System and method for collection, distribution, and use of information in connection with commercial real estate

• US 7,640,204 B2
• Filed: 09/27/2002
• Issued: 12/29/2009
• Est. Priority Date: 10/23/2000
• Status: Active Grant

• Current Assignee: Costar Realty Information Incorporated (CoStar Group Inc.)
• Original Assignee: CoStar Group Inc.
• Inventors: Stanfill, John, Florance, Andrew C.
• Primary Examiner(s): Zeender; F.
• Assistant Examiner(s): Thein; M.
• Application Number:
  US10/256,197
• Publication Number:
  US 20030078897A1
• Time in Patent Office: 2,650 Days
• Field of Search: None
• US Class Current: 705/37
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• 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

A system and method for creating a unified commercial real estate data model through collection, distribution and use of information in connection with commercial real estate and for creating a web-based marketplace that facilitates the efficient and secure buying, selling, and leasing of commercial properties. The invention provides a digital marketplace in which the members of the commercial real estate and related business community can continuously interact and facilitate transactions by efficiently exchanging accurate and standardized information. An embodiment provides a system and method for providing communication and analytical tools that interface with a commercial real estate database and support commercial real estate transactions between parties. These communication and analytical tools can include: 1) a survey tool; 2) a commercial real estate transaction tool; 3) a tour scheduling tool; 4) an activity summary tool; and 5) a tool for analyzing commercial real estate data.

Claims

1. A method for facilitating a commercial real estate transaction using a commercial real estate transaction software tool operating on a computer, the method comprising:

receiving space requirements from a user;

searching a commercial real estate database for spaces meeting the space requirements;

reporting to the user the spaces meeting the space requirements;

receiving from the user selected spaces from among the spaces meeting the space requirements, wherein the selected spaces are spaces for which the user wants to confirm availability;

forwarding electronic communications from a user computer to representatives of the selected spaces, wherein the electronic communications request confirmation of availability of the selected spaces from the representatives of the selected spaces;

updating the commercial real estate database in response to receiving denials of space availability from the representatives of the selected spaces;

reporting, to the user, available spaces from among the selected spaces in response to receiving confirmations of space availability for the available spaces;

receiving from the user final chosen spaces from among the available spaces, wherein the final chosen spaces are spaces for which the user wants proposals;

forwarding second electronic communications to representatives of the final chosen spaces, wherein the second electronic communications request proposals on behalf of the user for the final chosen spaces;

reporting, to the user, the proposals from the representatives of the final chosen spaces;

consulting the commercial real estate database to determine locations of the final chosen spaces;

receiving, from the user, times to spend visiting each of the final chosen spaces;

determining an order in which to visit the final chosen spaces;

calculating travel times between the final chosen spaces based on the order and the locations; and

determining a tour of the final chosen spaces based on the visiting times and the travel times.

2. The method of claim 1, further comprising providing the user with comparisons of the proposals.

3. The method of claim 1, wherein determining the order comprises receiving the order from the user.

4. The method of claim 1, wherein the order is based on one of shortest time and shortest distance.

5. The method of claim 1, further comprising forwarding to the user and to the representatives of the final chosen spaces a third electronic communication providing access to the tour.

6. The method of claim 1, further comprising displaying the tour on a map, wherein the map shows a route between the final chosen spaces.

7. The method of claim 6, wherein the map includes an icon indicating the location of a final chosen space, wherein the icon is linked to data in the commercial real estate database that corresponds to the final chosen space, and wherein the icon is adapted to be activated to provide access to the data.

8. The method of claim 1, further comprising reporting, to the representatives of the final chosen spaces, the requests for proposals along with other requests for proposals on their respective spaces.

9. The method of claim 1, wherein the user comprises one of a prospective tenant and a broker for a prospective tenant, and wherein the representatives of the selected spaces comprise at least one of owners of the selected spaces and brokers for owners of the selected spaces.

10. The method of claim 1, further comprising providing, in each electronic communication, a link, wherein clicking on the link sends a denial of space availability for the selected space corresponding to the representative to which the each electronic communication was forwarded.

11. The method of claim 10, wherein clicking on the link automatically updates the commercial real estate database to reflect the denial of space availability for the selected space corresponding to the representative to which the each electronic communication was forwarded.

12. The method of claim 1, further comprising providing, in each electronic communication, a link, wherein clicking on the link enables the representative to which the each electronic communication was forwarded, to update in the commercial real estate database incorrect information about the selected space corresponding to the representative.

13. The method of claim 1, further comprising providing, in each electronic communication, a link, wherein clicking on the link sends a confirmation of space availability for the selected space corresponding to the representative to which the each electronic communication was forwarded.

14. The method of claim 13, wherein clicking on the link launches a space confirmation web page on which the representative to which the each electronic communication was forwarded, confirms availability of the selected space.

15. The method of claim 14, wherein the space confirmation web page lists data describing the selected space retrieved from the commercial real estate database,

wherein, on the space confirmation web page, the representative to which the each electronic communication was forwarded, edits the data describing the selected space, and

wherein the edited data is reported to the user without changing the data describing the selected space in the commercial real estate database.

16. The method of claim 1, wherein forwarding electronic communications comprises:

displaying a space requirement e-mail template;

automatically populating the space requirement e-mail template with the received space requirements;

receiving a deadline for response and a customized message;

populating the space requirement e-mail template with the deadline and the customized message;

converting the populated space requirement e-mail template into a batch e-mail; and

forwarding the batch e-mail to the representatives of the selected spaces.

17. The method of claim 16, further comprising retrieving from the commercial real estate database e-mail addresses of the representative of the selected spaces to send the batch e-mail.

18. The method of claim 9, wherein forwarding second electronic communications to representatives of the final chosen spaces comprises:

displaying a request for proposal e-mail template;

receiving a deadline for response and a customized message;

populating the request for proposal e-mail template with the deadline and the customized message;

converting the request for proposal e-mail template into a batch e-mail; and

forwarding the batch e-mail to the representatives of the final chosen spaces.

19. The method of claim 18, wherein the batch e-mail includes a link through which a representative of a final chosen space can access a web page and electronically submit a proposal.