AU784981B2 - A method and apparatus for effecting real estate transactions - Google Patents

Description

f7 P/00/011 28/5/91 Regulation 3.2(2)

AUSTRALIA

Patents Act 1990 COMPLETE SPECIFICATION STANDARD PATENT Application Number: Lodged: Invention Title: A Method and Apparatus for Effecting Real Estate Transactions The following statement is a full description of this invention, including the best method of performing it known to us 1 A METHOD AND APPARATUS FOR EFFECTING REAL ESTATE

TRANSACTIONS

FIELD OF INVENTION The present invention relates to the field of Internet based communication and commercial transactions, such as real estate transactions. The present invention, in particular, is directed to a primarily on-line based system and method for effecting a real estate transaction.

This specification discloses and describes a number of aspects related to this on-line based real estate transaction system and method.

BACKGROUND ART It is considered that the purchase of Real property suffers from a number of problems from a consumer or user's point of view, such as the perceived inability of existing commercial mechanisms to provide a professional, cheap and satisfactory method of buying and selling. Real Estate Agents are also perceived to have a market dominance, and as such, consumers believe they have no realistic alternative but to transact through Agents. This is partly due also to the Agents convincing the seller to list the property with the Agent because the Agent is expected to a get a better price, will give better service, will be more active, will have greater exposure etc.

20 If the seller uses the Agent, this usually results in the Agent controlling the whole sale process or continuum; i.e. the speed of the transaction, the terms (and quite often the amount) of the offer, the presentation of the property, the techniques in bringing buyers to the property, the level of information and advice provided to the seller and buyer. The commission fees charged are also 25 sometimes considered relatively large.

~Given that the residential property market in Australia, alone, has an annual turnover in excess of AUD $50 billion, and that approximately 90% of transactions are conducted through an Agent, it can be seen that the perception of Agent control is well established in the mind of the public.

There are also issues related to commissions charged by Agents. An Agent usually has staff wages, rent and associated costs from conducting a shop front or commercial operation. In larger Agencies, costs are often replicated because there is a number of shop front style locations within a particular area and thus staff and other costs are duplicated many times over. All these costs obviously are passed on to customers of the Agencies. It is considered that there has been no attempt in the past to overcome inefficiencies that cause the perceived necessity for large commissions.

Dwindling agency incomes have also seen a consolidation of the most inefficient smaller Agencies into larger companies, as well as diminishing numbers of Franchise Groups, over the last 5 years in Australia at least. This, too, has not delivered any increased efficiency.

Some attempts have been made in the past to move toward an on-line model but these were not able to address many of the concerns held by customers of traditional Agencies. Example attempts can be found at website addresses such as Property.com.au, Propertypage.com.au, Realestate.com.au.

These websites have primarily acted only as a listing/advertising medium for Agencies. All other services that a buyer or seller require after this point are immediately referred on to an individual Agent, and thus the customer is left to I deal with an Agent once again.

Further attempts have been made by For Sale By Owners sites (FSBO's) logo 20 to provide an online model, but they have not addressed the fundamental issue of providing a pure on line sale environment, which does not require a component external of the user to complete the sale. That is they still require hard copy Igloo documents to be conveyed physically to the user, and it is considered that they also generally lack information, real time market knowledge and guidance 25 applications to complete the transaction online. No prior art is considered to allow the complete sale process to be carried out online using unique software applications and programs.

It is considered that the real estate industry, and real estate agents in general, have not had the foresight or motivation to be innovative in their industry.

They have failed to heed the lessons of being client driven, neither have they harnessed technology in a way that would bring efficiencies to their industry resulting in lower costs to consumers.

It is an object of the present invention to alleviate at least one problem associated with the prior art or at least to provide an on-line based system and method for effecting a real estate transaction.

SUMMARY OF INVENTION In one aspect, the present invention provides an Internet based system for facilitating interaction, negotiation and transaction between a buyer and seller of real estate property, the system including: a multi-functional database connected to a data communications network for storing data regarding property for sale, a graphical user interface, operably connected to the database via the network, the graphical user interface including means for enabling a seller to enter data regarding their property for sale onto the database and means for enabling a buyer to browse listed property for sale in the database, the user interface further including means for enabling a buyer to make an offer to the seller for the purchase of a listed property for sale, wherein offers are automatically dispatched to the seller via the communications network.

In another aspect, the present invention provides a method of facilitating interaction, negotiation and transaction between a buyer and seller of real estate property via the internet, the method including the steps of: a seller operating a user interface, operably connected to a data communications network, to enter data regarding their property for sale onto a database, connected to the network; a buyer operating a user interface to browse listed property for sale in the 25 database and select a property for purchase, the buyer operating a user interface to make an offer to the seller to purchase the selected property, S• logging the offer for purchase on the database and automatically dispatching the offer to the seller via the communications network.

In one embodiment of the invention a shockwave browser plugin is used in conjunction with a Director application, to view the content in users browsers, wherein the shockwave format compresses media in the director application to as small as possible, thus enabling delivery of fast rich media and or streaming in such a way that playback can start while the downloading continues in the background.

Preferably the user interface is displayable on a screen, the interface enabling continuous interactivity between the system and a user, the interactivity being provided by a number of portions of the screen, including: a ticker for enabling information to be scrolled or streamed for users across the screen in various formats, wherein the information is preferably delivered via the database so that users can understand and analyse the current state of sales and prices in the market and users may customise the information they receive for clarification in decision making, at least one pop up screen to choose data sources, and or to insert a data source for the creation of the general data base and to enable information availability, and navigational link(s) for ease of access to various areas of the system according to your user parameters in a manner which is designed to promote/enhance interactivity between different locations.

In a preferred embodiment scrolling text is displayed which shows details of transactions as well as external transactions that have occurred and are occurring on the site.

In a preferred embodiment the invention provides in one total on line program: an automatic, customised reporting function (including server generated graphs and charts) of recent sales by city, suburb and street. Links to valuation data, loan qualification, loan analysis, loan calculation, on line loan application, loan acceptance, insurance, legal advice, building and property inspections, 25 Government consumer advice, architectural advice, property management advice, building and construction advice, gardening advice, removal advice, tax and accounting advice, advice on a wide variety of domestic hints (cooking, S* cleaning, relationship advice, etc) and or as well as advice on other related issues.

In essence, the present invention is based on the realisation that many of the problems noted above could be addressed by streamlining a relatively inefficient prior art system through increased service provision and empowerment to buyers and sellers. It was realised that the physical agent could be replaced, value could be added to the existing traditional service levels, the participants o o go o o* o• 6 could be empowered through knowledge and the traditional process could be demystified, and finally many barriers could be removed by an on line delivery system process which enables the consumer to operate from the comfort of their own location.

Furthermore, it was realised that applications such as Smart offer, Smart ticker, Smart updater, chat direct, brochure editor, SMS, E mail alert program, and the talking head feature, all combine to remove the necessity for the existing inefficient structure that involves the physical agent and the concomitant commission structure. This combination came about because it was realised that the functions the physical agent carried out could be replaced via an internet based medium. The present invention established that a series of Internet based online applications, would, in combination provide a solution, by providing a relatively efficient transmission of data and communication. This not only has the ability to effectively replace the physical real estate agent but additionally provides the user with a personalised experience and serves to empower them with knowledge and skills that have previously been the exclusive domain of physical real estate agents.

