Abstract:
A system and method for providing automated real estate transaction management with centralized transaction information storage is described. Transaction information is centrally maintained and includes a plurality of transaction specifications. Each such transaction specification includes one or more deadlines that provide an agent component and a client component. An agent view is presented by interactively parsing through the transaction specification for at least one client of an agent and determining sections of the transaction information relating to the agent component. A client view is displayed by generating a hierarchy of the deadlines applicable to the real estate transaction and interactively providing select parts of the transaction information relating to the client component. Completion of the real estate transaction is dependent upon the completion of the agent component and the client component.

Description:
CROSS-REFERENCE TO RELATED APPLICATION  
       [0001]     This non-provisional patent application claims priority under 35 USC § 119(e) to U.S. provisional patent application Ser. No. 60/573,084, filed May 21, 2004, the disclosure of which is incorporated by reference. 
     
    
     FIELD OF THE INVENTION  
       [0002]     The invention relates in general to real estate transaction management and, in particular, to a system and method for providing automated real estate transaction management with centralized transaction information storage.  
       BACKGROUND OF THE INVENTION  
       [0003]     Real estate transaction management requires balancing the competing demands of clients, including purchasers and sellers, and third parties, such as vendors and other agents, against an ever-changing marketplace. Many basic information needs can be met by existing tools. For instance, automated databases of real estate listings are widely available over the Worldwide Web (“Web”), which provide property descriptions, locations, prices, and other information of use to potential real estate purchasers and sellers. Transacting the sale or purchase of real estate, however, generally requires the assistance of a licensed real estate agent who is responsible for sheparding transaction process, from search or listing through property titling and closure. In addition, real estate agents often provide helpful marketing and educational programs to prospective clients.  
         [0004]     Success can be a qualified reward and managing a full load of real estate clients can be time-intensive and challenging. Each client has different needs and tastes, which are matched to the actual property listings available in a particular geographic market. Once a suitable property is found, in-progress transactions are subject to numerous deadlines, generally specified by state law applicable to a particular jurisdiction. Transaction deadlines are critical milestones and each agent, client or third party might be responsible for timely completing the steps necessary to satisfy each deadline. Ensuring that the milestones are timely met can be tricky, particularly where a client or third party has the responsibility to complete a particular task and which requires follow up by the agent to ensure that the task was performed.  
         [0005]     Often, efficient real estate transaction management can be strongly affected by the experience of the agent. Still, transaction deadlines can be missed by novice and experienced agents alike and remembering to guide a client can sometimes be a matter of careful tact. The default timing for deadlines is typically set by state law but could be modified, in some cases, by contract or by the early or late completion of a preceding deadline. As the facilitator of a transaction, the real estate agent is ultimately charged with tracking deadlines, varying deadlines when appropriate, and keeping the responsible parties informed.  
         [0006]     Additionally, real estate transactions often involve third parties to the actual transaction. These third parties include banking institutions, trust and title companies, other agents, vendors, and various professional and journey personnel contributing towards the completion of one or more deadline components for a transaction. As a result, maintaining third party contacts is critical, particularly when related to an on-going real estate transaction.  
         [0007]     Similarly, on-going client relationships are dynamic and require continuous updating. Purchasers want to know about new or changed listings, while sellers want to be market savvy. For instance, in a real estate purchase setting, an initial set of real estate listings will change as old listings are sold and new listings are added. Moreover, client preferences can change as necessities and preferences evolve in light of real estate listings viewed and other factors. Real estate agents are responsible for ensuring such client needs are satisfied, even though client satisfaction can sometimes be a moving target.  
         [0008]     Currently, general automated productivity tools provide only partial solutions to fulfilling the particularized needs of real estate agents. Contact management programs track people and scheduler programs track deadlines. Web-based search engines, such as multiple listing services, facilitate searching real estate listing databases. Nevertheless, such ad hoc transaction management solutions lack interoperability and are not able to easily accommodate schedule or deadline changes particular to a given real estate transaction. As well, scheduler programs are generally configured to be personal to an agent. Consequently, clients are unable to determine agent availability without first manually contacting the agent to arrange an appointment.  
