AU2011101775A4 - Method and system of performing an interactive competitive market analysis of a saleable commodity - Google Patents

Abstract

Abstract A computer-implemented method of performing an interactive valuation of a saleable commodity, such as a real estate property, said method comprising: receiving one or more descriptors to allow for identification of said saleable commodity; retrieving valuation data corresponding to one or more comparable saleable commodities; presenting to a user said valuation data corresponding to each of said comparable saleable commodities; enabling said user to rank said saleable commodity relative to said comparable saleable commodities based upon said valuation data; and assigning a listing value to said saleable commodity based upon the ranking of said saleable commodity by said user. 202 __ Receiving one or more descriptors to allow for 200 identification of vendor's property Retrieving valuation date corresponding to one or more comparable real estate properties Presenting to the vendor valuation data corresponding to each of the comparable properties Enabling the vendor to rank their property relative to each of the comparable properties Assigning an agreed listing value to the property based on the vendor's ranking of the property

Description

Method and system of performing an interactive competitive market analysis of a saleable commodity

Field of the Invention

The present invention relates generally to computerised information systems. In particular, the inventive concerns a method and system of performing an interactive competitive market analysis of a saleable commodity. The invention is particularly useful in relation to performing an interactive competitive market analysis of a real estate property and it will therefore be convenient to describe the invention in that environment. However, it should be understood that the invention may be implemented in other environments.

Background of the Invention

When selling an item of property, such as a home, a boat, a plane, artwork, a luxury car or the like, it is usual for the owner of the property to engage an agent or broker to assist with the sale process. Some of the important decisions when selling a saleable commodity are: (a) should I have a listing price and, if so, what should that price be? (b) what marketing should take place? (c) which agent or broker should I use?

The answers to these questions often determine the success or failure of the sales process for the owner of the saleable commodity. The following information relates to the sale of real property (such as a house, apartment, office building, warehouse, shopping centre and the like), but is also equally applicable to the sale of other saleable commodities where a broker or agent is engaged to assist the vendor in the sale process.

It is becoming increasingly popular for vendors to use real estate agents for listing and selling a property. A typical property is a house or apartment. The real estate agent (or listing agent) is engaged by the vendor (e.g., the owner who is the seller of the property) to find potential buyers for the property and assist in the negotiation of a contract of sale for the property. Typically, a real estate agent will enter into a contract with the vendor of the property whereby the vendor appoints the real estate agent as the exclusive listing agent for the property for a period of time (e.g. for two months). When the property is sold, the real estate agent is paid a commission by the vendor.

Thus, it is important for successful real estate agents to sign up vendors and be appointed as the selling agent for the property.

Typically, a real estate agent will prepare a sales pitch and a competitive market analysis (CMA) to show potential vendors, e.g., property owners who have expressed an interest in selling a property. When working with sellers to determine a listing price, real estate agents do what is known as a comparative market analysis, or CMA. By going to sold property records, the real estate professional selects recently sold properties that are similar to the subject property and in the same area. By comparing these properties, and adjusting for feature differences, an estimate of value is made for the subject property.

Based on research conducted by the inventors, agents spend varied time preparing for each listing appointment, typically from 30 minutes to more than 2 hours, depending on the property. Agent’s individual approach to obtaining a listing varied greatly, and the amount of information agents provide vendors during a listing varied on each vendor type and property type. Prospective vendors typically ask a potential listing agent two main questions. “How much do you think my property is worth?” and “How much is it going to cost me to sell it?”.

Successful agents prefer informed vendors who have done their research as it helps them manage price expectations. Agents usually spend more than 1 hour at each listing appointment.

Although CMA reports can vary, from a two-page list of comparable home sales to a 60-page comprehensive guide, the length and complexity of the report depends on the agent’s business practice. However, standard comparative market analysis reports will typically contain the following data: • Attributes of the property that the vendor wishes to sell, such as number of bedrooms, number of bathrooms, etc. • Active listings - properties currently for sale that are competition for buyers. A thorough CMA would also include comparison to currently listed similar properties in the area. This would allow an assessment of the current competition and might lead to an increase or decrease in the estimate based on the sold properties. • Pending listings - properties currently under contract, but where the sale has not yet closed. • Recent sales • Expired listings - properties that were on the market for a period of time, but did not sell and are no longer listed for sale • A comparison of the property that the vendor wishes to sell with the above, and a recommended listing price for the property.

Typically, a potential vendor will telephone or email a selection of real estate agents, and ask each real estate agent to make a proposal to the vendor about selling the vendor’s property. Prior to the appointment with the potential vendor, it is usual that the agent will prepare a CMA to present to the vendor, along with one or more marketing plans for the property, and the commissions and costs that the agent will charge the vendor. In preparing the CMA, the agent will typically carry out the following steps at the agent’s office prior to the first meeting with the potential vendor, which take some time and skill: 1. Using a computer program or online service, create a new CMA file or document. 2. Enter in the address of the subject property, and as much detail as the agent can find about the property from public databases and on the Internet. 3. Using a property information service, such as RP Data’s Residential Property Service, select comparable sales and listings, which are then entered into CMA. 4. Make comments on the comparables, such as whether the comparable property is similar to, superior to or inferior to the subject property, and why. 5. Potentially, obtain an automated valuation of the property, for example, using an Automated Valuation Model (AVM) service. 6. Specify a listing price or range for the subject property. Alternatively, this listing price or range for the subject property may be provided at a further meeting with the vendor after the property the property has been viewed. 7. Print the CMA to give to the vendor of the subject property at the first meeting between the agent and the vendor, when the agent tries to convince the vendor to list with that agent.

The real estate agent will also usually present the vendor of the property with one or more marketing plans, regarding various aspects of a potential advertising and marketing campaign. Marketing options often include: • print advertising in various newspapers, magazines, and real estate publications, generally including professional colour photographs of the listed real estate property; • online Internet advertising on various real estate websites; • brochures, emails and mail-outs; • window displays in the agents office; • open houses; • having the property professionally styled; • determining the type of sale (e.g., auction, tender, private treaty); and • if sale by auction is chosen by the vendor, displaying the detail of pre-auction sales, and developing a marketing plan designed to generate interest and attract bidders and buyers on the day of the auction.

In addition to the advertising campaign, the vendor’s primary concerns often relate to the listing price of the real estate property and the estimated time for the real estate agent to sell the property. In relation to both of these factors, the vendor is often guided by the real estate agent who has specific market knowledge of the area in which the real estate property is located. However, demand for real estate properties is often difficult to accurately predict, and vendors can become disappointed if the listing price is not realised at sale, or if the property remains on the market for an extended period of time. In some cases, this is partly attributable to an unrealistic listing price being set by the vendor. If a property does not sell, it is usually because of two factors — the listing price being too high and/or a poor marketing campaign that does not attract the right potential purchasers.

Thus, a real estate agent usually has one chance to convince a potential vendor to list with that agent, and the CM A is an important tool in that process. However, the fact that the agent has created the CMA prior to the first meeting with the potential vendor makes it difficult to obtain the listing if the agent “gets it wrong” in the eyes of the potential vendor. For example, the agent may have included properties that the vendor does not believe are comparable, or may have failed to include properties that the vendor believes have similar characteristics or that the vendor knows sold recently (of which the agent may not be aware).