~The particular functions needed were written and oral communication, just as an agent would carry out. These functions include aspects such as ringing the client, discussing price, location, provide a Current Market Assessment (CMA), liase in relation to brochure production, give advice on issues such as presentation of the home, selling strategies, signage and informing the client regarding costs. The present invention is considered able to replace the physical real estate agent and provide a combination of products that would, in fact, 25 provide a far wider range of benefits to the consumer, culminating in a vastly superior range of communication experiences.

By utilising the present specifically constructed software combination we can provide the user with a relatively friendly, non-invasive, easy to use interface that does not invade their personal space or privacy. The present menu driven navigation format will seek to remove urgency, driven by the agent as a selling mechanism, thereby allowing the client/user to proceed at their own pace.

Throughout the user/client's experience the present database will provide a self-regulated series of choices, offering options for proceeding rather than forcing action. Throughout this process, user/clients would be confident that the users they are communicating with have been pre-qualified by the present invention. Their details are held securely by the site, and they can determine their own level of publicly available knowledge of their transaction. An additional benefit of providing this level of on site security is that all communications are encrypted and are not able to be accessed internally and externally without due authority.

As a direct result of replacing the physical real estate agent with the following applications, the invention can reduce the chance for personality conflicts and open up options that have never existed under the traditional methods in place. These applications are Chat Direct, Web SMS, Smart Offer and Interface E-mail, Online Facilitator (please note detailed descriptions of these individual applications is provided in the following pages), they combine to provide the opportunity for users to deal directly with each other at a level of their •choosing. The physical real estate agent presents options to the client based on limitations dictated by his depth of knowledge/experience and perceived limiting personal preferences. By presenting users of the invention with tools such as Smart Ticker, Online Tutorials, Direct Interface (with Online Facilitators as well as direct contact with other clients), finance based calculators, Smart Brochure Editor, and a wide range of links to third party ancillary services, the user can be empowered with knowledge, and remove limitations imposed by a physical agent.

The synergies produced include the feature noted above, as well as 25 dramatic cost savings. Each of the component applications which go into the **°invention enhance the overall service delivery and the depth of opportunity to the user.

As a general note, the present invention is not a stepped process as the drawings of the preferred embodiment may infer, rather the present invention is considered an omni-directional facility that allows the user to move about within the utilities provided.

With on-line real estate specific software applications, user friendly graphic interfaces and a multi-functional database, the present invention has provided the 8 technological base for alleviating prior problems. By removing the necessity for a physical agent in the process and by centralising activity on-line the conveyance and ancillary service process can result in a dramatic reduction of physical costs to the consumer as opposed to the relatively highly inefficient costly traditional process. The present invention has utilised a unique integration of specific software applications that allows users to relatively instantaneously communicate with professional and specialised services, and each other, during and after the purchase/sale/advice continuum. Users will have the option of conducting the process directly with the buyer/seller or with the help of an on-line agent facilitator within varying formatted models.

Whereas in the prior art, Agents were perceived to control the pace and style of negotiation, users will now be able to undertake these functions at a fraction of the cost by the on line facility. Communication at every level has been increased and focused toward the customer. Registered on-line buyers will be able to bid a live no risk 24 hour bid, 24hrs per day for properties of their choice, directly with the owners if they wish, and have the bid scrolled on the main Web page (with anonymity for the registrant) for the benefit of all buyers and sellers.

S•Information from a wide range of specialist services i.e. legal, accounting, insurance, tax, architectural, valuation, landscaping, removal, mortgage/loan facilities, Government consumer advice, and even a wide variety of domestic "tip style" facilities i.e. for cooking, cleaning, relationships, horoscopes etc will be accessible without having to enter the negotiation process. Users will be able to S. move in and out of the process at will, empowering them as individuals throughout the process.

25 In the prior art, one of the backbones of the Agents role in the listing and selling process is the Competitive Market Analysis. It normally takes the form of a comparison of "recent" sales within a defined geographical location surrounding the client's neighbourhood. Consumers in the past have relied on this current market analysis to support their decision to list their property at a certain price.

These are considered to be quite often flawed. Valuation information may be up to 3 months old by the time it filters into the public arena. The present invention, on the other hand, will have access to its own national date base of property sale information, which may be updated the moment a property transaction is concluded. This will provide relatively up to the minute sales information and data for our clients either via real time on-line scrolling on the Web page, or personalised e-mail for sales or listings in nearby suburbs through registered users. This will also enable users to make wiser and more informed decisions regarding the real value of a particular property, suburb or area, be they buyers, sellers or any other interested party.

Some of the advantages associated with the present invention are: By delinking the seller and buyer from Agent control or contract, and by using an on-line environment, it is considered that the present invention provides enhanced user or customer access to the Real estate market.

The present invention also enables substantial discounts to be provided in the commissions paid by buyers or sellers, given the sale process does not .include the Agent and their corresponding overheads.

:The present invention allows buyers to have knowledge of buyers no risk 20 buy" price ranges and buyers would have instant access to sellers "asking price".

The present invention allows a buyer or seller to have access to the latest property prices (by style and suburb not actual addresses) and the scope of S.0..0 buyers in price range in the marketplace (not individual buyers). For example, of all buyers for 3 bedroom homes in Brentwood would pay between $160,000 to $180,000 and 70% of 3 bedroom homes in Brentwood have sold for 0.00.. $170,000 to $200,000.

The present invention is considered to remove perceived barriers of the current real estate agency industry by allowing buyers and sellers to deal direct at different stages of disclosure and commitment.

The present invention avoids personality conflict between buyer, seller or agent as it is on line.

The present invention may be used 24 hours a day.

The present invention can additionally provide auto custom reporting (including server generated graphs and charts) of recent sales by city, suburb, street, as well as valuation data, loan qualification, loan analysis, loan calculation, on line loan application, loan acceptance, insurance, legal advice, building and property inspections, Government consumer advice, architectural advice, property management advice, building and construction advice, gardening advice, removal advice, tax and accounting advice, as well as advice on a wide variety of domestic hints (cooking, cleaning, relationships etc), and all at the click of a mouse and in the privacy of the user's home.

By overcoming the problem of using the Agent as a sales conduit, and enabling direct negotiation between buyer and seller, users will follow a simple process to help navigate the plethora of information necessary to purchase/sell a property, or even just access related property information. A purchase/sale may be concluded without the physical Agent and with varying degrees of on line help, that at all times remains at the choice of the consumer.

A preferred embodiment of the present invention will now be described with reference to the accompanying drawings, in which o .Figure 1 illustrates an overall schematic block diagram representation of 20 the overall inter-connectivity and communication paths and processes of the present invention, Figure 2 highlights schematically from figure 1, a buyer /seller registration feature, Figure 3 highlights schematically from figure 1, a property listing display feature, CFigure 4 highlights schematically from figure 1, a seller interface feature, Figure 5 highlights schematically from figure 1, a service provider link feature for buyers, *Figure 6 highlights schematically from figure 1, a buyer seller interface feature, 11 Figure 7 highlights schematically from figure 1, a service provider link feature for sellers, Figure 8 highlights schematically from figure 1, a financial assessment approval feature for buyers, Figure 9 highlights schematically from figure 1, a financial assessment approval feature for sellers.

