Abstract:
An internet portal for connecting prospective renters and property owners/managers provides features for further managing an on-going relationship between renters, property owners/managers and other parties such as mortagees. An agreement may be entered into via the portal that arranges rent on a property to be paid in a pass-through arrangement directly to the mortgagee, avoiding potential foreclosures of which a renter might be otherwise unaware. A rating system is provided by which performance of renters and the performance of the property owners/managers may be evaluated during the relationship and used to inform others as historical and comparative data.

Description:
BACKGROUND OF THE INVENTION 
       [0001]    1. Field of the Invention 
         [0002]    The present invention relates generally to real estate property management and contracts, and more specifically, to an Internet portal that provides for connection of renters with landlords in a pass-through subscription agreement. 
         [0003]    2. Background of the Invention 
         [0004]    Internet portals have been provided for renters to locate available properties, and as such, serve as searchable alternatives to traditional property search methods such as local weekly or monthly rental brochures and classified advertisements in newspapers. Property owners or property managers list their property&#39;s availability, price and other information, and prospective renters can search or browse to find suitable properties matching their needs. 
         [0005]    Once the property has been located, communication proceeds via the contact information provided in the listing, e.g., via telephone, e-mail in-person meeting at a rental office, and so forth. Therefore, the use of the rental Internet portal typically ends with the locating of the properties. 
         [0006]    Since the use of the portal typically ends after location of a property, there is no incentive to provide on-going services that may be of use to the renters, property owners and property managers. 
         [0007]    Therefore, it would be desirable an Internet portal for managing or otherwise facilitating on-going relationships between renters, property owners, property managers and other interested parties using an Internet portal or other networking facility that provides connectivity to each of interested parties. 
       SUMMARY OF THE INVENTION 
       [0008]    The above objectives of facilitating on-going relationships between renters, property owners, property managers and other interested parties is achieved in a method, a system and a computer program product. The computer program product is a program for carrying out the steps of the method and the system is a networked computer system that also carries out the steps of the method. 
         [0009]    The method implements an Internet site serving a portal that permits property owners/managers to list rental properties available for rent, and for prospective renters to locate the properties. The portal further manages an on-going relationship between the renter and at least one other party, in according to various embodiments of the present invention. A pass-through payment arrangement with a mortgagee of a property may be arranged and managed through the portal, such that an agreement is entered into whereby the renter pays rent directly to the mortgagee, with any excess credited to the property owner. An electronic contact form can be executed at the portal by the property owner and the renter. 
         [0010]    In accordance with another embodiment of the invention, a rating system is provided by the portal by which the renters performance as a payer, and also their behavior as a tenant can be rated by the property owner/manager and a property owner&#39;s performance in maintaining the property out of foreclosure and any other issues raised by the renter may be used to rate the property owner/manager. 
         [0011]    The foregoing and other objectives, features, and advantages of the invention will be apparent from the following, more particular, description of the preferred embodiment of the invention, as illustrated in the accompanying drawings. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0012]      FIG. 1  is a block diagram depicting a networked computer system in which an embodiment of the invention is practiced. 
           [0013]      FIG. 2  is a flowchart depicting operation of a networked computer system in accordance with an embodiment of the invention. 
           [0014]      FIG. 3  is a flowchart depicting operation of a networked computer system in accordance with another embodiment of the invention. 
           [0015]      FIGS. 4-7  are pictorial diagrams depicting user interface screens within a networked computer system in which an embodiment of the invention is practiced. 
       
    
    
     DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS 
       [0016]    The present invention encompasses methods, networked computer systems and computer programs that implement a network portal, such as an Internet site, that provides interaction between prospective renters, property owners or owner&#39;s agents (e.g., property managers) and in some embodiments, a mortgagee of the property. Particularly in high foreclosure rate climates, it is desirable for both the renter, i.e., the tenant of a property and the mortgagee, i.e., the party that made the loan secured by the property, to ensure that mortgage payments are made in a timely manner, so that renters are not unexpectedly faced with eviction when a property owner has not been making mortgage payments. The system may provide a financial intermediary service, or may interface with an external financial services provider to accept rent payments, apply the rents to mortgages, and pay or escrow any remainder to the property owner or assess any shortages to the property owner. 
         [0017]    In general, the business model supported by the Internet portal of the present invention may be supported by interest floats occurring between receipt of rent payments and application of those payments to obligations to the mortgagee and/or fees collected as a flat rate or percentage of the funds that are being accepted from a renter, and then paid to a mortgagee. Alternatively, such a structure may be supported by a membership fee. If the portal is supported by interest floats, then the system will definitely collect the rental amounts from tenants, hold the rents and then apply the rents as the mortgage payments come due. Additional escrow funds provided from the owner can be used to make up for any shortage in the mortgage payments over the rents and any processing fees, and the interest on the escrowed funds used to support the business model of the entity that owns the Internet portal. 
