U.S. patent application number 10/455436 was filed with the patent office on 2003-12-11 for system and method for collection, distribution, and use of information in connection with commercial real estate.
Invention is credited to Bulkin, Vladimir, Choi, John, Florance, Andrew, Foster, Bruce, Glick, Michael, Hamlin, Harlan, Newmister, Mark, Schaffel, David, Stroman, Robert, Violagis, Constantine.
Application Number | 20030229592 10/455436 |
Document ID | / |
Family ID | 27539130 |
Filed Date | 2003-12-11 |
United States Patent
Application |
20030229592 |
Kind Code |
A1 |
Florance, Andrew ; et
al. |
December 11, 2003 |
System and method for collection, distribution, and use of
information in connection with commercial real estate
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 and selling 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. The present
invention also facilitates mortgage lending and provides enough
information to allow lenders to underwrite a property. The present
invention also provides a mobile data gathering and dissemination
vehicle as well as a system tracking and dispatch of mobile
vehicles. The present invention further provides correlation of
data stored in a remote location to vehicle position in real
time.
Inventors: |
Florance, Andrew; (Chevy
Chase, MD) ; Schaffel, David; (Rockville, MD)
; Violagis, Constantine; (Potomac, MD) ; Foster,
Bruce; (Santa Monica, CA) ; Hamlin, Harlan;
(Potomac, MD) ; Choi, John; (San Diego, CA)
; Bulkin, Vladimir; (North Potomac, MD) ; Stroman,
Robert; (Bethesda, MD) ; Newmister, Mark;
(Ellicott City, MD) ; Glick, Michael; (Potomac,
MD) |
Correspondence
Address: |
SHAW PITTMAN
IP GROUP
1650 TYSONS BOULEVARD
SUITE 1300
MCLEAN
VA
22102
US
|
Family ID: |
27539130 |
Appl. No.: |
10/455436 |
Filed: |
June 6, 2003 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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10455436 |
Jun 6, 2003 |
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09693988 |
Oct 23, 2000 |
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60185066 |
Feb 25, 2000 |
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60185392 |
Feb 28, 2000 |
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60194700 |
Apr 5, 2000 |
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60229527 |
Sep 5, 2000 |
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Current U.S.
Class: |
705/51 |
Current CPC
Class: |
G06Q 50/16 20130101;
G06Q 30/06 20130101 |
Class at
Publication: |
705/51 |
International
Class: |
G06F 017/60; H04K
001/00 |
Claims
What is claimed is:
1. In a system that includes a system operator, a plurality of
information providers, and a plurality of information customers, a
method for allowing the information providers to both distribute
specified information through the Internet and control
dissemination of information, the method comprising the steps of:
making the information provider's specified information available
through a secured website on the Internet; obtaining from the
information provider a designation of a first subset of the
information customers that are authorized to receive access to the
specified information on the website; and distributing to each one
of the first subset of the information customers that are
authorized to receive access to the specified information an ID
that can be used to access the specified information.
2. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 1, further comprising the
steps of: allowing a second subset of potential customers to query
a searchable database containing a plurality of descriptions of
information; indicating to the second subset of potential customers
that the specified information exists without revealing the
specified information; if one or more of the second subset of
potential customers are interested in obtaining access to the
specified information, allowing an interested potential customer to
communicate a request for access directed to the system operator;
the system operator forwarding the request for access and
information concerning the interested potential customer requesting
access to the information provider in response to a request for
access; allowing the information provider to make a decision to
grant or deny the request for access and to communicate the
decision to the system operator, whereupon in response to a deny
access decision, the interested potential customer is notified of
the deny decision without learning the specified information, and
whereupon in response to a grant access decision, the system
operator grants the interested potential customer access to the
specified information.
3. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 1, wherein the system is used
to facilitate exchange of information pertaining to commercial real
estate available for sale, the information providers are owners or
owner representatives that provide information concerning the
availability of their respective properties for sale, and the
information customers are potential buyers or representatives of
potential buyers.
4. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 1, further comprising the
step of requiring execution of a non-disclosure agreement by each
one of the first subset of the information customers that are
authorized before each one of the first subset of the information
customers that are authorized can access the specified
information.
5. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 4, wherein the execution of
the non-disclosure agreement comprises clicking through an
agreement posted on the Internet.
6. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 2, further comprising the
step of requiring the interested potential customer to execute a
non-disclosure agreement prior to allowing the interested potential
customer access to the specified information.
7. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 6, wherein the interested
potential customer executes the non-disclosure agreement by
clicking through an agreement posted on the Internet.
8. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 2, wherein a profile of a
member of the second subset of potential customers is obtained by
the system operator and transmitted to the information provider in
response to a request for access.
9. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 8, wherein before a profile
of a member of the second subset of potential customers is
transmitted to the information provider in response to a request
for access, the system operator authenticates the profile.
10. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 2, wherein in response to a
request for access, the system operator obtains a profile of the
interested potential customer, authenticates the profile, and
transmits the profile to the information provider in conjunction
with the request for access.
11. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 2, wherein the system
operator forwards the request for access to the information
provider in response to a request for access, and requests a
response from the information provider in real time through the
Internet or through wireless data transmission.
12. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 11, wherein the system
operator forwards a profile of the interested potential customer
with the request for access.
13. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 2, wherein the system is used
to facilitate exchange of information pertaining to commercial real
estate available for sale, the information providers are owners or
owner representatives that provide information concerning the
availability of their respective properties for sale, and the
information customers are potential buyers or representatives of
potential buyers.
14. In a system that includes a system operator, a plurality of
information providers, and a plurality of information customers, a
method for allowing the information providers to both distribute
specified information through the Internet and control
dissemination of information, the method comprising the steps of:
making the information provider's specified information available
through a secured website on the Internet; allowing potential
customers to query a searchable database containing a plurality of
descriptions of information; indicating to the potential customers
that the specified information exists without revealing the
specified information; if one or more of the potential customers
are interested in obtaining access to the specified information,
allowing an interested potential customer to communicate a request
for access directed to the system operator; the system operator
forwarding the request for access and information concerning the
interested potential customer requesting access to the information
provider in response to a request for access; allowing the
information provider to make a decision to grant or deny the
request for access and to communicate the decision to the system
operator, whereupon in response to a deny access decision, the
interested potential customer is notified of the deny decision
without learning the specified information, and whereupon in
response to a grant access decision, the system operator grants the
interested potential customer access to the specified
information.
15. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 14, wherein the system is
used to facilitate exchange of information pertaining to commercial
real estate available for sale, the information providers are
owners or owner representatives that provide information concerning
the availability of their respective properties for sale, and the
information customers are potential buyers or representatives of
potential buyers.
16. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 14, whereupon in response to
a grant access decision, the method further comprises the step of
requiring execution of a non-disclosure agreement by the interested
potential customer before the system operator grants the interested
potential customer access to the specified information.
17. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 16, wherein the execution of
the non-disclosure agreement comprises clicking through an
agreement posted on the Internet.
18. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 14, wherein the system is
used to facilitate exchange of information pertaining to
residential real estate available for sale, the information
providers are owners or owner representatives that provide
information concerning the availability of their respective
properties for sale, and the information customers are potential
buyers or representatives of potential buyers.
19. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 14, wherein the information
concerning the interested potential customer requesting access is a
profile of the interested potential customer.
20. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 19, wherein the system
operator authenticates the profile of the interested potential
customer before forwarding the profile to the information
provider.
21. The method for allowing the information providers to both
distribute specified information through the Internet and control
dissemination of information of claim 14, wherein the system
operator forwards the request for access to the information
provider in response to a request for access, and requests a
response from the information provider in real time through the
Internet or through wireless data transmission.
22. A system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user, the system
comprising: user equipment sets, each user equipment set comprising
a display and a location determining device for generating data
pertaining to the user's location and for transmitting the data
pertaining to the user's location to a remote computer
automatically; a computer, the computer equipped for wireless
communication with geographically remote users that are equipped
with the equipment sets so as to send data to the equipment sets
and receive data from the equipment sets including the data
pertaining to the user's location; and a database in communication
with the computer, the database storing information that includes
information identifying a location of a property; whereby, in
response to receipt of the data pertaining to a user's location,
the computer automatically retrieves information pertaining to the
user's location and transmits the same to the user's equipment set
for display on the display.
23. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
22, wherein the each user equipment set further comprises a data
input device for allowing the user to input data, wherein
information is displayed on the display in a way that prompts the
user to input missing information using the data input device.
24. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
22, wherein the display is a color display adapted for displaying
photographic images.
25. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
22, whereby in response to receipt of the data pertaining to the
user's location, the computer automatically retrieves information
describing commercial real estate near the user's location and
transmits the same to the user's equipment set for display on the
display.
26. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
22, whereby in response to receipt of the data pertaining to a
user's location, the computer automatically retrieves information
describing residential real estate near the user's location and
transmits the same to the user's equipment set for display on the
display.
27. The system for correlating information stored in a remote
database with a user's location and retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
22, whereby in response to receipt of data pertaining to a user's
location, the computer automatically retrieves information
regarding at least one of commercial enterprises and landmarks near
the user's location and transmits the same to the user's
equipment.
28. The system for correlating information stored in a remote
database with a user's location and retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
22, wherein the user's equipment set includes audio capabilities,
and the information pertaining to the user's location includes
audio data.
29. The system for correlating information stored in a remote
database with a user's location and retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
22, the computer transmits the information pertaining to the user's
location to the user's equipment set for color display on the
display.
