Real estate rebate system and method

• US 20020077893A1
• Filed: 12/19/2000
• Published: 06/20/2002
• Est. Priority Date: 12/19/2000
• Status: Abandoned Application

• Current Assignee: Internet (PNC Financial Services Group)
• Original Assignee: Internet (PNC Financial Services Group)
• Inventors: Oltman, John Robert, Wolf, Andrew Louis
• Application Number:
  US09/739,122
• Publication Number:
  US 20020077893A1
• Time in Patent Office: Days
• US Class Current: 705/14
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0219 based on funds or budget
• CPC Class Codes: G06Q 30/0223 based on inventory

Abstract

A method and apparatus are provided for a communications network accessible hosted system that generates real estate commission revenues and processes self-service rebate coupons for principals in a real estate purchase transaction without a licensed real estate agent being physically present. Home sellers can list their properties with a host of the present invention at no upfront cost. The host allows homebuyers to research properties that meet their selection criteria. In a preferred embodiment, the present invention provides network access to hosted databases and matching services based on homebuyer needs, including ranked listing inventory, and generates custom coupons or registers pre-printed coupons for selected properties. The coupons are accepted by the seller and certify the host as the referring party. If a sale results, the host earns a commission from the home seller, while the homebuyer earns a rebate from the host.

Claims

1. A system for a host to selectively provide rebate coupons to potential buyers of real property, said system comprising:

a host system;

at least one remote communications facility;

data storage means within said host system for maintaining databases containing a plurality of data records of differing types and chronologies;

computer processing means within said host for selecting data records and transmitting said selected data records to said at least one remote communications facility according to selection criteria provided by said at least one remote communications facility;

communications network means associated with said host system, said communications network means being controlled by said computer processing means to exchange data between said host computer system and said at least one remote communications facility;

computer input-output means at said at least one remote communications facility to enable at least one of;

a. for potential buyers to obtain one of i) specification of selection criteria for said data records and display of selected data records meeting said selection criteria and receipt of a rebate coupon for at least one property corresponding to said selected data records, and ii) registration of at least one pre-printed rebate coupons clipped from a print medium from said host using a request code printed on said at least one pre-printed rebate coupon and receipt of an approval code that the buyer prints on said at least one pre-printed rebate coupon;

b. for sellers to sign up properties for inclusion as listing inventory data records in said databases,

c. for sellers to agree to one of i) acceptance of said rebate coupons and said at least one pre-printed rebate coupon as a substitute for an agent in the field, and ii) acceptance of said rebate coupons and said at least one pre-printed rebate coupon if an agent in the field visits the seller within a certain time period after the buyer presents said rebate coupons and said at least one pre-printed rebate coupon, and

d. for sellers to fund a commission to said host for the sale of a property corresponding to one of said rebate coupons and said at least one pre-printed rebate coupon.

2. The system according to claim 1, wherein:

said computer input-output means at said at least one remote communications facility provides for the buyer to indicate properties visited.

3. The system according to claim 1, wherein:

said computer input-output means at said at least one remote communications facility provides for the buyer to indicate as accepted by the seller one of said rebate coupons and said at least one pre-printed rebate coupon.

4. The system according to claim 1, wherein:

said computer input-output means at said at least one remote communications facility provides for sellers to specify selection criteria for said data records and to display said selected data records meeting said selection criteria.

5. The system according to claim 1, wherein:

said host system and said at least one remote communications facility exchange data through the Internet; and

said computer input-output means employs a Web browser.

6. The system according to claim 5, wherein said host is enabled such that each said rebate coupon issued is identified as issued only to the selecting buyer.

7. The system according to claim 5, wherein said host is enabled such that each said rebate coupon issued for a builder of multiple participating communities can be identified as pertaining to only one of these communities by the potential buyer.

8. The system according to claim 5, wherein:

said databases include at least one third-party remote listing inventory database;

said remote communications facilities include at least one third-party listing inventory database system; and

said communication network means further comprises communication network means for exchanging listing inventory data records between said host computer system and said thirdparty listing inventory database system.