         [0009]     Therefore, there is a need for an approach to providing an integrated real estate transaction manager with agent-specific and client-specific viewing interfaces. Preferably, such an approach would support contact, schedule and deadline tracking on a per-transaction basis. Moreover, customizable features, including client attributes and profiles, would be dynamically definable over individual clients or by real estate transaction.  
       SUMMARY OF THE INVENTION  
       [0010]     An embodiment provides a system and method for providing automated real estate transaction management with centralized transaction information storage. Transaction information is centrally maintained and includes a plurality of transaction specifications. Each such transaction specification includes one or more deadlines that provide an agent component and a client component. An agent view is presented by interactively parsing through the transaction specification for at least one client of an agent and determining sections of the transaction information relating to the agent component. A client view is displayed by generating a hierarchy of the deadlines applicable to the real estate transaction and interactively providing select parts of the transaction information relating to the client component. Completion of the real estate transaction is dependent upon the completion of the agent component and the client component.  
         [0011]     Still other embodiments of the invention will become readily apparent to those skilled in the art from the following detailed description, wherein are described embodiments of the invention by way of illustrating the best mode contemplated for carrying out the invention. As will be realized, the invention is capable of other and different embodiments and its several details are capable of modifications in various obvious respects, all without departing from the spirit and the scope of the invention. Accordingly, the drawings and detailed description are to be regarded as illustrative in nature and not as restrictive. 
     
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       [0012]      FIG. 1  is a functional block diagram showing a real estate transaction environment.  
         [0013]      FIG. 2  is a process flow diagram showing a real estate purchase.  
         [0014]      FIG. 3  is a process flow diagram showing a real estate sale.  
         [0015]      FIG. 4  is a block diagram showing a system for providing automated real estate transaction management with centralized transaction information storage, in accordance with the invention.  
         [0016]      FIG. 5  is a screen shot showing, by way of example, a Web page for providing automated real estate transaction management, for use with the system of  FIG. 4 .  
         [0017]      FIG. 6  is a flow diagram showing a method for generating an agent view, in accordance with the invention.  
         [0018]      FIG. 7  is a flow diagram showing a method for generating a client view, in accordance with the invention. 
     
    
     DETAILED DESCRIPTION  
       [0000]     Real Estate Transaction Environment  
         [0019]      FIG. 1  is a functional block diagram showing a real estate transaction environment  10 . Typically, a real estate agent  11  is involved in nearly all aspects of a real estate transaction, before, during and after each transaction. An agent  11  interacts with four broadly-defined groups of individuals or parties, which include current buyers  12 , current sellers  13 , prospective clients  14 , and third parties  15 . Other individuals or parties are possible.  
         [0020]     Current buyers  12 , current sellers  13  and prospective clients  14  represent the group of clients for an agent  11 . Current buyers  12  and current sellers  13  represent a group of active parties that are involved in an on-going real estate transaction or in a potential real estate transaction. Current buyers  12  include parties that are interested in purchasing one or more properties, as further described below with reference to  FIG. 2 . Current sellers  13  include parties that are interested in selling one or more properties, as further described below with reference to  FIG. 3 . The agent  11  accesses a database of real estate listings  16 , such as a multiple listing service, to provide potential listings of interest to the current buyers  12  and generate marketing information for the current sellers  13 . Prospective clients  14  include both former buyers and sellers, as well as other parties that may potentially develop into a current buyer  12  or a current seller  13 . Prospective clients  14  are developed by an agent  11  through marketing and educational opportunities, such as newsletters and home sale and purchasing seminars. Other types of clients are possible.  
         [0021]     Third parties  15  include those parties serving a function complementary or collateral to those performed by the real estate agent  11 . Examples of third parties  15  include banks, trust companies, title companies, other real estate agents, vendors, and various professional and journey personnel. In a further embodiment, the Web pages can include advertisements, such as in the form of pull down or popup menus, which advertise the goods and services offered by the third parties  15  in exchange for advertising revenue.  
