Method and system for managing and closing a real estate transaction

• US 7,353,183 B1
• Filed: 07/17/2001
• Issued: 04/01/2008
• Est. Priority Date: 07/17/2001
• Status: Active Grant

• Current Assignee: Move Incorporated (News Corporation)
• Original Assignee: Move Incorporated (News Corporation)
• Inventors: Musso, Daniel R.
• Primary Examiner(s): Hafiz; Tariq R.
• Assistant Examiner(s): Robertson; Dave
• Application Number:
  US09/908,290
• Time in Patent Office: 2,450 Days
• Field of Search: None
• US Class Current: 705/7.21
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 10/1097 Task assignment
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A computer implemented, interactive method and system for assisting real estate agents and their clients in managing and closing a real estate transaction. The invention includes the computer system'"'"'s generation of a Gantt Chart which automatically tracks the entire real estate transaction, simultaneously providing each agent with the same visual presentation, on their own computer display device, of a description and status of each task to be performed by both agents in order to close the purchase and sale of a property. The Gantt Chart displays each task in a column on each agent'"'"'s display device and adjacent to each task is a horizontal schedule bar which may contain at least one status indicator which indicates the status of its associated task. A document access indicator is also displayed as an icon adjacent to each task which involves the preparation and delivery of a real estate document. The agent selects the icon in order to display a desired document on the display device, and when the document is completed and delivered the Gantt Chart is automatically updated to indicate that the status of the task has changed. The Gantt Chart also provides each agent with access to a list of vendors to perform a task involving the utilization of a vendor service. As the agent and the selected vendor interact, the Gantt Chart is automatically updated to indicate the current status of obtaining the desired vendor service. When all tasks have been completed, the computer system achieves the complete history of the transaction and generates a pre-closing report. The system also provides each agent with the ability to simultaneously monitor and perform tasks for multiple transactions.

Claims

1. A method of assisting a listing agent and a buyer'"'"'s agent in at least one transaction to close a purchase and sale of a property between a seller and a buyer comprising steps of:

a) retrieving at least one form document from a real estate forms database;

b) retrieving at least one system task from a task table;

c) associating said at least one form document with said at least one system task;

d) accepting input from the buyer'"'"'s agent identifying at least one preliminary transaction task which corresponds to said at least one system task, whereby said at least one preliminary transaction task is associated with said at least one form document due to said document'"'"'s association with said at least one system task;

e) accepting input from the buyer'"'"'s agent establishing a task schedule consisting of a start date and a due date for said at least one preliminary transaction task;

f) generating a preliminary Gantt chart consisting of;

(1) the at least one preliminary transaction task;

(2) a schedule bar associated with said at least one preliminary transaction task, said schedule bar divided into consecutive dates and extending from the start date to the due date established for said at least one preliminary transaction task; and

(3) a form document access indicator associated with said at least one preliminary transaction task, whereby said form document access indicator is also associated with said at least one form document due to said document'"'"'s association with said at least one preliminary transaction task, with said form document access indicator enabling the buyer'"'"'s agent to access and display said at least one form document;

g) displaying the preliminary Gantt chart to the buyer'"'"'s agent;

h) accepting input from the buyer'"'"'s agent selecting the form document access indicator which is associated with said at least one preliminary transaction task, and displaying said at least one form document to the buyer'"'"'s agent;

i) accepting input from the buyer'"'"'s agent causing said at least one form document to be provided to the buyer, whereby the at least one preliminary transaction task is completed;

j) automatically updating the preliminary Gantt chart at the time and on the date corresponding to the date said at least one form document is provided to the buyer;

k) accepting input from the buyer'"'"'s agent which identifies a buyer, the buyer'"'"'s contact information, the buyer'"'"'s agent, the buyer'"'"'s agent'"'"'s contact information and the address of the listed property;

l) based upon the address of the listed property, retrieving information which identifies the seller, the seller'"'"'s contact information, the listing agent, the listing agent'"'"'s contact information, and a description of the property from a multiple listing service database;

m) retrieving a purchase and sale agreement form document from the real estate forms database;

n) retrieving a purchase and sale agreement system task from the task table;

o) associating said purchase and sale agreement form document with said purchase and sale agreement system task;

p) accepting input from the buyer'"'"'s agent identifying a purchase and sale agreement preliminary transaction task which corresponds to said purchase and sale agreement system task, whereby said purchase and sale agreement preliminary transaction task is associated with said purchase and sale agreement form document due to said document'"'"'s association with said purchase and sale agreement system task;

q) accepting input from the buyer'"'"'s agent establishing a task schedule consisting of a start date and a due date for said purchase and sale agreement preliminary transaction task;

r) generating a preliminary Gantt chart also consisting of;

