AU710480B3 - Method of exchanging property - Google Patents

Description

P/00/012 Regulation 3.2

AUSTRALIA

Patents Act 1990

ORIGINAL

COMPLETE SPECIFICATION PETTY PATENT Invention Title: A method of exchanging property The following statement is a full description of this invention, including the best method of performing it known to me: 1-reenli is i-'atent Attorneys SYUCE\99162021 .8 11 June 1999 (14:51) page 3 F-reenills Patent Aorneys SYDCE\99162021.8 11 June 1999 (14:51) page 3 CE9916(X20.6 1 A Method of Exchanging Property Field of the invention The invention relates to a computer system and a method for offering and managing the exchange of property, and in particular real estate property, over the internet. The property is offered for sale from a website on the internet from which a master database can be accessed.

The database is updateable with new property listings from any number of agents who maintain and manage their own database using the computer system of the present invention.

Background of the invention The internet is currently emerging as a popular way in which services and products are offered for sale to the public by a business. Part of this popularity might be attributed to the fact that a larger number of potential customers/clients can be reached at low cost compared with conventional forms of promoting products/services, such as by brochures and expensive advertising.

In recent times real estate agencies have been offering real estate property services for sale/lease/auction/inspection etc, to the public via the internet. Typically a person who wishes to use the internet to purchase a property will access a website and may either manually view each of the properties offered for sale/lease/auction/inspection, or alternatively they may enter a search (for example by location), so as to view those properties which are listed on the real estate agent's database.

A limitation with this method is that as the internet can be accessed by any number of people, the real estate agent will be constrained by the number of properties which they can offer at any one time. Furthermore, it may be difficult for a large number of real estate agents to locate selected property listings on the internet in a central location and in a format which allows them to update the listings automatically. Hence, the management of up to date information on the website can become cumbersome.

Furthermore, if other agents wanted to list their properties on another agents web site, the format in which the data is transferred between the two agencies may not be compatible, and hence there may be difficulties in transferring information.

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CE99160020.6 2 Additionally, previous methods of selling property via the internet, have involved mere searching techniques in order to match buyers with sellers. There has been no way of additionally managing or facilitating the exchange of property, during the transaction phase.

Another known method of automatically matching sellers of property with potential buyers through a communications system is disclosed in United States Patent Number 5,664,115 (Fraser), which required buyers to enter information into a host system which creates a "buyer" profile which is used by the system for automatic evaluation of the buyers, so as to screen those buyers whose profile does not match minimum criteria provided by the seller.

A limitation of the method disclosed in this document, is that it relates only to an improved method by which buyers and sellers can be matched. The method does not discloses the ability to record the stages of transaction of property between the buyer and the seller. This results in a reduction in the ability for the maintenance of accurate information on the host system, during the stages of transaction.

Additionally, there is no means by which this transaction information can be updated automatically on the host system. The provision of accurate transaction information can be very valuable to a seller of property, for the purposes assess the efficiency of their sales process and for account keeping purposes.

Where in the specification the term "database" is used, the term refers not only to a collection of structured data, but also includes within its scope, a database management system having software that handles the storage, retrieval and updating of data in a computer and integrating the data with other files and/or applications.

Where in the specification the term "property" is used, the term includes within its scope not only real estate property, but also businesses, time share offerings, or vendible articles such as cars and marine vessels.

Where in the specification the term "exchange" is used, the term includes within its scope a sale, lease, hire offering, or auction.

Summary of the invention According to an aspect of the present invention, there is provided a method for offering a plurality of properties for exchange over the internet, the properties being offered for exchange by at least one exchangor to at least one exchangee, the method including the steps of: CE9916(X)20.6 3 providing a master database for storage and dissemination of information pertaining to the properties, the master database being located on at least one master server which can be accessed by an exchangee in order to obtain information relating to said properties; providing at least one agent database which stores information pertaining to properties to be offered for exchange by one or more exchangors, each agent database adapted to access the master server so as to transfer information stored on said agent database, to the master database; and providing a data exchange management program associated with the at least one agent database, said data exchange management program adapted to manage and record in the agent database, information relating to the stages of exchange of property between the exchangor and the exchangees, wherein information relating to the stages of exchange of property between the exchangor and the exchangee is managed and recorded in the agent database and the master database is programmed to interface with said agent databases to receive information relating to new properties, and updated information relating to properties already stored therein, directly from said agent databases.