         [0022]     During the processing of a real estate transaction, the activities of the agent  11 , client, whether current buyer  12  or current seller  13 , and often, third parties  15  are driven by a set of schedules  17 . The schedules  17  are derived from deadlines created in response to statutory and regulatory requirements governing the sale and purchase of real estate in accordance with the state law applicable to a particular jurisdiction. The schedules  17  can be dynamic and often change in response to actions completed by the agent  11 , clients, third parties  15  or as varied by contract. Other factors in addition to or in lieu of the schedule  17  can also affect a real estate transaction.  
         [0000]     Real Estate Purchase Process  
         [0023]      FIG. 2  is a process flow diagram showing a real estate purchase  20 . A typical real estate purchase  20  proceeds though five phases. During the search phase (operation  21 ), the current buyers  12  view real estate listings and properties with their agent  11  based on their needs and preferences. Upon finding a suitable property, the agent  11  and current buyers  12  negotiate with the sellers of the property (operation  22 ). If a deal is reached, the negotiations conclude with mutual acceptance and the formation of a sales contract. Thereafter, the property can undergo an inspection (operation  23 ) and appraisal (operation  24 ) to ascertain the condition and fair market value of the property. Both the inspection and appraisal can result in a return to negotiating (operation  22 ) if significant problems or disparities arise. The appraisal is generally completed at the request of a bank or lending institution for their own benefit where the property is offered as the collateral on a purchase loan. Finally, closing is performed by completing title transfer and escrow (operation  25 ). Title transfer involves the physical execution of a title document by the buyers and sellers, preferably following title inspection. Escrow involves a third party that transfers the money and documents from the buying and selling parties. Additional phases or steps could be required and the overall process is generally regulated by state law.  
         [0000]     Real Estate Sale Process  
         [0024]      FIG. 3  is a process flow diagram showing a real estate sale  30 . The real estate sale process is a mirror image of the real estate purchase process, as further described above with reference to  FIG. 2 . During the marketing phase (operation  31 ), the current sellers  13  undertake a marketing analysis with their agent  11  to determine an appropriate selling price and schedule for the property. Marketing includes, for example, identifying comparable properties, taking photographs, listing the property, setting an advertising campaign, scheduling showing information, advertising, and providing open houses. Upon receiving an offer, the agent  11  and current sellers  13  negotiate with the potential buyers of the property (operation  32 ). If a deal is reached, the negotiations conclude with mutual acceptance information of a sales contract. Thereafter, the property can undergo an inspection (operation  33 ) and appraisal (operation  34 ) to ascertain the condition and fair market value of the property. Finally, closing is performed by completing title transfer and escrow (operation  35 ). Additional phases or steps could be required and the overall process is generally regulated by state law.  
         [0000]     Automated Real Estate Transaction Management System  
         [0025]      FIG. 4  is a block diagram showing a system  40  for providing automated real estate transaction management with centralized transaction information storage, in accordance with the invention. The system  40  includes a server  41 , real estate database  45  and centralized storage  47 . The server  41  manages real estate transactions for both agents  11  and clients, including current buyers  12  and current sellers  13 , using transaction information maintained in the centralized storage  47 . However, the transaction information is presented in a different manner for an agent versus a client. Thus, the server  41  includes an agent view generator  42 , client view generator  43  and updater  44 .  
         [0026]     In the described embodiment, the server  41  is implemented as a Web server that generates the agent view and client view as a set of hyperlinked pages written in a tag-delimited page description language, such as the Hypertext Markup Language (HTML) or Extensible Markup Language (XML), preferably supplemented by active content, such as Java scripts or active server page (ASP) scripts. Other types of Web pages and agent and client views are possible.  
         [0027]     Each agent view presents one or more activities through automated assistants, known as wizards  67 . Each client view presents a hierarchy of an on-going real estate transaction, supplemented by definitions  66  of terms and other related information helpful to the client. The agent and clients views will now be discussed in further detail.  