9. The system according to claim 5, wherein whenever a new potential buyer accesses said host, said host system is enabled to solicit buyer information and together with buyer preferences stores these in said data records collectively in said databases to form a buyer profile.

10. The system according to claim 5, wherein:

said computer input-output means further provides for potential buyers to specify evaluations of selected properties visited; and

said computer processing means further provides for the capture of said evaluations in said data records for a selected property visited by a potential buyer.

11. The system according to claim 5, wherein:

said databases further comprise ranking data including property pricing and demographic data records;

said computer processing means ranks said selected property database records using a formula that takes into account said property pricing and said demographic data prior to transmission of said selected property records to said remote communications facilities.

12. The system according to claim 5, further comprising means at the host for aggregating said selected records into a group for further processing actions to be taken with respect to each said data record contained in said group.

13. The system according to claim 5, wherein:

said computer processing means generates an accounts receivable data record for the seller of each property sold to a buyer using said host system; and

payment of said receivable by the seller triggers update of said accounts receivable data record, creation of an accounts payable data record, and payment by said host of a rebate to the buyer.

14. The system according to claim 13 wherein at least one of said payments is accomplished by electronic funds transfer.

15. The system according to claim 5, further comprising means at the host to enable potential buyers at each said at least one remote communications facility to electronically negotiate purchase price of a selected property with the seller of that selected property.

16. The system according to claim 15, further comprising means for the host to generate and transmit to a remote communication facility purchase necessary contract and documents for any one of financing, paying, repairing, inspecting, assessing, insuring, a property selected by a buyer or a seller at said remote communication facility.

18. The method according to claim 17, wherein the communications network is the Internet and the remotely accessing users employ a Web browser.

19. The method according to claim 17, wherein the processing step further comprises the steps of:

registering by a remotely accessing user of at least one pre-printed rebate coupon clipped from a print media;

receiving by the remotely accessing user of an approval code from the host for each said at least one pre-printed coupon registered; and

printing by the remotely accessing user the received approval code on each coupon registered.

20. The method according to claim 17, wherein the processing step further comprises the steps of:

generating a rebate coupon; and

delivering the generated rebate coupon to the remotely accessing user.

21. The method according to claim 17, further comprising the step of:

accepting the rebate coupon by the seller during a tour.

22. The method according to claim 21, further comprising the step of:

designating the host system as the cooperating broker by the seller.

23. The method according to claim 22, further comprising the steps of:

buying the property by the potential buyer; and

paying by the host system of the buyer rebate when the seller pays the commission.

24. The method according to claim 23, further comprising the step of:

invoicing by the host system of the seller for the cooperating broker'"'"'s commission.

25. The method according to claim 24, further comprising the step of:

recording by the host at each step of the method information about each step in the data records.

26. The method according to claim 25, further comprising the steps of:

ranking by the host system of the search results with a formula that takes into account property pricing and demographic data prior to delivery of the results of the searching step,;

capturing by the host system of an evaluation of the toured property in an evaluation record of said databases; and

aggregating by the host system selected properties into a group for further processing actions as a group.

27. The method of claim 25, wherein said listing inventory includes at least one remote third-party listing inventory database.

28. The method of claim 25, further comprising the steps of:

soliciting by the host of buyer information; and

storing by the host in a database as a buyer profile said solicited buyer information and said buyer property selection criteria; and

selectively providing to remotely accessing users said buyer profile.

17. A method of automatically generating and issuing real estate buyer rebate coupons to potential buyers through a communications network comprising:

a host system for signing up sellers to pay a commission to one of (i) the host for each buyer delivered to the builder, and (ii) other seller through the host'"'"'s systems that eventually purchases a home from that builder or other seller;

obtaining a listing inventory of property to be sold with a buyer rebate funded by the host;

maintaining databases at the host which contain data records of different types and chronologies;

providing by the host system to remotely accessing users access via the communications network to specify selection criteria;

searching by the host system said maintained databases based on said selection criteria; and

delivering results of the searching step to the remotely accessing users;

providing by the host the ability to select properties to tour from the delivered results; and

processing rebate coupons by the host for properties selected to tour.