(1) the purchase and sale agreement preliminary transaction task;

(2) a schedule bar associated with the purchase and sale agreement preliminary transaction task, said schedule bar divided into consecutive dates and extending from the start date to the due date established for said purchase and sale agreement preliminary transaction task; and

(3) a form document access indicator associated with the purchase and sale agreement preliminary transaction task, whereby said form document access indicator is also associated with said purchase and sale agreement form document due to said document'"'"'s association with said purchase and sale agreement preliminary transaction task, and said form document access indicator enabling the buyer'"'"'s agent to access and display said purchase and sale agreement form document;

s) displaying the preliminary Gantt chart to the buyer'"'"'s agent;

t) accepting input from the buyer'"'"'s agent selecting the form document access indicator which is associated with said purchase and sale agreement preliminary transaction task, and displaying said purchase and sale agreement form document to the buyer'"'"'s agent;

u) automatically completing a first portion of the purchase and sale agreement form document using the information obtained in steps (k) and (l) above and displaying the document to the buyer'"'"'s agent; and

v) accepting input from the buyer'"'"'s agent which completes a second portion of the purchase and sale agreement form document, said input consisting of at least one set of task schedule information;

w) retrieving at least one vendor from a vendor database;

x) associating a vendor order form with said at least one vendor;

y) retrieving at least one additional system task from the task table;

z) associating said at least one vendor with said at least one additional system task;

aa) associating said at least one set of task schedule information with said at least one additional system task;

bb) accepting input from the buyer'"'"'s agent identifying at least one additional transaction task which corresponds to said at least one additional system task, whereby said at least one additional transaction task is associated with said at least one vendor due to said vendor'"'"'s association with said at least one additional system task, and said at least one additional transaction task is also associated with said at least one set of task schedule information due to said information'"'"'s association with said at least one system task;

cc) extracting a start date and a due date from the at least one set of task schedule information for said at least one additional transaction task;

dd) generating a consolidated Gantt chart, consisting of the preliminary Gantt chart and further consisting of;

(1) the at least one additional transaction task;

(2) a schedule bar associated with each at least one additional transaction task, said schedule bar divided into consecutive dates and extending from the start date to the due date extracted for said at least one additional transaction task; and

(3) a vendor access indicator associated with said at least one additional transaction task, whereby said vendor access indicator is also associated with said at least one vendor due to said vendor'"'"'s association with said at least one additional transaction task, and said vendor access indicator enabling the buyer'"'"'s agent to access said at least one vendor in order to obtain a desired vendor service;

ee) displaying the consolidated Gantt chart to the buyer'"'"'s agent and listing agent;

ff) accepting input from the buyer'"'"'s agent selecting the vendor access indicator which is associated with the at least one additional transaction task which corresponds to said desired vendor service, displaying said at least one vendor to the buyer'"'"'s agent, accepting input from the buyer'"'"'s agent selecting a vendor out of the said at least one vendor, automatically completing a first portion of the vendor order form associated with the selected vendor using the information obtained in steps (k) and (l) above, and displaying the vendor order form containing the first completed portion to the buyer'"'"'s agent;

gg) accepting input from the buyer'"'"'s agent consisting of a request for a vendor response from the vendor and a desired date by which the desired vendor service must be completed, said input completing a second portion of the vendor order form, and providing the vendor order form, containing the first and second completed portions, to the selected vendor;

hh) accepting input from the selected vendor consisting of the vendor response and a promised date by which the vendor agrees to complete the desired vendor service, said input completing a third portion of the vendor order form, and providing the vendor order form, containing the first, second and third completed portions, to the buyer'"'"'s agent requesting a response from said agent;

ii) accepting input from the buyer'"'"'s agent responding to the vendor by accepting the vendor response, whereby the vendor agrees to provide the desired vendor service and the buyer'"'"'s agent agrees, on behalf of the buyer, to pay for the service; and

jj) automatically updating the consolidated Gantt chart at the time and on the date corresponding to the date when the buyer'"'"'s agent provides said vendor order form to the selected vendor requesting a response, and when the selected vendor'"'"'s response is accepted by the buyer'"'"'s agent.