30. The system for correlating information stored in a remote
database with a user's location and retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
22, wherein the information pertaining to the user's location
further includes information on commercial enterprises located near
the user's location, the information on commercial enterprises
including information on at least one of the products, goods, and
services provided by the commercial enterprises, whereby in
response to receipt of the data pertaining to a user's location,
the computer automatically retrieves the information on at least
one of products, goods, and services provided by commercial
enterprises near the user's location and transmits the same to the
user's equipment set.
31. The system for correlating information stored in a remote
database with a user's location and retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
22, wherein the computer automatically retrieves information
describing real estate near the user's location and the display
shows a pop-up window including the information describing the real
estate.
32. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
22, wherein the information stored in the database includes at
least one of the following: square footage available for lease;
whether a property is available for sale; property address; contact
information; and price.
33. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
32, wherein the information stored in the database also includes at
least one of the following: a digital image of the commercial real
estate; square footage data representing a square footage of the
commercial real estate; data characterizing the selected use of the
commercial real estate; rental price of the commercial real estate;
sale price of the commercial real estate; data about the tenant in
the commercial real estate; a real estate submarket identification;
sales comparable information; lender information; a grade indicator
of the commercial real estate, the grade indicator having an alpha
numerical representation and being a function of a classification
system of the commercial real estate that is consistent with
accepted standards and providing a representation of the quality of
the real estate; a classification of the commercial real estate
based upon at least one of the following: a building grade, an age
of the building, and an extrapolation of comparable buildings; and
information pertaining to the submarket including at least one of
(i) rents, (ii) vacancy, and (iii) absorption rates for each of the
submarket and nearby submarkets, and (iv) other indicators of
submarket and location attractiveness.
34. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
32, whereby in response to receipt of the data pertaining to the
user's location, the computer automatically retrieves information
describing the commercial real estate near the user's location and
transmits the same to the user's equipment set for display on the
display.
35. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
32, whereby in response to receipt of the data pertaining to a
user's location, the computer automatically retrieves information
describing the residential real estate near the user's location and
transmits the same to the user's equipment set for display on the
display.
36. A commercial real estate information exchange and market
comprising: a database for storing information about commercial
real estate, the database comprising data records, including
information pertaining to lease information, sale information,
comparable sales information, and tenant information; and computers
and communication equipment for allowing a plurality of users to
query the database, add data to the database, and retrieve the
information from the database.
37. The commercial real estate information exchange and market of
claim 36, wherein the database further includes at least one of:
data about a tenant in the commercial real estate;
building-specific information including data representing an age of
the commercial real estate, and data representing financial
obligations and tenancy status of the tenant in the commercial real
estate; square footage data representing a square footage of the
commercial real estate; data characterizing a selected use of the
commercial real estate; cost data including a rental price of the
commercial real estate; a real estate submarket identification; a
classification of the commercial real estate based upon at least
one of a building grade, an age of the building, and an
extrapolation of comparable buildings; and information pertaining
to a submarket including rent data, vacancy data, and absorption
rate data.
38. The commercial real estate information exchange and market of
claim 36, wherein the data records include market analytic
information.
39. A method for storing and automatically displaying descriptions
and visual images of commercial or residential real estate on a
display of a user, comprising the steps of: generating a plurality
of digitized video images of real estate, each digitized video
image depicting a real estate; storing data records concerning the
real estate including the digitized video images, textual
information concerning the real estate, and information identifying
the location of the real estate; determining a location of the
user; retrieving data records corresponding to the user's location;
and displaying on the display the digitized video images and
textual information from the data records corresponding to the
user's location.
40. A method for listing and brokering commercial real estate
comprising the steps of: identifying a plurality of characteristics
of the commercial real estate and entering the plurality of
characteristics into a data processing system to establish a first
exchange market for the commercial real estate based upon the
plurality of characteristics; identifying a market value for the
commercial real estate and listing the market value on the first
exchange market; determining a class of derivatives based upon a
pre-selected subset of the plurality of characteristics; and
establishing a second exchange market in respect of the
derivatives.
41. The method of claim 40, wherein the first exchange market and
the second exchange market are co-located within the data
processing system.
42. The method of claim 40, wherein the plurality of
characteristics comprises: (a) a geographic location; (b) a start
date and a finish date; (c) a size; (d) a class of building; and
(e) a cost.
43. A method for establishing a unified group of correlated
databases that provides real estate data to facilitate a real
estate transaction, wherein each database of the unified group is a
discrete data module, the method comprising: (a) associating real
estate data entries of a first database of the unified group with
corresponding real estate data entries of the remaining databases
of the unified group; (b) collecting the real estate data from real
estate industry data sources; (c) recording the real estate data in
the first database of the unified group; (d) determining an effect
of the recorded real estate data on the remaining databases of the
unified group; (e) reconciling remaining real estate data in the
remaining databases based on the effect; and (f) distributing the
recorded real estate data and the reconciled real estate data to
real estate industry professionals and to real estate industry
customers.
44. The method of claim 43, wherein the real estate data includes
property information and tenant information, and the unified group
of correlated databases comprises a property information database,
and a tenant information database.
45. The method of claim 44, wherein the real estate data further
includes comparable property information, assessment information,
and market analytics information, and the unified group of
correlated databases comprises a comparable property information
database, an assessment information database, and a market
analytics information database.
46. The method of claim 43, wherein the real estate industry data
sources include at least one of property managers, proprietary
databases, Internet sources, site inspections, building owners,
brokerage firms, real estate investment trust filings, tenant
canvassing, public records, and comparable property databases, and
wherein the step of collecting the real estate data comprises: (i)
communicating with at least one of the property managers, the
building owners, and the brokerage firms using a medium selected
from the group consisting of mail, electronic mail, telephone, and
facsimile, if the real estate industry data sources include at
least one of the property managers, the building owners, and the
brokerage firms; (ii) searching and extracting data from at least
one of the proprietary databases, the Internet sources, and the
real estate investment trust filings, if the real estate industry
data sources include at least one of the proprietary databases, the
Internet sources, and the real estate investment trust filings;
(iii) recording observed data from at least one of the site
inspections and the tenant canvassing, if the real estate industry
data sources include at least one of the site inspections and the
tenant canvassing; and (iv) extracting data from at least one of
the public records and the comparable property databases, if the
real estate industry data sources include at least one of the
public records and the comparable property databases.
47. The method of claim 43, wherein the step of collecting the real
estate data comprises: (i) receiving web-based input from the real
estate industry professionals and the real estate industry
customers; and (ii) receiving communications from the real estate
industry professionals and the real estate industry customers by a
medium selected from the group consisting of mail, electronic mail,
telephone, and facsimile.
48. The method of claim 47, wherein the step of collecting the real
estate data further comprises: (iii) gathering information with a
mobile data acquisition vehicle.
49. The method of claim 43, wherein the step of reconciling the
remaining real estate data comprises confirming that the real
estate data entries and the corresponding real estate data entries
that were associated in step (a) are internally consistent.
50. The method of claim 43, wherein the step of distributing
comprises providing a web-based interface in communication with the
unified group of correlated databases.
51. The method of claim 50, wherein the step of distributing
further comprises providing communication between parties to a
transaction, and providing transactional services in support of a
transaction.
52. The method of claim 43, wherein the step of distributing
comprises: (i) accepting a property search query from a user; and
(ii) running the property search query in the unified group of
correlated databases and returning property search results to the
user.
53. The method of claim 52, wherein the step of distributing
further comprises: (iii) adding properties to the property search
results as directed by the user without running another search
query; (iv) removing properties from the property search results as
directed by the user without running another search query; and (v)
running negative search queries in the property search results as
directed by the user to remove properties from the property search
results.
54. The method of claim 52, wherein the step of distributing
further comprises accepting a second property search query from the
user, running the second property search query on the property
search results, and returning a second set of property search
results to the user.
55. The method of claim 52, wherein the property search results
provide data from at least one of leasing history of a specific
building, history of a market in a particular geographic area, and
history of the specific building relative to the market.
56. The method of claim 52, further comprising: (iii) saving the
property search query as directed by the user; (vi) running the
saved property search query at a periodic interval; and (vii)
notifying the user of new properties that satisfy the property
search query.
57. The method of claim 56, wherein the saved property search query
has at least one field that relates to market conditions and at
least one new property satisfies the property search query because
of a change in the market conditions.
58. The method of claim 56, wherein steps (iii), (vi), and (vii)
repeat for different users resulting in a plurality of saved
searches, and wherein the method further comprises calculating an
amount of saved searches of the plurality of saved searches that
will be satisfied by entry of a new property listing, and reporting
the amount to an owner or owner representative so that the owner or
owner representative can maximize demand for the new property
listing.
59. The method of claim 58, wherein the owner or owner
representative maximizes demand for the new property listing by
setting an optimum price.
60. The method of claim 58, wherein the owner or owner
representative maximizes demand for the new property listing by
setting an optimum building grade.
61. The method of claim 51, further comprising providing a
derivatives marketplace in which to define, value, and exchange
real estate commodities.
62. The method of claim 61, wherein the commodities are real estate
cost futures.
63. The method of claim 43, wherein the step of distributing real
estate data comprises disseminating location-sensitive information
to a mobile information receiving device, wherein the mobile
information receiving device determines its location and the
unified group of correlated databases receives the location of the
mobile information receiving device and transmits the
location-sensitive information to the mobile information receiving
device.
64. The method of claim 43, wherein the step of distributing real
estate data comprises: (i) displaying a user interface; (ii)
displaying a display element on the user interface to indicate a
property for which information is recorded in the unified group of
correlated databases; (iii) providing a link to the information on
the user interface proximate to the display element; (iv) allowing
a user to select the display element; and (v) in response to the
selection, retrieving and displaying the information.
