Patent Publication Number: US-2018053269-A1

Title: Real-estate transaction management platform

Description:
TECHNICAL FIELD 
     The present invention herein relate to a real-estate transaction management platform. More particularly, to a real-estate transaction management platform, that connects licensed real estate professionals, money lenders, and buyers based on their location information in a given time duration. 
     BACKGROUND 
     Real-estate transactions typically involve many participants, including buyers, sellers, agents, brokers, real-estate developers, property owners, loan officers, and money lenders. Each participant typically maintains various information about the real-estate properties for which they are involved in a transaction. 
     Conventional Internet based real-estate platforms provide limited ways to search for properties, such as, for example, searching by address, by number of rooms, by price range, etc. Such search limitations make it difficult for some buyers/tenants to find real-estate properties in which they may have interest. They are required to search for long to find the property as per their preferred location. Upon finding the property, it is required by them to look around for the licensed brokers and the loan lenders for carrying out property transaction. The potential buyers/tenants may also be required to check with various loan lenders to get the best price, deals and do the best possible negotiations. 
     Similarly, a commercial real estate agent attempts to identify and match the property space requirements of a potential tenant/buyer with the represented property owner. Even after the agent/buyer is successful in identifying and matching a property, the transaction is far from complete. In order to complete the transaction, the real-estate agent may often engage the services of money lenders and loan officers. In addition, the credit worthiness of the potential tenant/buyer must be researched and verified. 
     Thus, the conventional method of connecting lenders/sellers/buyers for property transaction, and the entire process of buying or selling the property or renting the property is very lengthy and time consuming. At times, this whole process may extend over couple of days, weeks or months. 
     Hence, there is a need for an internet-based real-estate transaction platform that overcomes the limitations of existing systems, connects the buyers/real-estate agents/money lenders in a novel and efficient manner, provide an organized chain of professional brokers and lenders, where the potential buyers can select the best deal as per their requirements. 
     SUMMARY 
     According to an aspect of the present invention, there is provided a method for connecting one or more users of a real-estate transaction management platform for conducting one or more real-estate transactions. At a server device, one or more geographic locations of one or more user computing devices, and current status of the one or more corresponding users are received. Then, one or more nearby listed real-estate properties, and one or more nearby active users, for a first active user are automatically determined by the server device, based on a current geographical location of the first active user, one or more pre-defined preferences of the first user, and a time duration for which the first user is active. Then, one or more locations of the determined one or more real-estate properties and one or more nearby active users are displayed on a map interface of a computing device of the first user. Finally, the first user is enabled to communicate with the determined one or more nearby active users, and one or more users corresponding to the determined one or more real-estate properties. 
     According to another aspect of the present invention, there is provided a system for connecting one or more users of a real-estate transaction management platform for conducting one or more real-estate transactions. The system includes a processor, and a memory storing a program for execution by the processor. The program includes instructions for receiving one or more geographic locations of one or more user computing devices, and current status of the one or more corresponding users; automatically determining one or more nearby real-estate properties listed on the real-estate transaction management platform, and one or more nearby active users, for a first active user, based on a current geographical location of the first active user, one or more pre-defined preferences of the first user, and a time duration for which the first user is active; displaying one or more locations of the determined one or more real-estate properties and one or more nearby active users, on a map interface of a computing device of the first user; and enabling the first user to communicate with the determined one or more nearby active users, and one or more users corresponding to the determined one or more real-estate properties. 
     According to yet another aspect of the present invention, there is provided a non-transitory computer readable storage medium storing a program configured to be executed by a processor for connecting one or more users of a real-estate transaction management platform for conducting one or more real-estate transactions. The program comprises instructions for receiving one or more geographic locations of one or more user computing devices, and current status of the one or more corresponding users; automatically determining one or more nearby real-estate properties listed on the real-estate transaction management platform, and one or more nearby active users, for a first active user, based on a current geographical location of the first active user, one or more pre-defined preferences of the first user, and a time duration for which the first user is active; displaying one or more locations of the determined one or more real-estate properties and one or more nearby active users, on a map interface of a computing device of the first user; and enabling the first user to communicate with the determined one or more nearby active users, and one or more users corresponding to the determined one or more real-estate properties. 
     Various embodiments of the present invention provide a system of real estate on-demand service for real time networking of Licensed Real Estate Professionals and/or lender and a buyer, based on the GPS location of the property in which the buyer is interested and the parameters preferred by the buyer. The buyers can get in touch with the real-estate agents and lenders, and can select the best deal as per their requirements. The data generated with respect to the geographic location of the real estate makes it convenient for the real estate professionals, lenders and customers to locate the property. A transaction database stores the transaction details such as the agreement between the parties, rent or sale deed amount, loan amount, interest rate, payment tenures, landmark payment schedules and the similar. 