2. The method of claim 1 in which the step of automatically updating the consolidated Gantt chart includes displaying a pending status indicator on a date within the schedule bar, associated with the at least one additional transaction task which is associated with the selected vendor service, at the time and corresponding to the date said buyer'"'"'s agent provides said vendor order form to the selected vendor requesting a response, and similarly displaying an accepted status indicator on a date within the schedule bar at the time and corresponding to the date the selected vendor'"'"'s response is accepted by the buyer'"'"'s agent.

3. The method of claim 1 also consisting of automatically updating the Gantt chart by displaying a desired date status indicator on a date within the schedule bar, associated with the at least one additional transaction task which is associated with the selected vendor service, at the time said buyer'"'"'s agent inputs said desired date, and corresponding to the desired date input by the agent.

4. The method of claim 1 also consisting of automatically updating the Gantt chart by displaying a promised date status indicator on a date within the schedule bar, associated with the at least one additional transaction task which is associated with the selected vendor service, at the time said vendor inputs said promised date, and corresponding to the promised date input by the vendor.

5. The method of claim 2, 3 or 4 which includes the additional step of displaying the updated consolidated Gantt chart to the buyer'"'"'s agent and listing agent.

6. The method of claim 1 which includes the additional step of accepting input from the buyer'"'"'s agent indicating that the selected vendor has completed the at least one additional transaction task which is associated with the vendor service.

7. The method of claim 6 which includes the additional step of automatically updating the consolidated Gantt chart when the date that the vendor service is completed.

8. The method of claim 7 in which the step of updating the consolidated Gannet chart includes displaying a completed date status indicator on a date within the schedule bar, associated with the at least one additional transaction task which is associated with the selected vendor service, corresponding to the date that the vendor service was completed.

9. The method of claim 1 comprising the additional steps of:

a) retrieving at least one vendor from a vendor database;

b) associating a vendor order form with said at least one vendor

c) retrieving at least one additional system task from the task table;

d) associating said at least one vendor with said at least one additional system task;

e) associating said at least one set of task schedule information with said at least one additional system task;

f) accepting input from the listing agent identifying at least one additional transaction task which corresponds to said at least one additional system task, whereby said at least one additional transaction task is associated with said at least one vendor due to said vendor'"'"'s association with said at least one additional system task, and said at least one additional transaction task is also associated with said at least one set of task schedule information due to said information'"'"'s association with said at least one system task;

g) extracting a start date and a due date from the at least one set of task schedule information for said at least one additional transaction task;

h) generating a consolidated Gantt chart, consisting of the preliminary Gantt chart and further consisting of;

(1) the at least one additional transaction task;

(2) a schedule bar associated with each at least one additional transaction task, said schedule bar divided into consecutive dates and extending from the start date to the due date extracted for said at least one additional transaction task; and

(3) a vendor access indicator associated with said at least one additional transaction task, whereby said vendor access indicator is also associated with said at least one vendor due to said vendor'"'"'s association with said at least one additional transaction task, and said vendor access indicator enabling the listing agent to access said at least one vendor in order to obtain a desired vendor service;

i) displaying the consolidated Gantt chart to the buyer'"'"'s agent and listing agent;

j) accepting input from the listing agent selecting the vendor access indicator which is associated with the at least one additional transaction task which corresponds to said desired vendor service, displaying said at least one vendor to the listing agent, accepting input from the listing agent selecting a vendor out of the said at least one vendor, automatically completing a first portion of the vendor order form associated with the selected vendor using the information obtained in claim 18, steps (k) and (l), and displaying the vendor order form containing the first completed portion to the listing agent;

k) accepting input from the listing agent consisting of a request for a vendor response from the vendor and a desired date by which the desired vendor service must be completed, said input completing a second portion of the vendor order form, and providing the vendor order form, containing the first and second completed portions, to the selected vendor;

l) accepting input from the selected vendor consisting of the vendor response and a promised date by which the vendor agrees to complete the desired vendor service, said input completing a third portion of the vendor order form, and providing the vendor order form, containing the first, second and third completed portions, to the listing agent requesting a response from said agent;

m) accepting input from the listing agent responding to the vendor by accepting the vendor response, whereby the vendor agrees to provide the desired vendor service and the listing agent agrees, on behalf of the buyer, to pay for the service; and

n) automatically updating the consolidated Gantt chart at the time and on the date corresponding to the date when the listing agent provides said vendor order form to the selected vendor requesting a response, and when the selected vendor'"'"'s response is accepted by the listing agent.