65. The method of claim 64, wherein the user selects the display
element by dragging a pointer proximate to the display element, and
wherein the information is automatically displayed.
66. The method of claim 64, wherein the user interface is one of a
chart and a map, and the display element is one of a text listing
and an indicator.
67. The method of claim 64, wherein the information includes at
least one of a photograph of the property, an address of the
property, a building class size of the property, a building size of
the property, a number of floors of the property, a year in which
the property was built, a buyer of the property, a sale price of
the property, a price per square foot of the property, and a cap
rate of the property.
68. The method of claim 64, wherein allowing the user to select the
indicator comprises providing one of a click-through button, a
touch screen, and a voice activated response system.
69. A system for collecting, distributing, and using real estate
data comprising: (a) data sources that gather and generate the real
estate data; (b) data mining applications in communication with the
data sources, wherein the data mining applications receive and
organize the real estate data into separate interrelated modules,
and wherein the data mining applications evaluate the real estate
data and reconcile the real estate data among the interrelated
modules; (c) a contact management system in communication with the
data sources and the data mining applications, wherein the contact
management system directs data mining applications to conduct
continuous pollings of the data sources to update the real estate
data; (d) a core data warehouse in communication with the data
mining applications, wherein the core data warehouse receives and
stores the reconciled and updated real estate data from the data
mining applications; (e) database processes in communication with
the core data warehouse, wherein the database processes access the
reconciled and updated real estate data from the core data
warehouse and create database sets; and (f) network integration
applications in communication with the database processes, wherein
the network integration applications manipulate the database sets
in response to commands from a user and present results of the
manipulation to the user.
70. The system of claim 69, wherein the network integration
applications comprise at least one of a look up property
application, a search database application, and an add listing
application.
71. The system of claim 70, wherein the search database application
accepts property search queries from the user, runs the property
search queries, and returns property search results to the
user.
72. The system of claim 71, wherein the search database application
adds properties to the property search results as directed by the
user without running another search query, removes properties from
the property search results as directed by the user without running
another search query, and runs negative search queries as directed
by the user to remove properties from the property search
results.
73. The system of claim 69, wherein the data sources include at
least one of property managers, proprietary databases, Internet
sources, site inspections, building owners, brokerage firms, real
estate investment trust filings, tenant canvassing, public records,
and comparable property databases.
74. The system of claim 69, wherein the data mining applications
include at least one of a property information database, a tenant
information database, an assessment information database, a
comparable property information database, and a market analytics
information database.
75. The system of claim 69, further comprising a mobile information
collection device that provides functions of the data sources and
the network integration applications, the mobile information
collection device comprising: (a) a global positioning system that
determines a location of the mobile information collection device;
(b) an output device in communication with the database processes
and the global positioning system, wherein the output device reads
the location provided by the global positioning system, and
retrieves and displays the database sets corresponding to the
location; and (c) a data input device that receives changes to the
database sets corresponding to the location and transmits the
changes to the data mining applications.
76. A method for securely facilitating buying and selling of real
estate properties comprising the steps of: (a) maintaining a
unified group of interrelated databases accessible through a global
information network; (b) accepting a property listing from an owner
or owner representative and recording the property listing in the
unified group; (c) providing confidentiality agreements to
preapproved buyers or buyer representatives named by the owner or
owner representative, wherein the confidentiality agreements
require that the property listing remain confidential in return for
viewing the property listing; and (d) providing access to the
property listing for buyers or buyer representatives that agree to
the confidentiality agreement.
77. The method of claim 76, wherein, to access the property
listing, the buyer or buyer representative is provided with an
electronic identification key that generates a variable password at
a predetermined frequency.
78. The method of claim 76, wherein step (b) further comprises
determining if the owner or owner representative is fraudulent by
posting the property listing for viewing by a true owner
representative.
79. The method of claim 76, further comprising the steps of: (e)
indicating to an unapproved buyer or buyer representative that the
property listing exists; (f) accepting from the unapproved buyer or
buyer representative a request to view the property listing; (g)
forwarding the request to the owner or owner representative for
approval; (h) if the owner or owner representative approves the
request, requiring the unapproved buyer or buyer representative to
agree to a confidentiality agreement requiring that the property
listing remain confidential in return for viewing the property
listing; and (i) if the unapproved buyer or buyer representative
agrees to the confidentiality agreement, providing access to the
property listing for the unapproved buyer or buyer
representative.
80. The method of claim 79, wherein the unapproved buyer or buyer
representative subscribes to an access service that indicates the
existence of property listings in the unified group of interrelated
databases.
81. The method of claim 79, wherein the buyer or buyer
representative agrees to the confidentiality agreement by clicking
through an agreement posted on the Internet.
82. The method of claim 79, wherein forwarding the request further
comprises forwarding a profile of the buyer or buyer representative
to the owner or owner representative.
83. The method of claim 82, wherein forwarding the request further
comprises authenticating the profile of the buyer or buyer
representative.
84. The method of claim 79, wherein accepting a request to view the
property listing further comprises obtaining a profile of the buyer
or buyer representative, authenticating the profile, and
transmitting the profile to the owner or owner representative.
85. The method of claim 79, wherein forwarding the request to the
owner or owner representative comprises requesting a response from
the information provider in real time through the Internet or
through wireless data transmission.
86. A method for securely facilitating buying and selling of real
estate properties comprising the steps of: (a) maintaining a
unified group of interrelated databases accessible through a global
information network; (b) accepting a property listing from an owner
or owner representative and recording the property listing in the
unified group; (c) indicating to an unapproved buyer or buyer
representative that the property listing exists; (d) accepting from
the unapproved buyer or buyer representative a request to view the
property listing; (e) forwarding the request to the owner or owner
representative for approval; (f) if the owner or owner
representative approves the request, requiring the unapproved buyer
or buyer representative to agree to a confidentiality agreement
requiring that the property listing remain confidential in return
for viewing the property listing; and (g) if the unapproved buyer
or buyer representative agrees to the confidentiality agreement,
providing access to the property listing for the unapproved buyer
or buyer representative.
87. The method of claim 86, wherein, to access the property
listing, the unapproved buyer or buyer representative is provided
with an electronic identification key that generates a variable
password at a predetermined frequency.
88. The method of claim 86, wherein step (b) further comprises
determining if the owner or owner representative is fraudulent by
posting the property listing for viewing by a true owner
representative.
89. The method of claim 86, wherein the unapproved buyer or buyer
representative subscribes to an access service that indicates the
existence of property listings in the unified group of interrelated
databases.
90. The method of claim 86, wherein the unapproved buyer or buyer
representative agrees to the confidentiality agreement by clicking
through an agreement posted on the Internet.
91. The method of claim 86, wherein forwarding the request further
comprises forwarding a profile of the unapproved buyer or buyer
representative to the owner or owner representative.
92. The method of claim 91, wherein forwarding the request further
comprises authenticating the profile of the unapproved buyer or
buyer representative.
93. The method of claim 86, wherein forwarding the request to the
owner or owner representative comprises requesting a response from
the information provider in real time through the Internet or
through wireless data transmission.
94. A method for underwriting loans for real estate property
comprising the steps of: (a) establishing a unified group of
correlated databases that provides data to facilitate a real estate
transaction, wherein each database is a discrete module of real
estate data; (b) providing quotes on individual loan programs in
response to customer requests, wherein the quotes are based on
property data in the unified group; (c) providing soft loan quotes
based on property data in the unified group; and (d) providing
pre-approved loan quotes to owners of particular properties based
on real estate data for the particular properties and market
information in the unified group.
95. The method of claim 94, wherein the step of providing
pre-approved loan quotes comprises examining a financial profile of
an owner, examining a property owned by the owner, evaluating the
property to determine value and market analytics, and formulating a
pre-approved credit line for the owner based on the property.
96. A method for listing and brokering real estate commodities and
financial derivatives of the real estate commodities comprising the
steps of: (a) identifying characteristics of the real estate
commodities; (b) entering the characteristics into a data
processing system using a real-time clock; (c) establishing an
exchange market for the real estate commodities based on a
pre-selected set of the characteristics; (d) setting a market price
for the real estate commodities; and (e) establishing classes of
the financial derivatives.
97. The method of claim 96, wherein the characteristics are
selected from the group consisting of geographic location, lease
term start date range, lease term end date range, building class,
volume, and cost.
98. The method of claim 96, wherein the step of entering the
characteristics into a data processing system comprises the steps
of: (i) determining whether or not a commodity is being identified
to the data processing system for a first time; (ii) storing the
characteristics in a commodity database if the commodity is being
identified to the data processing system for the first time; and
(iii) determining a status of the commodity with respect to being a
candidate for purchase, sale, or trade, if the commodity is not
being identified to the data processing system for the first
time.
99. The method of claim 96, wherein the classes of financial
derivatives are selected from the group consisting of all
commercial real estate available during a particular time period in
a particular region, all commercial real estate of a certain class,
all commercial real estate of a certain cost, a lease space
equivalent use, and combinations thereof.
100. The method of claim 99, wherein the lease space equivalent use
comprises a common descriptive link between varied commodity types,
a time period that runs from a date of a contract to a performance
date of the commodity, and a contract price.