         [0000]     Agent View  
         [0028]     Agents can update the status of an on-going or planned transaction by updating their status on the appropriate Web page, such as through a menu or data entry box, as further described below, with reference to  FIG. 5 . The agent view includes a contacts manager, scheduler and communications interface for respectively maintaining a set of contacts  48 , schedules  49  and undertaking communications  50  with clients and third parties. The contacts  48  reference a set of clients  52 , which are each maintained with a set of attributes  59 , profiles  60  and, if applicable, one or more real estate transactions  61 . The attributes  59  correspond to a status associated with the client. For instance, a client could be identified with an attribute as a current buyer  12 , current seller  13  or prospective client  14 . The attributes  59  can be used by the agent  11  for executing queries and bulk operations, such as generating newsletters or targeted mail. Preferably, each client  52  and contact  48  are identified uniquely by an e-mail address, although any other form of unique identifier could be used. The profiles  60  are based on a phase of a real estate transaction in which the client is currently involved. For instance, a buyer profile assists the agent  11  in identifying those properties that best suit the needs of a client. A buyer profile can include parameters such as number of bedrooms, number of bathrooms, square footage, lot size, top feature requirements, and top feature preferences, as well as others. Similarly, a seller profile is geared towards assisting an agent in successfully marketing and selling a property on behalf of a client. The seller profile can include selling price, comparable properties, photographs, links to listings, market updates, current advertising campaign, showing information, agent activities, advertising, and open houses, as well as others. Finally, each client  52 , if applicable, includes references  61  to one or more transactions  51 .  
         [0029]     Each transaction  51  includes multiple deadlines  57 , which each have an agent component  57  and client component  58 . In the described embodiment, each transaction  51  is not complete until both the agent and client components  57 ,  58  of each deadline  56  are completed. The deadlines  57  are system-calculated with default deadlines determined in accordance with applicable state law, or as agent-specified. System-calculated deadlines can be based on business or calendar days are recalculated when a dependency date is completed early or late. Business deadlines are adjusted for state holiday schedules and contract stipulations on threshold business days.  
         [0000]     Client View  
         [0030]     Clients can also update the status of an on-going or planned transaction by updating their status on the appropriate Web page, such as through a menu or data entry box, as further described below with reference to  FIG. 5 . The client view includes one or more real estate listings  47  relating to either the purchase or sale of a property. The real estate listings  46  are retrieved from a real estate database  45 , such as a multiple listings service. In a further embodiment, the updater  44  periodically or upon demand queries the real estate database  45  to identify those real estate listings  46  that have either changed or been added since the last set of real estate listings  46  were provided to the client. In addition, the updater can be triggered by updates to the client information or changes in a client status as performed by the agent  11 , such as creating a new system logon, changing a dateline and so forth.  
         [0031]     The schedules  49  include the deadlines  56  assigned to both the agent  11  and the client and can be accompanied by an indication of whether an action is currently pending, in progress or has been completed. In the described embodiment, the deadlines are colored coded with green signifying an eventual deadline, yellow signifying a near deadline, red signifying a due deadline, and white signifying a completed deadline. Other types of coding and prioritizations are possible.  
         [0032]     Ideally, the agent  11  and clients communicate on a regular basis to exchange information and status by selecting status changes on the Web site, such as through a menu or data entry box. The communications can include, for example, voicemail, facsimile, e-mail, paging, text messaging and instant messaging. In a further embodiment, a history  53  of both clients  62  and transactions  63  is maintained. Other types of communications and history data are possible.  
         [0033]     The client views are tailored to the particular profile  60  assigned to a client. Where the client is a current buyer  12 , a buyers cart  54  is stored, which includes a set of real estate listings  64  identified to that particular client. In addition, the client can view the listings  64  and schedule a viewing or appointment with the agent  11 . In the described embodiment, access to the calendar of the agent  11  is limited to only viewing available time slots and not the actual content describing details of other appointments appearing on the calendar of the agent  11 . For a client identified as a current seller  13 , a sellers cart  55  includes marketing information  65  relating to the property being sold by the agent  11 . The marketing information can also be supplemented by select real estate listings  46 .  
