Valuation tool for an online auction of a real property asset

• US 10,380,679 B2
• Filed: 03/13/2014
• Issued: 08/13/2019
• Est. Priority Date: 03/15/2013
• Status: Active Grant

• Current Assignee: Ten-X, LLC
• Original Assignee: Ten-X, LLC
• Inventors: Seid, Jacob, Muoio, Peter, Leuer, Jennifer, Hood, John, Subsin, Nat
• Primary Examiner(s): Goyea, Olusegun
• Application Number:
  US14/210,311
• Publication Number:
  US 20140279151A1
• Time in Patent Office: 1,979 Days
• Field of Search: 705 35, 705 37, 705 263, 705 261, 705313, 705400, 705 19
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

A computer-implemented method for generating an indicator of value relating to a real property asset is provided. The method includes providing a user interface that includes one or more prompts for soliciting information associated with the real property asset. Data associated with the real property asset is received. Based on the data associated with the real property asset, comparable data associated with one or more comparable assets is determined. An auction reserve price for the real property asset is generated based on the data associated with the real property asset and the comparable data.

Claims

1. A computer-implemented method for providing a user interface for managing an online auction for a real property asset, the method being implemented by a network system and comprising:

providing, to a computing device of a seller of the real property asset, the user interface that includes one or more prompts for soliciting information associated with the real property asset;

receiving, via the user interface from the computing device of the seller, data associated with the real property asset;

based on the received data associated with the real property asset, accessing a database connectively coupled with the network system to extract geographic information regarding the real property asset and to identify one or more comparable assets to the real property asset;

determining a set of time factors for the one or more comparable assets, each of the set of time factors indicating a respective duration a corresponding one of the one or more comparable assets is listed for sale;

generating, based on a plurality of estimation components, an auction reserve suggestion for the real property asset, the plurality of estimation components being determined based on the received data associated with the real property asset, the extracted geographic information, the one or more comparable assets, and the set of time factors;

causing the user interface to be updated on the computing device to display the auction reserve suggestion, the plurality of estimation components, and one or more user interface features to receive user input to modify the one or more of the plurality of estimation components;

in response to receiving, via the user interface, user input to modify one or more of the plurality of estimation components, generating an updated auction reserve suggestion and causing the user interface to be further updated on the computing device to display the updated auction reserve suggestion; and

in response to receiving, via the user interface, user authorization of the updated auction reserve suggestion, updating a reserve price associated with the online auction for the real property asset to the updated auction reserve suggestion such that the real property asset is deemed as sold for the online auction only when the updated reserve price is reached during the online auction.

2. The method of claim 1, further comprising causing the user interface to be updated on the computing device to display a prompt informing the seller that one or more of the plurality of estimation components can be adjusted to change the auction reserve suggestion.

3. The method of claim 1, wherein the received data associated with the real property asset includes information corresponding to a square footage, information corresponding to a number of bedrooms, information corresponding to a number of bathrooms, geography information, and an amount of time the real property asset has been available for sale.

4. The method of claim 1, further comprising determining a set of comparable data by comparing the received data associated with the real property asset with information associated with the one or more comparable assets that are stored in the database.

5. A non-transitory computer-readable medium storing instructions that, when executed by a processor of a server, cause the server to perform operations comprising:

providing, to a computing device of a seller of a real property asset for sale via an online auction, a user interface that includes one or more prompts for soliciting information associated with the real property asset;

receiving, via the user interface from the computing device of the seller, data associated with the real property asset;

based on the received data associated with the real property asset, accessing a database connectively coupled with the server to extract geographic information regarding the real property asset and to identify one or more comparable assets to the real property asset;

determining a set of time factors for the one or more comparable assets, each of the set of time factors indicating a respective duration a corresponding one of the one or more comparable assets is listed for sale;

generating, based on a plurality of estimation components, an auction reserve suggestion for the real property asset based on the received data associated with the real property asset, the extracted geographic information, the one or more comparable assets, and the set of time factors;

causing the user interface to be updated on the computing device to display the auction reserve suggestion, the plurality of estimation components, and one or more user interface features to receive user input to modify the one or more of the plurality of estimation components;

in response to receiving, via the user interface, user input to modify one or more of the plurality of estimation components, generating an updated auction reserve suggestion and causing the user interface to be further updated on the computing device to display the updated auction reserve suggestion; and

in response to receiving, via the user interface, user authorization of the updated auction reserve suggestion, updating a reserve price associated with the online auction for the real property asset to the updated auction reserve suggestion such that the real property asset is deemed as sold for the online auction only when the updated reserve price is reached during the online auction.

6. The non-transitory computer-readable medium of claim 5, wherein the instructions cause the server to further perform operations comprising:

causing the user interface to be updated on the computing device to display a prompt informing the seller that one or more of the plurality of estimation components can be adjusted to change the auction reserve suggestion.

7. The non-transitory computer-readable medium of claim 5, wherein the received data associated with the real property asset includes information corresponding to a square footage, information corresponding to a number of bedrooms, information corresponding to a number of bathrooms, geography information, and an amount of time the real property asset has been available for sale.

8. The non-transitory computer-readable medium of claim 6, wherein the instructions cause the server to determine a set of comparable data by comparing the received data associated with the real property asset with information associated with comparable assets that are stored in a database.

9. A network system comprising:

a network interface;

one or more processors; and

one or more memory resources storing instructions that, when executed by the one or more processors of a network system, cause the network system to perform operations comprising;

providing, to a computing device of a seller of a real property asset for sale via an online auction, a user interface that includes one or more prompts for soliciting information associated with the real property asset;

receiving, via the user interface from the computing device of the seller, data associated with the real property asset;

based on the received data associated with the real property asset, accessing a database connectively coupled with the network system to extract geographic information regarding the real property asset and to identify one or more comparable assets to the real property asset;

determining a set of time factors for the one or more comparable assets, each of the set of time factors indicating a respective duration a corresponding one of the one or more comparable assets is listed for sale;

generating, based on a plurality of estimation components, an auction reserve suggestion for the real property asset, the plurality of estimation components being determined based on the received data associated with the real property asset, the extracted geographic information, the one or more comparable assets, and the set of time factors;

causing the user interface to be updated on the computing device to display the auction reserve suggestion, the plurality of estimation components, and one or more user interface features to receive user input to modify the one or more of the plurality of estimation components;

in response to receiving, via the user interface, user input to modify one or more of the plurality of estimation components, generating an updated auction reserve suggestion and causing the user interface to be further updated on the computing device to display the updated auction reserve suggestion; and

in response to receiving, via the user interface, user authorization of the updated auction reserve suggestion, updating a reserve price associated with the online auction for the real property asset to the updated auction reserve suggestion such that the real property asset is deemed as sold for the online auction only when the updated reserve price is reached during the online auction.