101. A system for listing and brokering real estate commodities and
financial derivatives of the real estate commodities comprising:
(a) a data processing means for accepting and storing parameters of
an available commodity available for sale or exchange; (b) data
processing means for entering a description of a desired commodity
desired for purchase or exchange; (c) means for determining that a
match exists between the available commodity and the desired
commodity; (d) means for displaying the match to a system operator;
(e) means for selecting the match for purchase, exchange, or
purchase and exchange; (f) means for determining a class of
financial derivatives based on a pre-determined set of
characteristics resident in commodity descriptions stored in a
database; and (g) means for selecting a class of derivatives for
purchase, exchange, or purchase and exchange.
102. The system of claim 101, wherein the data processing means
comprises a system controller comprising: (i) a data processing
system; (ii) a data management program; (iii) data entry means for
entering data into the data processing system; (iv) memory means
for storing memory; and (v) communication means for communicating
data between the system controller and a plurality of input and
output points.
103. The system of claim 102, wherein the plurality of input and
output points comprise: (i) one or more commodity input points;
(ii) one or more commodity receiver points; (iii) one or more
commodity brokerage points; and (iv) one or more derivative
exchange points.
104. A method for shopping for real estate and completing real
estate transactions comprising the steps of: (a) providing a mobile
information transmitting and receiving device that is in
communication with a database containing real estate data; (b)
determining a location of the mobile information transmitting and
receiving device using a global positioning system; (c) downloading
from the database to the mobile information transmitting and
receiving device real estate data corresponding to the location;
and (d) displaying on the mobile information transmitting and
receiving device summary information corresponding to a property
listed in the real estate data to which the mobile information
transmitting and receiving device is nearest.
105. The method of claim 104, further comprising the steps of: (e)
providing communication between a buyer or buyer representative and
a seller or seller representative of the property for approval by
the seller or seller representative for the prospective buyer to
view details of the property; (f) displaying details on the mobile
information transmitting and receiving device, if approved by the
seller or seller representative; and (g) communicating an offer
from the buyer or buyer representative to the seller or seller
representative using the mobile information transmitting and
receiving device.
106. The method of claim 105, further comprising the step of
completing an electronic agreement to transfer title of the
property if the offer is accepted by the seller or seller
representative.
107. A system for use in information exchange between a system
operator, a plurality of information providers, and a plurality of
information customers, to allow the information providers to both
distribute specified information through the Internet and control
dissemination of information, the system comprising: (a) means for
making the information provider's specified information available
through a secure website on the Internet; (b) means for obtaining
from the information provider a designation of a first subset of
the information customers that are authorized to receive access to
the specified information on the website; and (c) means for
distributing to each one of the first subset of the information
customers that are authorized to receive access to the specified
information an ID that can be used to access the specified
information.
108. The system according to claim 107, further comprising: (d)
means for providing a description of the specified information in a
searchable database containing a plurality of descriptions of
information; (e) means for allowing a second subset of customers to
query the searchable database and retrieve information sufficient
to show the existence of information responsive to the query
without revealing all of the information; (f) means for allowing
one or more of the second subset of customers that are interested
in obtaining access to the complete information to communicate
their interest in access to the information responsive to the
query; (g) means for forwarding the request for access and
information concerning the interested customer requesting access to
the information provider in response to a request for access; and
(h) means for allowing the information provider to make a decision
to grant or deny the request for access to the information
responsive to the query, whereupon in response to a deny access
decision, the interested customer is notified of the deny decision
without learning the identity of the information provider, and
whereupon in response to a grant access decision, the interested
customer receives access to the specified information.
109. The system according to claim 108, wherein the means for
allowing one or more of the second subset of customers that are
interested in obtaining access to the complete information to
communicate their interest in access to the information responsive
to the query, includes: means for allowing the interested customer
to send a request for access directed to the system operator; means
for allowing the system operator to forward the request for access
and information concerning the interested customer requesting
access to the information provider in response to a request for
access; and means for allowing the information provider to make a
decision to grant or deny the request for access and to communicate
the decision to the system operator, whereupon in response to a
deny access decision, the interested customer is notified of the
deny decision without learning the identity of the information
provider, and whereupon in response to a grant access decision, the
system operator grants the interested customer access to the
specified information responsive to the query.
110. The system according to claim 107, wherein the system is used
to facilitate the exchange of information pertaining to commercial
real estate available for sale, the information providers are
owners or owner representatives that provide information concerning
the availability of properties for sale, and the information
customers are buyers or buyer representatives.
111. The system according to claim 108, further comprising means
for obtaining a non-disclosure agreement from the interested
potential customer as a condition of receiving access to the
specified information.
112. The system according to claim 111, wherein the means for
obtaining a non-disclosure agreement from the interested potential
customer as a condition of receiving access to the specified
information includes means for obtaining an electronic
signature.
113. The system according to claim 109, further comprising data
records containing a profile of each of the second subset of
customers and means for transmitting the profile information to
information providers in response to a request for access.
114. The system according to claim 109, wherein the system includes
means for forwarding a request for access and information
concerning the customer requesting access to the information
provider in response to a request for access, and requesting a
response from the information provider in real time through the
Internet or through wireless data transmission.
115. A system for use in information exchange between a system
operator, a plurality of information providers, and a plurality of
information customers, to allow the information providers to both
distribute specified information through the Internet and control
dissemination of information, the system comprising: (a) means for
making the information provider's specified information available
through a secure website on the Internet; (b) means for providing a
description of the specified information in a searchable database
containing a plurality of descriptions of information; (c) means
for allowing a customers to query the searchable database and
retrieve information sufficient to show the existence of
information responsive to the query without revealing all of the
information; (d) means for allowing one or more of the customers
that are interested in obtaining access to the complete information
to communicate their interest in access to the information
responsive to the query; (e) means for forwarding the request for
access and information concerning the interested customer
requesting access to the information provider in response to a
request for access; and (f) means for allowing the information
provider to make a decision to grant or deny the request for access
to the information responsive to the query, whereupon in response
to a deny access decision, the interested customer is notified of
the deny decision without learning the identity of the information
provider, and whereupon in response to a grant access decision, the
interested customer receives access to the specified
information.
116. The system according to claim 115, wherein the means for
allowing one or more of the customers that are interested in
obtaining access to the complete information to communicate their
interest in access to the information responsive to the query,
includes: means for allowing the interested customer to send a
request for access directed to the system operator; means for
allowing the system operator to forward the request for access and
information concerning the interested customer requesting access to
the information provider in response to a request for access; and
means for allowing the information provider to make a decision to
grant or deny the request for access and to communicate the
decision to the system operator, whereupon in response to a deny
access decision, the interested customer is notified of the deny
decision without learning the identity of the information provider,
and whereupon in response to a grant access decision, the system
operator grants the interested customer access to the specified
information responsive to the query.
117. The system according to claim 115, wherein the system is used
to facilitate the exchange of information pertaining to commercial
real estate available for sale, the information providers are
owners or owner representatives that provide information concerning
the availability of properties for sale, and the information
customers are buyers or buyer representatives.
118. The system according to claim 115, further comprising means
for obtaining a non-disclosure agreement from the interested
potential customer as a condition of receiving access to the
specified information.
119. The system according to claim 118, wherein the means for
obtaining a non-disclosure agreement from the interested potential
customer as a condition of receiving access to the specified
information includes means for obtaining an electronic
signature.
120. The system according to claim 115, further comprising data
records containing a profile of each customer and means for
transmitting the profile information to information providers in
response to a request for access.
121. The system according to claim 115, wherein the system includes
means for forwarding a request for access and information
concerning the customer requesting access to the information
provider in response to a request for access, and requesting a
response from the information provider in real time through the
Internet or through wireless data transmission.
122. A system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and transmitting
the selected data files to the user, the system comprising: user
equipment sets, each user equipment set including means for
inputting or determining a user's geographic location and for
transmitting information pertaining to the user's location to a
remote computer; a computer, the computer equipped for
communication with geographically remote users that are equipped
with the equipment sets so as to send data to the equipment sets
and receive data from the equipment sets including data pertaining
to a user's location; and a database in communication with the
computer, the database storing information that includes
information identifying the location of a property, whereby, in
response to receipt of data pertaining to a user's location, the
computer retrieves information pertaining to the user's location
and transmits the same to the user's equipment set for display on
the display.
123. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location and automatically
transmitting the selected data files to the user according to claim
122, wherein the information pertaining to the user's location
includes information concerning comparable properties.
124. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location and automatically
transmitting the selected data files to the user according to claim
122, wherein the information pertaining to the user's location
includes information concerning three dimensional video description
of properties.
125. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location and automatically
transmitting the selected data files to the user according to claim
122, wherein the information pertaining to the user's location
includes information concerning historical performance of
commercial properties.
126. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location and automatically
transmitting the selected data files to the user according to claim
122, wherein the information pertaining to the user's location
includes information concerning comparable lease data for
commercial properties.
127. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
122, wherein the information stored in the database includes
information pertaining to commercial real estate located proximate
to the user's location, the information including at least one of
data and images describing the commercial real estate, whereby in
response to receipt of data pertaining to a user's location, the
computer retrieves information describing the commercial real
estate near the user's current location and transmits the same to
the user's equipment set for display on the display.
128. The system for correlating information stored in a remote
database with a user's location, retrieving pertinent data files
from the database based upon the user's location, and automatically
transmitting the selected data files to the user according to claim
122, wherein the information stored in the database includes
information pertaining to residential real estate located proximate
to the user's location, the information including at least one of
data and images describing the residential real estate, whereby in
response to receipt of data pertaining to a user's location, the
computer retrieves information describing the residential real
estate near the user's current location and transmits the same to
the user's equipment set for display on the display.
