communication with processors 40 and 42 , respectively, in order
to facilitate interaction with users via the Internet, as is well
known to those skilled in the art. In a preferred embodiment, the
architecture of servers 12 and 14 consists of a PENTIUM.RTM. PRO
2000 processor (available from Intel Corporation, 2200 Mission College
Boulevard, Santa Clara, Calif. 95052), 128 MB RAM and hard disk
non-volatile memory large enough to support web files, an operating
system, several applications and several databases.
With continuing reference to FIG. 2, operating systems 70 and 80,
as well as utility programs 72 and 82, are stored on servers 12
and 14, respectively. The operating systems 70 and 80 and utility
programs 72 and 82 are used by the system developers to develop
and implement the subject invention. In the preferred embodiment,
WINDOWS NT.RTM. software (available from Microsoft Corporation,
One Microsoft Way, Redmond, Wash. 98052-6399) is the server operating
system. It is envisioned that the websites are created in HTML language
utilizing VISUAL STUDIOS.RTM. software version 6.0 (available from
Microsoft Corporation, One Microsoft Way, Redmond, Wash. 98052-6399)
and remote access is facilitated by Mabry's FTP/X Control. TRANSACTION
SERVERS.RTM. software (available from Microsoft Corporation, One
Microsoft Way, Redmond, Wash. 98052-6399) allows developers to deploy
server applications to facilitate the necessary transactions. MICROSOFT
SQL SERVER.RTM. software version 6.5 (available from Microsoft Corporation,
One Microsoft Way, Redmond, Wash. 98052-6399) is the database engine
used by the Listing System. MICROSOFT INTERNET INFORMATION SERVERS.RTM.
IIS software (available from Microsoft Corporation, One Microsoft
Way, Redmond, Wash. 98052-6399) allows developers to customize the
websites. ERWIN.RTM. software version 3.5 (available from Logic
Works, Inc. at 214 Carnegie Center, suite 112, Princeton, N.J. 08540)
maintains current entity relationship diagrams for the Listing System
database. It is envisioned that SEAGATE's CRYSTAL REPORTS.RTM. software
version 7.0 (available from Seagate Software, Inc. at 920 Disc Drive,
Scotts Valley, Calif. 95066) is used to develop report templates.
MICROSOFT WORDS.RTM. 97 software (available from Microsoft Corporation,
One Microsoft Way, Redmond, Wash. 98052-6399) is used for developing
some form contracts and OMNIFORM.RTM. software version 3.0 (available
from Caere Corporation at 100 Cooper Court, Los Gatos, Calif. 95030)
is used to develop line art intensive forms templates within the
application.
In the preferred embodiment, server 12 houses a MICROSOFT SQL SERVERS.RTM.
software version 6.5 (available from Microsoft Corporation, One
Microsoft Way, Redmond, Wash. 98052-6399) and GREAT PLAINS ACCOUNTING.RTM.
installations (available from Great Plaihs Software, Inc. at 1701
SW 38th Street, Fargo, N.Dak. 58103), as denoted generally by reference
numerals 74 and 76, respectively. Server 14 houses MICROSOFT TRANSACTION
SERVERS.RTM. software version 2.0 and MICROSOFT SQL SERVERS.RTM.
IIS software version 4.0, as denoted generally by reference numerals
84 and 86, respectively. Servers 12 and 14 also store the execution
code which is the instruction set necessary to implement the subject
invention as denoted generally by reference numerals 78 and 88,
respectively. It is noted that while the exemplary description herein
refers to specific software, those skilled in the art will readily
appreciate that substitutions may be made thereto without departing
from the spirit and scope of the present invention.
In a preferred embodiment, memory 60 and 62 store a multiplicity
of databases as denoted generally by reference numerals 79 and 89,
respectively. It is envisioned that the databases are created utilizing
MICROSOFT SQL SERVERS.RTM., as is well known in the art. Databases
79 and 89 contain data relating to advertising, sales agents, contacts,
listings, vendors, and the real estate company. In another embodiment,
a third server can be provided for storing databases in order to
provide enhanced performance and stability.