10. The method of claim 9 in which the step of automatically updating the consolidated Gantt chart includes displaying a pending status indicator on a date within the schedule bar, associated with the at least one additional transaction task which is associated with the selected vendor service, at the time and corresponding to the date said listing agent provides said vendor order form to the selected vendor requesting a response, and similarly displaying an accepted status indicator on a date within the schedule bar at the time and corresponding to the date the selected vendor'"'"'s response is accepted by the listing agent.

11. The method of claim 9 also consisting of automatically updating the Gantt chart by displaying a desired date status indicator on a date within the schedule bar, associated with the at least one additional transaction task which is associated with the selected vendor service, at the time said listing agent inputs said desired date, and corresponding to the desired date input by the agent.

12. The method of claim 9 also consisting of automatically updating the Gantt chart by displaying a promised date status indicator on a date within the schedule bar, associated with the at least one additional transaction task which is associated with the selected vendor service, at the time said vendor inputs said promised date, and corresponding to the promised date input by the vendor.

13. The method of claim 10, 11 or 12 which includes the additional step of displaying the updated consolidated Gantt chart to the buyer'"'"'s agent and listing agent.

14. The method of claim 9 which includes the additional step of accepting input from the listing agent indicating that the selected vendor has completed the at least one additional transaction task which is associated with the vendor service.

15. The method of claim 6 which includes the additional step of automatically updating the consolidated Gantt chart when the vendor service is completed.

16. The method of claim 7 in which the step of updating the consolidated Gantt chart includes displaying a completed date status indicator on a date within the schedule bar, associated with the at least one additional transaction task which is associated with the selected vendor service, corresponding to the date that the vendor service was completed.

17. The method of claim 1, 8 or 16 which includes the additional step of generating a pre-closing report for the at least one transaction when each at least one preliminary transaction task and each at least one additional transaction task have been completed, whereby said report indicates whether each transaction task has been completed on or before said task'"'"'s due date.

18. The method of claim 1, 2, 3, 4, 8, 10, 11, 12 or 16 which includes the additional step of archiving for the at least one transaction the description of the property, the information about the buyer, seller, buyer'"'"'s agent and listing agent, and each at least one preliminary and additional transaction task, and for each preliminary and additional transaction task, archiving the task schedule, each status indicator and its corresponding date, and if related to the task, each form document and each vendor order form which has been accepted.

19. The method of claim 1 or 9 which includes the additional step of displaying the consolidated Gantt chart to the seller.

20. The method of claim 1 or 9 which includes the additional step of displaying the consolidated Gantt chart to the buyer.

21. The method of any one of claim 1 or 9 in which the steps are repeated for each transaction out of a plurality of transactions.

55. The method of claim 21 in which the step of displaying the consolidated Gantt chart to the buyer'"'"'s agent and listing agent includes displaying each chart simultaneously.

56. The method of claim 21 in which the step of displaying the consolidated Gantt chart to the buyer'"'"'s agent and listing agent includes displaying each chart sequentially.

22. A system for assisting a listing agent and a buyer'"'"'s agent in at least one transaction to close the purchase and sale of a property between a seller and a buyer, said system comprising:

a) a listing agent display device and a buyer'"'"'s agent display device;

b) a Gantt chart generator unit which generates and displays a Gantt chart on the listing agent display device and the buyer'"'"'s agent display device;

c) the Gantt chart displaying at least one transaction task and an associated schedule bar, said schedule bar divided into consecutive date segments and extending from a predetermined start date to a predetermined due date, said Gantt chart also having a vendor access indicator associated with said at least one transaction task whereby the vendor access indicator may be used by the buyer'"'"'s agent to input the agent'"'"'s desire to access a vendor and order a vendor service;