         [0018]    The portal provides transparency to the process of ensuring that mortgage payments are made on time and in the proper amounts by providing secure logins and view of the payment and event history, e.g., the status of the mortgage to both the renter and the owner. The mortgagee may also have access to verify that payments acknowledged by the system have not been misdirected. The portal also provides information and/or ratings on renters, property owners and/or properties, which may be based on ongoing information such as whether the renter is timely on rent payments and whether a property owner is timely on making mortgage payments, but may also accept commentary input made by the various parties as the tenant relationship proceeds. Therefore, the present invention provides on-going tracking and maintenance of the relationship between the landlord, the tenant and the mortgagee during the term of that relationship, rather than merely initiating the relationship. In accordance with an embodiment of the invention, the portal directs payment from the renter to the mortgagee, and such “directing” is generally accomplished with electronic fund transactions (EFTs) that are initiated and otherwise automated via the portal, but could be traditional funds transactions that are later verified by the mortgagee, which causes the portal&#39;s history and status to update in response. However, as an alternative, the portal can serve as a tracking facility without including the automated financial transaction management features, in which case the funds are “directed” by the pass-through agreement initiated by the Internet portal, while the actual periodic payments are made off-line. 
         [0019]    Referring now to  FIG. 1 , a networked computer system in accordance with an embodiment of the present invention is shown. A web server  20  is connected to a network  7  such as the Internet, to multiple other systems, including, for purposes of illustration, a renter personal computer  10 A, a property owner&#39;s computer  10 B a computer system  10 C at a mortgagee, such as a large lending institution, and a financial service provider&#39;s system  22 . The connections shown are only illustrative of a basic system in which the invention may be practiced, and it is understood that server system  20  may comprise a large scale system having processing systems distributed across multiple locales, and that network  7  may include multiple different types of wireless and or wired network links in order to interconnect the various systems used by the various parties that are involved in practicing the techniques of the present invention. 
         [0020]    Server  20  contains a database  21 , which in the illustrative example, includes electronic contract forms, communications structures for communicating with the various parties, rental listings, data structures describing executed rental agreements and mortgage pass-through agreements, along with other information needed to practice the various embodiments of the invention as illustrated herein. It is understood that all or portions of database  21  may be located external to server  20  as well, and may be a distributed database having information stored at multiple locations. The connection to financial service provider system  22  is optional, and the financial services provided between the mortgagee, renters and property owners may be implemented by a fully-integrated portal in accordance with an embodiment of the present invention, without requiring connection to a separate financial service provider system. However, such a fully-integrated portal will still generally access providers for electronic funds transactions (EFTs) and card services so that electronic exchanges of funds may be made between the parties. 
         [0021]    Renter personal computer  10 A is coupled to or includes a graphical display  12 A on which screens of a browser  14 A executing within rental personal compute  10 A are displayed. Browser  14 A is used to interact with programs executing within server  20  that manage the rental relationships, collect data and act on user input received from browser  14 A and provide information to be displayed by browser  14 A. While the above describes a client-server model, client-server architecture is not a requirement of the present invention and it is understood that program code that implements the present invention may be distributed among servers and workstations as appropriate for the particular implementation(s) of the present invention. Property owner computer  10 B also is coupled to or includes a graphical display  12 B on which screens of a browser  14 B executing within owner&#39;s computer  10 B are displayed. Browser  14 B also is used to interact with the programs described above. However, the interfaces for a property owner will differ from those provided to a renter or prospective renter as described in further detail below. Mortgagee computer system  10 C contains a database  18  that maintains information on the various pass-through relationships maintained by the portal provided by programs executing within server  21 . Mortgagee computer system  10 C and may also be coupled to workstations and displays for interacting with server  20  to accept payments, update survey information for use in renter/owner rankings, execute pass-through agreements and otherwise interact with the portal provided by server  21  as needed to implement the techniques of the present invention. 
         [0022]    Referring now to  FIG. 2 , a method according to an embodiment of the present invention is illustrated. First, a renter accesses the system and searches for rental properties (step  30 ). If the renter selects a property to rent (decision  31 ), if an on-line agreement is not available (decision  32 ), then the property owner (or the owner&#39;s agent) is notified that the renter wishes to rent. If an on-line agreement is available (decision  32 ) the system proceeds to initiate a rental agreement by having the renter execute the agreement (step  34 ). If the agreement is not pre-executed from the other parties (decision  35 ), then a notification is sent to the other party/parties to execute the agreement (step  36 ). For example, the property owner and the mortgagee may be required to approve a renter for a pass-through agreement. In other arrangements, the agreement may have to be ratified only by the property owner, or only by the a mortgagee. If the other party executes the agreement (decision  37 ), then the contract is made, and if the agreement is a pass-through agreement (decision  38 ) the agreement between the owner mortgagee and renter is stored, and optionally a payment arrangement is set-up either in the system, or through communication with financial services provider  22 . If the agreement is not a mortgage pass-through agreement (decision  38 ), then the system stores the agreement between the owner and the renter and also may provide a payment arrangement with financial services provider  22  or an internal financing arrangement (step  40 ). 