129. The system for correlating information stored in a remote
database with a user's location and retrieving pertinent data files
from the database based upon the user's location and automatically
transmitting the selected data files to the user according to claim
122, whereby in response to receipt of data pertaining to a user's
location, the computer retrieves geographically pertinent
information and transmits the same to the user's equipment set for
display on the display.
130. The system for correlating information stored in a remote
database with a user's location and retrieving pertinent data files
from the database based upon the user's location and automatically
transmitting the selected data files to the user according to claim
122, wherein the display comprises: (i) a map of a geographic area;
(ii) an indicator on the map to indicate a property for which
information is recorded in the database; and (iii) a pop-up window
linked to the indicator, wherein the pop-up window appears when the
user's location is proximate to the property for which information
is recorded in the database, and wherein the pop-up window displays
the information recorded in the database.
131. The method of claim 130, wherein the information includes at
least one of a photograph of the property, an address of the
property, a building class size of the property, a building size of
the property, a number of floors of the property, a year in which
the property was built, a buyer of the property, a sale price of
the property, a price per square foot of the property, and a cap
rate of the property.
132. A system for storing and automatically displaying descriptions
and visual images of real estate on a user's display, comprising:
means for generating a plurality of digitized video images of
selected real estate, each digitized video image depicting a view
of a specified area of a real estate property; means for storing
data records concerning the real estate including the digitized
video images, textual information concerning the real estate, and
information identifying the geographic location of the real estate
in a computer database; means for determining a user's geographic
location; means for retrieving data records corresponding to the
user's geographic location; and means for displaying on a single
display the digitized video images and textual information.
133. The system of claim 132, further comprising means for
generating and displaying three dimensional video depictions.
134. The system of claim 132, wherein the single display comprises:
(i) a map of a geographic area; (ii) an indicator on the map to
indicate a location of a property for which a data record exists;
(iii) a link to the data record on the map proximate to the
indicator; and (iv) a pop-up window proximate to the indicator,
wherein the pop-up window appears when the link is activated, and
wherein the pop-up window includes at least a portion of the data
record.
135. The system of claim 134, wherein the link is activated by one
of dragging a pointer over the indicator, touching a touch screen
at the indicator, and voicing a command to a voice activated
response system.
136. A system for facilitating commercial real estate information
loan transactions comprising: at least one searchable database
containing data records that: identify a plurality of commercial
real estate properties, associate at least one lender with each of
the commercial real estate properties, associate a loan commitment
with each of the commercial real estate properties, provide
information sufficient to evaluate the investment value of the
property, and provide a list of qualified buyers or information
sufficient to evaluate the credit worthiness of prospective buyers;
a search engine for allowing potential customers to query the
searchable database; communication equipment for allowing potential
customers that are interested in purchasing a commercial real
estate property to communicate their interest and lock in the loan
commitment associated with that commercial real estate property
subject to qualification of the potential customer as a qualified
buyer; and a computer for determining whether the potential
customer is a qualified buyer and prompting the potential customer
to provide further information, if required.
137. The system for facilitating commercial real estate information
loan transactions of claim 136, wherein the data records that
identify commercial real estate properties include information
pertaining to square footage data representing a square footage of
the commercial real estate; data characterizing the selected use of
the commercial real estate; cost data; data about the tenant in the
commercial real estate; a real estate submarket identification; a
classification of the commercial real estate based upon at least
one of the following: a building grade, an age of the building, and
an extrapolation of comparable buildings; information pertaining to
the submarket including at least one of rent data, vacancy data and
absorption rate data; and building-specific information, wherein
the system further comprises computers and communication equipment
for allowing a plurality of users to query the database, add data
to the database, and retrieve information from the database.
138. A method for facilitating commercial real estate information
loan transactions comprising the steps of: providing at least one
searchable database that contain data records that: identify a
plurality of commercial real estate properties, associate at least
one lender with each of the commercial real estate properties,
associate a loan commitment with each of the commercial real estate
properties, provide information sufficient to evaluate the
investment value of the property, and provide a list of qualified
buyers or information sufficient to evaluate the credit worthiness
of prospective buyers; allowing potential customers to query the
searchable database to identify commercial real estate properties
of interest and, in response to such queries, presenting the
potential customers with information sufficient to evaluate the
investment value of each property and the loan commitment
associated with that commercial real estate property; and allowing
potential customers that are interested in purchasing a commercial
real estate property to communicate their interest and lock in the
loan commitment associated with that commercial real estate
property subject to qualification of the potential customer as a
qualified buyer; and determining whether the potential customer is
a qualified buyer and prompting the potential customer to provide
further information, if required.
139. A system for facilitating commercial real estate information
loan transactions comprising: at least one searchable database
containing data records that: identify a plurality of qualified
buyers of commercial real estate together with information
sufficient to evaluate the credit worthiness of each of the
qualified buyers listed; and associate either a category of
interest or past purchase information indicative of a category of
interest with each qualified buyer; a search engine for allowing
potential sellers of commercial real estate to query the searchable
database; and communication equipment for allowing potential
sellers of commercial real estate property to communicate
information concerning their property to qualified buyers.
140. The system for facilitating commercial real estate information
loan transactions of claim 139, further comprising data records
that contain information concerning commercial real estate
properties include information pertaining to square footage data
representing a square footage of the commercial real estate; data
characterizing the selected use of the commercial real estate; cost
data including a rental price of the commercial real estate; data
about the tenant in the commercial real estate; a real estate
submarket identification; a classification of the commercial real
estate based upon at least one of the following: a building grade,
an age of the building, and an extrapolation of comparable
buildings; information pertaining to the submarket including rent
data, vacancy data and absorption rate data; and building-specific
information; and a computer for allowing qualified buyers to access
the information concerning commercial real estate properties for
which they receive information from potential sellers.
141. A method for facilitating commercial real estate information
loan transactions comprising: providing at least one searchable
database containing data records that: identify a plurality of
qualified buyers of commercial real estate together with
information sufficient to evaluate the credit worthiness of each of
the qualified buyers listed; and associate either a category of
interest or past purchase information indicative of a category of
interest with each qualified buyer; providing a search engine for
allowing potential sellers of commercial real estate to query the
searchable database; and allowing potential sellers of commercial
real estate property to communicate information concerning their
property to qualified buyers, the information including market
information and building-specific information.
142. A method for providing information concerning real estate
property comprising the steps of: (a) displaying a user interface;
(b) displaying a display element on the user interface to indicate
a real estate property; (c) linking the display element to a data
entry for the real estate property; (d) allowing a user to select
the display element; and (e) in response to selection of the
display element, retrieving and displaying information from the
data entry.
143. The method of claim 142, wherein the user selects the display
element by dragging a pointer proximate to the display element, and
wherein the information from the data entry is automatically
retrieved and displayed.
144. The method of claim 143, wherein the information from the data
entry is displayed in a pop-up window.
145. The method of claim 144, further comprising allowing the user
to click on the pop-up window to receive more information from the
data entry.
146. The method of claim 142, wherein the user selects the display
element by one of clicking through the indicator, using a touch
screen, and using a voice activated response system.
147. The method of claim 142, wherein the information includes one
or more of an image of the real estate property, audio content
relating to the real estate property, video of the real estate
property, and textual information on the real estate property.
148. The method of claim 147, wherein the textual information
includes one of an address of the real estate property, a building
class size of the real estate property, a building size of the real
estate property, a number of floors of the real estate property, a
year in which the real estate property was built, a buyer of the
real estate property, a sale price of the real estate property, a
lease price of the real estate property, a price per square foot of
the real estate property, and a cap rate of the real estate
property.
149. The method of claim 142, wherein the user interface is a chart
and the display element is a textual listing of the real estate
property.
150. The method of claim 142, wherein the user interface is a map
and the display element is an icon.
151. The method of claim 150, wherein the icon signifies a
characteristic of the real estate property.
152. The method of claim 151, wherein the icon signifies that the
real estate property is one of an office space, an industrial
space, and a retail space.
153. The method of claim 151, wherein the icon signifies that the
real estate property is one of a condominium, a townhouse, and a
single family home.
154. The method of claim 151, wherein the icon signifies the price
range of the real estate property.
155. The method of claim 151, wherein the icon signifies the price
of the real estate property.
156. In a system comprising a plurality of user computers having
displays in communication with a searchable database, a method of
displaying data retrieved from the searchable database on a user
display of a user computer, the method comprising the steps of:
displaying a first portion of the data retrieved from the
searchable database on the user display; storing a second portion
of the data retrieved from the searchable database on the user
computer; in response to a user input selecting the first portion
of the data displayed, identifying a subset of the second portion
of data that is relevant to the selected first portion of the data
displayed; and displaying on the user display the subset of the
second portion of data that is relevant to the selected first
portion of the data displayed, wherein the subset of the second
portion displayed is less than the entire second portion of
data.
157. The method of claim 156, wherein the first portion of the data
retrieved from the searchable database is displayed in one of a
text format and a map format.
158. The method of claim 157, wherein the text format is one of a
grid, a spreadsheet, and a chart.
159. The method of claim 156, wherein the user input comprises
passing a pointing device icon over one of a portion of text and an
icon.
160. The method of claim 156, wherein the data retrieved includes
at least digital images, price information, and address
information, wherein the first portion of data retrieved includes
the price information and the address information, and wherein the
subset of the second portion of data includes the digital
images.
161. The method of claim 156, wherein displaying a first portion of
the data retrieved comprises using icons to provide information
about the first portion of the data retrieved.
162. The method of claim 161, wherein the icons provide geographic
location information by their placement on a map of the user
display.