d) a vendor manager unit which accepts input from the buyer'"'"'s agent, who selects the vendor access indicator in order to access a vendor, and displays a list of vendors on the buyer'"'"'s agent display device;

e) an order manager unit which accepts a select input from the buyer'"'"'s agent, who selects a vendor from the list of vendors, and displays a vendor order form on the buyer'"'"'s agent display device, accepts a request input from the buyer'"'"'s agent which the order manager uses to complete a first portion of the vendor order form, whereby the vendor order form contains the buyer'"'"'s agent'"'"'s request for a response and quote from the selected vendor and a desired date by which the vendor service is to be completed, accepts a send input from the buyer'"'"'s agent selecting a send to vendor indicator on the order form which causes the order manager unit to notify the selected vendor of the vendor order, accepts a response input from the selected vendor which the vendor order manager uses to complete a second portion of the vendor order form, whereby the vendor order form contains the selected vendor'"'"'s response and quote and contains a promised date by which the vendor service is to be completed, accepts a send input from the selected vendor selecting a send to agent indicator on the order form which causes the order manager unit to notify the buyer'"'"'s agent of the vendor'"'"'s response, and the order manager unit accepts an accept input from the buyer'"'"'s agent selecting an accept indicator on the order form, whereby the buyer'"'"'s agent accepts the vendor'"'"'s response and quote.

23. The system in claim 22 in which the order manager unit automatically completes an initial portion of the vendor order form before it is displayed to the buyer'"'"'s agent.

24. The system in claim 22 in which the schedule bar is rectangular in shape.

25. The system in claim 22 in which the schedule bar has a first color.

26. The system in claim 22 in which the schedule bar'"'"'s first color is green.

27. The system in claim 22 in which the Gantt chart generator unit automatically updates the Gantt chart by displaying a desired date status indicator on a date within the schedule bar for the at least one transaction task corresponding to the desired date by which the vendor service is to be completed.

28. The system in claim 22 in which the Gantt chart generator unit automatically updates the Gantt chart by displaying a promised date status indicator on a date within the schedule bar for the at least one transaction task corresponding to the promised date by which the vendor service is to be completed.

29. The system in claim 25 in which the Gantt chart generator unit automatically updates the Gantt chart by changing the color of the schedule bar from said first color to a second color at the time the buyer'"'"'s agent selects the send indicator on the order form which causes the order manager unit to notify the selected vendor of the vendor order.

30. The system in claim 29 in which the Gantt chart generator unit automatically updates the Gantt chart by changing the color of the schedule bar from the second color back to the first color at the time the buyer'"'"'s agent selects the accept indicator.

31. The system in claim 29 or 30 in which the schedule bar'"'"'s first color is green and the second color is yellow.

32. The system in claim 22 in which a task history unit accepts input from the buyer'"'"'s agent who selects an update status indicator and inputs a completed date in order to indicate that the at least one transaction task has been completed and the Gantt chart generator automatically updates the Gantt chart by displaying a completed status indicator on the date within the schedule bar for the at least one transaction task corresponding to the completed date, whereby the completed status indicator indicates that the at least one transaction task is completed.

44. The system in claim 27 or 38 in which the desired date status indicator is square in shape.

45. The system in claim 27 or 38 in which the desired date status indicator is light gray in color.

46. The system in claim 28 or 39 in which the promised date status indicator is square in shape.

47. The system of claim 28 or 39 in which the promised date status indicator is gray in color.

48. The system in claim 32 or 43 in which the completed date status indicator is square in shape.

49. The system in claim 32 or 43 in which the completed date status indicator is black in color.

50. The system in claim 22 or 23 in which the Gantt chart generator unit automatically adds at least one late date segment to the schedule bar corresponding to each date, after the predetermined due date, for which said completed status indicator has not been displayed, indicating that the at least one transaction task has not been completed.

51. The system as in claim 22 or 23 in which a client interface unit displays the Gantt chart to the seller on a seller display device.

52. The system as in any one of claim 22 or 33 in which a client interface unit displays the Gantt chart to the buyer on a buyer display device.

53. The system in claim 32 or 43 in which a pre-closing report generator generates a pre-closing report when each at least one transaction task has been completed, whereby said pre-closing report indicates whether said at least one transaction task has been completed on or before the task'"'"'s due date.