Figure 10 illustrates a flow chart of the processes involved in the present invention, Figure 11 illustrates a master database of the present invention, Figure 12 illustrates a smart ticker feature of the present invention, Figure 13 illustrates a webpage and brochure design feature of the present invention, Figure 14 illustrates a web to SMS feature of the present invention, Figure 15 illustrates a GUI of the present invention, and Figure 16 illustrates an online offer feature of the present invention.

DESCRIPTION OF OVERALL INTER-CONNECTIVITY AND COMMUNICATION

PATHS

It is important to note that the schematic provided in the illustrations is a two-dimensional rendering of a relatively complex online structure. The figures o. 20 include a certain amount of repetition in order to effectively and simply illustrate inter-connectivity and omni-directional relationships involved within the present invention. For example, the Buyer and Seller Interface may actually exist within the same interface however they have been expressed individually to a 2°isolate and illustrate individual functions available to the pre-qualified user. It is 25 considered that the complexity of the combined interface would not illustrate the separate functionality available to a buyer as opposed to a seller in a twodimensional environment. In effect, the user is identified, indexed and qualified within the front-end interface (fig.l) they are then transported to an interface that .I presents to them (courtesy of the internal database) an interface specific to them as buyers or sellers.

One embodiment of the present invention provides an internet based real estate transaction system, in which the operating applications are based on 'shockwave/Director' from Macromedia which enables the system to perform particular features using a rich media environment supported by over 40 media types. Construction of customised applications like a chat interface that allows real time conversation and multi user editing of on line vector images is based on Shockwave. It also allows us to provide an easy to use Graphical User Interface that is far less CPU intensive than existing applications. It is the visual medium for many other tools to be displayed. This utility also allows users to access and view the system and to interface with its various internal tools, as well as the database. Easily operated navigation tools are a feature that allow users to move freely about the system. The Smart Ticker, the Smart updater, the Smart catalogue, the loan calculators and pre-qualification tools, and finally the Brochure editor, all provide features that allow the system to deliver speedy communication between all of its applications, links, and its database. Using a compression rate and download unique to Shockwave, users get the widest available compatibilities with their computer configurations and browsers when utilising the Homefindirect system.

In utilising the present invention, users enter the system at the registration point and become a "global" user (the database issues them with an individual identifier). The system analyses the information the user provides in the form of generic user information as well as information that determines whether they are a buyer or a seller. The database then determines the services that will be moo• accessed by the user using the unique/specific user ID as an identifier.

25 Information can flow both ways between the database and the user session, ie session identifiers can be delivered to the database to identify the username and vice versa. In one form, the database actually issues a random session ID so that it is difficult for others to log on pretending to be the 'valid' user after the 'valid' user has left the session (security feature). The user is tagged as a buyer or seller by their user name (which matches or correlates with their individual identifier) and which is based on the information the user has provided from 13 predetermined fields. These questions/answers are substantial and important because it denotes the 'tag/username', as it were, which is one example of user identification. Most importantly two questions are asked.

Buyer-Do you wish to purchase? Seller---Do you wish to list a property? The system treats the buyer and seller differently in the following ways:

BUYER

Gets a sub domain (where you put your website) but no access to the sub domain Has access to the listing database and can make an offer to purchase Has access to the communication tools to make an offer Has access to links and

SELLER

Gets a sub domain and gets access to the sub domain for the upload of his 15 web page The seller can access the listing database but cannot make an offer The seller also has access to links.

With regard to Figure 1, it illustrates schematically one form of the present invention. It visually demonstrates (in an expanded form) the on line process, 20 through directional linkages and flows, and the interdependence with the internal database engine.

Figure 2 illustrates an entry portal. It consists of two HTML pages 3 o*°o *ASP pages, Shockwave/Flash (SWF) presentation components. Most importantly it houses the beginning of the SQL database, which drives the entire site.

25 This database is constructed in such a way as to gather the maximum amount of information from the user through a variety of web interfaces throughout the site. It then delivers the data contained within itself in a wide variety of configurations based on specific call up requests made by the user. The database's parameters, functionality, and ability to deliver real time data, is considered advantageous and represents a significant step forward in simple web based data delivery as applied to real estate transactions.

14 201 shows a marketing and referral node.

202 shows the client online presence.

203 shows the link to limited service providers 204 shows buyer/seller registration and online facilitator and includes email initiation, auto responder/scheduler and provides free e-mail and web page creation utilities.

205 shows a buyer node and 206 shows a seller node. Figure 3 is the buyer utility set. This incorporates what is referred to as 'the Smart suite' of buyer applications: the Smart ticker is on the GUI i.e. its on every page-it's a frame of its own, and is (a scrolling text bar providing up to the minute information on transactions as they complete utilising a combination of shockwave and database call ups, unlike the current products using Java and manual updates and which is further described in relation to figure 12), the Smart offer as shown in Figure 6, at 602 and which is a (template based HTML interface allowing structured offer documents to be personalised with the resulting information being transmitted simultaneously to both the database and the 20 specific seller), the Smart updater 301 overrides user and site caches to allow the viewing of new listings and updates being uploaded during the user's site session), and the Smart catalogue 303 calls up the users preferences from the database and delivers a personalised list of property's with text, graphics and hyperlinks).

25 The buyer utility set also includes the E-mail alert program 304. This calls up user preferences and immediately sends a notification of new listings within their criteria. A site and database specific search engine is also incorporated.

Other features include 302, preference logging for recording buyer's preferences at the point of registration (on entry to the site) and or during the search process, which are then transmitted to the database to provide suggested properties to the buyer, full engine search 305 for providing access to the listing area of the database, and properties listed 306, which is really just a buyer interface.

Figure 4 is the seller utility set that includes the listing mechanism. This area registers the seller's choice of service level via a shopping cart application that then plugs in the relevant service modules i.e. alerts the facilitator to make contact if that level of service is required.

401 shows option 1 and provides listing, photo upload, templates for property description and direct access to buyer 402 shows option 2 and provides the same as in Option 1 plus sign erected.

403 shows option 3 and provides the same as in Option 1 plus editorial (no insertion guarantee) and home brochures (b&w 250 self delivery).

404 shows option 4 and provides the same as in Option 1 plus colour brochures x 100 plus invites for OFI (Open For Inspection) x 100 405 shows option 5 and provides the same as in Option 1 plus "Personal Assistant" Negotiator OFI x 2 and cleaner before settlement °406 shows the seller interface and listed properties.

iee This area also provides the seller with web space and a 'shockwave' based Wysiwyg editor for the creation of web pages and brochures (numerous templates 20 being provided, and as further detailed in figure 13). A browser based FTP client Sand a "talking head "tutorial system are also included.

'Shockwave' has been used uniquely in this application. To date similar tasks have been performed by Java applets. This unique utilisation of 'shockwave' allows us to provide an easy to use Graphical user interface and 25 provide less CPU intensive delivery. On line brochure design will now be available via the web.

Figures 5 and 7 are a portal to a vast range of ancillary services and strategic partnerings that completes the present invention's ability to provide complete service. It is a functionally reciprocating external link and referral base.