According to another aspect of the present invention, there is provided a computer system for offering at least one property for exchange over the internet, the properties being offered for exchange by at least one exchangor to at least one exchangee, the system including: a master database for storage and dissemination of information pertaining to the properties, the master database being located on at least one master server which can be accessed by an exchangee in order to obtain information relating to said properties; at least one agent database which stores information pertaining to properties to be offered for exchange by one or more exchangors, each agent database adapted to access the master server so as to transfer information stored on said agent database, to the master database; and a data exchange management program associated with said at least one agent database, said data exchange management program adapted to manage and record in the agent database, information relating to the stages of exchange of property between the exchangor and the exchangees, CE9916(0(20.6 4 wherein information relating to the stages of exchange of property between the exchangor and the exchangee is managed and recorded in the agent database and the master database is programmed to interface with said agent databases to receive information relating to new properties, and updated information relating to properties already stored therein, directly from said agent databases.

Preferably the data exchange management program is also located on the master server for downloading by an exchangor via the internet.

Preferably an exchangee selectively determines those properties on their agent database, which are to be uploaded to the master database via the internet Advantageously the information pertaining to the property includes a plurality of information items which relate to particular items of a property. The information items of a particular property typically describe unique features of said property and are individually searchable by an exchangee or exchangor.

Advantageously tangible services relating to the property may also be offered for exchange to an exchangee.

Optionally, the system requests a user of the system (ie. such as an exchangor or an exchangee), to enter information relating to search criteria for the type of property that the user is interested in exchanging/obtaining. The system may store the exchangee information on the master database, which information can be used by the search criteria, to match the search criteria with the information items that are stored on the master database. Typically, a number of matches will result and the user can be presented with a number of properties that have been matched with the search criteria.

The system may also allow a user to enter further search criteria so that the number of properties which have been matched are reduced, so that the user obtains details of those properties that are of the most interest to them.

In one embodiment of the present invention, the property is real estate property offered for exchange to an exchangee (ie. such as a real estate purchaser or leasee), by way of a sale or lease. In such an embodiment, the information items relating to the real estate property can include information items relating to the particular features of the property, such as location, price, size of the property, number of bedrooms, photos, contracts, plans or video programs etc.

CE99 16 0 02.6 The master database may be a relational database so that the information items stored within the database is structured to recognise the relationship of stored information for a first property a second property. In this regard, a first item of property which relates to a second item of property, may be presented to a user on a first web page which is linked to a second web page (ie. such as via a hypertext link).

For example, if the first item of property related to a shop unit and was located within a shopping complex, the shop unit itself could be offered for lease and the details of this property would be presented to a user on a first web page. On the first web page, a hypertext link could exist to a second web page providing information regarding the shopping complex in which the shop unit is located. Such a feature allows a person considering leasing the shop unit, an opportunity to consider the amenities that may be offered by the shopping complex.

Furthermore, there may be further links to other shop units within the complex, that are offered for lease and/or sale from the web page of the shopping complex.

Advantageously the data exchange management program also includes a transaction management program which assists a user in managing a property exchange transaction. Once an exchangee has selected the item of property that they are considering exchanging (ie. for money), the data exchange management program will assist the user in negotiating the exchange by managing and recording the stages of the property transaction.

Typically, once an exchangee has considered the item of property and has expressed an interest in entering into negotiations with the exchangor of the item of property, the transaction management program records that the two parties are in negotiation. The exchangee may express interest in the item of property by selecting an "ENTER TRANSACTION" link object located on the dedicated web page of the item of property. This information is then typically submitted to the exchangor of the item of property.

If the two parties come to agree on the initial offer, then they may enter into discussions as to the agreed terms of the transaction, otherwise the status of the transaction is recorded as "dead" by the transaction management program and negotiations do not go any further.

