- 1 A METHOD OF MATCHING A BUYER AND A SELLER FOR A REAL ESTATE TRANSACTION FIELD OF INVENTION 5 The present invention relates to real estate transactions. The present invention has particular but not exclusive application for real estate transactions involving the buying and selling of residential and commercial property. BACKGROUND OF THE INVENTION 0 Real estate transactions occur when a buyer locates a property of interest which satisfies their requirements. The problem that buyers face is that it is not easy to locate a property of interest. A buyer would normally visit real estate agents within an area of interest, read magazines and papers advertising real estate properties, attend open days to inspect properties and view real estate websites to look at 5 available properties. From a seller's point of view, they do not know who is interested in their property until an offer is made by a perspective buyer or a bid is made at an auction. There are considerable costs associated with advertising a property for sale, provide open days and conduct an auction. The process of locating a desired property is generally protracted and frustrating. As well the 20 process of identifying a genuine buyer involves spending large sums of money on advertising and presenting the property to the widest possible relevant audience and without having any guarantee of success.
-2 OBJECT OF THE INVENTION It is an object of the present invention to provide an alternate method of matching a buyer and a seller for a real estate transaction that overcomes at least in part one or more of the above mentioned problems. 5 SUMMARY OF THE INVENTION In one aspect the present invention broadly resides in a method of matching a buyer and a seller for a real estate transaction including having a website-based program that includes one or more databases with 0 information of one or more registered buyers, one or more registered sellers and one or more real estate properties; entering the buyer's personal information and their property criteria information including property price on the website-based program and the website based program establishes a buyer's account and provides the buyer with a unique 5 member number; assessing and verifying whether the buyer has pre-approved finance, where the buyer does not have pre-approved finance then seeking pre-approved finance for the buyer; where pre-approved finance has been verified, the buyer's unique member 20 number and their property criteria information are viewable by others on the website based program; entering the seller's information including personal contact information, property criteria information and selling price of a property on the website-based program, the website-based program establishes a seller's account; and -3 processing of the information by the buyer or the seller to match properties and buyers based on common property criteria information from selected property criteria categories wherein the seller identifies the number of buyers and their unique member number that match with their property for sale while buyers identify 5 properties that match their selected criteria, wherein the identification of matching properties with buyers who have pre-approved finance facilitates a real estate transaction between the seller and the buyer. In a second aspect the present invention broadly resides in a method of matching a buyer and a seller for a real estate transaction including 0 having a website-based program that includes one or more databases with information of one or more registered buyers, one or more authorized brokers, one or more registered sellers, one or more authorized real estate agents and one or more real estate properties; entering the buyer's personal information and their property criteria 5 information including property price on the website-based program and the website based program establishes a buyer's account and provides the buyer with a unique member number; assessing and verifying whether the buyer has pre-approved finance by allocating an authorized broker to the buyer and the allocated authorized broker 20 verifies the pre-approved finance, where the buyer does not have pre-approved finance the allocated authorized broker seeks pre-approved finance for the buyer; where pre-approved finance has been verified, the buyer's unique member number and their property criteria information are viewable by others on the website based program; -4 entering the seller's information including personal contact information, property criteria information and selling price of a property on the website-based program, the website-based program establishes a seller's account, where an authorised real estate agent is acting on behalf of the seller, they will enter the 5 seller's information; and processing of the information by the buyer, authorized real estate agent or seller to match properties and buyers based on common property criteria information from selected property criteria categories wherein the seller and authorized real estate agent identifies the number of buyers and their unique member number that 0 match with their property for sale while buyers identify properties that match their selected criteria, wherein the identification of matching properties with buyers who have pre-approved finance facilitates a real estate transaction between the seller and the buyer. The buyer preferably enters the maximum property price. 5 Where there is a real estate agent acting for a seller, the real estate agent enters the seller's information and deals with the buyer on behalf of the seller. Prior to verification of pre-approved finance, the buyer preferably has access to viewing properties on the website-based program. Where the buyer has been refused pre-approved finance they are preferably 20 refused access to the website-based program. Preferably the processing is activated by the buyer or the seller by submitting a search request in the web-based program. The selected property criteria categories can be individually selected or a hierarchy of property criteria categories can be selected. Preferably the hierarchy of property criteria categories is in the 25 following order: property price, property location, property type, number of bedrooms, -5 number of bathrooms, number of vehicle spaces, land area and other property features. Other property features includes a pool, air conditioning, a garden, a formal lounge, a formal dining area, a media room, a study room and security system. 