A users exit via all of these services is logged to the invention's database for statistical and marketing purposes.

Specifically, 501 701 respectively show the icon link to all service providers at discounted cost (based on site membership). 502 702 respectively show the insurers. 503 703 respectively show property management. 504 704 respectively show the builders and development companies. 505 and 705 respectively show Government services including Consumer Affairs, Fair Trading, Stamp Duty etc. and ATO. 506 and 706 respectively show home services and includes removalists, cleaners, pest control, building inspections, Feng Shui, topiary, painters, carpenters, plumbers etc., furniture and white goods suppliers. 507 and 707 respectively show novelty services and includes tips on cooking, cleaning, relationships, horoscopes, home fashion fads (colour schemes, styles etc.) and DIY home renovations. 508 and 708 respectively show accountant services and includes tax specialists, GST, SME's etc. and negative gearing. 509 and 709 respectively show valuer and quantity surveyor services. 510 and 710 respectively show solicitor and conveyancer services. 511 and 711 respectively show architect services and includes home and landscaping.

Figure 6 is the buyer/seller interface. A buyer/seller interface is shown at 601. 602 shows the facility of the buyer sending to the seller a live offer, 'no risk', and 24 hours a day. 603 shows a members site. 604 shows a chat line. The S 20 emphasis has been placed on efficient and effective web based communication tools. The primary tool being enabled is a 'shockwave' based chat interface that allows real time conversation and multi user editing of online vector images (a "scratch pad"). This Chat interface provides an opportunity for communication between buyers and sellers direct as well as through online facilitators. All entries 25 made and the contents of communication made, can be logged and recorded for future referral.

Shockwave is a browser plug-in which enables applications built using programming languages such as Lingo or to be displayed and utilised within the browser, and thereby Internet, environment. Its utilisation within any Internet based product enables a far wider range of user interaction and direct functionality. Effective use of the 'shockwave' plug-in provides the construction of rich media, customised applications and intense interactivity and removes the limitations on the developer that are inherent in working with html (hypertext markup language) alone. Macromedia, the company responsible for the development of the Shockwave plug-in, quote 129 million Shockwave enabled browsers worldwide as at March 2000 with an approximate growth rate of per quarter.

The shockwave browser plugin is used in conjunction with a Director application, to view the content in the users browsers, where the shockwave format compresses the media in the director application to as small as possible, thus enabling delivery of fast rich media and or streaming in such a way that playback can start while the downloading continues in the background. Director has a built-in object oriented programming language called Lingo which allows Director to be used as a flexible application authoring environment. As a result, the overall scope, complexity and flexibility of what can be created using Director and Shockwave can be much broader than what can be created with other Applications.

For example, the present invention creates the media rich operation at the entry portal to visually function with flexibility using the users data and between the host and the users. It can download rapidly and enable webpage/brochure 20 authoring, chat tools, bulletin boards etc, to function quickly and be visually superior in quality to existing formats.

Traditional web developers have looked to Java as an option when trying to improve the functionality of their sites and to meet the market demand for increased interactivity. Java has proven to be heavily CPU intensive and has 25 limited opportunities to integrate complex applications. 'Shockwave' on the other hand, has been found in its present application to enable a media rich environment with a compression rate suitable for quick, low bandwidth down load, (critical to the delivery speed of Homefindirect.com). This in effect allows the widest possible compatibility with client computer configurations and browser software (critical for wide market place acceptance). Shockwave also allows us to provide tools such as an online web page/brochure authoring, chat tools, as well as powerful back end utilities like real time manipulation of the database and callup presentation (critical for communication functions of Homefindirect.com).

A web based, multi-network Short Message Service (SMS) tool, which sends messages to mobile phones, is also incorporated at this level to enable communication while specific users are away from their computer. This is more fully detailed with reference to figure 14. This has been specifically designed as a unique application for the present invention.

Access to the Smart Suite of applications as per Figure 3 is also available here.

Figures 8 and 9 are the personal financial utility portals to mortgage lenders 802, 902, loan information 801, 901, calculators and pre-qualification tools 803, 903. While much of the information provided is based on external links to specific areas of financial institutions' web sites, the calculators and prequalification tools are internal and 'shockwave' driven with resulting data being 15 recorded on the master database for statistical and marketing purposes.

During the course of a user's operation of the process of the present ~invention, they are prompted to enter details in order to customise the user interface to their own requirements. At each of these points, the data entered by the user is recorded and collated within the internal database. This data allows 20 the invention to present a range of options most suitable to the user's requirements (as buyer or seller), it also allows the invention to stay in touch with market trends, maintain relevance within the marketplace as well as present statistical data, and trend analysis to the users.

Specific areas where data is gathered include: 25 Figure 1, where the user enters the secure site environment and inputs "their contact information, identifies their primary site use (buyer or seller), personal information and preferences as well as nominating a user name and password for future site use.

Figures 2 3, where property preferences are entered to enable us to display properties (specific to the buyer's data) or effectively enter data into our 19 search engine and provide web-space, service purchase options (specific to the seller's requirements).

Figures 7 8, where entries made in any of the range of calculator tools are entered into the database to provide market trend information and allow us to increase the relevance of the range of ancillary services we provide in figures 4 6.

Figure 5, where all communication between the user and the online facilitator is logged for facilitator training purposes and online offers are entered into the database for use on the Smart Ticker Figure 4 6, where client exits are logged specific to the exit point for effective link tracking, to provide accurate marketing data to linking partners and to focus service link growth.

DESCRIPTION OF CERTAIN ASPECTS IN MORE DETAIL SYSTEM FLOWCHART 15 Referring to Figure 10, on entry to the website, 'entry portal' 1001, the user is informed of the browser specifications required for optimal viewing of the rest of the website system Screen Resolution, Shockwave Plug-in version required etc).

Once the user has made any changes to their browser settings that may 20 be required, they are then able to enter the main navigational page of the site system, 'start menu' 1002 which describes services offered and prompts for registration, and allows existing registered user to log-in and includes a basic navigational menu for unregistered user, real time data stream (Smart Ticker) detailing current sales activity data, a log-in area prompting for username and 25 password, a New User Link to the registration area and user referrals. Pre- *~registered users can enter their username and password and then enter their specific area of the site Buyer or Seller). New Users are invited to register their details to receive a username and password. Should a user not wish to register there will be a limited number of links and other information that they can access without registering.

On entering the registration area of the site, 'registration' 1003, the new user is informed that the details that they provide will be recorded on the master database to ensure that the utilities provided by the site are personalised specifically to their needs. 1003 shows a form for new users to register, entry of data into database, allocation of username and password and qualification of user as Buyer or Seller and includes entry into secure area (Secure Socket Layer), user data entry fields for database collection, Buyer and Seller's Charter Acknowledgement and Smart Ticker.

After completing the online registration form the user will be asked for a preferred username this will be checked against the current database, 'database (not displayed)' 1004 to ensure that it is unique. At 1004, the system receives registration data from Users, tracks Users movement through the site, records transaction details as specified by Users, cores data for administrative marketing data and cores data for data streaming and trend analysis display and includes an engine for Real Time Data Streaming, trend analysis based on overall data received, limited data call up functionality based on User-Level authentication and auto responder/email alert generator. An e-mail will be autogenerated containing their password and sent to their specified e-mail address to ensure the authenticity of their data input, they will be able to change this 20 password to something more easily remembered on entry to the protected site area. During the registration process the user will be asked which category of user they will become part of Buyer, Seller or both).