Once the agreed terms of the transaction have been settled, the status of the transaction is then recorded in the database by the data exchange management program as a record within the agent database.

CE9916(X)2).6 6 After the agreed terms have been recorded, an Agreement may be generated by the agent database, and a hard copy of the Agreement is then signed by the two parties. Settlement is thus reached and payment is made by the exchangee to the exchangor. In this way all stages of the transaction are recorded by the transaction management program and a historical record of the transaction is maintained.

An agent database may be managed by a particular exchangor, such as an agent exchangor. The agent exchangor may select particular properties that they wish to offer for exchange over the internet and then upload the information pertaining to these particular properties to the master database. The agent exchangor is able to access the master database via the master server, by being allocated an authorised user identification and a verification password.

Brief description of the drawings It will be understood that the invention disclosed and defined herein extends to all alternative combinations of two or more of the individual features mentioned or evident from the text or drawings. All of these different combinations constitute various alternative aspects of the invention.

Figure 1 illustrates a computer system being an embodiment of the present invention, in which exchangors offer property for exchange over the internet, to potential exchangees; Figure 2 illustrates the stages by which the computer system of figure 1, matches an individual prospect with an individual listing in accordance with the present invention; and Figure 3 illustrates the stages involved in recording a transaction during the exchange of property from the enquiry stage to the finalisation of the transaction.

Detailed description of the embodiments Referring to Figure 1, there is shown a computer system 10 for offering property which in this embodiment is real estate property, for sale over the internet. The information relating to the property is listed on a master database located on a master server and is shown generally as listings exchange database 12. The information stored as records in the listings exchange database 12, can be accessed from a dedicated listings exchange website, which presents the information on a web page, so that the information is accessible by a number of other agents databases via the internet, shown generally as 14, 16 and 18.

CE9916(X)20.6 7 Additionally, the listings exchange database 12 can also be viewed by any person on the internet, such as shown by persons using web browsers 20, 22 and 24, whereby the web browsers can be used to locate and/or download the web page of the dedicated listings exchange database 12 website.

It can be seen from figure 1, that a person using browser 20, also has located on their computer, their own personal database 25, which is able to interface with the information located on the listings exchange, as will be described below.

The agent database 18 is used by a number of persons involved with the management and operation of a real estate agency, shown by broken lines 26. The agent database 18 resides on a dedicated server for the real estate agency 26.

The information on the agent database 18 may be used by a number of people within the real estate agency 26, who are involved in the management and facilitation of the sale, lease or auction of real estate property. The property salesmen 28, the property manager 30, the accounts department 32 and the agency administration personnel 34, can all use the agent database as a record keeping system and for general operation of the database. It will be realised that the information on the agent database 18 may also be used for other business purposes, such as for marketing.

All of the property listings for each of the properties under the management of the real estate agency 26 are on to the agent database 18. From time to time when it is desired that certain properties are to be offered for sale, auction or lease over the internet, the salesman 28 selects those properties listed on the agent database 18, and enters a request to the agent database 18, that these properties be listed on the listings exchange database 12.

In order to list the selected properties of agent database 18 onto the listings exchange database 12, the server on which the agent database 18 resides, contacts via the internet, a server which accesses the web page which in turn accesses the listings exchange database 12 The listings exchange database 12 is then updated with the new listings property selected from the records of agent database 18.

The software of the agent database 18 is compatible with the software of the listings exchange database 12, so that information between the databases can be transferred.

CE99160020.6 8 It should be realised that agent databases 14 and 16 are also managed and run by other real estate agencies (not shown), and that any number of agencies can be connected to the listings exchange database 12 via the internet.

Each of the real estate properties which are stored as records in the agent database 18, store information criteria pertaining to the particular item of property which the real estate agency 26 is offering for sale. The information items combined together provide a summary description of the property which is being offered for sale, lease or auction over the internet. For example, the criteria might include the building type (ie. whether it be a house, townhouse, unit, office block or some other commercial property), the price range of the property being offered for sale, the number of rooms, the floor size and the location etc.