5 With the purchase of the property, the seller or real estate agent is charged for the use of the web-based program to facilitate a successful real estate transaction. With the completion of the real estate transaction, the buyer preferably enters the transaction details into the web-based program thereby alerting of the successful transaction. For entering the details of the transaction and using the 0 method and web-based program to purchase the property, the buyer is financially rewarded. The buyer is preferably paid a settlement fee if details of the transaction are entered into the web-based program. If a party referred the buyer to buy the real estate property, the referring party is preferably rewarded when the real estate transaction is completed. 5 The referring party may be one of the authorized real estate agents or one of the authorised brokers. The reward for completing the real estate transaction is preferably paid after settlement of the particular real estate. The reward is preferably in the form of a monetary remuneration. 20 The list of real estate properties produced upon the search request submitted by the buyer preferably is increased or decreased by increasing or decreasing the number of real estate criteria, respectively. The buyer preferably edits the list of real estate by entering a level of interest against each listed real estate. Preferably, one or more of the listed real estate can -6 be selected for deletion from the list of real estate when the buyer indicates no interest against selected real estate. The list of real estate can preferably be sent as an email to the buyer. The buyer can preferably program the web-based program to conduct 5 automatic searches by selecting one or more time periods for a new search. The one or more time periods preferably includes the time when a new real estate property is listed in the seller's database, daily, weekly, fortnightly or other customized time period. The buyer preferably requests the web-based program to produce a buyer's o property report on a specified real estate property. The buyer preferably submits questions regarding the specified real estate property to the managers of the web-based program. Preferably, the buyer's personal details are not accessible by anyone except the allocated authorized broker and web-based program managers. 5 The seller preferably sends marketing material to the buyer by use of the unique buyer identification code and the web-based program. The program preferably sends the marketing material via email. The seller preferably sends newsletters or further information regarding a particular property to the buyer by use of the unique buyer identification code and the 20 web-based program. Where a buyer has selected to delete a real estate property from the list of real estate properties, the web-based program preferably automatically stops the buyer from receiving marketing material or newsletters or further information from the associated seller or their authorized real estate agent of the deleted real estate.
-7 The buyer is preferably provided a seller's property report upon submission of a request to the web-based program. The authorized brokers are preferably identified by a unique broker identification code. 5 Preferably, the authorized broker assigned to the buyer is notified when the buyer completes the real estate transaction. BRIEF DESCRIPTION OF THE DRAWINGS In order that the present invention can be more readily understood reference 0 will now be made to the accompanying drawings which illustrate a preferred embodiment of the invention and wherein: Figure 1 is a flow diagram of a method of aligning a buyer and a seller in a real estate transaction according to one embodiment of the present invention; Figure 2 is a list of personal details requested from the buyer when the buyer 5 uses the method of Figure 1; Figure 3 shows a list of questions for the buyer who does not have finance pre-approval; Figure 4 shows a list of questions regarding the buyer's real estate criteria; and 20 Figure 5 shows a seller's property report for a specified real estate. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT With reference to figures 1 to 5, there is shown a preferred embodiment of a method of matching a buyer with a seller in a real estate transaction. The method - 8 involves the use of a web-based program accessible via the internet. See figure 1 for a diagrammatic representation of the method. The buyer registers to use the web-based program by entering their personal contact details, finance pre-approval details and one or more real estate property 5 criteria. The buyer enters personal details including contact information. A preferred embodiment of the required details is set out in figure 2. A partners or spousal name is included with the personal details so to avoid double entries. The web-based program then allocates a unique member number. The web-based program then provides a set of questions which assesses 0 whether the buyer has pre-approved finance. Where the buyer does not have pre approved finance, they will be assigned an authorised broker who will assist them to obtain pre-approved finance and subsequently verify that the buyer has pre approved finance. A broker is authorised to act for a web-based program client if they satisfy certain criteria established by the managers of the web-based program. 5 In a preferred embodiment a broker is authorised if they satisfy the regulatory requirements and have the required qualifications to act as a financial broker. The broker applies to the managers of the web-based program to be authorised providing evidence of qualifications and payment of an establishment fee. The broker may also pay a periodic fee to maintain their authorised status. When the broker 20 becomes authorised, they will be allocated a unique broker number. Where the buyer has pre-approved finance, they will be assigned an authorised broker and provide the authorised broker with evidence that they have pre-approved finance. The evidence of pre-approved finance may be in the form of a letter or contract from a bank or financial institution advising the buyer that they -9 have pre-approved finance. See figure 3 for the steps to obtain verification of financial pre-approval. The buyer does not qualify for financial remuneration unless they have their pre-approved finance verified by the assigned authorised broker. 5 The property criteria information may include property price, property location, property type, number of bedrooms and bathrooms, garage space, land area, a pool, air-conditioning, garden, formal lounge, formal dining area, media room, study room and security system. The buyer can enter values into one or more of the property criteria categories. The buyer may also set a hierarchy of property criteria o categories. In a preferred embodiment the web-based program has a default hierarchy of property criteria categories being property price, property location, property type, number of bedrooms, number of bathrooms, number of vehicle spaces, land area and other property values. See figure 4 for an example of the questions for the property criteria information. 