Once the user has either logged in or completed the registration and logged in they will be transported to the user interface most suited to their needs, 25 'buyer/seller interface' 1005, which has a User specific Home Page, full site navigation and links to User type Buyer/Seller utilities and includes personalised Auto Generated GUI, navigational menu, step by step procedure guide, full service description, links to external service providers and Smart Ticker. As a buyer, they will be able to search for suitable properties for sale by entering their preferences into a internal database search engine prompt, view information on transactions that have occurred, locate information (both specific and general) on the process of buying a property, learn more about the facilities available throughout the site and locate external goods and service providers from a link directory. A seller will see a choice of service level packages for selling their property. They will also be able to view information on transactions that have occurred, locate information (both specific and general) on the process of selling a property, learn more about the facilities available throughout the site and locate external goods and service providers from a link directory. Once the seller has selected and purchased the service package most suitable to their needs they will enter a listing area, 'user utilities' 1006, which allows them to enter specific data regarding their property for sale including an upload facility for pictures and virtual tour of the property. 1006 has seller choice of service levels (online purchase), buyer online search and catalogue, communication tools, marketing tools, searchable reference library, negotiation tools and external service provision links and includes streamed trend analyser (database driven), Current Market Analysis (CMA) Generator (database entry point), open home booking form/diary, marketing material order form (signs, ads, printed brochures), online facilitator interface, Smart Offer 24 hour No Risk Offer data entry point, brochure/HTML designer and upload utility, Smart catalogue (search and display) internal e-mail, Web SMS utility, smart chat interface, mortgage/budget calculators (database 20 entry point) links to financial utilities (bank prequalifiers/application) and Smart Ticker. Once these details have been entered the seller can choose a web page template and a brochure template to download and edit, with their own content, prior to uploading to their allocated area within the site.

Once the specific data has been completed by the seller on their property 25 these details can be viewed by a potential buyer via thumb nailed property search engine results, this is provided to the buyer in the form of a personalised online catalogue. Each of the catalogue entries are linked to the property's web page which contains more in depth information on the property.

Once the buyer has selected a suitable property to purchase they have a range of options available to them in order to make contact with the relevant seller, 'transaction' 1007. This has an offer acceptance procedure guide, prompt for external transaction requirements (Stamp Duty etc), database entry for record of sale and listing removal and prompt for repeat custom (Seller or Buyer) and includes data entry form for User transaction details, prompt and links to external transaction requirements, legal documents/contract templates and Smart Ticker.

They may contact the seller via an internal e-mail system, via Short Messaging Services, via online chat or via the online offer area of the site. Details on the resulting transaction (offer or purchase) are recorded by the seller for display on the site.

MASTER DATABASE DESCRIPTION Although the database is never entirely displayed to the user of the site, aspects of it are involved in almost every one of the site's functions. Details of each user are recorded into the database by them on registration as a user to receive a username and password. Details on transactions made between users are recorded as soon as they occur and this information is displayed throughout the site. Details of the properties listed for sale are recorded by their sellers for access by buyers via a database search engine. The database is also responsible for the data which is displayed on all active server pages that personalise the site experience for the user.

Referring to Figure 11, which illustrates a number of the features included 20 in the database, the central 'master' database collects and collates data via a series of user interfaces located throughout the system. The database processes the data to record user-specific site use, to automatically fill out forms relevant to the specific user and enable the use of active server pages by the user.

The database serves to provide the user with user-specific content and 25 navigational content. The database also provides selected raw and statistical data to the system for display to the user.

The database as described may perform other or lesser tasks, as is necessary.

Specifically, 1111 shows name, current address, IP address (auto), contact numbers, e-mail address, preferred username, income band, professional group, mortgage requirements (includes age and percentage required, land broker (SA only)), preferred property profile (description), price range preference, location preference, bedroom number preference, style preference, toilets by floor preference, locality to community facility preferences, period to buy in, and choice of data to be displayed publicly.

1112 shows name, current address, IP address (auto), contact numbers, email address, preferred username, income band, professional group, pre-listing period, preferred period to sell, marketing options required, reason for selling, CMA period receival, current mortgagee, pay out figure, ancillary services required, settlement period from offer acceptance preferences, pre-listing appraisal data (property address, location, number of bedrooms, style and price range) and choice of data to be displayed publicly.

1113 shows the geographical location, listing date, price, property type, number and type of rooms, construction, roof type, style type, services, car parking, type of interior walls, appliances, type of hot water system, features, 15 proximity to community facilities, transport, outlook (direction), age of property, :°oooo land area, real property description (plan identifiers), encumbrances, (easements etc.) zoning, rates, days to vacation, number of units, Body Corporate fees, floor "•'level, lift yes/no, name and address of Body Corporate Manager (name, address phone) and any additional information.

20 1114 shows the average weekly net gross income, current mortgage/rent payments and weekly expenses (food, clothing, fuel, utilities, rates, entertainment, publications, subscriptions, credit card/other loan repayments, *b.O insurances, telecommunication costs).

1115 shows the sale price, offer price, sale date, sale type, conditions of 25 sale, period of settlement and ancillary services used.

1116 shows database fields as raw data plus number of sales/offers by location by time period (weekly, monthly etc.), number of sales/offers by bedrooms/style and price range by time period, number of offers by time period, number of sales by time period, number of listings, listings by location, listings by price, listings by bedrooms/style, listing by date, time period listed, average sale price by location, average sale price by bedrooms/style, average time period of listing, buyers by price, buyers by location, buyers by number of bedrooms and buyers by style.

1117 shows Ticker, a scrolling text display of Admin defined raw data and call-ups.

1118 shows the Resource Library Section, a graphical and chart display by Admin defined call-up and aggregate figures (averages and trends) which are periodically auto updated (monthly, weekly etc.) 1119 shows user specific navigation (buyer or seller link provision) and user specific content display and link suggestions, search criteria, active page generation (ASP/PHP).

SMART TICKER DESCRIPTION Through the site, an area of the user's Internet browser is preferably, constantly displaying scrolling text which shows details of the transactions that have occurred and are occurring on the site. Additionally statistical data on site activity and details of new listings are displayed. This Ticker display ensures that every user is kept informed on site trends and sales data.

Referring to Figure 12, which illustrates a number of the features included in the smart ticker, it streams data in a scrolling text format directly from the 0master database via an administration interface that controls the speed of data 20 call up, speed of data display, the sequence of data display and the data selected *:too: for display. The administration interface of the smart Ticker also has a manual data composition capability that allows manually input of data to be displayed.

a 0000 @*Io Specifically, 1201 shows the key fields used location of property (buyer 000 and seller), style description (buyer and seller), price asked, buyer price 25 preference, number of bedrooms (buyer and seller), price offered/accepted, type •of transaction, date and listing date.

