Real estate commission bid system

• US 20090276362A1
• Filed: 01/15/2003
• Published: 11/05/2009
• Est. Priority Date: 01/15/2003
• Status: Active Grant

• Current Assignee: Eugene J. Guerra
• Original Assignee: Eugene J. Guerra
• Inventors: Guerra, Eugene J.
• Granted Patent: US 7,653,585 B2
• Time in Patent Office: Days
• US Class Current: 705/80
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

The invention is a computerized or manual bidding system for real estate commission rates where participating registered licensed real estate brokers can acquire from participating registered real estate property owners the exclusive right to sell contract to broker a real estate property for a predetermined period of time based on placing within a specified period of time the lowest commission rate bid for said property that is equal to or less than the threshold commission rate posted by the seller.

Claims

1. 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) 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.

7. The method of claim 1, further comprising the steps of:

a) establishing a communications link between a host computer in said site and at least one remote user computer;

b) querying a remote user computer for the purpose of obtaining detailed specification of a bidder session;

b) querying a remote user computer for the purpose of obtaining detailed specification of a bidder session;

c) said host computer receiving electronic answers from said remote user computer;

d) authenticating remote user answers; and

e) recording remote user answers.

13. The method of claim 1, whereby users having a computer possessing Internet access capabilities view available real estate properties posted to the real estate commission bid system on said site.

2-6. -6. (canceled)

8-12. -12. (canceled)

14-31. -31. (canceled)

32. A real estate commission bid method comprising the steps of:

a) establishing a web site in a region for maintaining a list of real estate properties for sale and a seller specified maximum commission rate for each real estate property, said web site registering licensed real estate brokers to participate in a bidding process conducted by said web site;

b) said web site contacting and soliciting bids from said registered licensed real estate brokers of acceptable commission rates for a particular real estate property in said web site which said acceptable commission rates are less than or equal to the seller specified commission rate; and

c) said seller, pursuant to an agreement made between said seller and said web site that the seller will accept the lowest commission rate at or below the seller specified commission rate offered by a registered licensed real estate broker, signing an exclusive right to sell listing agreement with the licensed real estate broker bidding the lowest commission rate for said particular real estate property.

34. The method of claim 32 in which participating licensed real estate brokers pay membership fees to participate in the bidding method.

35. The method of claim 34 in which there are multiple regions with a similar web site in each region and a parent organization which supervises all of the web sites, each site paying a licensing fee to said parent organization.

33. (canceled)