It is envisioned that advertising databases relate to advertising
copy, advertising companies, advertising placements and advertising
requests by contacts and sales agents databases relate to sales
agents, agent financial information, appointments, agent goals,
goal weighting, agent MLS codes and agent phone numbers. Databases
for contacts preferably consist of tables relating to contacts,
contact mailings, contact referrals and contact types. Listing databases
preferably relate to listings, listing agent, listing MLS, lock
boxes, MLS, MLS data, open house requests, picture references, garages,
new home referral fees and showing information. Vendor databases
preferably relate to relocation companies, relocation fee percentages,
relocation company phone numbers, signs, sign vendors, mailings
to vendors and the like. Real estate company databases preferably
consist of attorneys, commission splits, company commissions, forms,
types of mass activities, report tables, sale transactions, sales
agents, sale commissions, sale contact, security, sellers attorney,
offices, office commission fees, office MLS, office phone, regions,
region commissions, surveys, survey choices, survey questions, survey
response, system identifiers, system tables, trustee tracking, user
messages, user roles and user sessions.
The databases are used in a relational arrangement, as is known
in the art, so that they relate to one another by way of fields
that store common data. It is noted that while the exemplary description
herein refers to specific individual databases, formats, records
and fields, those skilled in the art will readily appreciate that
various modifications and substitutions may be made thereto without
departing from the spirit and scope of the present invention.
Referring to FIG. 3, Table 1 depicts an exemplary contact database
100 stored within one of servers 12 and 14. In particular, Table
1 depicts a preferred embodiment of a record schema for a contact
database in detail. The contact database includes a record for each
contact, wherein each record contains a plurality of fields for
receiving information associated with each contact.
In accordance with an embodiment of the present invention, the
fields of each contact record include, inter alia, fields 151-154
which contain identifying information relating to entry of the data.
For example, the name of the real estate employee who originally
entered the data, a date upon which it was entered, the name of
the employee who may have modified the record and when the modification
occurred. Fields 155-180 contain data relating to the contact, such
as, for example, data relating to the spouse of the contact, the
employer of the spouse and contact, the contact logon name, address
associated with the contact, showing instructions which contain
the details of how to properly tour potential buyers through the
contact's listing, the contact name, a flag indicating when to indicate
whether or not an appropriate mailing has occurred and a sales agent
associated with the contact.
In a preferred embodiment, for security, access to modifying the
contact database 100 is restricted to the sales agent associated
with the contact, the area and sales managers and system administrators.
The sales agent can determine how to access the listing in order
to schedule a showing, how to communicate with the contact and whether
or not marketing information needs to be sent to the contact by
accessing the contact database 100. Authorized users can add and
delete contacts, search for a contact record, browse contact transactions,
monitor contact activity and transfer ownership of that contact
to another sales agent.
By way of example, sales agents have a user interface consisting
of text and graphics, which allows them to manage their contacts,
listings and sales. A forms management interface transfers basic
information to a number of forms associated with a sale or listing,
including MLS forms. A control mechanism allows sales agents to
access a variety of "actions" associated with each listing
and sale, such as advertising copy, requests and appointment information.
An agent can view listings and monitor activity relating to their
listings. For example, an email interface can notify a sign company
when the listing agreement is signed and further notifies the listing
agent when an appointment is taken for a listing to be shown. It
is envisioned that access to the web sites of the subject invention
is available wherever a user has access to the Internet. For example,
a sales agent can be at home, in the office or at a remote location,
and access the contact database.
Referring to FIG. 4, a World Wide Web page depicting a contact
search video display is illustrated. It should be recognized that
"video display" and "screen" will be used interchangeably
throughout the specification. Servers 12 and 14 display the contact
search screen, designated generally by reference numeral 400. Upper
menu bar 422 can be selected to provide the user with several options
such as disconnecting from the online connection. Area 424 contains
a message of the day, selected by the real estate company. As shown
in FIG. 4, the importance of cross selling products and service
like insurance and van lines is emphasized by the message of the
day. Further, a reminder to schedule follow up calls is also included
within the message of the day.
