System and method of real estate data analysis and display to support business management

• US 20050192930A1
• Filed: 02/25/2005
• Published: 09/01/2005
• Est. Priority Date: 02/27/2004
• Status: Abandoned Application

• Current Assignee: Terradatum Incorporated (Lone Wolf Real Estate Technologies, Inc.)
• Original Assignee: Terradatum Incorporated (Lone Wolf Real Estate Technologies, Inc.)
• Inventors: Biggs, William D., Biggs, Eric, Hightower, Steven, Krause, Peter, Frazer, Timothy
• Application Number:
  US11/065,893
• Publication Number:
  US 20050192930A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising

Abstract

A suite of software tools performs data mining on data periodically extracted from one or more Multiple Listing Service (MLS) databases to support the management of a real estate business. Data relating to properties listed or sold by units of the business, such as agents, offices, regions, or the entire business, are extracted and aggregated at each hierarchical level. Novel performance metrics are defined, calculated, tracked and displayed in a consistent manner across hierarchical levels. The similarity of views of the data facilitate communication across organizational levels and support improved productivity. The tools may access MLS-derived real estate data associated with other properties to perform market analysis—including both market share by selected competitors and overall market trends—to support pricing of properties, and to discover and recruit high performance personnel.

Claims

1. A method of data mining to support the management of a real estate business having a hierarchical management structure and including a plurality of units, comprising:

periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases to a local database;

aggregating, at one or more hierarchical levels of said business, only said data that is associated with properties listed or sold by said real estate business; and

displaying said data, on an ad hoc basis, in a consistent manner across said levels.

2. The method of claim 1 wherein periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases to a local database comprises extracting said data at least daily.

3. The method of claim 1 further comprising:

analyzing data associated with one unit of said business to generate at least one performance metric; and

displaying said at least one performance metric.

4. The method of claim 3 wherein said unit comprises said real estate business.

5. The method of claim 3 wherein said unit comprises a regional division of a real estate enterprise.

6. The method of claim 3 wherein said unit comprises an office of a real estate enterprise.

7. The method of claim 3 wherein said unit comprises a real estate agent within a real estate office.

8. The method of claim 3 wherein said performance metric is the ratio of the number of successfully closed transactions by said unit to the number of listings by said unit.

9. The method of claim 3 wherein said performance metric is the ratio of the number of successfully closed listings by said business to the number of listings by said business.

10. The method of claim 3 wherein said performance metric is the average time spent marketing each listing taken by said business, whether or not the listed property sells.

11. The method of claim 3 wherein said performance metric is the ratio of net income to gross revenue generated by said business.

12. The method of claim 3 wherein displaying said performance metric comprises displaying a graphic representation of the difference between said performance metric and predetermined value.

13. The method of claim 3 wherein displaying said performance metric comprises displaying a graph depicting values of said performance metric over a predetermined time period.

14. The method of claim 1 wherein displaying said data comprises displaying a graph of said data.

15. The method of claim 14 wherein displaying said data additionally comprises displaying said data in a textual list, and wherein each entry in said list is linked to a corresponding element on said graph such that indicating a graph element highlights the associated list entry.

16. The method of claim 15 further comprising displaying detailed underlying data that is aggregated to said graph element or said list entry.

17. The method of claim 14 wherein said graph depicts active and accepted listings by said unit, with an ordinate representing the dollar volume of said listings and an abscissa identifying said units.

18. The method of claim 17 wherein said graph is a stacked bar graph.

19. The method of claim 14 wherein said graph depicts properties listed by said unit, with an ordinate representing price and an abscissa representing the amount of time the properties have been listed.

20. The method of claim 19 wherein said graph is a scatterpoint graph.

21. The method of claim 14 wherein said graph depicts list and sell side transactions by said unit over a predetermined time period with an ordinate representing the volume of said transactions and an abscissa representing predetermined time periods within said time period.

22. The method of claim 21 wherein said graph is a stacked bar graph.

23. The method of claim 22 wherein said graph optionally displays monthly listed volume as a line graph superimposed on said stacked bar graph.

24. The method of claim 22 wherein said graph optionally displays a trend line representing closed transactions over a predetermined time frame as a line graph superimposed on said stacked bar graph.

25. The method of claim 14 wherein said graph depicts list and sell side transactions by said units over a predetermined time period with an ordinate representing the dollar volume of said transactions and an abscissa identifying said units.