This criteria can be used by any person who accesses the listings exchange database 12 via the internet, to search for a property according to the recorded information. For example, person using web browser 20 may search for a house located within a particular area and of a certain price range and of a particular description (ie. they enter the location of where they would like to buy and the number of bedrooms which they desire in the property). They do this via the internet, by entering search information on a virtual form located on the web site of the listings exchange database 12 and presented in the web browser The search information is then sent to the listings exchange database 12, wherein the search information is matched with those properties recorded on the listings exchange database 12 whose information criteria corresponds with the search information. A list of matched properties (any one of the listed properties could have originated from any one of the agent databases 14, 16 and 18), is then downloaded and presented to the person using web browser The personal database manager 25, can be downloaded from the web site of the listings exchange database 12. The personal database manager 25 records those properties which have been matched and downloaded as described above, and allows a person to select from the matched property list, those properties of which they would like to make an 'active enquiry'.

An active enquiry results when the person using web browser 20, wishes to find out further information as regards to the selected property from the real estate agency with which the property is listed.

CE9916020.6 9 An advantage of the present invention, is that the data stored on the personal database manager is in a suitable format such that it is able to communicate directly with any one of the agent databases 14, 16 or 18, so that the active enquires may be communicated to the real estate agency responsible for the real estate property listed on the exchange and active enquiry may be automatically recorded in the agent databases of the real estate property.

The active enquiry may be communicated directly to the real estate agency by electronic mail when property is selected as an active enquiry in the personal database manager 25. Direct and automatic communication is possible as the software of the personal database manager 25 is coterminous with the software of the agency database. One database software package which could be used in performing the present invention is Microsoft AccessTM database, supplied to the public by Microsoft Corporation.

Alternatively, an active enquiry for a particular property listing may also be communicated to a property consultant who acts on behalf of the person using web browser 25, with the real estate agency responsible for the listed property which is an active enquiry.

It will be appreciated that as any number of agent databases may store information on the listings exchange database 12, persons using web browsers 20, 22 or 24, are not restricted to one particular agency's database, but can access listings exchange database 12 which contains information from the databases 14, 16 or 18. Furthermore as the agent databases 14, 16 and 18 each have access to the listings exchange database 12, which has compatible software as that of the listings exchange database 12, all of the information can easily be updated.

Figure 2 shows in further detail, the stages by which an exchangor and an exchangee may be matched by the computer system 10 so as to exchange property.

A potential exchangee is shown in the form of prospect contact 34 who enters onto the web site of the listings exchange database 12, a new enquiry at stage 36, for a real estate property, detailing the criteria of the property that they are interested in obtaining (as described above).

Likewise, new listings at stage 38 from a real estate agency are recorded as records in listings exchange database 12, in addition to the information describing these properties.

The new enquiry criteria from stage 36 is then matched with information of the properties at stage 33 so as to generate a list at stage 35 which is output to a web page which can be seen by the prospective contact's 34 via their web browser.

CE9916X)002().6 The prospective contact 34 then selects from their web page (at stage 37), those properties for which they want to enter into an 'active enquiry' (as described above). In this way, the prospective contact 34 has qualified themselves as an active enquiry. Those properties which have been selected as active enquires at stage 37 are communicated as described above, to the responsible agent (stage 40) for the active enquiry properties.

Once an active enquiry has been initiated by prospective contact 34, it is recorded in an active enquiry management system 42 located on an agency database associated with agency 26. The active enquiry management system 42 assists a real estate agency in handling the active enquiry by automatically generating reminders to the agency 26 that an active enquiry has been initiated and further assists the agency 26 in preparing sales material and further information relating to the properties which have been selected.

It will be understood that there are various functions that could be performed automatically by the active enquiry management system 42 in handling an enquiry through to the negotiation stage. In this regard, it will be realised that the active enquiry management system 42 also allows an exchangor such as a real estate agent to manage the new enquiry 36 by generating prompts to contact the prospect 34 at the various stages of the enquiry.

As an example, after the prospect contact 34 has been offered a list of properties which have been matched against their enquiry 36, an operator of the active enquiry management system is then reminded to contact the prospect contact 34 after a period of time in which the prospect contact 34 can consider the properties which have been matched.