In view of these limitations, there is a need for an improved method of creating a CM A for a property.

Currently, computer systems and programs that allow the agent to produce a CM A are elaborate and take time to use, and a CMA cannot be created “on the fly” in conjunction with the prospective vendor, taking into account the prospective vendor’s views and opinions.

More specifically, there is a need for a method of performing an interactive CMA of a real estate property by a vendor and a real estate agent.

There is also a need for a tool for real estate agents to allow the agent to create and present a CMA in combination with plan for a marketing campaign, in an interactive fashion, and then have the prospective vendor sign there and then to appoint the agent and commit to a particular marketing campaign.

In general, there is a need for a tool for selling agents or brokers to assist the agent/broker gain listings of saleable property (such as, for example, boats, artwork and the like), and further, where the tool assists the agent/broker and the vendor of the saleable item to determine and agree on a listing price for the item.

In this specification where a document, act or item of knowledge is referred to or discussed, this reference or discussion is not an admission that the document, act or item of knowledge or any combination thereof was at the priority date, publicly available, known to the public, part of the common general knowledge; or known to be relevant to an attempt to solve any problem with which this specification is concerned.

Summary of the Invention

The present invention allows selling agents to create a competitive market analysis report (CMA) for a prospective seller of a saleable commodity (such as, for example, a real estate property) in an interactive fashion with the prospective seller, taking into account the feedback of the seller in real time.

In the representative embodiment, the CMA is produced on a portable computing device, such as an Apple iPad, that has a wireless connection to the Internet. A real estate agent can sit with the prospective seller, and both the agent and the prospective seller can look at the screen of the portable computing device at the same time, and make decisions jointly. The present invention then produces, and makes available to the agent and the prospective seller, a CMA that both believe includes representative comparable properties and includes rankings (agreed to by seller and agent) as to whether such properties are superior or inferior to the subject property. Thus, the CMA and resultant estimate price for the subject property will be more likely to be acceptable to the prospective seller, and therefore the prospective seller is more likely to appoint that agent as the selling agent.

In the representative embodiment, the present invention could have the following features: • An agent credibility feature, that displays text, photographs and videos relating to the agent, including, for example, listings details showing recent sales achieved by that agent and video testimonials from recent clients • A comparables feature, that allows the agent to easily select comparable properties. Some comparable properties can be pre-selected and pre-loaded by the agent. This feature can include a map interface to show the location of the comparable properties in relation to the subject property. This feature allows the agent to quickly add comparable properties identified or selected by the seller. • A comparables quantifier feature, that allows the agent to control which properties are included and/or displayed to the seller. This feature allows the agent to specify whether each comparable property is believed to be worth more or less than the subject property, and include reasons (e.g., from a checklist - smaller area, unrenovated, etc.). • A Demand/Supply feature, that collects and displays property information from public and proprietary databases and from the agent’s own property and marketing database in a dashboard and/or graphical format, including information such as for example average days on market for this geographical area, number of other properties listed for sale, number of properties sold each month, likely number of purchasers who are registered with the agent, recent price growth for the area, number of mortgage applications for the area, and the like. • Campaign feature, showing example listings, flyers, and the like, created using the agent’s preferred templates. This feature could use stock photos, or actual photos that the agent takes (e.g., with a digital camera coupled or part of the portable computing device) just prior to or at the beginning of the appointment with the seller. The campaign feature can also include various marketing packages that the agent has assembled, and the costs to the seller therefore. In the representative embodiment, the agent can interactively configure the marketing packages, and interactively customise a package (with the seller) by having a list of possible marketing tactics (and associated costs) available to finalise a package and cost. • Summary feature, that includes the property address, price estimate, days on market estimate, and selected marketing package. A commission feature could be added, allowing the agent to interactively agree with the seller on the agent’s commission structure.

According to an aspect of the present invention, there is provided a computer-implemented method of performing an interactive market analysis of a saleable commodity, said method comprising: (a) receiving one or more descriptors to allow for identification of said saleable commodity; (b) retrieving valuation data corresponding to one or more comparable saleable commodities; (c) presenting to a user said valuation data corresponding to each of said comparable saleable commodities; (d) enabling said user to rank said saleable commodity relative to said comparable saleable commodities based upon said valuation data; and (e) assigning a listing value to said saleable commodity based upon the ranking of said saleable commodity by said user.

The method is particularly useful in relation to performing an interactive market analysis of a real estate property. However, it should be understood that the method could equally be used for performing an interactive market analysis of goods such as, for example, luxury automobiles or boats, items of jewellery, antiques, paintings, artwork and the like, where the estimated value of the goods can be agreed upon between the seller and the selling agent. Similarly, the method could also be used for performing an interactive market analysis of services such as, for example, an appropriate insurance value for a possession of worth.

In the embodiment described below, the saleable commodity is a real estate property, such as a residential or commercial property, and the comparable saleable commodities are comparable real estate properties.

The one or more descriptors include at least a location of the real estate property, such as a street address. In addition, the descriptors may also include, for example, number of bedrooms, number of bathrooms, permitted land use, land size, property type, age of property, parking (e.g., garage or carport, and number of spaces), internal floor area, number of levels, level in the building and the like.

The comparable real estate properties may include properties recently sold and/or properties currently for sale. Advantageously, the comparable real estate properties are located within a predefined distance of the location of the real estate property (e.g. within a 5km radius of the location), and/or located within a common zone (e.g. within the same suburb or street as the real estate property).

For each of said comparable real estate properties the valuation data may include one or more of property location, sale price, sale date, listing price, property type, permitted land use, number of bedrooms, and number of bathrooms. In addition, the number of comparable real estate properties for which valuation data is retrieved may be limited to a predefined number according to their relevance to the real estate property.

According to the method, step (c) may also include the preliminary step of discarding valuation data corresponding to the comparable real estate properties that do not meet with a predetermined selection criteria. This preliminary step may be manually performed by a real estate agent or user, and/or automatically implemented through the use of a computerised system. The selection criteria may exclude, for example, properties sold prior to a predefined time period, properties located beyond a predefined distance from the real estate property, properties having a different property type to the real estate property, or properties having different numbers of rooms (e.g. bedrooms and/or bathrooms) to the real estate property.

In addition, step (c) may further include receiving additional valuation data corresponding to one or more further comparable real estate properties. Advantageously, the owner of the real estate property, and/or real estate agent, may suggest further comparable real estate properties which may also be relevant. The valuation data for these further comparable real estate properties can then be used in further steps of the method for comparison with the property information of the real estate property.

According to the method, step (d) may further include enabling the user to rank a perceived value of their real estate property as being either higher, lower, or equal to each of the comparable real estate properties. Advantageously, the perceived value of the real estate property is assessed by the vendor of the real estate property, and may include the perceived financial value of the real estate property. However, it should be understood that other factors may influence the user’s ranking of the perceived value of the real estate property as either higher or lower than each of the comparable real estate properties. The method may also include enabling the user to select from a predefined list of reasons, a reason for ranking the perceived value of the real estate property as being higher, lower, or equal to each of the comparable real estate properties.