     Furthermore, the embodiments relate to process of connecting genuine buyers and/or renters with genuine real-estate professionals and lenders having verified property with respect to the preferred location of the buyers. 
     Furthermore, the embodiments relate to indicating whether a buyer is currently near a geographic location of any listed real estate for receiving an on-demand service and further determining using the interest of the buyers, who launched the service application within a designated duration of time. The time is deemed to be indicative of interest for requesting service from the on-demand service within a given geographic region of the listed real estate. 
     However, this summary is not an extensive overview of the disclosure. It is intended to neither identify key or critical elements of the disclosure, nor to delineate the scope of the present disclosure. Rather, the sole purpose of this summary is to present some concepts of the disclosure, its objects, and advantages in a simplified form as a prelude to the more detailed description that is presented hereinafter. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
       The foregoing summary, as well as the following detailed description of various embodiments, is better understood when read in conjunction with the drawings provided herein. For the purposes of illustration, there is shown in the drawings exemplary embodiments; however, the presently disclosed subject matter is not limited to the specific methods and instrumentalities disclosed. 
         FIG. 1  illustrates a system environment wherein various embodiments of the present invention can be practiced; 
         FIG. 2  is an exemplary home screen of a computing device of a user of the real-estate transaction management platform, in accordance with an embodiment of the present invention; 
         FIG. 3  illustrates exemplary first and second display screens of a computing device of a user of the real-estate transaction management platform, in accordance with an embodiment of the present invention; 
         FIG. 4  illustrates exemplary third and fourth display screens of a computing device of a user of the real-estate transaction management platform, in accordance with an embodiment of the present invention; and 
         FIG. 5  is a flowchart illustrating a method of connecting one or more users for conducting real-estate transactions, in accordance with an embodiment of the present invention. 
     
    
    
     DETAILED DESCRIPTION 
     The presently disclosed subject matter is described with specificity to meet statutory requirements. However, the description itself is not intended to limit the scope of this patent. Rather, the inventors have contemplated that the claimed subject matter might also be embodied in other ways, to include different steps or elements similar to the ones described in this document, in conjunction with other present or future technologies. 
     It is to be understood that both the foregoing general description and the following detailed description are exemplary and explanatory only, and are not restrictive of the disclosure, as claimed. In this application, the use of the singular includes the plural, the word “a” or “an” means “at least one”, and the use of “or” means “and/or”, unless specifically stated otherwise. Furthermore, the use of the term “including”, as well as other forms, such as “includes” and “included”, is not limiting. Also, terms such as “element” or “component” encompass both elements and components comprising one unit and elements or components that comprise more than one unit unless specifically stated otherwise. 
       FIG. 1  illustrates a system environment  100  wherein various embodiments of the present invention can be practiced. The system environment  100  includes a buyer computing device  102   a , an agent computing device  102   b , and a lender computing device  102   c  (hereinafter collectively referred to as computing devices  102 ) communicatively coupled to each other, and to a server unit  104  through a communication network  106 . 
     Examples of the computing devices  102  include, but are not limited to, a smart phone, a laptop, a personal digital assistant, a laptab, and a tab. Each computing device  102  may be enabled with Global Positioning Service (GPS) functionality to automatically know and transmit corresponding user location. It will be apparent to a person skilled in the art that further computing devices  102  may be added to the system environment  100 , without limiting the scope of the disclosure. 
     Examples of the communication network  106  include, but are not limited to, a Local Area Network (LAN), a cellular network, a Wide Area Network (WAN), a Wi-Fi network, and any other network that provides data connectivity among various computing devices. 
     The buyer computing device  102   a  is to be used by a buyer interested in buying or renting a real estate property. The buyer in the context of this disclosure may include an individual actually interested in acquiring the real-estate property to be sold, or an individual merely curious about the real-estate property, or a representative of an individual who is interested in acquiring the real-estate property to be sold, and so on. 
     The agent computing device  102   b  is to be used by a real-estate agent/broker. The real-estate agent/broker in the context of this disclosure may include anyone who furnishes the buyer with the opportunity to purchase/rent the real-estate property. Examples of the real-estate agent/broker may include a current owner of the real-estate property, a representative or agent of the real-estate property. 
     The lender computing device  102   c  is to be used by a money lender. The money lender in the context of this disclosure may include a person who can provide access to funds, whether it is for debt or equity. Examples of the money lender, include, but are not limited to, banks, loan officers, venture capitalists, or the like. 