It will also be realised that although a search may be first conducted on the listings exchange database 12 via the internet, to match listed properties thereon with the requirements of a the enquiry 36, another search may be conducted on the agency database associated with agency 26.

In this regard, as the agent database uses the same software program as the listings exchange database 12, a search for a prospective contact may be conducted on the agent database associated with the agency 26.

Should a property which has been in the active enquiry stage progress further to the initiation of an actual offer by the contact 34, the initial offer will be recorded in a deal management system 52 which will be described further below.

Once the deal management phase has been finalised, all records of financial transactions are kept and maintained in a business management database 54.

CE9916(X)20.6 11 After the transaction has either terminated or finalised, a historical record of the deal management sequence is then kept in the historical archive management database 56, so that records can be retrieved for information purposes and so as to note that a particular prospect has already viewed and negotiated with a prior listing.

Figure 3 illustrates the various stages that are carried out by the deal management system 52, for which one example of a property transaction will now be described.

The prospective contact 34 and the agency 26 (who in this case acts for the owner of a property) enter the negotiation stage 58, in which the two parties negotiate the terms by which the transaction of the real estate property shall take place. For example they shall negotiate the price of the property and the conditions of sale (ie. such as the amount of deposit). Once the negotiation process has been completed the parties then proceed to the agreed terms of sale for the property (stage The terms of the Agreement and the stages of negotiation to which the two parties have been engaged are recorded in the historical archive management database 56, so that accurate records are kept of all stages of the negotiation. The information may be uploaded from the historical archive management database 56 for dissemination on the listings exchange database 12 and can be used as a historical transaction record for comparison, use, or purchase, for other properties recorded on the listings exchange database 12.

Additionally, the records of the stages of negotiation may be done in real time if the negotiation is done via the internet, ie. such as via email or via verbal communication via the internet.

Once the agreed terms have been completed the Agreement is then signed (stage 62) and is uploadable to the listings exchange database 12. A hard copy can be printed by downloading the Agreement from email generated by the deal management system 52 so that each party can sign the Agreement or it can be signed by the parties as an email with a digital signature.

At any stage of the transaction from 58-62, the process can be terminated as shown via arrow 64 and the deal is then recorded as being "Dead" status at stage 66. Hence, from the time the deal goes to dead status at stage 66, the prospect may indicate that they are no longer wishing to pursue any further enquires and the deal management system records the enquiry as "inactive" at stage 68. Alternatively the enquiry might be recorded as "active" at stage 70 and the process is repeated back to the active enquiry management system 42.

CE9916(X20.6 12 Should however the deal have been signed, the property is then settled at stage 72 which is again recorded by the deal management system 52 in the agent database of agency 26, and then final payment is received at stage 74.

As the agent databases 14, 16 18, and the listings exchange database 12 have compatible software and record coterminous fields relating to the real estate property, it is a lot easier for new properties to be uploaded from the agency databases to the listings exchange database 12.

Furthermore, it will be appreciated that this improves the maintenance of accurate information on the listings exchange database.

The software for the agent databases may also be downloaded from the website of the listings exchange database 12. In this way, any number of agent databases may add properties to the listings exchange database 12, which provides a greater selection of properties available to a person searching the database.

It will be appreciated that all stages of the deal management system may be recorded and historical data kept by the deal management database. Hence reliable information as to the time taken and processes involved in selling the property can be recorded. This allows a manager of such a business as a real estate agency to determine the performance of each sales person who is selling the property, the likelihood and ease with which the property is being sold and any historical data which may be used to determine the profits generated by the sale, dependent upon the time spent by the person selling the property. In this way better records and management of the operations of the real estate agency can be kept and the sale of property is facilitated by the improved record keeping system.

It should be realised that although the invention as hereinbefore described relates predominantly to real estate property it may also relate to other forms of property such as boats, cars and furniture businesses, services, hotel accommodation etc.

Dated this 1 1th day of June1999 Robert Deans by his attorneys Freehills Patent Attorneys