In addition, step (d) of the method may also include calculating an estimated value of the real estate property based upon the ranking of the perceived value relative to each of the comparable real estate properties. Advantageously, this estimated value is a range of possible listing values for the real estate property, which are calculated by applying predefined upper and lower limits to an estimated median value of the real estate property. Alternatively, the range of possible listing values has a spread that is dependent upon a base range of listing values provided by a real estate agent for said real estate property. In a particularly representative embodiment of the present invention, the base range of listing values can be nominated by a real estate agent (during configuration of a vendor CMA presentation) based upon their specific knowledge of the area in which the vendor’s property is located. The base range of listing values represents the estimated range of selling prices for the vendor’s property.

The method may include the further step of presenting to the user, market information based upon the location of the real estate property. Advantageously, the real estate market information may include one or more of real estate growth data, real estate demand and supply data; loan funding application data; advertised real estate sales data; and real estate sales duration data. This market information may be presented to the user in graphical form including, for example, charts and graphs of data trends.

The method may further include the step of presenting the user with one or more marketing packages in relation to listing the real estate property for sale. It is desirable that such marketing packages would include various options in relation to advertising the real estate property.

The method may further include the step of receiving from the user an authority to list the real estate property for sale, the authority to list including the listing value assigned to the real estate property.

According to a further aspect of the present invention, there is provided a computer-implemented system of performing an interactive market analysis of a saleable commodity, said system comprising: (a) means for receiving one or more descriptors to allow for identification of said saleable commodity; (b) means for retrieving valuation data corresponding to one or more comparable saleable commodities; (c) means for presenting to a user said valuation data corresponding to each of said comparable saleable commodities; (d) means for enabling said user to rank said saleable commodity relative to said comparable saleable commodities based upon said valuation data; and (e) means for assigning a listing value to said saleable commodity based upon the ranking of said saleable commodity by said user.

Preferably, the saleable commodity is a real estate property, such as a residential or commercial property, and the comparable saleable commodities are comparable real estate properties.

According to a still further aspect of the present invention, there is provided a computer-implemented system of performing an interactive market analysis of a saleable commodity, said system comprising one or more computers including: at least one processor; an interface between said processor and a data network; a database for containing information relating to said saleable commodity; and at least one storage medium operatively coupled to said processor, said storage medium containing program instructions for execution by said processor, said program instructions causing said processor to execute the steps of: (a) receiving one or more descriptors to allow for identification of said saleable commodity; (b) retrieving from said database valuation data corresponding to one or more comparable saleable commodities; (c) presenting to a user said valuation data corresponding to each of said comparable saleable commodities; (d) enabling said user to rank said saleable commodity relative to said comparable saleable commodities based upon said valuation data; (e) storing in said database information relating to said saleable commodity, said comparable saleable commodities, and/or said rank of said saleable commodity relative to said comparable saleable commodities; and (f) assigning a listing value to said saleable commodity based upon said rank of said saleable commodity by said user.

Preferably, the saleable commodity is a real estate property, such as a residential or commercial property, and the comparable saleable commodities are comparable real estate properties.

According to a still further aspect of the present invention, there is provided a tangible computer-readable medium having computer-executable instructions stored thereon for performing a method of performing an interactive market analysis of a saleable commodity, said method comprising: (a) receiving one or more descriptors to allow for identification of said saleable commodity; (b) retrieving valuation data corresponding to one or more comparable saleable commodities; (c) presenting to a user said valuation data corresponding to each of said comparable saleable commodities; (d) enabling said user to rank said saleable commodity relative to said comparable saleable commodities based upon said valuation data; and (e) assigning a listing value to said saleable commodity based upon the ranking of said saleable commodity by said user.

According to a still further aspect of the present invention, there is provided a computer-implemented method of determining a list price at which to list a property for sale, said method comprising: (a) at a remote computer, inputting one or more descriptors to identify the property to be sold; (b) retrieving from a central database comparable properties to the property to be sold based on one or more predefined criteria; (c) retrieving from the central database the sales price and sales date for each of the comparable properties; (d) at the remote computer, displaying the comparable properties, and the sales price and sales data for each of said comparable properties; (e) at the remote computer, receiving a comparison of each of the comparable properties with the property to be sold; (f) providing to a central computer each comparison and the one or more descriptors to identify the property to be sold; (g) at the central computer, calculating a suggested list price for the property to be sold and returning the suggested list price to the remote computer; and (h) displaying the suggested list price at the remote computer.

The step of calculating a suggested list price for the property to be sold may also include the preliminary step of receiving from a sales agent a base range of listing values for the property. Furthermore, the step of calculating a suggested list price for the property to be sold may include calculating a range of possible listing values for the property by adjusting the base range of listing values for the property based upon the comparison of each of the comparable properties to be sold.

Advantageously, the remote computer is a handheld tablet computer which is coupled to the central computer by a wireless connection.

Preferably, the suggested list price is a suggested list price range. In a particularly preferred embodiment of the present invention, the suggested list price range may include a median value, together with predetermined left and right distribution tails that define the limits of the price range.

According to a still further aspect of the present invention, there is provided a computer-implemented method to assist a selling agent obtain a listing for a property to be sold by a vendor of the property, the selling agent and the vendor located at a remote computer, said method comprising: (a) at a remote computer, inputting one or more descriptors to identify the property to be sold; (b) retrieving from a central database comparable properties to the property to be sold based on one or more predefined criteria along with the sales price and sales date for each of such properties; (c) at the remote computer, displaying the comparable properties, and the sales price and sales data for each of said comparable properties; (d) at the remote computer, receiving from the vendor a comparison of each of the comparable properties with the property to be sold; (e) providing to a central computer each comparison and the one or more descriptors to identify the property to be sold; (f) at the central computer, using each comparison and the one or more descriptors to calculate a suggested list price for the property to be sold; (g) providing the suggested list price to the remote computer; and (h) displaying the suggested list price to the vendor at the remote computer.

Preferably, the method further comprises the steps of inputting and then displaying a list price agreed between the vendor and the selling agent.

The method may also comprise the further steps of: (a) displaying, to the vendor at the remote computer, a plurality of marketing campaign offers that have been preselected by the selling agent; and (b) selecting one of said marketing campaign offers at the remote computer.

The method may also comprise the further steps of: (a) displaying, to the vendor at the remote computer, an authority for the selling agent to act for the vendor, said authority including the list price agreed between the vendor and the selling agent; and (b) at the remote computer, the vendor signifying acceptance of the authority to act. Brief Description of the Drawings A preferred embodiment of the present invention will now be described with reference to the accompanying drawings. This embodiment is given by way of illustration only and other embodiments of the invention are possible. Consequently, the particularity of the accompanying drawings are not to be understood as superseding the generality of the preceding description. In the drawings:

Figure 1 shows a schematic block diagram of a system of performing an interactive market analysis of a real estate property in accordance with a representative embodiment of the present invention;

Figure 2 is a flow chart illustrating a preferred method of performing an interactive market analysis of a real estate property in accordance with the invention.

Figure 3 illustrates an example login page produced using the CMA application.

Figure 4 illustrates an example of a main menu screen produced using the vendor CMA application.