163. The method of claim 162, wherein the icons have appearances
that convey one of a property type, a cost of a property, and an
identity of a broker listing a property.
164. The method of claim 163, wherein the icons are digital images
of real estate property.
165. The method of claim 156, wherein the data retrieved comprises
only properties listed by a particular broker and the user display
is a part of a web site of the particular broker.
Description
[0001] This application claims the benefit of the priority of the
following provisional applications:
[0002] "Information Distribution System," Application Serial No.
60/185,066, filed Feb. 25, 2000;
[0003] "Information Distribution System," Application Serial No.
60/185,392, filed Feb. 28, 2000;
[0004] "System and Method For Collection, Distribution, and Use Of
Information in Connection with Commercial Real Estate," Application
Serial No. 60/194,700, filed Apr. 5, 2000; and
[0005] "System and Method For Collection, Distribution, and Use Of
Information in Connection with Commercial Real Estate," Application
Serial No. 60/229,527, filed Sep. 5, 2000.
[0006] These provisional applications are hereby incorporated by
reference in their entireties.
BACKGROUND
[0007] 1. Field of the Invention
[0008] The present invention broadly relates to the field of
electronic commerce and global network information management
services, and more specifically, to 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 web-based information systems that
facilitate the buying and selling of commercial real estate.
BACKGROUND OF THE INVENTION
[0009] Whether measured in terms of variety, volume, or value of
transactions, the market for commercial real estate information is
vast. In 1998, the U.S. commercial real estate market had: hundreds
of thousand of leasing transactions, with an aggregate value of
more than $200 billion, and had tens of thousands of sales
transactions, with an aggregate value of $285 billion. In the same
year, lenders, provided tens of thousands of commercial real estate
loans, with an aggregate net value of more than $110 billion,
according to the Federal Reserve Board. F. W. Dodge reports that
during 1998, construction commenced on 766 million square feet of
commercial properties with an aggregate value of $52 billion.
Finally, vendors made $10 billion in sales to tenants who were
moving to new facilities, according to the Corporate Realty Design
and Management Institute.
[0010] Despite its enormous size, the real estate industry in many
ways is a backwater. In the current market, real estate brokers
perform various functions. To begin with, individuals,
institutions, and owner/users buy and sell buildings. The aggregate
sales value of commercial properties sold in the United States in
one year is about $285 billion, according to a Federal Reserve
estimate. Most transactions occur through the use of a commercial
real estate broker, whose job is to list the asset for sale,
disseminate the correct information, respond to questions and
requests for specific information, attempt to create an auction
atmosphere, and complete and close a sale. Brokers typically
receive between 1% and 6% of the sales value of the property, with
the lower commission rates corresponding to higher sales
values.
[0011] Below a level of, about, $5 million, sales are typically
locally sourced to local users or individuals or small
institutions. Beyond $5 million and, more acutely, past $10
million, the market becomes more regional as the buyer base
narrows. Above $25 million, the market becomes institutional in the
sense that the potential buyers are REITs, pension funds, advisors,
or corporations. At this level the market becomes national and, to
some extent, international. It is critically important to limit the
dissemination of information in this context.
[0012] In addition, every building that is not owner occupied must
be leased. Brokers usually take one side of the transaction as
either the listing broker or the tenant rep. Listing brokers list
the space for the property owner and attempt to drum up interest in
the space with flyers and information packages. Brokers also
typically specialize in a type of property and in a region, so
their added value is in knowing who is most likely to want a
specific space for lease. Tenant representatives usually represent
the tenant and are specifically looking for space for expansion or
to enter a new market. Tenant representatives consolidate all the
listing information from the listing brokers in a market for a
specific type of space, conform the package, and help the user make
an informed decision. Many individual brokers do both.
[0013] The real estate industry is so large and fragmented that,
historically, there has been no meaningful national research.
Research that does exist is typically local or regional in nature,
frequently limited to occupancy and rental rate information, and
most of the time only marginally accurate. From market to market,
different data was kept by the administrative assistant for a
couple of local brokers, who would then hold that out as
proprietary knowledge in that particular market. Ten years ago this
was out of date; by today's standards, it is completely useless.
With the trend towards much more liquid real estate markets and the
dominance of large regional and national tenants and capital
providers, the need for accurate national data has become
acute.
[0014] At present, however, transaction costs are high, and
information is non-standardized as states, cities, and local
communities all have their own rules and regulations. To add to the
milieu of confusion, investors and owners frequently have different
tax statuses, so comparisons are never apples-to-apples. Brokers
typically use this to their advantage--their pitch becomes "I am
the only one that knows all this stuff, and if you don't use me,
what you don't know can hurt you." A helpful way to think about
this would be to imagine that each securities brokerage firm
maintained its own exchange, instead of them all feeding the NYSE
and NASDAQ. Clients would have little chance of getting the best
execution since there would be a closed market only. To some
extent, real estate has operated this way historically, except that
each of the brokerage firms referred to these closed networks as
"proprietary information."
[0015] Over the past 15 years, however, a new class of investors
and users has opened up the business. National institutional owners
like the REITs and large ERISA managers like Jones Lang LaSalle
have created a need for standardized, reliable information and
processes. This, in turn, has led to a mass consolidation among the
smaller local and regional brokers. This trend toward a national
information standard is becoming more powerful. The old model of
the local power broker is being replaced by a
single-point-of-contact model for national real estate companies,
in which client needs are met with just one relationship. The only
way a small brokerage firm can level the field is by having access
to the same information as the larger brokers.
[0016] It has been long demonstrated in other contexts, e.g., the
securities industry, that distributed information improves market
efficiency. In the securities industry each broker has a system on
their desk that gives them access to standardized, accurate
securities pricing information. Largely, information is collected
by the exchanges and consolidated into a standard system of quotes
and news. The vendors of the information try to figure out the best
way to graphically present the information and to price the data
feed to maximize revenue. For the most part, the major quote and
information providers are all providing the same thing. The present
invention relates to a way of applying this approach to real estate
information. By centralizing and standardizing the information, it
has made it much more user friendly and, hence, valuable. It has
created a digital exchange with itself as the sponsor.
[0017] To facilitate transactions, industry participants must have,
extensive, accurate, and current information. Members of the
commercial real estate and related business community require daily
access to current data such as rental rates, vacancy rates, tenant
movements, supply, new construction, absorption rates, and other
important market developments to carry out their businesses
effectively. Such data collection is time-consuming, as shown by a
1996 study, which found that commercial real estate professionals
spent 40% of their workday collecting and analyzing information on
the real estate market. Therefore, there is a need for a unified
commercial real estate data model to develop an efficient
marketplace, where members of the commercial real estate and
related business community can exchange information, evaluate
opportunities using national standardized data, and interact with
each other on a continuous basis.
[0018] The parties involved in the commercial real estate and
related business community that require extensive information,
include: sales and leasing brokers; property owners; property
management firms; design and construction firms; real estate
developers; real estate investment trusts; investment banks;
commercial banks; investors and asset managers; government
agencies; mortgage-backed security issuers; appraisers; media;
tenant vendors; building services vendors; communications
providers; insurance companies and institutional advisors.
[0019] The commercial real estate related business community has
yet to develop an efficient marketplace because of the fragmented
approach to gathering and exchanging information within the
marketplace, i.e., the lack of a unified data model. Various
organizations, including hundreds of brokerage firms, directory
publishers, and local research companies, have attempted to collect
data on specific territories and to develop software to analyze the
information they have independently gathered. This fragmented
approach resulted in duplication of effort in the collection and
analysis of information, excessive internal cost, non-standardized
data with varying degrees of accuracy and comprehensiveness, and a
large information gap.
[0020] The creation of an efficient digital marketplace for
commercial real estate requires a unified data model--an
infrastructure of a national, standardized database, accurate and
comprehensive research capabilities, and intensive, real-time
participant interaction. The global information network or Internet
can help maximize interaction among participants in a marketplace.
The Internet has emerged as a mass communications and commerce
medium enabling millions of people worldwide to share information,
create communities among individuals with similar interests, and
conduct business electronically. International Data Corporation
projects that the number of Internet users will grow from 100
million in 1998 to 320 million in 2002. In addition to its
emergence as a mass communications medium, the Internet has
features and functions that are unavailable in traditional media,
which enable users to: communicate or access enormous amounts of
information at low cost and without geographic limitation; access
dynamic and interactive content on a real-time basis; and
communicate and interact instantaneously with a single individual
or with entire groups of individuals.
[0021] Along with the impressive overall growth of the Internet,
business-to-business usage is also growing rapidly, as businesses
are increasingly leveraging the Internet's ability to reach clients
globally, deliver personalized content, and open new distribution
channels. Forrester Research projects business-to-business
electronic commerce to grow from $17 billion in 1998 to $327
billion in 2002.
[0022] It is in this context that there remains a need for 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 web-based information
systems that facilitate the buying and selling of commercial real
estate.
[0023] The present invention also relates to a method and system
for listing and brokering a commercial real estate and its
financial derivatives. An underlying principle of commodities,
equities, or bond trading is that the asset sought to be traded
have an intrinsic value which can be determined, usually by a
market exchange, and that that value will shift based upon the
vagaries of the market. The determination of market value can be
aided by systems such as that described in U.S. Pat. No. 4,713,761,
System for Centralized Processing of Accounting and Payment
Functions, issued Dec. 15, 1987 to Sharpe et al., and in U.S. Pat.