26. The method of claim 25 wherein said graph is a stacked bar graph.

27. The method of claim 14 wherein said graph depicts list and sell side transactions for a plurality of predetermined regions by said unit over a predetermined time period with an ordinate representing the volume of said transactions and an abscissa representing said regions.

28. The method of claim 27 wherein said graph is a stacked bar graph.

29. The method of claim 28 wherein said graph optionally displays a percentage associated with each stacked bar representing the percentage of the unit'"'"'s listings in the associated region over said time period.

30. A method of analyzing real estate data for a real estate business unit, comprising:

periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases to a local database;

analyzing only data from said local database that is associated with properties listed or sold by said real estate business unit; and

calculating and displaying the ratio of the number of successfully closed transactions by said real estate business unit to the number of listings by said real estate business unit.

31. The method of claim 30 further comprising calculating said ratio over a plurality of predetermined time periods, and displaying a historic view of said ratio.

32. A method of analyzing real estate data for a real estate business unit, comprising:

periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases to a local database;

analyzing only data from said local database that is associated with properties listed or sold by said real estate business unit; and

calculating and displaying the average time spent marketing each listing taken by said business unit, whether or not the listed property sells.

33. The method of claim 32 further comprising calculating said average marketing time over a plurality of predetermined time periods, and displaying a historic view of said average marketing time.

34. A method of analyzing real estate data for a real estate business unit, comprising:

periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases to a local database;

aggregating data from said local database;

displaying said aggregate data in a table or graph; and

upon selection of an aggregate data point in the form of a table entry or graph element, and execution of a predetermined input, displaying detailed underlying data comprising the aggregate data point selected.

35. A method of analyzing real estate data for a real estate enterprise, comprising:

periodically extracting real estate data from two or more Multiple Listing Service (MLS) databases to a local database;

extracting data from said local database and aggregating data across said two or more MLS databases; and

displaying said aggregate data in a table or graph.

36. A method of managing a real estate business comprising a plurality of units, comprising:

periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases to a local database;

extracting from said local database data associated with properties listed or sold by said units;

displaying data associated with a first said unit in first display on a first terminal;

displaying a list of said units on a second terminal;

selectively displaying data associated with said first unit in a second display on a second terminal in response to a user selecting said first unit from said list, wherein said first and second displays display the same data in substantially the same way.

37. The method of claim 36, further comprising displaying data associated with a second said unit in a third display on a third terminal;

and

in response to a user selecting said second unit from said list, displaying data associated with said second unit in said second display on said second terminal, wherein said third and second displays display the same data in substantially the same way.

38. The method of claim 36 wherein said units are selected from the group including regional divisions of a real estate enterprise, offices of a regional division of a real estate enterprise, offices of a regional real estate business, and real estate agents within a real estate office.

39. A method of ascertaining real estate market trends, comprising:

periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases to a local database;

defining a market by selecting one or more property attributes, including MLS-defined geographic area;

on an ad hoc basis, extracting data associated with properties in said market from said local database;

analyzing said data associated with properties in said market to calculate predetermined market metrics; and

displaying at least one said market metric over a predetermined time period in a table or graph.

40. The method of claim 39 further comprising:

analyzing said data associated with properties in said market to determine trends in said metrics over said predetermined time period;

displaying a graph of at least one said market metric; and

optionally displaying a graph of a trend associated with at least one said displayed metric.

41. The method of claim 39 further comprising optionally displaying detailed underlying data that is aggregated to said graph upon selecting a graph element and executing a predetermined input.

42. The method of claim 41 wherein said graph of metrics comprises a bar graph depicting one or more said metrics over a predetermined time period and wherein said graph of trends comprises a line graph depicting trends associated with the metrics displayed in said bar graph.

43. The method of claim 39 wherein said one or more metrics are selected from the group consisting of

active listings and accepted offers by unit volume,

months supply of inventory by months and median days on market by days,

accepted offers to new listings by percentage,

median price sold by price and median days on market by days,

new listings and accepted offers by days,

active listings and expired listings by unit volume,

new listings and active listings by unit volume,

new listings and sold listings by unit volume,

accepted offers to active listings by percentage,

active listings by median price,

accepted offers by median price,

new listings by median price,

active, sold and expired listings by median price.

44. The method of claim 43 wherein said one or more metrics are selected from the group consisting of

active and sold listings by unit volume,

active listings and accepted offers by unit volume,

months supply of inventory by months and median days on market by days,

accepted offers to new listings by percentage,

median price sold by price and median days on market by days,

new listings and accepted offers by days,

new listings and active listings by unit volume,

new listings and sold listings by unit volume, and

accepted offers to active listings by percentage.