         [0000]     Web Page  
         [0034]     Agent and client views can be provided through a Web-based interface displayed on, for instance, a browser application executing on a personal computer system, including desktop and notebook computers, personal digital assistants, and other Web-enabled devices, interfaced through wireless or wired means.  FIG. 5  is a screenshot  70  showing, by way of example, a Web page  71  for providing automated real estate transaction processing, for use with the system  40  of  FIG. 4 . The Web page  71  provides a generic presentation of selections, menus, and information that can be used by agents or clients to manage real estate transactions. In a further embodiment, the Web page  71  can be customized for the particularized needs of agents  11 , current buyers  12 , current sellers  13 , prospective clients  14 , and third parties  15 , and can be provided either as a single Web page or as a series of hierarchically-related or linked Web pages, including separate Web sites. Other organizations and arrangements of particularized Web pages are possible.  
         [0035]     The Web page  71  includes a series of pull down menus  72 , including File, Edit, Transactions, Contacts, Calendar, Forms, Options, and Help. Other pull down menus are possible. The File, Edit, and Help pull down menus respectively provide data storage and retrieval, data editing, and user assistance, as commonly provided through standardized Web-based user interfaces. The Transactions pull down menu enables a user to select from a set of real estate transactions, including current and historical transactions. Agents  11  in particular can use the Transactions pull down menu to manage their transactions in an efficient and user-friendly fashion. The Contacts pull down menu, also of particular interest to agents  11 , allows access to information organized to facilitate communications with other parties, including names, addresses, affiliation, telephone numbers, e-mail addresses, instant messaging, and similar parameters in an integrated and fully-linked presentation. The Calendar pull down menu provides an at-a-glance view organized, for instance, by week, month, or year, of deadlines and other dates of noteworthy concern with respect to one or more real estate transactions. The Forms pull down menu allows a user to obtain access to authorized forms that can be imported into a transaction, including automatically pre-populating information and organizing the proper set of forms necessary for one or more stages of a transaction. The forms can be provided, for instance, by a multiple listing association for use by a contract creator, that is, a licensed agent, and can also be modified from original format, if necessary. Purchase and listing forms could also be available for buyer and seller downloading, faxing, printing, e-mailing, or viewing, as appropriate. The Options pull down menu item provides access to customization features and ancillary features that allow data importing and exporting to other applications, such as Microsoft Outlook or Lotus Notes. Other types of options are possible.  
         [0036]     A progress bar  73  is displayed on the Web page  71  to track various aspects of a transaction from, for instance, search through recording. Other types of progress bars for various types of transactions or real estate processes are possible. A set of milestones are included in the progress bar, such as Search, Offer, Acceptance, Inspection, Mortgage, Closing, and Recording, and each milestone can be linked to a further Web page or popup window to provide additional information or options. The progress bar  73  includes an indication of current status to allow easy determination of where a transaction currently stands. Specific progress bars could be generated for various aspects of transactions or real estate processes, such as listing processes, multiple listing views, marketing views, flyers, brochures, Web sites, educational programs, ordering titles, and mortgage and lending aspects.  
         [0037]     Finally, the Web page  71  can also include additional information, such as parties to a transaction  74 , property information  75 , specific dates  76 , and an image of the property  77 . Other types of information are possible.  
         [0038]     In one embodiment, duplication of data is minimized or eliminated by prompting a user to fill out initial Web-based forms, which are used to store data records into a database for later use. In addition, the stored data, for instance, user preferences, could be used for marketing purposes, with the appropriate authorizations, such as marketing demand and demographic research, directed marketing campaigns, and related uses. The fields in the various Web pages and forms are subsequently populated automatically with the stored data to eliminate the need for a user, such as an agent  11 , to manage each task individually, once a task has been assigned to a client in an appropriate category.  
         [0039]     In a further embodiment, the Web page  71  can include an embedded interface to access, for example, title, escrow, and mortgage programs, for interacting with the system  40 , which provides appropriate privacy protections when allowing different parties to view certain aspects of a transaction or contract. Additionally, forms can be generated for communicating through e-mail to various parties for automatically uploading solicited data to the server  41  for appropriate parties to view. In particular, the Web page  71  for current sellers  13  can contain required forms that can be sent by e-mail or fax to their agent  11 , as well as feedback and automatic market update and pertinent news downloads from their agents  11 .  