     The server unit  104  includes a set of instructions and/or interfaces embodied on a computer readable medium for execution on a processor  108 , for providing a real-estate transaction management platform for enabling the buyer, broker and the lender to connect and manage their real-estate transactions. One example is a computer program stored on a non-transitory, tangible memory device  110 , such as a hard drive or some form of programmable read only memory device. The server unit  104  includes at least one processor  108  for operating the computer program, and at least one database  110  connected to the at least one processor. Alternatively, the server unit  104  could be a network of computers all operating according to the instructions of the computer program. In one embodiment, the at least one database  110  may be external to the server unit  104 . 
     In one embodiment, each of the buyer, agent, and lender may download and install a service application of the server unit  104  onto corresponding computing devices  102   a ,  102   b  and  102   c , to access the real-estate transaction management platform and manage real-estate transactions in real-time. 
     The service application is configured to provide user-specific interfaces based on user login type, for example, the service application executing in the buyer computing device  102   a  displays a buyer interface  109   a  on respective display screen, the service application executing in the agent computing device  102   b  displays an agent interface  109   b  on respective display screen, and the service application executing in the lender computing device  102   c  displays a lender interface  109   c  on respective display screen. 
     The server unit  104  is further coupled to the database  112  which may be either internal or external to the server unit  104 . The database  112  may include a subscription database  112   a , a real-estate database  112   b , a loan database  112   c , and a transaction database  112   d.    
     In one embodiment, the real estate agents and the lenders are required to subscribe to the real-estate transaction management platform before exchanging their contact details with the buyers. Examples of the details include, but are not limited to, login id, password, duration of subscription and the similar. The details of the subscription may be stored in the subscription database  110   a.    
     In one embodiment, the agent interface  109   b  enables a respective agent to upload the details of one or more authorized real-estate properties, and other related information along with their registration number, contact details and the similar necessary information. The property details may preferably include a location of the property, a number of rooms, furnishing details, availability dates, the pricing, and one or more images and videos of the property. Here, the term “uploading” means either saving some documents or files on the server unit  104  as well as writing texts or numerical or providing input using the input device such as keyboard or stylus. In one embodiment, the information uploaded through the agent interface  109   b  is saved in the real estate database  110   b . The real-estate database  110   b  stores a location, price range, facilities, number of rooms, images, videos of each listed real-estate property. 
     In one embodiment, the buyer interface  109   a  enables a respective buyer to subscribe to the real-estate transaction management platform by uploading a valid identification proof, system account related credentials (username-password, thumb scanning) to make sure that the buyer is real. The buyer interface  109   a  further enables the buyer to upload their preferred property requirements, as well as browse the listed properties. The property requirement details may preferably include a location of property, a number of rooms, furnishing details, date from which they need property and their budget range. 
     In one embodiment, the lender interface  109   c  enables a respective lender to upload the details of various loan schemes, term and conditions available for various real estate properties listed by the real-estate agent. In one embodiment, the information uploaded through the lender interface  109   c  regarding the loan products and offers is saved in the loan database  110   c . The information uploaded regarding the load products and offers may preferably include an amount of loan possible on a real-estate property, EMI options available, rate of interest and the similar. 
     In one embodiment, the transactional database  110   d  stores the transaction details of one or more real estate properties. In one embodiment, the information uploaded in the transaction database  110   d  shall preferably include a sale/rent agreement between the parties, rent or sale deed amount, loan amount, interest rate, payment tenures, landmark payment schedules and the similar. In one embodiment, the details can be stored in the transaction database  110   d  through at least one of the buyer interface  109   a , agent interface  109   b  and the lender interface  109   c.    
     The system environment  100  further includes a global map unit  114  communicatively coupled to the server unit  104  for generating latitude and longitude data associated with geographic location of the real-estate properties stored in the real-estate database  112   b . The global map unit  114  enables display of location one or more real-estate properties and one or more users on a global map. The data generated with respect to the geographic location of the real estate properties makes it convenient for the real estate professionals, lenders and customers to locate a property, and also each other. 
     In one of the preferred embodiment, the server unit  104  may include one or more processors for the processing of information received from the user interfaces  109   a ,  109   b , and  109   c , and storing the same processed information in respective database units  112   a ,  112   b ,  112   c  and  112   d . Further, the processors may be associated with one or more memory resources for storing the information required for the processing of the uploaded information. The server unit  104  may be provided with a display unit  116  for displaying the information requested by the user interfaces  109   a ,  109   b  and  109   c.    
     In one of the preferred embodiment, the memory resources  110  are coupled to the processors  108 . Further, the memory resources  110  are used for storing instructions for the processors  108  to run the real-estate transaction management platform. Further, the instruction saved in the memory resources  110  cause the server unit  104  to receive user request data from the computing devices  102  that are operated by users and generated by a service application on respective computing devices  102 . 