Figure 5A is an example of an agent profile configuration screen that is accessed by a real estate agent in order to input or update their profile content. Figure 5 B is an example of an agent profile configuration screen that is accessed by a real estate agent in order to input or update the details of their past property sales. Figure 5C is an example of an agent profile configuration screen showing a map view of a target property. Figure 5D is an example of an agent profile configuration screen that allows a real estate agent to edit the details of their past property sales. Figure 5E is an example of an agent profile configuration screen that allows a real estate agent to delete any of their past property sales.

Figure 6A illustrates an example of a vendor property configuration screen that is accessed by a real estate agent in order to locate a vendor’s property. Figure 6B is an example of a vendor property configuration screen showing a map view of a vendor’s property, wherein the vendor’s property is a house. Figure 6C is an example of a vendor property configuration screen showing a map view of a vendor’s property, wherein the vendor’s property is in a blocks of units. Figure 6D illustrates an example of a vendor property configuration screen that allows a real estate agent to confirm the property details of the vendor’s property. Figure 6E illustrates an example of a vendor property configuration screen that allows a real estate agent to confirm and/or amend ownership details for the vendor’s property. Figure 6F illustrates an example of a vendor property configuration screen that allows a real estate agent to enable/disable various vendor property presentation options in a vendor CMA presentation.

Figure 7 illustrates an example of a suburb profile configuration screen that allows a real estate agent to enable/disable various suburb profile presentation options in a vendor CMA presentation.

Figure 8A illustrates an example of a comparables configuration screen that allows a real estate agent to locate and add comparable real estate properties that are currently on the market or recently sold. Figure 8B illustrates a comparables configuration screen that allows a real estate agent to limit and order the number of comparable properties displayed to a vendor in a vendor CMA presentation. Figure 8C illustrates a comparables configuration screen that allows a real estate agent to nominate a base range of listing values for the vendor’s property.

Figure 9A illustrates one example of a campaign offer presentation screen that can be displayed to a vendor during a vendor CMA presentation. Figure 9B illustrates one example of a campaign calendar presentation screen that can be used by the agent to display significant campaign events during a CMA presentation.

Figure 10 illustrates an example of an agent profile presentation screen that can be presented to a vendor during a CMA presentation.

Figure 11A illustrates an example of a vendor property presentation screen that can be presented to a vendor during a vendor CMA presentation. Figure 1 IB illustrates one example of a vendor property presentation screen that can be used by an agent during a vendor CMA presentation to add or amend features of the vendor’s property.

Figure 12 illustrates an example of a suburb profile presentation screen that can be presented to vendor during a vendor CMA presentation.

Figure 13A illustrates an example of a comparables presentation screen that allows a vendor to rate their property relative to comparable properties during a vendor CMA presentation. Figure 13B illustrates a further example of a comparables presentation screen that allows a vendor to rate their property relative to comparable properties during a CMA presentation ,with the comparable properties shown in a map view.

Figures 14A and 14B illustrate one example of a report that is sent to a vendor after a vendor CMA presentation has concluded.

Description of Representative Embodiments A representative embodiment of the present invention relates to a computer implemented method of performing an interactive valuation of a saleable commodity . The invention is particularly useful in relation to performing an interactive competitive market analysis of a real estate property and it will therefore be convenient to describe the invention in that environment. However, it should be understood that the invention is not limited to this preferred embodiment, and may be implemented in other environments.

Figure 1 illustrates an exemplary system 100 in which preferred embodiments of the invention may be implemented. The system includes a server 102 and at least one user terminal 104, both of which are connected to a network 106, which may be, for example, the Internet. Also connected to the network 106 are a plurality of user terminals and/or servers, e.g. 108, 110. It will be appreciated that Figure 1 depicts the system 100 schematically only, and is not intended to limit the technology employed in the servers, user terminals and/or communication links. The user terminals in particular may be wired or wireless devices, and their connections to the network may utilize various technologies and bandwidths. For example, applicable user terminals include (without limitation): PC’s with wired (e.g. LAN, cable, ADSL ,dial-up) or wireless (e.g. WLAN, cellular) connections; and wireless portable/handheld devices such as PDA’s, Apple iPads, or mobile/cellular telephones and smartphones. These devices also may include input means, such as a mouse and keyboard, stylus or other pointing device or system, or a touch screen, to enable the users to make selections and input data. The protocols and interfaces between the user terminals and the servers may also vary according to available technologies, and include (again without limitation): wired TCP/IP (Internet) protocols; GPRS, WAP and/or 3G protocols (for handheld/cellular devices); Short Message Service (SMS) messaging for digital mobile/cellular devices; and/or proprietary communications protocols.

The server 102 includes at least one processor 112 as well as a database 114, which would typically be stored on a secondary storage device of the server 102, such as one or more hard disk drives. Server 102 further includes at least one storage medium 116, typically being a suitable type of memory, such as random access memory, for containing program instructions and transient data related to the operation of the valuation system as well as other necessary functions of the server 102. In particular, memory 116 contains a body of program instructions 118 implementing the method and system in accordance with preferred embodiments of the invention. The body of program instructions 118 includes instructions for performing an interactive valuation of a real estate property, the operation of which will be described hereafter.

It should be appreciated that the hardware used to implement the method of the invention may be conventional in nature or specifically designed for the purpose. The hardware structure shown in Figure 1 is merely one possible embodiment and any other suitable structure may be utilised.

As discussed above, in relation to the sale of real estate property, a potential vendor of a real estate property will often telephone or email a selection of real estate agents, and ask each real estate agent to make a proposal to the vendor about selling the vendor’s property. Prior to an appointment with the potential vendor, it is usual for the agent will prepare a CMA to present to the vendor, along with one or more marketing plans for the property, and the commissions and costs that the agent will charge the vendor.

In accordance with a representative embodiment of the present invention, the preliminary stages of preparing the CMA allow the real estate agent to engage in any number of the following conversations (in no particular order) with the vendor when meeting with the vendor for the first time: 1. Agent Profile - to allow the agent an opportunity to establish their credibility with the vendor. The agent may open such a conversation using a phrase such as: “Before we get started...here’s a little bit about me and my sales philosophy”. 2. Vendor Engagement and Vendor’s Property - to help establish rapport between the agent and the vendor and, more importantly, to facilitate an inspection and assessment of the property by the agent, preferably in the form of a guided tour around the property. This inspection of the property also allows the agent and vendor to agree and record pre-listing activities (such as required maintenance or repair actions) which should be taken into consideration prior to listing the property, and facilitates validation and collection of attributes that may underpin the value of the property. The agent may begin such a conversation using a phrase such as: “So.. .please show me around your beautiful property and I’ll take some notes as we go... ”. 3. Market Conditions - to help establish, with the vendor, the base line for market activity in the area, and to help the vendor understand the competition. The agent may open such a conversation using a phrase such as: “Let’s take a look at the local market and the effect it may have on your listing ”. 4. Setting a Listing Price with the Vendor - to allow the agent to firstly gauge the vendor’s perceived value of the property and, secondly, to help the vendor self-qualify and establish the perceived value of their property by reference to comparable properties. Whilst this conversation may logically flow from the previous conversation in relation to ‘Market Conditions’, the agent may begin such a conversation using a phrase such as: “Let’s look at the other listings around your property and I’ll ask you to please rate them as better, same, or worse than yours ”. 5. Campaign Offers - to assist the agent to articulate and sell the benefits of an accompanying sales and marketing campaign package with the presentation. It may encourage the vendor to consider, or preferably commit to, a marketing package that could facilitate the expedited sale of the property. A correctly positioned and priced marketing campaign may help the vendor to sell their property sooner and closer to the agreed listing price. One example of a phrase that the agent could use to begin this conversation may be: “Let’s take a look at the different marketing packages that we can use to increase the exposure of your property ”. 6. Authority to Act - to assist the agent to close the meeting by securing an ‘authority to act’, from the vendor, in relation to the listing of the property. By obtaining the authority to act, the vendor is prevented from accessing the services of other real estate agents. Whilst this conversation may logically flow after one or more of the previous conversations, the agent may begin such a conversation using a phrase such as: “We’ve discussed a lot today.. ./ hope you found it insighlful.. .May I ask that you consider listing your property with me?”. 7. Email Report to Vendor - this is not strictly a conversation, but a way to conclude a meeting with the vendor and a means by which to provide both parties with a record of what has been discussed. An example of a phrase that could be used to conclude the meeting include: “I would like to send you an electronic report of what we’ve discussed here today”.

