Patent ID: 7653585

Claim:
A real estate commission bid method comprising the steps of: a) entering into a binding contract between a site administrator and a seller of a real estate property whereby the seller agrees to accept the lowest commission rate bid equal to or less than a seller specified pre bid commission rate submitted by a user who is a registered real estate broker; b) the seller entering data into said site regarding the location and description of the real estate and a seller specified acceptable maximum commission rate for the sale of said real estate; c) said site creating a database of available real estate properties and the maximum commission rates specified by sellers; d) performing a validation procedure and a background check, by a computer, before allowing said real estate brokers access to said database, providing to said registered real estate brokers access to the database of available real estate properties within a predetermined area and the maximum commission rates specified by sellers of said real estate properties; e) said site accepting commission rate bids from said registered real estate brokers between a specified start time and end time; f) notifying a winning registered real estate broker for a particular real estate property in said data base of seller contact information and notifying seller of winning registered real estate broker contact information; and g) in the event that no registered real estate broker submits a bid, said seller submitting a higher acceptable maximum commission rate to said site whereupon said registered real estate brokers may submit new commission bids to said site.