         [0040]     In a still further embodiment, the Web page  71  can be supplemented to address specific circumstances, such as, accommodating a home builder with construction deadlines, as well as customized versions for various multiple listings associations and builder sites.  
         [0041]     In a still further embodiment, a customized version of the Web page  71  can provide agents  11  with a view that is automatically opened into calendar. Each agent  11  would be able to select alternatives to a calendar default view. Timelines can be downloaded directly to a personal digital assistant or similar device and could further be exportable as a standalone program for legacy users, such as agents  11  who lack Web access. Finally, plug-in or linked-in features can be used to supplement the Web page  71  with, for example, an automated created contract for a current buyer  12  or current seller  13  or a new listing entered into the server  41  could trigger an e-mail or facsimile to order a title or open escrow. Similarly, a link can be provided in a third party Multiple Listing Service could allow agents to access listing or buyer specific information. As well, a link can be provided to a calendar to schedule appointments that would interface with the buyer and the seller sides and also provide feedback links. Other types of plug-in, linked-in, or innovative features are possible, such as automatically e-mailing, telephoning, or faxing scheduled reminders as transaction timelines approach or change. The reminders could be provided in an icon in a system tray or through various views on a Web page  71 .  
         [0042]     In still further embodiment, a history field (not shown) for agents  11  allows previous transactions to be stored for possible future reference. Similarly, brokers can be provided access by an agent or by override to ensure that novice agents are following proper procedures. Other agent-particular features are possible.  
         [0043]     The particularized Web page  71  for current sellers  13  includes the ability to send out follow-up forms to agents  11  showing a listing for seller feedback that is automatically populated for the stored data. Similarly, the Web page  71  can include the ability to create appointments for listing viewings that can be sent via e-mail or through off-site call centers and the like.  
         [0044]     The particularized Web page  71  for current buyers  12  includes the ability to map a tour for a buyer, as well as include other helpful information, such as schools and areas of interest. The Web page  71  also includes the ability to create appointments for listing viewings that can be sent via e-mail or through off-site call centers and the like.  
         [0000]     Agent View Generation Method  
         [0045]      FIG. 6  is a flow diagram showing a method for generating an agent view  80 , in accordance with the invention. The purpose of this routine is to generate a default agent view and process activities selected by the agent  11 .  
         [0046]     Initially, a contacts view is generated (block  8 ), which displays to the agent  11  contacts, which include clients and third party contents. Optionally, the agent  11  can execute a query (block  82 ) against the transaction information stored in the centralized storage  47 , which is processed and presented (block  83 ). Similarly, the agent  11  can access a calendar (block  84 ), which is generated as a calendar view for visualizing the schedules  49  (block  85 ). Finally, the agent  11  can perform actions on one or more transactions currently in progress (block  86 ), which is generated and propagates further changes to the agent component  57  of the deadlines  56  (block  87 ). Finally, any updates to the transaction information maintained in the centralized storage  47  can be processed (block  88 ) and, if further operations are required (block  89 ), processing continues. Otherwise, the method terminates.  
         [0000]     Client View Generation Method  
         [0047]      FIG. 7  is a flow diagram showing a method for generating a client view  90 , in accordance with the invention. The purpose of this routine is to generate a default client view and process activities selected by the client.  
         [0048]     Initially, those deadlines  56  appearing in a client component  58  are displayed (block  91 ). Optionally, the client can view one or more real estate listings  46  (block  92 ), which are retrieved and presented (block  93 ). Similarly, the client can schedule time for a viewing or an appointment with the agent  11  (block  94 ), which is shown and propagated to the schedules  49  (block  95 ). Any updates to the transaction information maintained in the centralized storage  47  can be processed (block  96 ) and, if further operations are required (block  97 ), processing continues. Otherwise, the method terminates.  
         [0049]     While the invention has been particularly shown and described as referenced to the embodiments thereof, those skilled in the art will understand that the foregoing and other changes in form and detail may be made therein without departing from the spirit and scope of the invention.