A lower icon bar 428 presents several alternative methods for the
user to select the same options that are available via upper menu
bar 422. For example, the session can be terminated by the user
selecting the stop call icon. Further, security is enforced by not
allowing all functionality for all users. Functionality is also
limited depending upon the data entered by the user. For example,
the reprint icon, within lower menu bar 428, could not be selected
by the user because no information has been entered. The unavailable
status is conveyed to the user because the reprint icon is shaded
gray instead of black, as is common and accepted as intuitive by
those skilled in the art.
With continuing reference to FIG. 4, a sales agent or move consultant
uses the subject invention to locate data relating to a contact.
In the preferred embodiment, the data entered to locate contact
data could be selected from any of the fields in area 410, which
includes address field, phone number, file number, first name field,
consultant field, social security number, member number, and area
402, which includes a client field with a pull down menu, as is
common in the art. In accordance with a preferred embodiment, to
initiate a search, a real estate company employee enters data into
area 410, such as the last name of the contact in the last name
field, and selects the binocular icon within area 420. During searching,
the name fields of the records in the contact database are compared
for a match. Once an entered contact name is matched within the
contact database, the servers 12 and 14 display to the user the
contact information screen 500, as described below with reference
to FIG. 5.
In accordance with a preferred embodiment, FIG. 5 illustrates a
contact information screen, designated generally by reference numeral
500. The contact information screen 500 contains the data relating
to a contact. At the contact information screen 500, editing capability
and other options are available to authorized users from the upper
menu bar 502 and lower menu bar 520, as described with reference
to FIG. 4. The customer number, program and file number are displayed
in area 524. In area 522, users can utilize further functionality
by selecting icons. For example, the "ConvCntr" icon allows
the user to schedule utility hook-ups and the like. The name and
address of the contact are displayed in areas 508 and 510, respectively.
For example, the name of the contact in FIG. 5 is Al Tested. The
data relating to communicating with the contact is shown in area
512. Personal and progeny data are available in areas 514 and 516,
respectively. The data relating to a referral, who may be entitled
to share a commission related to a contact, is displayed in area
518. If a survey is relevant to the contact, data relating to the
survey will be displayed in area 520.
Referring to FIG. 6, Table 2 depicts an exemplary record schema
for a sign vendor database 600 in detail. It is envisioned that
a database would be created for each type of vendor such as relocation
companies, mortgage companies, painting companies and the like.
By way of example, Table 2 illustrates a database for a sign vendor
who provides a "for sale" sign at the listing for the
real estate company. More particularly, the sign vendor database
600 includes a record for each vendor, wherein each record contains
a plurality of fields for receiving information associated with
each vendor.
In accordance with a preferred embodiment of the present invention,
the fields of each record for a sign vendor database 200 include,
inter alia, fields 251-254 containing data relating to how each
record was populated with data. Fields 255-264 contain data relating
to a sign vendor, such as, data relating to a sign vendor address,
a preferred method of communication for the sign vendor, a numeric
identifier for the sign vendor and a name of a person at the sign
vendor.
It is envisioned that the vendor databases contain all the necessary
information for move consultants, contacts and sales agents to utilize
the vendor. For example, if a preferred mortgage company conducts
itself on the Internet, the preferred mode of communication would
indicate email and an email address would be included.
Referring now to FIG. 7, an exemplary van line placement screen
is illustrated and denoted generally by reference numeral 700. The
heading 706 indicates that the screen displayed to the user is a
Van Line Placement screen. In the search area 710, a contact box
712 displays the contact information for which the search is being
conducted. For example, an Available Suppliers field in area 710
receives a vendor name from the user. The Referral Coordinator is
indicated underneath the Available Suppliers field, in this example
the Referral Coordinator is "Ms. Isabel Glogowski". Additionally,
fields related to Service Agent and Placement Type offer pull down
menus as is well known to those skilled in the art. Lastly, in service
area 710, a "search" button can be selected by the user
to initiate selecting or editing a vendor.