     Similarly, the instruction saved in the memory resources  110  cause the server unit  104  to receive professional/broker/dealer data from the computing devices  102  that are operated by respective subscribed professional/broker/dealer and generated by a service application on the respective computing device  102 . The received subscribed professional/broker/dealer data includes position information from the respective computing device and other subscription related information. Further, the instruction saved causes the server unit  104  to receive real estate data from the global map unit  114 , the data comprising latitude data and a longitude data associated with the geographic location of the real estates stored in the real-estate database  112   b.    
       FIG. 2  is an exemplary home screen  200  of a computing device of a user of the real-estate transaction management platform, in accordance with an embodiment of the present invention. 
     The user may be either a buyer, a real-estate agent or a lender registered with the real-estate transaction management platform provided by the server unit  104 . The home screen  200  displays an icon to reach to a home page, an icon to access contacts in a user network. The contacts in the user network may include potential buyers, real-estate agents, and money lenders. The home screen  200  further displays an icon to access a user profile. The user profile may include a user name, user contact details, type of user, previous transactions, images, videos, and the like. The right side of the home screen  200  displays a map, which may display a current location of the user on the map. 
       FIG. 3  illustrates exemplary first and second display screens  302  and  304  of a computing device of a user of the real-estate transaction management platform, in accordance with an embodiment of the present invention. 
     The first display screen  302  displays a map illustrating real-time locations of the one or more users subscribed to the real-estate transaction management platform. The second display screen  304  displays a zoomed-in view of the map of the first display screen  302 . 
     The second display screen  304  displays a real-time location of the user, an address of the user, queries and requests received by the user. The real-time location of the user may be used to determine whether the user is currently near the geographic location of any listed real estate for receiving an on-demand service. Also, based on the interest and profile of the user, the location of the nearby active users may also be displayed on the map. The active users may be the ones who launch the service application within a designated duration of time. The time is deemed to be indicative of interest for requesting service from the on-demand service within a given geographic region of the listed real estate. 
     For example, if the user is a buyer and is online at 4:52 pm and is present in a particular geographic region, then the server unit  104  may be configured to define a time range such as 10 min, and an area around the geographic region such as 2 km 2 , and then determine real-estate properties of user interest, and agents/money lenders who are online in the geographic region during that time range, and display location of the determined real-estate properties and active agents/money lenders on the map interface. As the buyer changes its location, the server unit  104  is configured to automatically determine and display a new set of real-estate properties and active agents/money lenders on the map. The map interface further enables the buyer to contact the active agents/money lenders displayed on the map, and receive queries/requests. 
     Similarly, if the user is a real-estate agent and is active in a geographic region in a given time frame, the server unit  104  may be configured to automatically determine the prospective buyers and money lenders in the geographic region in the given time duration. 
     In one of the preferred embodiment, automatically displaying location of nearby real-estate properties, and nearby users on a map interface, and enabling the user to connect to other users is an on-demand service and is made available to the user, upon payment of a subscription fees. However, general browsing of the real-estate properties and other agents/buyers/lenders is a feature that is free of cost available to registered users. 
       FIG. 4  illustrates exemplary third and fourth display screens  402  and  404  of a computing device of a user of the real-estate transaction management platform, in accordance with an embodiment of the present invention. 
     The third and fourth display screens  402  and  404  display different locations of the user at different time instants. For example, at 6:14 pm, the user may be at a particular location and has received one question and zero request. At 6:20 pm, the user may receive one request from nearby users based on the user location. If the user is a real-estate agent, then the query may pertain to a pricing of a real-estate property, or the availability of the property. Similarly, if the user is a money lender, then the query may pertain to different kind of loan products. Further, the request may pertain to a request for adding in a user network. 
       FIG. 5  is a flowchart illustrating a method of connecting one or more users for conducting real-estate transactions, in accordance with an embodiment of the present invention. 
     At step  502 , one or more geographic locations of one or more user computing devices, and current status of the one or more corresponding users are received at a server device. 
     At step  504 , one or more nearby real-estate properties listed on the real-estate transaction management platform, and one or more nearby active users are automatically determined for a first active user by a server device, based on a current geographical location of the first active user, one or more pre-defined preferences of the first user, and a time duration for which the first user is active. 
     At step  506 , one or more locations of the determined one or more real-estate properties and one or more nearby active users are displayed on a map interface of a computing device of the first user. 
     At step  508 , the first user is enabled to communicate with the determined one or more nearby active users, and one or more users corresponding to the determined one or more real-estate properties. 
     Additionally, the various embodiments set forth herein are described in terms of exemplary block diagrams, flow charts and other illustrations. As will become apparent to one of ordinary skill in the art after reading this document, the illustrated embodiments and their various alternatives can be implemented without confinement to the illustrated examples.