54. The system as in claim 22 or 33 in which the Gantt chart generator generates and displays a Gantt chart on the listing agent display device and on the buyer'"'"'s agent display device for each transaction out of a plurality of transactions.

57. The system of claim 50 in which the Gantt chart generator unit displays a late status indicator within said at least one late date segment.

58. The system of claim 57 in which the late status indicator is red in color.

59. The system of claim 54, in which the Gantt chart generator displays the Gantt chart for each transaction simultaneously.

60. The system of claim 54 in which the Gantt chart generator displays the Gantt chart for each transaction sequentially.

33. A system for assisting a listing agent and a buyer'"'"'s agent in at least one transaction to close the purchase and sale of a property between a seller and a buyer, said system comprising:

a) a listing agent display device and a buyer'"'"'s agent display device;

b) a Gantt chart generator unit which generates and displays a Gantt chart on the listing agent display device and the buyer'"'"'s agent display device;

c) the Gantt chart displaying at least one transaction task and an associated schedule bar, said schedule bar divided into consecutive segments and extending from a predetermined start date to a predetermined due date, said Gantt chart also having a vendor access indicator associated with said at least one transaction task whereby the vendor access indicator may be used by the listing agent to input the agent'"'"'s desire to access a vendor and order a vendor service;

d) a vendor manager unit which accepts input from the listing agent, who selects the vendor access indicator in order to access a vendor, and displays a list of vendors on the listing agent display device;

e) an order manager unit which accepts a select input from the listing agent, who selects a vendor from the list of vendors, and displays a vendor order form on the listing agent display device, accepts a request input from the listing agent which the order manager uses to complete a first portion of the vendor order form whereby the vendor order form contains the listing agent'"'"'s request for a response and quote from the selected vendor and a desired date by which the vendor service is to be completed, accepts a send input from the listing agent selecting a send to vendor indicator on the order form which causes the order manager unit to notify the selected vendor of the vendor order, accepts a response input from the selected vendor which the vendor order manager uses to complete a second portion of the vendor order form, whereby the vendor order form contains the selected vendor'"'"'s response and quote and contains a promised date by which the vendor service is to be completed, accepts a send input from the selected vendor selecting a send to agent indicator on the order form which causes the order manager unit to notify the buyer'"'"'s agent of the vendor'"'"'s response, and the order manager unit accepts an accept input from the listing agent selecting an accept indicator on the order form, whereby the listing agent accepts the vendor'"'"'s response and quote.

34. The system in claim 33 in which the order manager unit automatically completes an initial portion of the vendor order form before it is displayed to the listing agent.

35. The system in claim 33 in which the schedule bar is rectangular in shape.

36. The system in claim 33 in which the schedule bar has a first color.

37. The system in claim 33 in which the schedule bar'"'"'s first color is green.

38. The system in claim 33 in which the Gantt chart generator unit automatically updates the Gantt chart by displaying a desired date status indicator on a date within the schedule bar for the at least one transaction task corresponding to the desired date by which the vendor service is to be completed.

39. The system in claim 33 in which the Gantt chart generator automatically updates the Gantt chart by displaying a promised date status indicator on a date within the schedule bar for the at least one transaction task corresponding to the promised date by which the vendor service is to be completed.

40. The system in claim 36 in which the Gantt chart generator unit automatically updates the Gantt chart by changing the color of the schedule bar from said first color to a second color at the time the listing agent selects the send indicator on the order form which causes the order manager unit to notify the selected vendor of the vendor order.

41. The system in claim 40 in which the Gantt chart generator unit automatically updates the Gantt chart by changing the color of the schedule bar from the second color back to the first color at the time the listing agent selects the accept indicator.

42. The system in claim 40 or 41 in which the schedule bar'"'"'s first color is green and the second color is yellow.

43. The system in claim 33 in which a task history unit accepts input from the listing agent who selects an update status indicator and inputs a completed date in order to indicate that the at least one transaction task has been completed and the Gantt chart generator automatically updates the Gantt chart by displaying a completed date status indicator on the date within the schedule bar for the at least one transaction task corresponding to the completed date, whereby the completed status indicator indicates that the at least one transaction task is completed.