         [0023]    Referring now to  FIG. 3 , a method according to an embodiment of the present invention is illustrated. The method of  FIG. 3  may be practiced in conjunction with the method of  FIG. 2 , or may be implemented in another system that includes only some of the features of the method depicted in  FIG. 2 . In the method of  FIG. 3 , the system (portal) tracks payments made by the renter (step  50 ) and accepts comments and/or ratings made by the renter, owner or mortgagee (step  52 ). If the agreement is not a pass-through agreement or the rent is less than the mortgage payment, the system may also track the mortgage payments made by the owner (step  53 ). When a renter makes an inquiry on a property (decision  54 ), the system displays comments about the owner and/or the property made by previous/existing renters or by a mortgagee. The system may alternatively or additionally display a rating value or other indicator, such as a color, indicating a rating based on the collected metrics or cumulative ratings made by renters and/or mortgagees (step  56 ). When a property owner or mortgagee makes an inquiry about a renter (decision  58 ), the system displays the payment history of renter, comments about the renter made by property owners or mortgagees, and/or ratings based upon payment metrics or cumulative ratings from other property owners and/or mortgagees (decision  60 ). 
         [0024]    Referring now to  FIG. 4 , an output display  70  of a browser of a prospective renter such as browser  14 A of  FIG. 1  is shown. The browser is pointed to a uniform resource location (URL) of the Internet portal described above. A search criteria input interface  72  permits textual or control (e.g., drop-down) input to set criteria for finding prospective rental properties. Listings  73  of matching properties are displayed in response to the search. Listings  73  include information  74  about previous or on-going rental relationships of the property owner and information/ratings  74  about the property itself. The rating of the property owner may be accumulated across multiple properties, whereas the property rating is based on the property itself, and might accrue across multiple owners or property managers, since management companies could be changed or properties transferred. Comments  75  can also be provided by previous renters or, in some cases, mortgagees. 
         [0025]    Referring now to  FIG. 5 , an output display  80  of a browser of a property owner or property manager such as browser  14 B of  FIG. 1  is shown. The browser is pointed to a uniform resource location (URL) of the Internet portal described above. A property listing box  82  lists all of the properties for the user, who may be a property manager managing large numbers of rental properties. Offers  83  from prospective renters are shown in embodiments of the invention in which pre-executed agreements are not provided from the owner/mortgagee, or in which the rating of the prospective renter is not high enough for the system to automatically provide an offer from the owner and mortgagee to a prospective renter. Ratings  84  of the prospective renters are provided based on input from previous owners or property managers, along with comments  85 , and indications  86  of the status of the commentator, such as whether the commentator is the mortgagee, the property owner/owner&#39;s agent. The ratings  84  and comments  85  are accumulated during previous leases entered into by the renter for other properties, including the present property. 
         [0026]    Referring now to  FIG. 6 , output display  70  of the browser of the prospective renter is shown with the browser directed to an electronically-executable agreement  77  that binds the prospective renter (and on an owner/agent/mortgagee screen, the other party if a pre-executed agreement is not provided by the system). The electronic agreement contains the text of the agreement, along with prompts to the viewer to read all of the agreement, etc., and a signature box  78  or entry form to permit the user to ratify agreement  77  by signing it electronically. As mentioned above, agreement  77  may require signatures from multiple parties, such as the prospective renter, the owner/agent and the mortgagee, or the owner/agent and mortgagee may pre-authorize the agreement. In some embodiments, such as when the portal provides the financial services to pay the mortgagee, it is possible that the mortgagee is not a party to the agreement, depending on laws of the local jurisdiction and the manner by which payment is made to the mortgagee. 
         [0027]    In each of the embodiments described above, it is or may be necessary to secure various permissions by the parties to the display of information, and such agreements may be part of the agreements described above, or may form part of the agreements entered into when the different users set up their accounts or otherwise enter into a relationship with the portal. Since some of the information that may be displayed involves sensitive financial data, all such information is presumed agreed to in some form before the display of the various data is provided via the web portal. 
         [0028]    Referring now to  FIG. 7 , a transparent history feature of the present invention is shown in an output display  90  of a browser, which may be a browser of the renter, owner or mortagee. While a uniform interface is illustrated, the information presented in output display  90  might be tailored for the particular type of user accessing the screen, in order to maintain some of the information as private among some of the user types. For example, the mortgagee and the owner may be able to see the outstanding loan balance, as well as the payment and event history  92  depicted in the illustration, while the renter may only see the payment and event history  92 . A login  93  user interface is used to secure the site pointed to by URL  91 , which is a secure site, unlike the search screens, which might be secured by membership requirements, but which may be publicly available. 
         [0029]    While the invention has been particularly shown and described with reference to the preferred embodiments thereof, it will be understood by those skilled in the art that the foregoing and other changes in form, and details may be made therein without departing from the spirit and scope of the invention.