1202 shows database fields as raw data plus, number of sales/offers by location by time period (weekly, monthly etc.), number of sales/offers by bedrooms/style and price range by time period, number of offers by time period, number of sales by time period, number of listings, listings by location, listings by price, listings by bedrooms/style, listings by date, time period listed, average sale price by location, average sale price by bedrooms/style, average time period of listings, buyers by price, buyers by location, buyers by number of bedrooms and buyers by style.

1203 shows the configuration of auto call ups (timing), organising order of data to be displayed, choice of data to be displayed, speed of data refresh, speed of data transmission via user display and Admin message composition for display.

1204 shows an example user display.

The Smart Ticker Display as shown in figure 12 is a Shockwave based utility that allows users of the system to have access to current information concerning transactions being conducted by other users, new listings and other statistical data pertaining to the effectiveness of the system. This utility has the ability to immediately display and constantly update the data directly from the system's internal database, which, in detail is information regarding newly listed properties and a variety of statistical information regarding transactions currently underway and successfully completed using the system. It has been realised that because of the Ticker's immediate data delivery feature, when applied to an online real estate transaction, enables users to have access to the very latest information regarding the effectiveness of the system and of the current state of the real estate market. This then provides the ability for users to be able to make informed decisions based on current data which can serve to provide the advantage of maximising the profitability of the user's excursion into the real estate market.

WEBPAGE/BROCHURE DESIGNER DESCRIPTION In order to enhance the listing of a property for sale on the site a seller must create a web page to provide specific property details to the potential buyer.

After entering their listing details into the master database, sellers are taken to an area of the site, as illustrated in Figure 13, which allows them to create their own page from a range of templates provided, there are templates provided for the creation of customised printable brochures.

Whilst, existing Offline Editors, contain templates which can be used to create any number of user-designed pages, they allow the user to begin with a 26 blank page. Online web page editors are built in Java or JavaScript and allow users, once they have separately uploaded their files (pictures, sound files, etc) to create a web page online. These online editors are specific to one host and they contain a varying amount of required content (banner ads or logos), however they require the user to be online continuously throughout the process and do not require the user to adhere to a predefined layout/design. Existing single host online editors do not allow the user to work with a page layout specifically tailored for printing, if their page layout is defined at all, it is for screen sizes common to the Internet.

The Smart Editor of the present invention is considered the first Shockwave based page design tool to ensure the user adheres to a predefined design style, to contain pre-configured upload server settings and to be single template specific for both Internet and Desktop publishing layout requirements.

Each Smart Editor application is created for single use only, once the user has created their page with the editor, in order to vary their page layout, the user is i required to download another Smart Editor application. The Smart Editor ensures that while the user can display their specific content effectively, the material produced on the Internet and in print conforms to a common style and theme and ":is therefore easily identified as originating from the host system. These elements of The Smart Editor have not been contained either singularly or in combination within any currently existing editor applications.

The criteria for the common style and theme are: The system logo positioning (Homefindirect) The hyperlink destination and positioning The hyperlink colour (active/inactive) The page layout ie positioning of graphics and text 004 The page layout and usage The common style and theme are not the pre-configured server settings, they are as outlined above. The preconfigured server settings are the address/DNS of the server used to host the user files ie ftp. Homefindirect.com (These can be changed and pre loaded to different servers if we want) 27 Template selection 1301 has a choice of web page and brochure design templates presented to the user with full descriptions and examples. The seller is provided at 1302 with a range of template styles, links to example files and a link to a file to download. 1303 enables downloading and editing. In 1303 each design template has a link to a file for the user to download. This file contains a template specific application that allows the user to edit the design template with their own stored data. Any data imported into their project is automatically constrained to fit with the chosen design template. Any imported graphics are optimised for the web on export of the project to html format. Once the user has completed their editing an html page is exported from the application in A4 or web format for storage on the user hard drive and for upload. Once downloaded, the template file launches an application 1304 that allows the user to edit text fields and place their own photos into the allocated area. Once the seller has edited the template they can then upload to their space on the site (predefined settings so the user is not required to know how to set up File Transfer Protocols (FTP)).

Users are also able to export the finished page to their own computer as html, print the file or send it to the external server directory for professional printing.

In particular, the designer of Figure 13 allows the user to select from a preconfigured series of templates for the creation of their personalised web page or printable brochure. Upon selection of a suitable template, the user can download a stand alone offline application that is specifically template constrained to provide uniformity with other user's web pages or brochures once uploaded or printed.

Placement of text and/or pictures via the template editor application is performed via a "point and browse" mechanism (click on space allocation for design element and a window for browsing your local hard drive appears to locate relevant image/text).

File Transfer Protocol (FTP) settings are pre-configured to the specific template application requiring the user to only input their registered username and password.

1305 shows uploading and print and after storing their finished project, the user performs either one or a combination of the following tasks: 1. Upload to their own specific space allocation within our site; 2. Print the resulting brochure from their own printer; or 3. Upload the resulting file to our site brochure directory for professional printing/editing and dispatch back to the user. 1306 shows an example.

WEB to SMS DESCRIPTION Users are provided with an Internet based interface that allows them to send Short Messaging Service (SMS messages) to the mobile phone of any user registered to use Web to SMS. User's privacy is protected through the allocation of a PIN code. The PIN code is required to be entered by the sending user in order to identify and authenticate to the receiving user's phone. Using the PIN Code system and registered user names maximises the user's opportunity for privacy and does not require the publication of the user's mobile phone number at any stage.

i Using this facility, a user can contact other registered users via a text S°message of up to a 160 characters displayed on the recipient's mobile telephone.

By using a web based interface, the user is not limited to using the small alpha- :.:°onumeric keypads on their mobile phone.

When a user selects this area of the web site they are required to enter their name, their username, their mobile phone number and a four digit PIN (Personal Identification Number). This number ensures that the user does not receive unsolicited messages and provides a method where the user can ensure S they only receive messages intended for them. The use of a PIN number also allows the service to be used without displaying the user's mobile phone number to other users.

I

1401 shows an Active Server Page (user specific) welcoming the user (by name) to the Web to SMS feature. Entry fields for the username or real name of the person they wish to contact Search Facility) and entry of recipient's four digit PIN code (PIN allows only authorised people to contact the intended recipient) and a Registration feature to add a user to the service (via internal SMS database) real name, SMS enabled phone number, desired PIN code, (auto entry of username). 1402 shows an example screen.

Once the user has provided the SMS database with a PIN number they can then pass this number onto other users that they may wish to have contact them. Without entering an intended recipients name and PIN number the service will not be activated.

1403 shows message composition. After entering correct recipient details user is transported to Composition Screen, which confirms recipient ID but does not display phone number (for privacy of recipient). There is a text entry field with 160 characters (SMS limitation) countdown counter and forced signature (to ensure integrity of message). 1404 shows an example screen.

Once the right recipient details are entered the user is provided with a message creation screen 1404 that shows how many characters have been used (to a total of 160) as the user enters their message. The user name of the sender is placed at the bottom of the message and cannot be removed, this ensures that the recipient knows who has sent the message.

Once the sender has completed their message and pushed a send button, a screen comes up with the status of the message pending then confirmation of sent). Each recipient has a "SMS Inbox" which records details of messages sent to them for future reference.