Still referring to FIG. 7, quote area 720 includes fields related
to a specific move associated with the contact. The information
includes the loading and moving dates and notes whether or not the
move has been completed. Cost information is also provided, such
as total price, estimated and actual marketing fees as well as estimated
and actual cost. Another field within area 720 receives and displays
whether or not the vendor has insurance, for example a "Y"
would indicate the vendor is insured. Calendar area 730 provides
date related information. In a preferred embodiment, the date information
provided in the calendar area 730 is the date an order is received,
a place date indicating when services are to be provided, a closing
date for the listing and a dropped date. Additionally, calendar
area 730 depicts a "Send Info" button to allow the user
to generate a mailing to the contact. The upper menu bar 740 and
lower menu bar 750 function as described above with respect to FIG.
4.
Referring to FIG. 8a and FIG. 8b, Table 3 depicts another exemplary
database stored within one of the servers 12 or 14. Namely, a record
schema for a listing database, designated generally by reference
numeral 300. A listing is a piece of real estate which has been
offered for sale through a sales agent of the real estate company.
The listing database 300 includes a record for each listing, wherein
each record contains a plurality of fields for receiving information
associated with each listing. The listing database 300 stores the
data necessary to identify real estate offered for sale by the real
estate company.
In accordance with an embodiment of the present invention, the
fields of each listing record include, inter alia, fields 351-354
containing data relating to how each record was populated with data.
Fields 355-359 contain data relating to commissions associated with
the listing, such as, listing commission, data relating to the type
of listing commission, selling commission, data relating to the
type of selling commission and data relating to the total real estate
company commission. Data relating to original list price, date of
the listing and current list price is preferably contained in fields
360-362. The remaining fields in exemplary Table 3, namely fields
363-397 contain data relating to the listing. For example, the listing
records further includes a MLS identifier for the listing, instructions
for the lock box at the listing, a field indicating whether or not
the contact associated with the listing is a relocation contact
and a field indicating what type of property the listing is. Furthermore,
fields in the listing record may contain data relating to a sign
vendor associated with the listing, showing instructions and directions
for the listing, a zip code for the listing and an open field to
include any miscellaneous comments relating to the listing.
It is envisioned that the listing databases contain all the necessary
information for move consultants, contacts and sales agents to manage
the sale of the listing. For example, if an owner of a listing has
an indoor cat which continually tries to go out of doors, the special
instructions field as well as the showing instructions field could
indicate that care needs to be taken not to allow the cat an opportunity
to leave the house.
Referring now to FIG. 9, an example of a World Wide Web page depicts
a listing video display, denoted generally by reference numeral
900. The listing area 910 provides data relevant to the listing.
In a preferred embodiment, fields within the listing area 910 indicate
the type of the listing, style of listing, lot size, square footage
of the listing, age of the listing and number of bedrooms, bathrooms
and total rooms. Pull down menus are associated with each of these
fields, as is well known to those skilled in the art. Further, a
check box area 920 is provided to further specify what types of
rooms are included within the listing. The upper menu bar 960, message
of the day area 970, contact box 980 and lower menu bar 990 function
as described above.
Although specific examples have been illustrated in FIGS. 4, 5,
7, and 9, it will be appreciated by those skilled in the art that
variations or modifications will achieve the desired results necessary
to practice the subject invention and such is considered within
the scope of the subject invention. Similarly, although the databases
have been described with respect to specific records, the subject
invention is not limited to such. Tables 1, 2 and 3 are provided
as examples only. It is within the scope of the subject invention
to vary the fields contained within the databases from those illustrated.
Referring now to FIG. 10, there is illustrated a flowchart depicting
a process for managing real estate transactions in accordance with
an embodiment of the present invention. At step 200, the real estate
company hosts a web site to provide access to information via the
Internet. In a preferred embodiment, the real estate company website
provides users access to a real estate company profile, sales agent
biographies, school information, neighborhood information, local
tax rate information and the databases stored in servers 12 and
14. Further, the real estate company website may contain banner
advertisements and links to related web sites. Preferably, the banner
advertisements and links are associated with national and local
vendors of real estate related goods and services.
It is envisioned that the system and method provides for administration
and security maintenance, thus security Groups are defined. Therefore,
although each user of the subject invention has access to a user
interface, each group's access is controlled. The interface specifies
which aspects of the program can be accessed, and at what level.
Such limitations of functionality are well known to those skilled
in the art and therefore not further described herein.