No. 5,222,018, also for a System for Centralized Processing of
Accounting and Payment Functions, and issued Jun. 22, 1993 to
Sharpe et al. These systems merely provide a revenue or cost value
which can then be used by analysts in determining a market value
for the listed commodity. The ability to extract historical
financial and market information, and to evaluate shifts due to
events that pressure those markets, has been addressed by such art
as U.S. Pat. No. 5,414,838 for A System for Extracting Historical
Market Information with Condition and Attributed Windows, issued
May 9, 1995 to Kolton et al. Again, the element of speed in
reacting to the vagaries of the market provides the asset trading
markets with winners and losers on a day to day basis. Transaction
time for financial markets has been addressed by such art as U.S.
Pat. No. 5,420,405 for a Secure, Automated Transaction System that
Supports an Electronic Currency Operating in Mixed Debit and Credit
Modes, issued to Norman E. Chasek on May 30, 1995.
[0024] U.S. Pat. No. 5,724,524 to Hunt, et al. describes a Method
and System for Listing, Brokering, and Exchanging Carrier Capacity
in which listing, brokering, and exchanging a commodity requires
identifying a plurality of characteristics of the particular
commodity, and then entering those characteristics into the
database of a data processing system utilizing a real-time clock.
An exchange market for the commodity is established based upon a
pre-selected set of its characteristics. After a market price for
the commodity has been set, a class (or classes) of financial
derivatives is established together with a financial exchange
market for those derivatives. The characteristics of the
derivatives comprise: a common descriptive link between varied
commodity types; a contract length that runs from the purchase date
of the contract to the performance date for the commodity; and, a
contract price.
[0025] In the context of commercial real estate, there has
heretofore been insufficient reliable information to create
derivatives based on the commercial real estate market. It is an
object of the present invention to provide a system and method that
support the creation of financial derivatives for commercial real
estate. More specifically, it is an object of the present invention
to shift the financial burden of long-term leases through the
financial markets by providing an opportunity to hedge against the
future. While the landlords would have to guarantee that capacity
will be available at a time when it is required, the financial
burden of the landlords will be minimized by making capital
available up front in exchange for capacity later. A further object
of the present invention is to provide the financial markets with
an ability to trade commercial real estate space as a tangible
commodity by providing the method and means for doing so.
[0026] As used herein, "Commercial Real Estate" means any real
property, including, without limitation, office, retail and
industrial rental space, a building, and multiple buildings for use
by a business entity, or one or more facilities or buildings that a
business entity occupies for the purpose of conducting its
operations on a routine and ongoing basis.
[0027] "Market" means a geographic region, e.g., the Washington,
D.C. metropolitan area, that includes all buildings or potential
buildings available for business occupancy, with boundaries that
are consistent with U.S. Census standards and that are generally
accepted definitions of metropolitan areas.
[0028] "Submarket" means a geographic area as a subset of a Market
and that includes buildings or potential buildings available for
business occupancy, with boundaries generally accepted by local
real estate professionals.
[0029] "Grade" means the designated quality of real estate on a
relative scale of quality, based primarily upon a generally
accepted classification structure, such as Class A, B or C
properties. Real estate experts familiar with the classification
systems and with generally accepted standards can provide this
"grade" designation.
[0030] "Rent" means the annual amount paid by a business entity for
rights to occupy real estate.
[0031] "Vacancy Rate" means the percentage of square feet that is
offered for lease in a market, submarket or building.
[0032] "Absorption" means the net reduction in vacant square feet
over a defined period (typically, twelve-months) resulting from new
tenants, new construction, and lease terminations.
[0033] "Comparable Real Estate" means real estate that is
approximately equivalent in Rent, Grade, Use and/or location to the
business entity's Real Estate.
[0034] "Area" means an indicator of economic attractiveness of the
submarket where the real estate is located; and it is based, for
example, upon rents, vacancy, absorption rate and/or other measures
of economic attractiveness of a submarket.
[0035] "Risk" means an indicator of the financial, market and
environmental exposure of real estate and of the financial, market
and environmental risks associated with the employees and the
business entity's occupancy in the real estate.
[0036] "Owner" or "Owner's representative" means anyone acting on
behalf of an owner, including for example the owner's broker, the
owner's property manager, and the owner herself.
[0037] "Seller" or "Seller's representative" means anyone acting on
behalf of a seller or potential seller, including for example the
seller's broker, the seller's property manager, and the seller
herself. The seller represented by the seller or seller's
representative includes potential sellers and those actually
selling.
[0038] "Buyer" or "Buyer's representative" means anyone acting on
behalf of a buyer or potential buyer, including for example the
buyer's broker and the buyer himself. The buyer represented by the
buyer or buyer's representative includes potential buyers and those
actually buying.
[0039] "Confidentiality agreement" means a legal, binding contract
requiring parties to the agreement to treat certain information as
private and not for publication. For example, in the context of
real estate, a confidential agreement requires that a buyer keep a
property listing confidential in return for viewing the property
listing. As used herein, "non-disclosure agreement" is synonymous
with "confidentiality agreement." Executing and submitting
confidentiality and non-disclosure agreements can occur, for
example, by clicking-through an "accept" button for an agreement
posted online or by exchanging electronic documents having
electronic signatures.
SUMMARY OF THE INVENTION
[0040] An object of the present invention is to provide 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 a web-based marketplace
that facilitates the buying and selling of commercial
properties.
[0041] Another object of the present invention is to provide a
web-based information distribution system that supports the
efficient and secure buying and selling of commercial
properties.
[0042] The present invention provides a unified, robust, and
unbiased Internet marketplace for commercial real estate. The
system has access to databases containing independent and
comparable data on commercial real estate, which are continuously
assembled and updated by professional researchers. The system
includes a database detailing office and industrial space in the
subject market that is comprehensive, accurate and up-to-date. The
system also includes a tenant information database of information
about tenants that allows users to identify and target the most
likely tenants to lease space and determine the underlying demand
for commercial real estate in their market.
[0043] This broker-centric model of the present invention enables
sellers to reach a larger and more qualified universe of buyers,
and enables buyers to more quickly and effectively find and
evaluate commercial properties for sale by instantly referencing
correlating web-based information. The present invention features
properties for sale, including correlating content on comparable
sales, for-lease space availability, commercial real estate
inventory and market statistics, tenant information, and an image
library of building photographs, floor plans, aerials, and maps. It
also includes background information on buyers, sellers, lenders,
owners, principals, and service providers.
[0044] The system of the present invention allows real estate
buyers to review potential deals through a search engine that
matches properties for sale with buyers' investment criteria. The
system speeds up the commercial buying process and does what
electronic trading of securities through NASDAQ did for the
over-the-counter market by creating an open, efficient market for
commercial real estate.
[0045] Currently, sellers of a property hire a broker to market the
building. Usually that broker shows the building to a limited
number of prospective buyers, institutions or private buyers with
whom the broker has some personal connection. The system of the
present invention site allows sellers and their brokers to
advertise a building for sale to a much broader audience, but in a
controlled manner: buyers have to prove they are serious and have
the resources to buy the property before they can see any in-depth
details.
[0046] At the same time, buyers can input various criteria such as
price, size, location, and desired vacancy rates and receive a list
of available properties. When a seller shows a prospective buyer a
package of information about the property, the buyer can
independently verify statistics about the building like rent rolls,
tenant base, and comparable sales prices for similar buildings in
the market by trawling through the system's databases, which are
compiled by researchers.
[0047] By acting as an independent collecting information through
independent researchers, the system short-circuits the buyer's
analysis process on any given property. In this way, the system
eliminates the need to expend time, money, and effort only to find
out that data provided by the seller was misleading.
[0048] In the currently preferred embodiment, the service is free
for sellers and their brokers, while buyers and their brokers pays
a subscription on a sliding scale from $250 a month up to $20,000 a
month, depending on the size of the buying entities.
[0049] The system provides an interactive marketplace that enables
brokers to reach a larger and more qualified universe of buyers and
sellers faster, thus helping them complete transactions more
rapidly, efficiently and cost effectively through the Internet. The
system is capable of providing information on thousands of
properties for sale, including correlating content on comparable
sales, for-lease space availability, commercial real estate
inventory and market statistics, tenant information, and an image
library of building photographs, floor plans, aerials, and maps.
The system can also provide background information on buyers,
sellers, lenders, owners, principals, and service providers.
[0050] The present 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.
[0051] The system of the present invention also facilitates
mortgage lending. In particular, since reliable information
concerning all factors needed to evaluate a commercial loan
application, e.g., the building characteristics and the information
concerning prospective borrowers, are accessible to the system or
maintained within the system, the system facilitates matching
borrowers with lenders. Alternatively, the system lists all
available lenders, either generally or only those lenders that are
willing to lend money for a particular property. The borrower can
click on a particular lender and obtain information or submit
information for loan pre-approval.
[0052] The system of the present invention provides enough
information to allow lenders to actually underwrite a property.
Based on the property information, the lender is able to commit to
a particular loan regardless of who is buying the property, subject
only to verification of credit information. The system allows a
lender to offer better terms to a strong borrower. Lenders
recognize the value of such a system, but, as yet, have been unable
to create suitable automated underwriter systems that pull in
discrete, disparate data fields and create massive automated
valuation underwriting. Lacking the unified data model, lenders
heretofore have had to pull data from various systems making it
extremely expensive to underwrite a property. As such, lenders, to
reduce costs, have had to be very selective in choosing systems
from which to pull data.