In order to facilitate each of the above conversations, in a timely and professional manner, the agent must prepare a detailed presentation or ‘pitch’ (in relation to the vendor’s property) before their initial meeting with the vendor. According to a representative embodiment of the present invention, the system 100 allows an agent to generate such a presentation, which can then be used in an interactive manner at the initial meeting with the vendor.

Figure 2 is a flow chart 200 which illustrates a preferred method of performing an interactive valuation of a real estate property in accordance with the present invention. In line with this general method, steps 202 and 204 broadly represent the initial preparatory activities performed by the agent prior to the initial meeting with the vendor. The one or more descriptors for the vendor’s property, in relation to real estate, could be, for example, the property address, a unique property identifier, or a property title descriptor (for example, from a government land registry).

As previously discussed, prior to an appointment with a potential vendor, it is usual that a real estate agent will prepare a CMA to present to the vendor. In a representative embodiment of the present invention, the CMA is produced using an application on an Apple iPad, or similar smart computing device, that has a wireless connection to the Internet.

When initiating the CMA application for the first time, the agent may be presented with terms and conditions, and/or a privacy policy, which they must agree to in order to access the CMA application. Similarly, the agent may also be presented with licensing terms and conditions in relation to, for example, upstream data provided from a government database of ownership and sales, which the agent must agree to in order to access the CMA application. The agent will then be presented with a login screen 300, shown in Figure 3, that includes both a username field 304 and a password field 306. Preferably, the agent will be provided in advance with a suitable username and password (e.g. upon registration to use the CMA application) that will allow the agent to access the CMA application.

The agent is then be presented with a main menu screen 400, shown in Figure 4, that includes the following selectable options related to the preparation and presentation of a CMA for a real estate property: • Start Presentation 402 - to allow the agent to either commence the preparation of one or more vendor CMA presentations, or begin a stored vendor CMA presentation; • Agent Profile 404 - to allow the agent to update and/or edit their personal profile details, such as contact details, biography, headshot photograph, and real estate agency logo; • Vendor’s Property 406 - to allow the agent to locate and pre-select the vendor’s property, set the data fields to be displayed during the vendor CMA presentation, and locate (and/or upload) and select photographs of the vendor’s property for inclusion in the vendor CMA presentation; • Suburb Profile 408 - to allow the agent to display or hide certain data elements on the suburb profile page of the vendor CMA presentation; • Comparables 410 - to allow the agent to locate comparable real estate properties that are either currently listed for sale, or have recently been sold, in order to provide a reflection of current market conditions; • Feedback 412 - that is not strictly related to the setup of the vendor CMA presentation, but which allows the agent to send feedback in relation to the CMA application; and • Help 414 - to allow the agent to access a detailed set of help pages, including links to frequently asked questions and video tutorials.

By selecting the Agent Profile 404 option, the agent is directed to an agent profile configuration screen 500 shown in Figure 5A, which allows the agent to configure their ‘About Me’ page in the vendor CMA presentation. Typically, the agent will only need to edit this page when accessing the CMA application for the first time, although certain information (such as the agent’s contact details) may need to be updated occasionally.

In the Profde Content 502 option of the configuration screen 500, the agent has the ability to input or edit their contact information 510 (including their name, company, address, email address, and telephone contact details), and agent profile 512. The agent profile 512 information includes an agent profile, which may be a short “slogan” or introductory statement about the agent, and a body, which may be a short statement about the agent and their sales methodology. It is also possible for the agent to upload and/or select images 514 related to their headshot photograph and company logo. Finally, it is also possible for the agent to select promotional videos 516 stored on the computing device, or reference promotional videos that can be accessed via the Internet connection on the computing device.

From the agent profile configuration screen 500, the agent is also able to select the Past Sales 504 option, which allows the agent to input or edit the details of properties that they have recently sold, as shown in Figure 5B. The agent is able to add details of past property sales by selecting the ‘+’ icon 518, which initiates a new property search request. Once the location of the desired property has been entered by the agent, the agent is presented with a map view of the desired property (as shown in Figure 5C) and given the option to ‘Add Property’ 524 if the search result matches their desired property. If the ‘Add Property’ 524 option is selected by the agent, the property is added to the list 522 of past sales displayed on the agent profile configuration screen 500.

From this screen 500, it is also possible for the agent to edit 520 the details of any of the real estate properties in the list 522 of past sales. If the edit 520 option is selected for any of the properties, the agent is presented with various fields 530 (as shown in Figure 5D) containing information for the selected property that the agent can update (preferably using drop-down menus). Examples of information that the agent can edit include the sale date, sale price, sale type (e.g. auction or private treaty), and the number of the days that the property was ‘on the market’ before sale. Finally, and as shown in Figure 5E, the agent also has the option to delete 540 any of the properties displayed in the list 522 on the configuration screen 500.

By selecting the Vendor’s Property 406 option from the main menu screen 400, the agent is directed to a vendor property configuration screen 600, shown in Figure 6A, which provides the agent with options to locate the vendor property 602, update ownership information 604, and edit presentation display fields 606 in the vendor CMA presentation. If the agent selects the option to locate the vendor property 602, an address search box 610 is displayed on the configuration screen 600 so that the agent can enter the address of the vendor’s property. Preferably, as the agent inputs the vendor’s address, the CMA application performs calls to the RP Data Business Services Gateway and Mobile Services Gateway in order to present predictive address options to the agent. The agent is then able to select the vendor’s address from the displayed search results.

Once the agent has selected the vendor’s address, the agent is presented with a map view of the vendor’s property (as shown in Figure 6B), with associated property details 620 (including a photo of the property frontage, property attributes, property ownership information, and various other property attributes), and given the option to ‘Select Property’ 624 if the search result matches the vendor’s property. Alternatively, if the address selected by the agent corresponds to a block of units (e.g. apartments), then the map view of the property (as shown in Figure 6C) and the associated property details 622 will include one or more individual units from within the blocks of units, to allow the agent to select the vendor’s property. Finally, after the agent has confirmed the vendor’s address, the CMA application fetches property information related to the vendor’s property (preferably via an Internet connection to the RP Data Residential Property Service) and displays this information to the agent on the configuration screen 600 (as shown in Figure 6D). This property information preferably includes the address 630 of the property, and any known features 632, such as number of bedrooms, number of bathrooms, car spaces, and land size. The agent is able to quickly check this information for accuracy, and make any necessary amendments if required.