Still referring to step 200, when a contact decides to use the
services of the real estate company, the contact signs an agreement
with a real estate agent. A contact may be a potential buyer of
real estate or an entity desiring to sell a particular piece of
real estate. Therefore, the agreement may be a buyer agreement or
an agreement that the contact will list their real estate through
the real estate company, i.e. a listing agreement. Such agreements
commence a first phase in the cycle of a real estate transaction.
Referring to FIG. 10, still at step 200, the data relating to the
contact and listing are entered into the databases stored in servers
12 and 14 as soon as the data is available. Administrative personnel
assign the applicable MLS number in the subject invention once the
listing has been entered into a MLS. A select list of information
fields are updated periodically via a MLS interface. For example,
an online MLS may have pictures associated with a listing. If the
curb appeal of the house has undergone improvements, a new picture
can be incorporated. Therefore, the information on servers 12 and
14 is current without requiring reprinting. Additional pictures
can be uploaded and displayed within the web browser. Users of the
subject invention can access MLS and the other databases in a well
known manner as described with respect to FIG. 4, as would be readily
appreciated by those skilled in the art.
At step 210, a move consultant is assigned to the team involved
with a client. It is envisioned that a move consultant can manage
approximately 350 contacts simultaneously. A move consultant aids
the sales agent and contact in every aspect of a real estate transaction.
As a result, the sales agent only needs to be knowledgeable with
respect to real estate, because a move consultant can address other
issues such as scheduling showings, coordinating movers and van
lines, providing utility connections and disconnections, referring
carpet cleaners and installers, maintaining advertising copy, controlling
lock box information, and processing data relating to signs, open
houses, advertising requests and appointments for showings. As a
result, the service provided by a move consultant is an important
feature in the system and method of the subject invention.
In another embodiment, a plurality of move consultants may be located
at a centralized national calling center. The national calling center
would assist local real estate companies that do not require or
cannot afford a full-time move consultant. Therefore, small organizations
would be able to benefit from the subject invention.
In a preferred embodiment, the subject invention tracks all transactions
that the contact is involved with, keeps a tally of direct mail
sent to contacts and provides for a Web Logon ID which allows the
contact to have access to the databases stored on servers 12 and
14. During a session on the Internet, a contact can check the status
of their listing, select a link to a vendor, update a portion of
their contact data, send an email to the associated agent or move
consultant, view listings through the MLS interface and the like.
It is envisioned that data relating to contacts and listings will
also include a history of all real estate related goods and services
provided. Based upon the history, move consultants communicate future
maintenance reminders to contacts. For example, a house may require
the gutters to be cleaned every fall season. An entry in the history
will indicate what vendor and when the cleaning was last performed.
As the fall approaches again, a move consultant communicates a remainder
to the contact indicating the gutter should be cleaned before winter,
when it was last performed and a vendor who can provide the service.
Thus, contacts are reminded of tasks in a timely and efficient manner
and goods and services are effectively cross-sold by the move consultant.
At step 220, sales agents, a move consultant and real estate company
management are allowed to track contact activity and generate reports
on a continuing basis. The move consultant markets national and
local vendor's services and products to contacts. An average buyer
requires five to ten different services from the time an agent agreement
is signed until closing. For example, a contact may have their house
painted by a painter, a leaking faucet repaired by a plumber, shrubs
planted by a landscaping company and hire a moving van, all in preparation
for selling their home. In preparation for buying a home, a contact
may acquire a mortgage, retain a lawyer to conduct a title search,
enlist an inspector to perform a premise inspection and hire a moving
van.
It is envisioned that contacts will prefer the system of the subject
invention because the combination of the sales agent and move consultant
is a single resource for addressing all their real estate related
needs. Further, the increased buying power garnered by the real
estate company can yield volume discounts which can be passed along
to the contact.
In the preferred embodiment, a move consultant presents choices
via tele-communications, which instills a feeling of control in
the contact. It is envisioned that the communications to the client
can also be automated via email, facsimile and the like, as is well
known. As a result, no personal contact information is released
without the contact granting permission because a move consultant
presents the vendor information to the contact.
Vendors are motivated to participate in the system of the subject
invention because timely access to contacts is provided thereby.