45. A method of evaluating a real estate agent not associated with a real estate business, comprising:

periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases to a local database;

extracting data from said local database that is associated with properties listed or sold by said real estate agent over a predetermined time period;

analyzing said data against financial and performance metrics unique to said real estate business; and

displaying information estimating what said real estate agent'"'"'s performance would have been within said real estate business over said time period.

46. The method of claim 45 further comprising calculating one or more performance metrics for a plurality of real estate agents including said real estate agent, and displaying an ordered list of said real estate agents ranked by one or more said performance metrics.

47. The method of claim 46 further comprising highlighting agents in said plurality of real estate agents that are associated with said real estate business.

48. The method of claim 47 further comprising removing from said list, selected agents that are associated with said real estate business.

49. The method of claim 46 wherein said performance metrics are selected from the group including

the ratio of the number of successfully closed transactions by each said agent to the number of listings by that agent,

the ratio of the number of successfully closed listings by each said agent to the number of listings by that agent,

the average time spent marketing each listing by each said agent, whether or not the listed property sells, and

the ratio of net income to gross revenue generated by each said agent.

50. A method of determining a listing price for a subject property, comprising:

periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases to a local database;

obtaining one or more attributes of the subject property;

extracting from said local database properties having similar attributes;

displaying a graph depicting the number of said similar properties listed and sold over a predetermined time period, and the number of currently active listings of said similar properties.

51. The method of claim 50 wherein said graph includes an ordinate in dollars and an abscissa in number of listings, and further displays a vertical bar depicting the selling price of the subject property.

52. The method of claim 50 further comprising:

displaying a scatterpoint graph of said similar properties falling within a selectable range of the subject property price, said graph having an ordinate representing days on market and an abscissa depicting price.

53. The method of claim 52 wherein at least two visually distinctive data point depictions indicate whether or not a property has been repriced.

54. The method of claim 53 wherein said local database retains historical pricing information for each listed property beyond that periodically extracted from said MLS database(s), and wherein said historical pricing information is used to determine whether each said property has been repriced.

55. The method of claim 52 further comprising displaying data associated with properties in said scatterpoint graph in a textual list, wherein each entry in said list is linked to a corresponding point on said graph such that indicating a graph point highlights the associated list entry.

56. The method of claim 55 wherein upon selection of a property, said property is removed from said scatterpoint graph and is not included in other calculations.

57. The method of claim 52 wherein said abscissa axis is scalable and slidable.

58. The method of claim 52 further comprising displaying the number of sold and active properties in said scatterpoint graph as a bar graph having an ordinate representing unit volume.

59. The method of claim 52 further comprising calculating and displaying the sales rate per month and the month supply of inventory for properties in said scatterpoint graph.

60. The method of claim 52 further displaying on said scatterpoint graph a plurality of vertical lines demarking predetermined durations that the displayed properties have been on the market.

61. A method of assessing real estate market share, comprising:

periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases to a local database;

defining a market by identifying attributes including MSL-defined geographic area;

defining competitors by identifying one or more real estate offices or brokers;

extracting from said local database, data associated with properties in said market that were listed or sold by said competitors;

calculating the relative share of said market held by each said competitor; and

displaying said share.

62. The method of claim 61 wherein calculating the relative share of said market held by each said competitor comprises calculating the current market share by sold or active listings over a predetermined time period.

63. The method of claim 62 further comprising exporting said market share data.

64. The method of claim 63 wherein exporting said market share data comprises exporting said market share data in a GIS-compatible format.

65. The method of claim 62 wherein displaying said share comprises displaying a graph having an ordinate depicting dollar or unit volume and an abscissa identifying said competitors.

66. The method of claim 61 wherein calculating the relative share of said market held by each said competitor comprises calculating a market share trend for at least one said competitor over a plurality of predetermined time periods.

67. The method of claim 66 wherein displaying said share comprises displaying a graph for said at least one competitor, said graph having an ordinate depicting volume and an abscissa identifying said plurality of predetermined time periods.

68. The method of claim 67 wherein said ordinate display is selectable between dollar volume, percent market share by dollar, unit volume and percent market share by unit.

69. A method of executing real estate analysis software on a terminal having an network connection, comprising:

upon loading, checking to determine if the software being loaded is the most current version available;

if the software is current, loading the software and accessing a local database containing real estate data extracted from one or more Multiple Listing Service (MLS) databases;

if the software is not current, updating the software prior to accessing said database; and

extracting and analyzing real estate data from said local database.