By selecting the option to update ownership information 604 from the vendor property configuration screen 600, the CMA application fetches the current ownership details for the vendor’s property, and displays these details to the agent. The agent then has the option to edit and append additional data elements to the ownership information. More specifically (as shown in Figure 6E), the agent has the ability to add or amend the owner’s name 640, address 642, telephone number 644, and email address 646.

From the vendor property configuration screen 600, it is also possible for the agent to edit presentation display fields 606 in the vendor CMA presentation. Advantageously, this may allow the agent to shape the conversation with the vendor, and also avoid conversations that may involve contentious data. If the option to edit presentation display fields 606 is selected by the agent, then a number of presentation variables are displayed to the user (as shown in Figure 6F) in relation to both the photographs 650 of the property, and property information displayed 660 to the vendor during the CMA presentation. More specifically, the agent has the option to select the main photo 652 of the vendor’s property, or edit the photo gallery 654 which contains further images of the vendor’s property.

By selecting the Suburb Profile 408 option from the main menu screen 400, the agent is directed to a suburb profile configuration screen 700, shown in Figure 7, which allows the agent to edit the presentation settings for the statistical data concerning the suburb (or broader area) in which the vendor’s property is located. The agent can disable or turn off the fields that are not relevant to the discussion they wish to have with the vendor. For example, the agent may wish to disable the statistics in relation to residential units if the vendor’s property is a house. The variables that the agent can control include display information 710 (such as population and local government area), housing information 712 (such as current median price, price growth, and a graph of median price growth), unit information 714 (such as current median price, price growth, and a graph of median price growth), and comparables information 716 (such as the number of on the market listings, or recent sales in that suburb).

By selecting the Comparables 410 option from the main menu screen 400, the agent is directed to a comparables configuration screen 800, shown in Figure 8A, which allows the agent to search for recent sales and listings in the relevant area (e.g. suburb in which the vendor’s property is located), and to prepare them for presentation to the vendor. By selecting the search 806 option from the configuration screen 800, the agent can then enter the address of a desired property into the address box 810, and select the relevant property from the predictive list of addresses. Once the agent has selected the address of the desired property, the agent is presented with a map view of the property (also shown in Figure 8A), with associated property details 820 (including a photo of the property frontage, property attributes, property ownership information, and various other property attributes), and given the option to ‘Add Property’ 822 if the search result matches the desired property. If the ‘Add Property’ 822 option is selected by the agent, the property is added to the list 824 of comparable properties displayed on the comparables configuration screen 800. In addition, the agent has the option to limit the number of comparable properties that will be displayed to the vendor during the vendor CMA presentation by manipulating a “Show All Above Properties First” bar 830. It is also possible for the agent to adjust the order in which comparable properties are presented to the vendor during the vendor CMA presentation.

Finally, it is also possible for the agent to set a base listing range for the vendor’s property by selecting the price range option 840 from the comparable configuration screen 800, as shown in Figure 8C. This allows the agent to estimate the likely selling price of the vendor’s property by inputting a low value 842 and a high value 844 which collectively define an estimated selling price for the vendor’s property. Advantageously, this allows the agent to use their local knowledge of their area in which the vendor’s property is located, in order to set a more accurate base listing range. In the example shown in Figure 8C, the real estate agent has entered a low value 842 of $1,500,000 and a high value 844 of $1,550,000. By selecting these values, the real estate agent has nominated a median value for the vendor’s property of $1,525,000, with left and right distribution tails being $25,000 either side of this median value. In other words, the spread of the range nominated by the agent is $50,000.

From the comparables configuration screen 800, it is also possible for the agent to quickly navigate between recently sold properties 802 and those properties currently on the market 804.

In preparation for a meeting with the vendor, the agent may also use the CMA application to prepare ‘campaign package offers’ which include various options (and associated costings) for advertising and marketing of the vendor’s property. These campaign package offers, as shown in Figure 9A, may be provided in a number of various costing ranges to suit the differing budgets of vendors. For example, during the vendor CMA presentation, the agent may present an economical option 902, a mid-range option 904, and a full-service option 906, depending on likely advertising spend of the vendor.

Once the CMA presentation has been fully prepared by the agent, it is then possible for the agent to meet with the vendor and conduct the vendor CMA presentation. Referring again to Figure 2, steps 206,208, and 210 broadly represent the presentation interactivities that occur between the vendor and the agent during their initial meeting.

During the initial meeting with the vendor, the agent initiates the vendor CMA presentation by selecting the Start Presentation 402 option from the main menu screen 400 on the computing device. Depending on the particular ‘conversation’ that the agent wishes to have with the vendor, the agent can proceed by selecting any one or more of the following presentations (in no particular order): • Agent Profile - to allow the agent an opportunity to establish their credibility with the vendor. If this option is selected by the agent, the vendor is presented with an Agent Profile screen 1000, as shown in Figure 10, which preferably includes the headshot photograph 1002 of the agent (together with associated contact details), the headline 1004 and brief statement prepared by the agent, a listing of past sales 1006 conducted by the agent, and any relevant videos 1008. • Vendor’s Property - to help establish rapport between the agent and the vendor and, more importantly, to facilitate an inspection and assessment of the property by the agent, preferably in the form of a guided tour around the property. If this option is selected by the agent, the vendor is presented with a Vendor Property screen 1100, as shown in Figure 11 A, which preferably includes images 1112 of the vendor’s property, location and property information 1114 related to the vendor’s property, ownership information 1116, and any additional presentation information 1118 selected in the preparatory stages by the agent. Preferably while conducting a tour of the vendor’s property, the agent will access the Features 1102 option from the Vendor Property screen 1110. If this option is selected, the agent will be presented (as shown in Figure 11B) with various fields relating to features of the vendor’s property such as, for example, outdoor features 1104 (e.g. front of property 1120, rear of property 1122, and pool 1124). During the tour of the vendor’s property, the agent can make amendments or additions to the features listed in the CMA presentation, or note any actions that need to be taken prior to listing the property for sale (e.g. maintenance or repair items). • Suburb Profile - to help establish, with the vendor, the base line for market activity in the area, and to help the vendor understand the competition. If this option is selected by the agent, the vendor is presented with a Suburb Profile screen 1200, as shown in Figure 12, which preferably includes the suburb details 1210, the relevant sales data for houses 1212, the relevant sales data for units 1214, a graph of recent sales data 1220, and a listing 1230 of comparable properties that are either currently on the market 1202 or recently sold 1204. • Comparables - to allow the agent to firstly gauge the vendor’s perceived value of the property and, secondly, to help the vendor self-qualify and establish the perceived value of their property by reference to comparable properties. If this option is selected by the agent, the vendor is presented with a Comparables screen 1300, shown in Figure 13A as a ‘list view’ 1304, which preferably includes a listing 1310 of comparable properties pre-selected by the agent during preparation of the vendor CMA presentation. The vendor is then asked to rank the perceived value of their property (as either higher, lower, or the same) relative to each of the comparable properties, by manipulating a ‘slider’ 1320 on the screen 1300. As an alternative, the agent may choose to present the comparable properties to the vendor in ‘map view’ 1302, as this may assist the vendor to spatially compare the comparable properties (e.g. helps the vendor to visualise environmental differences such as aspect, water frontage, or distance to/from amenities and schools). After the vendor has ranked their property relative to each of the comparable properties, the agent may select the ‘Calculate’ 1328 option on the Comparables screen 1300 in order to reveal a generated expected sales listing range result 1330 for the vendor’s property. Preferably, the expected sales listing range result 1330 is displayed as a range of likely sale prices for the vendor’s property, which may then be used by the vendor to set a realistic listing value for their property. The expected sales listing range result 1330 for the vendor’s property is preferably an adjustment of the base listing range initially provided by the agent during configuration of the vendor CMA presentation (see Figure 8C). The degree of adjustment (i.e. an upward or downward shift) of the base listing range will depend upon the vendor’s ranking of their property relative to each of the comparable properties. Alternatively, the calculation of this range of likely sales prices is performed using an AVM service, and again is dependent upon the vendor’s ranking of their property relative to each of the comparable properties. • Campaign Offers - if the agent has previously prepared ‘campaign package offers’, as already discussed in relation to Figure 9A, then these can also be presented to the vendor. For each campaign presented to the vendor, the agent will also be able to display a ‘calendar view’ 910 (as shown in Figure 9B) highlighting the important dates 920 for specific campaign events. • Authority to Act - where, if the presentation has gone successfully, the agent may assist the vendor to complete an electronic ‘Authority to Act’ document so as to give the agent an exclusive agency agreement for an agreed period of time. Part of this process may also involve the vendor confirming a minimum listing value for the property. • Send Report - to allow the agent to conclude the meeting with the vendor and a means by which to provide both parties with a record of what has been discussed.