The timely access results in a high sale conversion rate for vendors
and reduces their marketing costs. Revenue is created for the real
estate company by a fee paid for having a move consultant market
their goods and services, and for allowing the vendor to advertise
directly, such as, through banner advertisements on the real estate
company website. When a move consultant sells vendor services, an
additional revenue stream for the real estate company can be generated
by a fee paid by the vendor company associated with such sales.
Sales agents endorse the subject invention because it adds value
for their contacts and maintains commission levels. Thus, sales
agents garner an advantage over real estate agents who do not have
the support of such a unique system.
At step 230, the real estate cycle enters another phase as a real
estate transaction occurs. The buyer and seller reach an agreement
and a closing date is determined. For example, a contact may be
selling and/or purchasing a piece of real estate. Thereupon, the
status of the listing and contact are updated within the databases
and the system automatically determines commissions and the like.
At such a time, a move consultant markets closing related services
to the contact such as, for example, utility services, title companies,
mortgage brokers, insurance brokers, relocation services and the
like.
At step 240, the closing is complete and the real estate cycle
enters the next phase in which a move consultant markets post-closing
vendors to the contact. By this point, a move consultant has established
a relationship with the contact, by having previously offered the
services of vendors. Post-close vendors may include painters, landscapers,
pool and spa companies, roofers, carpet retailers, tile installers,
appliance retailers, refuse disposal services and the like. Once
again, cross-selling products generates multiple revenue streams
for the real estate company. A first revenue stream derives from
vendors buying access to the contact base and a second derives from
a commission associated with converted sales.
At step 250, the system and method features open connectivity in
order to utilize external tools or applications. Integration with
accounting software is particularly useful. For example, in accordance
with the subject invention, all commission sales data is written
to temporary tables, which are then used during integration with
accounting software. Once integrated, accounting software properly
pays the agent, manager and external commissions through accounts
payable or payroll modules. As a result, net productivity is enhanced.
The subject invention provides for continuing communication with
contacts by creating a series of different data tables. These tables
are accessed and exported for direct mail merges. After the mail
merge jobs have been completed and confirmed, the program marks
the contact record and sets the flags within the listings database
and sales database to indicate completion of the mailing. The subject
invention also contemplates mining the data collected to publish
a newsletter which is used as a marketing vehicle for the real estate
company.
It is envisioned that a move consultant provides data relating
to vendors who provide periodic services as required by contacts
and listings. In another embodiment, a contact receives a card with
a pin number to obtain discounts from participating national and
local vendors. Preferably, the contact receives the card one year
after closing a real estate transaction. The combination of the
card and newsletter maintaining contact with the real estate company
indicates entry into the last phase of the real estate cycle. During
the last phase, the ongoing activity helps to insure a high rate
of return business from contacts, in effect re-entry of the contact
into the first phase of the real estate transaction cycle.
In a preferred embodiment, management monitors transactions and
generates customized reports. Corporate and sales offices can create
detailed and summary reports. Different reports include, but are
not limited to, listing and sale reports, financial reports, agent
reports and contact reports. The system calculates commission dollars
that are due to the company, along with insuring that all referrals
are properly recorded. For example, financial reports show the commission
income to the company and the dollars to be paid to the sales agents
and external agencies. Trustee accounting is also facilitated by
the system. Each deposit or disbursement transaction is associated
and made a permanent part of the sale record. Batch processing allows
updating the databases on a periodic basis, for example, nightly,
to advantageously keep the data current. Thus, a pending sales report
accurately predicts future cash flow.
Still referring to step 250, a survey mechanism within the system
of the subject invention provides for the recording of responses
from Customer Surveys. Management can also generate reports based
upon the surveys. The system allows the company to modify and update
surveys. In a preferred embodiment, customized forms can be created
using OMNIFORM.RTM. 3.0, MICROSOFT WORDS.RTM. 97 or ACROBAT.RTM.
software version 3.0.1 (available from Adobe Systems Incorporated
at 1585 Charleston Road, Mountain View, Calif. 94397), as is well
known by those skilled in the art.
While the invention has been described with respect to preferred
embodiments, those skilled in the art will readily appreciate that
various changes and modifications can be made to the invention without
departing from the spirit or scope of the invention. |