5 After registration the buyer can search the real estate property database to identify one or more properties that match the search values. Where one or only a few property criteria categories are searched, a larger number of properties would be located in comparison with the number of properties located when a larger number of property criteria categories are searched. 20 A list of real estate properties is produced by the web-based program when a search request is submitted by the buyer. The buyer can indicate their level of interest in each of the identified properties by selecting one of three buttons from very interested, interested and not interested. Where the buyer selects not interested, the property will no longer be presented to the buyer unless they search 25 for the property. With "very interested" properties, the buyer can elect to send the - 10 seller or real estate agent their contact details so that they can initiate discussions towards purchasing of the property. The buyer is also able to submit questions about any real estate on the list to the managers of the program. In this way, the buyer can ask questions without 5 supplying their personal details to the seller. The personal details of the buyer is secured in the buyer's database and is not available anyone except the managers of the program Real estate agents can be authorised to use the web-based program by payment of an initial fee. Subsequent payment for use of the web-based program by 0 the authorised real estate agent is based on successful completion of real estate transactions. Upon authorization, the information of the real estate agent is entered into a real estate agent database. The real estate agent is allocated a real estate agent identification code. The real estate agent can refer their clients, who are prospective buyers to use the web-based program. The real estate agent may also 5 refer a prospective buyer to the web-based program to arrange finance pre-approval through one of the authorized brokers in the authorized broker's database. The program identifies authorised real estate agents who refer buyers to use the web based program by the real estate agent identification code. A seller of property or their real estate agent enters property criteria 20 information to form a seller's account. The seller or their real estate agent can search the buyer's database to determine the number of buyers with matching property criteria information. An email or SMS may be sent to the buyer from the seller or real estate agent alerting them of the property for sale. The buyer has the option of registering their interest in the property by a simple method of selecting one 25 of three buttons being interested, very interested and not interested.
- 11 The seller or real estate agent can review their listing on the web-based program and obtain information about the interest generated about the property by prospective purchasers. A property report may be generated for analysis. An example of a property report is shown in figure 5. 5 In this way, buyers are presented with properties and the sellers and or their real estate agents are presented with genuine buyers. When a buyer is very interested in a property, the personal details of the buyers are forwarded to the real estate agent and or the seller in order to reach an agreement. If the property is purchased and a contract signed, the buyer advises the managers of the web-based 0 program that they have purchased a property via the web-based program and are rewarded with a financial payment. The seller or real estate agent is invoiced by the managers of the web-based program upon receipt of the advice from the buyer. Preferably the invoice is paid within two business days of settlement. The buyer is paid a payment preferably within seven days of settlement. If there is a referral party 5 such as another real estate agent or broker, they are paid a fee. ADVANTAGES An advantage of the preferred embodiment of the method is that the web based program enables buyers to easily arrange finance pre-approval while the 20 sellers are assured that they are dealing with only buyers with finance pre-approval. The method provides a way of introducing and matching buyers with sellers to facilitate a real estate property sale. A further advantage of the preferred embodiment of the method includes improving the likelihood that the buyer can efficiently locate real estate of their 25 desired requirements. This is because the buyer can use the search function of the - 12 web-based program to customize their search based on a range of real estate criteria. Furthermore, the real estate criteria can be ordered in a hierarchy of importance that is determined by the buyer themselves. The information that a buyer enters into the buyer's database regarding their real estate requirements is 5 processed against the seller's information in the seller's database so that a list of relevant real estate properties are provided to the buyer. Another advantage of the preferred embodiment of the method is that the seller can identify buyers genuinely interested in purchasing property rather that of those who are merely browsing. The seller can also use the unique buyer 0 identification codes to perform more informed or directed marketing of their property. Directed marketing is more efficient in terms of cost and time. As well, the buyers are assured that their personal details remain confidential and they can select to stop receiving advertising material about any particular property. Another advantage of preferred embodiment of the method is that buyers 5 receive of a cash reward upon settlement while sellers pay for use of the program upon successful sale of property. VARIATIONS It will of course be realised that while the foregoing has been given by way of 20 illustrative example of this invention, all such and other modifications and variations thereto as would be apparent to persons skilled in the art are deemed to fall within the broad scope and ambit of this invention as is herein set forth. Throughout the description and claims this specification the word "comprise" and variations of that word such as "comprises" and "comprising", are not intended to 25 exclude other additives, components, integers or steps.