If this option is selected by the agent, the agent/vendor is presented with a Send Report screen 1400, as shown in Figure 14, which allows the agent to edit a ‘Send email’ field 1402 by inserting the vendor’s email address (although this is preferably inserted by the agent during preparation of the vendor CMA presentation). Various report sections can be enabled/disabled depending on the conversations that took place between the vendor and agent. When the report is actually sent, a copy is preferably also sent to the vendor. An example of the report 1500 that is sent to the vendor is shown at Figures 15A, 15B and 15C of the drawings.

One possible methodology for the calculation of the expected sales listing range result 1330 is outlined in the following steps: 1 retrieve the base listing range nominated by the agent during configuration of the vendor CMA presentation (e.g. $1,500,000 to $1,550,000 as shown in Figure 8C); 2 take note of the Median Value (e.g. $1,525,000 from the low value and high value shown in Figure 8C) and the predetermined Left Tail and Right Tail Distribution values (e.g. $25,000 either side of the Median Value, based upon the example in Figure 8C); 3 use the following formula (written here in plain English) when comparing the vendor’s perceived property value to each comparable properties presented: • IF Vendor Property Rating < Comparison Property Value and Vendor Comparison Rating < 0 then do nothing (=0) • IF Vendor Property Rating < Comparison Property Value and Vendor Comparison Rating > 0 then increase up to 1% of the Vendor’s Property Median • IF Vendor Property Rating < Comparison Property Value and Vendor Comparison Rating = 0 then decrease .5% of the Vendor’s Property Median • IF Vendor Property Rating > Comparison Property Value and Vendor Comparison Rating < 0 then decrease up to 1% of the Vendor’s Property Median • IF Vendor Property Rating > Comparison Property Value and Vendor Comparison Rating > 0 then do nothing (=0) • IF Vendor Property Rating > Comparison Property Value and Vendor Comparison Rating = 0 then decrease .5% of the Vendor’s Property Median • IF Vendor Property Rating = Comparison Property Value and Vendor Comparison Rating < 0 then increase up to 1% of the Vendor’s Property Median • IF Vendor Property Rating = Comparison Property Value and Vendor Comparison Rating < 0 then increase up to 1% of the Vendor’s Property Median • IF Vendor Property Rating = Comparison Property Value and Vendor Comparison Rating = 0 then do nothing (=0) 4 Any one comparison property can influence the median value of the vendor’s property by up to 1% of the vendor’s property median 5 The exact amount that each comparable property influences the median is determined by the vendor moving the slider 1320 anywhere between -100(lowest rating) to +100 (highest rating) to indicate their Vendor Comparison Rating. 6 Once the formula has been applied against each comparable property, a new Median Value is generated for the vendor’s property. 7 Re-apply the predetermined Left and Right tail distributions from the original base listing range nominated by the agent during configuration of the vendor CMA presentation.

This process effectively keeps the base listing range spread the same, but moves the spread either up or down depending on the new median value generated.

The word ‘comprising’, and forms of the word ‘comprising’, when used in this specification and in the claims is taken to specify the presence of stated features, integers, steps or components but does not preclude the presence or addition of one or more other features, integers, steps, components or groups thereof.

As the present invention may be embodied in several forms without departing from the essential characteristics of the invention, it should be understood that the above described embodiments should not be considered to limit the present invention but rather should be construed broadly. Various modifications, improvements and equivalent arrangements will be readily apparent to those skilled in the art, and are intended to be included within the spirit and scope of the invention.

Claims (9)