On submission of the SMS message, the sender receives a "Message Pending" screen that auto updates until the message is successfully sent to compensate in the event that the SMS server is receiving high traffic and *experiencing long delays, the sender is given the opportunity to abort send at any stage.

1405 shows the server. It shows active server pages that are served from Master Host Server User authenticated via a cookie based session ID that identifies the user to the SMS entry page. Call Up to internal SMS database to confirm recipient ID and PIN (also collects recipient contact phone number, although this is never displayed). Registration uses session ID to allocate username from master database to SMS database. Body of text sent via software to mobile phone on serial port and sent across multi-network (phone carriers) SMS system.

Each registered SMS user has an "Inbox" 1406 which allows them to review messages recently sent to them listed by date and sender specific with message content displayed. The inbox 1406, on submission of SMS message the sender receives a "Message Pending" screen that auto updates until the message is successfully sent to compensate in the event that the SMS server is receiving high traffic and experiencing long delays, the sender is given the opportunity to abort send at any stage. Each registered SMS user has an "Inbox" which allows them to review messages recently sent to them listed by date and sender specific with message content displayed. This allows the recipient to retrieve data discarded from their phone, retrieve sender details and to highlight messages if necessary. The recipient Inbox contents can be manually deleted by message, deleted at a specified monthly roll date or deleted by message age.

This allows the recipient to retrieve data discarded from their phone, retrieve sender details and to highlight messages if necessary. The recipient Inbox contents can be manually deleted by message, deleted at a specified monthly roll over date or deleted by message age. 1407 shows an example inbox.

GRAPHICAL USER INTERFACE DESCRIPTION Referring to Figure 15, an example GUI is shown, and which displays on every page the site branding (logo and colours), the ticker, essential navigational links and a prompt for the user to find out about the latest site developments, called "what's new". There are also navigational links including a site home button that returns the user to the front page of the site, a reference library link, a goods and services directory link, a financial services link and a communication utility area link. Links to new listings and editorial content are included preferably on all pages. The GUI is designed so that from any part of the site, the user can use the graphical user interface to move around to any other part of the site that they may wish to and to access any of the services offered by the site quickly and easily.

A series of web pages are generated using file types such as html, dhtml, asp, php, Java and SwF (shockwave/flash) which combine to allow the user to quickly and clearly understand the functionality and purpose of the site system. A variety of links throughout the interface allow the user to navigate their way through the site. The whole interface is set to not be fully displayed at a screen size of 800 x 600 pixels, however the bulk of quick navigation and site highlights are displayed in the 800 x 600 pixel area to minimise the user's requirement to scroll.

In other words, Figure 15 shows the Graphical User Interface of the present invention. This html and shockwave based utility allows users to access and view the system and to interface with it's various internal tools, including it's central database. This utility carries easily operated navigational tools to allow users to move freely about the system and provides the visual medium upon which other tools, such as the Smart Ticker, can be displayed. In essence, the Graphical User Interface has been configured to carry a corporate identity in a i memorable and visually stimulating fashion. It also conforms to the 'left to right, q "top to bottom' configuration of traditional media in addition to displaying an array of navigational and functional tools in a comfortable fashion. It has been realised that because of it's traditional media configuration and it's ability to make navigation and tool utilisation easy, when applied to an online real estate transaction, it enables users to become rapidly familiar with the benefits of using the system as a whole in a comfortable, non-confronting fashion. This then provides the ability for users to get the best possible results from their use of the system as they can quickly and easily become aware of it's functionality and worth to them. This can serve to improve the overall results achievable by the system and increase the numbers of repeat visitors and increase the system's endemic popularity ONLINE OFFER DESCRIPTION Once a buyer has located a property they wish to make an offer on they can enter the online offer area, Figure 16, of the site. At 1601,as the site tracks each user through the site, fields within the online offer form is automatically completed, these fields identify the user's username, real name, address, telephone contacts, e-mail address and current IP address. Users are prompted to establish which of these details they wish to have displayed to the seller the username is compulsory and the IP address will be logged but not displayed to the seller for security purposes. Specifically, 1601 has an entry page to the Offer Construction and Submission area, and an active server page that auto loads and displays the specific registered user data as recorded on the master database together with their current IP address. Users are then offered the opportunity to choose which of the data displayed they wish to have appear to the seller on the resulting offer document.

Once the buyer has chosen which of the data they want displayed they can then move to the offer construction area 1602 where they can input the amount of their offer, the reference number (identifier) of the property they wish to make an offer on and any special conditions that they wish to propose "subject to finance"). Specifically, 1602 has an offer structured form which is displayed to the user to complete the relevant fields; property reference number (from system display), amount offered, proposed special conditions. Prior to submission the buyer is provided with a preview of the data to be submitted and an offer number ~is generated for future reference.

There are active server pages with call-ups to the master database that predefine and complete areas within the offer document relating to user and property details. Upon manual entry by buyer of specific offer details (Price Offered, Proposed Conditions) the offer is assigned an auto-generated number for future reference and the completed document is previewed to the buyer prior to dispatch to the relevant seller. When the buyer is satisfied that the details of their offer are correct they can preview the document as it will be sent to the seller, make an amendments they may wish to, then submit their offer.

At 1603, there is server offer handling in which once an offer has been received by the master database for forwarding to the relevant seller, the offer amount and property reference number are collected by the database for use in system statistics. Details of the offer are forwarded to the relevant seller via a prearranged transmission method fax, e-mail, SMS or telephone). As the offer is dispatched to the seller, the date and time of transmission are logged to the master database. If the system does not receive notification of acceptance or continued negotiation from the seller with a predetermined time period, the offer determines and will be deemed to have expired. Once successfully completed, the offer document is forwarded to the relevant seller via a prearranged transmission method fax, e-mail, SMS, telephone). As the offer is dispatched to the seller, the date and time of transmission are logged to the master database. An offer number is auto-generated for future reference and a copy of their offer is sent to the buyer's e-mail address for their records.

If the system does not receive notification of acceptance or continued negotiation from the seller within a predefined time period, the offer determines and will be deemed to have expired.

In other words, the Online Offer Utility allows users of the system to present offers to purchase to other users and for these offers to be transmitted quickly through a variety of communication forms. This utility contains a user interface that automatically fills out the sender's details and allows offer details to be entered into the system database via an active server page which then automatically transmits the data to the recipient via fax, SMS, telephone and/or email. It has been realised that because of the Online Offer Utility's automatic transmission feature, when applied to an online real estate transaction, enables users to rapidly communicate their offers and sellers to become aware of current offers relatively immediately upon the offer being placed. This then provides the ability for users to be able to complete transactions at a speed that suits them which can serve to provide the advantage of dramatically reducing the time between offering and acceptance.

PRACTICAL EXAMPLE A buyer/seller/consumer/user comes to the site of the present invention as a result of referral, marketing or a link and enters the Web page. They can do this 24 hrs a day. A graphic interface, figure 15, in the form of a menu/links/site information etc pops up and greets them. They are invited to register as a buyer/seller for no fee, but must supply certain relevant information. If they do not wish to register they can only receive limited services.