1. The claims defining the invention are as follows: 1 A computer-implemented method of performing an interactive valuation of a saleable commodity, said method comprising: (a) receiving one or more descriptors to allow for identification of said saleable commodity; (b) retrieving valuation data corresponding to one or more comparable saleable commodities; (c) presenting to a user said valuation data corresponding to each of said comparable saleable commodities; (d) enabling said user to rank said saleable commodity relative to said comparable saleable commodities based upon said valuation data; and (e) assigning a listing value to said saleable commodity based upon the ranking of said saleable commodity by said user. 2 The method according to claim 1, wherein said saleable commodity is a real estate property and said comparable saleable commodities are comparable real estate properties. 3 The method according to claim 2, wherein said one or more descriptors include at least a location of said real estate property. 4 The method according to either claim 2 or claim 3, wherein said comparable real estate properties include properties recently sold and/or properties currently for sale. 5 The method according to any one of claims 2 to 4, wherein for each of said comparable real estate properties said valuation data includes one or more of property location, sale price, sale date, listing price, property type, permitted land use, number of bedrooms, and number of bathrooms. 6 The method according to any one of claims 2 to 5, wherein step (c) includes the preliminary step of discarding valuation data corresponding to said comparable real estate properties that do not meet with a predetermined selection criteria. 7 The method according to any one of claims 2 to 6, wherein step (c) further includes receiving additional valuation data corresponding to one or more further comparable real estate properties. 8 The method according to any one of claims 2 to 7, wherein step (d) further includes enabling said user to rank a perceived value of said real estate property as being higher, lower, or equal to each of said comparable real estate properties. 9 The method according to claim 8, wherein step (d) further includes calculating an estimated value of said real estate property based upon the ranking of said perceived value relative to each of said comparable real estate properties. 10 The method according to claim 9, wherein said estimated value is a range of possible listing values. 11 The method according to claim 10, wherein said range of possible listing values has a spread that is dependent upon a base range of listing values provided by a real estate agent for said real estate property. 12 The method according to any one of claims 3 to 11, further including the step of presenting to said user, market information based upon said location of said real estate property. 13 The method according to claim 12, wherein said real estate market information includes one or more of real estate growth data, real estate demand and supply data; loan funding application data; advertised real estate sales data; and real estate sales duration data. 14 The method according to any one of claims 2 to 13, further including the step of presenting said user with one or more marketing packages in relation to listing said real estate property for sale. 15 The method according to any one of claims 2 to 14, further including the step of receiving from said user an authority to list said real estate property for sale, said authority to list including said listing value assigned to said real estate property. 16 A computer-implemented system of performing an interactive valuation of a saleable commodity, said system comprising: (a) means for receiving one or more descriptors to allow for identification of said saleable commodity; (b) means for retrieving valuation data corresponding to one or more comparable saleable commodities; (c) means for presenting to a user said valuation data corresponding to each of said comparable saleable commodities; (d) means for enabling said user to rank said saleable commodity relative to said comparable saleable commodities based upon said valuation data; and (e) means for assigning a listing value to said saleable commodity based upon the ranking of said saleable commodity by said user. 17 The method according to claim 16, wherein said saleable commodity is a real estate property and said comparable saleable commodities are comparable real estate properties. 18 A computer-implemented system of performing an interactive valuation of a saleable commodity, said system comprising one or more computers including: at least one processor; an interface between said processor and a data network; a database for containing information relating to said saleable commodity; and at least one storage medium operatively coupled to said processor, said storage medium containing program instructions for execution by said processor, said program instructions causing said processor to execute the steps of: (a) receiving one or more descriptors to allow for identification of said saleable commodity; (b) retrieving from said database valuation data corresponding to one or more comparable saleable commodities; (c) presenting to a user said valuation data corresponding to each of said comparable saleable commodities; (d) enabling said user to rank said saleable commodity relative to said comparable saleable commodities based upon said valuation data; (e) storing in said database information relating to said saleable commodity, said comparable saleable commodities, and/or said rank of said saleable commodity relative to said comparable saleable commodities; and (f) assigning a listing value to said saleable commodity based upon said rank of said saleable commodity by said user. 19 The method according to claim 18, wherein said saleable commodity is a real estate property and said comparable saleable commodities are comparable real estate properties. 20 The method according to claim 19, wherein said program instructions further cause the processor, in step (b) to retrieve said valuation data corresponding to said one or more comparable real estate properties via said data network. 21 The method according to either claim 19 or claim 20, wherein said program instructions further cause the processor, in step (c) to execute the preliminary step of discarding valuation data corresponding to said comparable real estate properties that do not meet with a predetermined selection criteria. 22 The method according to any one claims 19 to 21, wherein said program instructions further cause the processor, in step (c) to receive additional valuation data corresponding to one or more further comparable real estate properties and store said additional valuation data in said database. 23 The method according to any one of claims 19 to 22, wherein said program instructions further cause the processor, in step (d) to enable said user to rank a perceived value of said real estate property as being either higher or lower than each of said comparable real estate properties and store said rank in said database . 24 The method according to claim 23, wherein said program instructions further cause the processor calculate an estimated value of said real estate property based upon the ranking of said perceived value relative to each of said comparable real estate properties. 25 The method according to claim 24, wherein said estimated value is a range of possible listing values. 26 The method according to claim 25, wherein said range of possible listing values has a spread that is dependent upon a base range of listing values provided by a real estate agent for said real estate property. 27 The method according to any one of claims 19 to 26, wherein said program instructions further cause the processor to present to said user in a graphical format, market information based upon said location of said real estate property. 28 A tangible computer-readable medium having computer-executable instructions stored thereon for performing a method of performing an interactive valuation of a saleable commodity, said method comprising: (a) receiving one or more descriptors to allow for identification of said saleable commodity; (b) retrieving valuation data corresponding to one or more comparable saleable commodities; (c) presenting to a user said valuation data corresponding to each of said comparable saleable commodities; (d) enabling said user to rank said saleable commodity relative to said comparable saleable commodities based upon said valuation data; and (e) assigning a listing value to said saleable commodity based upon the ranking of said saleable commodity by said user. 29 The method according to claim 28, wherein said saleable commodity is a real estate property and said comparable saleable commodities are comparable real estate properties. 30 A computer-implemented method of determining a list price at which to list a property for sale, said method comprising: (a) at a remote computer, inputting one or more descriptors to identify the property to be sold; (b) retrieving from a central database comparable properties to the property to be sold based on one or more predefined criteria; (c) retrieving from the central database the sales price and sales date for each of the comparable properties; (d) at the remote computer, displaying the comparable properties, and the sales price and sales data for each of said comparable properties; (e) at the remote computer, receiving a comparison of each of the comparable properties with the property to be sold; (f) providing to a central computer each comparison and the one or more descriptors to identify the property to be sold; (g) at the central computer, calculating a suggested list price for the property to be sold and returning the suggested list price to the remote computer; and (h) displaying the suggested list price at the remote computer.
2. 31. The method according to claim 30, wherein the step of calculating a suggested list price for the property to be sold includes the preliminary step of receiving from a sales agent a base range of listing values for the property.
3. 32. The method according to claim 30, wherein the step of calculating a suggested list price for the property to be sold includes calculating a range of possible listing values for the property by adjusting the base range of listing values for the property based upon the comparison of each of the comparable properties to be sold.
4. 33. The method according to claim 30, wherein the remote computer is a handheld tablet computer which is coupled to the central computer by a wireless connection.
5. 34. The method according to claim 30, wherein the suggested list price is a suggested list price range.
6. 35. A computer-implemented method to assist a selling agent obtain a listing for a property to be sold by a vendor of the property, the selling agent and the vendor located at a remote computer, said method comprising: (a) at a remote computer, inputting one or more descriptors to identify the property to be sold; (b) retrieving from a central database comparable properties to the property to be sold based on one or more predefined criteria along with the sales price and sales date for each of such properties; (c) at the remote computer, displaying the comparable properties, and the sales price and sales data for each of said comparable properties; (d) at the remote computer, receiving from the vendor a comparison of each of the comparable properties with the property to be sold; (e) providing to a central computer each comparison and the one or more descriptors to identify the property to be sold; (f) at the central computer, using each comparison and the one or more descriptors to calculate a suggested list price for the property to be sold; (g) providing the suggested list price to the remote computer; and (h) displaying the suggested list price to the vendor at the remote computer.
7. 36. The method according to claim 35, further comprising the steps of inputting and then displaying a list price agreed between the vendor and the selling agent.
8. 37. The method according to claim 35, further comprising the steps of: (a) displaying, to the vendor at the remote computer, a plurality of marketing campaign offers that have been preselected by the selling agent; and (b) selecting one of said marketing campaign offers at the remote computer.
9. 38. The method according to claim 35, further comprising the steps of: (a) displaying, to the vendor at the remote computer, an authority for the selling agent to act for the vendor, said authority including the list price agreed between the vendor and the selling agent; and (b) at the remote computer, the vendor signifying acceptance of the authority to act.