Upon registration the buyer has been qualified and can click through to the property listings, the service provider links, mortgage information and solutions, and/or the chat/offer/sales application facilities, as well as the huge database/library of information for the unsuspecting buyer. This database, figure 11, contains everything from what to ask the owner/virtual Agent in the transaction, to an outline of the whole process, to all the necessary questions about the property, its condition, how to remedy building problems, where to get consumer advice, which service providers to ask certain questions of, what questions to ask, as well as links to a myriad of sites that provide everything from Feng Shui to Topiary. This is the tutorial and engine room of the site.

The seller can click through to all of the above areas, but they can also click through to the seller interface where they determine the cost and level of service with which they wish to be provided. There are five options available and they have varying levels of service (See Figure Within the service area they are tutored on the requirements of listing and provided with an enormous library.

At the point of registration buyers/sellers/consumers, are automatically logged onto the e-mail auto responder and provided with a free, simple and unique Web page (figure 13). Sellers are supplied automatically, or as required, with a Competitive Market Analysis on their property, and updated every 24hrs via e-mail. All offers are also automatically sent to them from buyers. These offers and sales are, preferably, constantly displayed in a streaming text display at the bottom of the Live Web page (figure 12, smart ticker) and all sales are automatically included in the database library for use within the CMA's. Sellers are constantly updated on the "hits" or views of their property and given all feedback from buyers who are encouraged via marketing incentives i.e.

giveaway's, to provide this type of information. Buyers are also encouraged to provide detailed information on their own sales or their own property information compiled by valuers etc by being rewarded with discounted services or inexpensive gifts. This adds dramatically to the sale information within the database.

Buyers are automatically prompted via e-mail, or as specified, of any property that has come within the parameters of their original requirements and requested to immediately respond. If requested, a SMS message can be provided to a mobile phone where they can place an offer via WAP or contact the seller direct (if the seller has chosen that particular level of service) or the virtual Agent, who will handle it for them.

The sellers are able to access on line advice with their virtual Agent if they need it, depending on the hardware specifications of their computer. If for instance they have difficulty in loading graphic images then they can converse purely in a text based chat environment. Above that level they can go to an audio (if they have speakers) and a graphical "virtual talking head". The use of a videoconference is expensive but may be provided at an extra cost.

Registered users will be able to move in and out of all functions except the seller's service level area. This will allow buyers and sellers to move at their own pace in the process of buying or selling. Only when they are confident that they have sufficient where with all will they proceed to conclusion of the transaction. If they are experienced at this type of transaction then the process will be very quick, and even new entrants will proceed faster without the impediment of a third person. At all times they will have the protection of the Buyers and Sellers Charter as well as the advice of a myriad of solicitors, accountants, tax specialists, valuers etc, via our on line links, if they wish to take advantage of our discounted rates.

Buyers and owners will own the process, save time, and save substantial costs in the process.

It is contemplated within the scope of the present invention, that various modifications may be made without departing from the spirit or intention of the invention. In this regard, an example is that the GUI may be arranged in a different format and or may have more or less information. These modifications 36 do not depart from the function performed by the present invention, and which is outlined in the claims.

*o -11T o *r

Claims (15)

1. An Internet based system for facilitating interaction, negotiation and transaction between a buyer and seller of real estate property, the system including: a multi-functional database connected to a data communications network for storing data regarding property for sale, a graphical user interface, operably connected to the database via the network, the graphical user interface including means for enabling a seller to enter data regarding their property for sale onto the database and means for enabling a buyer to browse listed property for sale in the database, the user interface further including means for enabling a buyer to make an offer to the seller for the purchase of a listed property for sale, wherein offers are automatically dispatched to the seller via the communications network.

2. A system as claimed in claim 1, wherein the database controls the display of information within the system, including via a series of web pages, active server pages and Internet based software applications.

3. A system as claimed in claim 1 or 2, wherein users are identified as either potential buyers or sellers via a registration process. oeO°

4. A system as claimed in claim 3, wherein processes applied to buyers is different to the processes applied to sellers.

5. A system as claimed in claim 1 or 2, wherein the buyer and seller are identified by at least one of: an individual identifier, generic user information as well as predetermined information, session identifiers, a tag, or information provided by the user based on information from predetermined fields.

6. A system as claimed in claim 5, wherein the database determines the services that will be accessed by the user using the unique/specific user ID as an identifier.

7. A system as claimed in claim 6, wherein user identification is at least partially based on the user answering whether they wish to purchase (buyer) or sell (seller).

8. A system as claimed in any one of claims 1 to 7, wherein the buyer is provided with a sub domain (where you put your website) but no access to the sub domain, access to the listing database and the ability to make an offer to purchase, 15 access to communication tools to make an offer, and access to links. A system as claimed in any one of claims 1 to 8, wherein the seller is i provided with a sub domain and access to the sub domain for the upload of a seller's web page, access to the listing database, and access to links. A system as claimed in any one of the preceding claims wherein, buyer's preferences are logged by the database at registration (on entry to the site) and or during a search process, such that suggested properties can be provided to the buyer.

11. A system as claimed in claim 1, wherein the means for enabling a buyer to make an offer to the seller includes an offer form which allows the buyer to enter details of their offer and select which of their personal details they wish to have displayed to the seller.

12. A system as claimed in claim 11, wherein when the offer is dispatched to the seller, the date and time of transmission are logged by the database.

13. A system as claimed in claim 12 wherein the offer is deemed expired if notification of acceptance or continued negotiation from the seller is not received within a predetermined time period.

14. A system as claimed in any one of the preceding claims, wherein the user interface is displayable on a screen, the interface enabling continuous interactivity between the system and a user, the interactivity being provided by a number of portions of the screen, including: a ticker for enabling information to be scrolled or streamed across the screen in various formats, wherein the information is delivered via the database 15 so that users can analyse the current state of sales and prices of real estate property, S*at least one pop up screen to choose data sources, and or to insert a data source for the creation of a general data base and to enable information availability, navigational link(s) for ease of access to various areas of the system according to your user parameters, the navigational links including a site home button that returns the user to a front page to re enter preferences into the internal database or enter as a registered user if they have not already done so in "order that they can access the full range of services available, a reference library link for providing educational information on all aspects of real estate buying and selling to registered users, a goods and services directory link for enabling the use of external providers, and links to new listings and editorial content for users who want to be able to access brand new listings immediately.. A system as claimed in claim 14, further including a Smart Brochure Editor for enhancing the visual presentation of web pages, photographs, virtual tours, and brochures during the listing of a property for sale by the user and enabling user self creation through pre-configured templates.

16. A method of facilitating interaction, negotiation and transaction between a buyer and seller of real estate property via the internet, the method including the steps of: a seller operating a user interface, operably connected to a data communications network, to enter data regarding their property for sale onto a database, connected to the network; a buyer operating a user interface to browse listed property for sale in the database and select a property for purchase, the buyer operating a user interface to make an offer to the seller to purchase the selected property, logging the offer for purchase on the database and automatically dispatching the offer to the seller via the communications network.

17. A system substantially as hereinbefore described with reference to the accompanying drawings. *g

18. A method substantially as hereinbefore described with reference to the accompanying drawings. DATED this 24 th day of May 2006 ROOMSTOCK PTY LTD WATERMARK PATENT TRADEMARK ATTORNEYS 290 BURWOOD ROAD HAWTHORN VICTORIA 3122 AUSTRALIA P17971AU00