[0053] There are three levels associated with underwriting
properties and with establishing an underwriting marketplace. The
first level involves simply providing quotes and information on
loan programs and then matching that to people's requests. The
second level involves `soft quotes`--in which the system provides
enough property information for lenders to provide a commitment of
loan quotes on a non-request basis. This second level allows
lenders to proactively market loans instead of responding back to
requests for information.
[0054] The third level is refinancing. The system and method of the
present invention make it possible for lenders to send pre-approved
loans to the owner of any building, whether or not the owner is
seeking to sell or refinance. Most owners are not currently
marketing their property for sale or refinancing. However, owners
may still be receptive to profitable offers. The unified data model
of the system of the present invention allows lenders to go into
the broad universe of all the properties stored on the database of
the present invention and create a pre-approved credit line or a
pre-approved loan for these different properties. Moreover, for
certain properties, the unified data model of the system of the
present invention has enough information to underwrite the loan.
The system of the present invention has enough information to
actually submit pre-approved offers and provide soft quotes. In
contrast, without the unified data model and system of the present
invention, the expense of underwriting loans is so large that
lenders cannot process loans for under a certain amount. The
invention therefore allows lenders to considerably increase their
loan volume and brings much liquidity to the marketplace. Everyone
is able to find out the best possible loan that one could obtain on
his property.
[0055] As a further aspect of the present invention, a lending
product is provided on the system that lists every lender that the
system tracks. The present invention enables customers to click on
a lender's name in the list to request a free package of materials
from that lender. The system facilitates this communication between
the customer and a prospective lender.
[0056] The system uses linked databases and computers to provide a
wide array of digital service offerings including a leasing
marketplace, a selling marketplace, decision support, tenant
information, comparable sales information, property marketing, and
industry news. All of these services are preferably digitally
delivered and most clients receive daily service updates over the
Internet.
[0057] The system includes a comprehensive database of information
that is relevant to commercial real estate transactions, a research
department for updating the information, and links, through the
Internet, for example, to participating organizations and other
users. The database of the preferred embodiment has been
constructed over more than a decade by a research department that
now makes over 1.8 million updates each year to the database. The
system has obtained and assimilated over 50 proprietary databases.
The database now covers 54 commercial real estate markets in the
United States. It tracks over 15 billion square feet in over
350,000 properties, including more than $40 billion in properties
for sale, and over 900,000 tenants. It is estimated that 36,000
participating companies use the marketplace of the present
invention to distribute information on their properties. Of these
participating companies, approximately 3,600 are clients,
representing 25,000 end-users, who subscribe to the services to
facilitate transactions, market services and properties, and
conduct market research.
[0058] The system of the present invention provides a digital
commercial real estate marketplace that takes advantage of network
effects. The digital marketplace can be used by and deliver value
to several distinct categories of users. To begin with, a large
percentage of the commercial real estate industry participating
companies use the marketplace to distribute information on their
properties. Some portion of these participating companies, are
subscribers that pay for enhanced access or additional information
or related services to facilitate transactions, market services and
properties, and conduct market research. A significant aspect of
the present invention is that the users, including clients and
other members of the commercial real estate and related business
community, assist the system operator by continuously updating the
marketplace data. Each day thousands of updates to the marketplace
database are made. The resulting information is distributed via the
Internet, creating a more dynamic and efficient market for
transactions involving the commercial real estate and related
business community.
[0059] The system of the present invention capitalizes on the
information accumulated in the digital marketplace to create a high
value-added, full-service solution for users. The system of the
present invention provides the following services:
[0060] Digital leasing marketplace--provides the information
required to efficiently conduct commercial real estate leasing
transactions, both between brokers and between owners and brokers.
This service provides a more comprehensive solution with much
higher data quality, at substantially less time and cost.
[0061] Digital selling marketplace--provides the information
required to efficiently and securely conduct commercial real estate
buy and sell transactions. This service benefits users by allowing
purchasers to make more-informed investments and sellers to
maximize realized property values.
[0062] On-line decision support services--allow members of the
community to perform an analysis of underlying market conditions
and trends when making investment, leasing, purchase, sale, build,
and marketing decisions involving commercial real estate. These
services benefit users by providing more powerful, flexible,
time-efficient, and accurate analytic capabilities.
[0063] Comparable Sales Information--enables members of the real
estate community to evaluate property value by analyzing comparable
sales information including information on sale prices, income and
expenses, capitalization rates, loan data, and other key details.
This service provides a database searchable by such parameters as
location, property type, square footage, price range, and number of
units.
[0064] Tenant information services--enable members of the
commercial real estate and related business community to identify
and market to the tenants who are the most likely prospects for
their goods and services. These services benefit users by more
precisely identifying and capturing viable prospects at a lower
cost.
[0065] On-line property marketing--provides a unique on-line means
for the commercial real estate and related business community to
direct advertising to the appropriate decision-makers. This service
benefits users by providing them increased distribution, higher
visibility, and a more cost-effective way to reach their targeted
audience.
[0066] On-line industry news--allows members of the commercial real
estate and related business community to remain current with
developments in the industry. These services benefit users by
providing more timely and in-depth news.
[0067] All of the foregoing services can be digitally delivered via
the Internet or through other forms of downloads. The increased
availability of services from a web-based platform will allow the
commercial real estate and related business community real-time
access to the digital marketplace data and provide the opportunity
for increased interaction among community members. The practical
result of this increased interaction is the development of a more
efficient commercial real estate marketplace.
[0068] The system of the present invention uses the latest
technology to continuously improve data collection, enhance sales
efforts and service capabilities, and control costs as the
marketplace framework and unified data model is built. The system
preferably uses a mobile information-collecting device that is
equipped with a GPS system and a link to the databases of the
system of the present invention. The device further includes a
display screen and input device, and can also include a web camera.
As detailed below, the system is able to provide location-sensitive
real estate information automatically, and to perform other useful
tasks by correlating a vehicle's instantaneous position to data
stored in a remote database to identify geographically pertinent
information and transmitting the geographically pertinent
information to the truck for display on the display panel within
the truck. Optionally, the mobile information-collecting device
also includes audio capabilities and the geographically pertinent
information includes audio data, such that the device, for example,
plays a voice describing the geographically pertinent information
to the occupant of the mobile information-collecting device.
[0069] In addition, the system uses global satellite positioning
and the Internet to coordinate remote field research vehicles
equipped with GPS transponders, laptop computers, cellular
communications, and laser measurement devices, to provide the most
precise and timely inventory of available buildings.
[0070] The system also integrates a wide client and property
information management system with a telecommunications system and
database to allow the sales force, research staff, client-service
staff, and accounting department to develop a coordinated sales,
research, and account management effort. This enterprise-wide
system also assists management in improving quality control and
training.
[0071] The system also includes equipment to collect architectural
photographs digitally so that the system can move the images into a
database substantially faster and at lower cost.
[0072] Thus, the present invention provides the first national and
standardized source for commercial real estate metrics that is
comparable between geographic territories. For example, the
definitions of vacancy rates and building classifications have
varied among the different providers of real estate information.
Through national presence and uniformity of services and data
across all markets, the system provides a foundation for members of
the commercial real estate and related business community to do
business on a national basis. Leading firms within the community
conduct business efficiently in multiple local markets by
standardizing their internal systems on the proprietary database of
the present invention. The system of the present invention provides
a unified data model that allows insight into relationships that
were only inferred in the past.
[0073] The system of the present invention includes a variety of
features that are useful for those within the commercial real
estate field and elsewhere.
[0074] For example, the system provides fraud detection--by
alerting brokers/owners that their property is being marketed--any
person (subscriber or not) can see "my listings," which includes
identification of properties that they own/represent that are shown
as being on the market.
[0075] The system of the present invention also provides
intelligent searching the query system allows the user to
add/remove terms from the search without rerunning the entire
search. This allows users to refine searches. The ADD/DELETE
feature lets the user narrow the user's existing search results by
adding search terms to the user's original search request. The
search software retains the user's original search request and
corresponding search results.
[0076] To perform an ADD/DELETE Request, the user follows the
following steps:
[0077] 1. Once the user has completed a search request that returns
search results, the user selects ADD/DELETE from the Search menu or
clicks the ADD/DELETE button in the software's toolbar.
[0078] 2. The user then enters a complete ADD/DELETE request. If
the user is using the Graphical Interface, the user enters the
ADD/DELETE request in the ADD/DELETE Search Request field.
[0079] The software returns focused search results through which
the user can browse as the user normally would.
[0080] The user may want to narrow the scope of the user's search
if the search results contain too many documents. Or, after
reviewing the user's search results, the user may want expand the
scope of the user's search. The user can make these adjustments by
modifying the user's original search request to include additional
connectors and/or search terms--all without losing the user's
original search results. Narrowing the scope of search results is
described herein as running a query on a query or running a
negative search query.
[0081] The system of the present invention also provides a unique
method for searching for property within a geographical area using
a map linked to a database that stores geographically pertinent
information. As an example, the map includes icons showing the
locations of properties for which the database has information. As
a user drags a mouse pointer over an icon, a window pops-up
displaying the geographically pertinent information from the
database. For example, the information in the window could include
a photograph of the property along with its sales price.
[0082] The system of the present invention also provides
confidentiality assurance through a system for controlled
dissemination of information.
[0083] The system of the present invention provides and facilitates
"soft quotes," pursuant to which lenders offer loans on specific
buildings subject only to qualification of buyer and possible
discount for premium buyers.
[0084] The system of the present invention also provides and
facilitates unsolicited refinancing offers for owners of buildings.
In this way, the system allows building owners to take advantage of
opportunities created by changes in rates and increased information
available.
[0085] The system of the present invention also provides and
facilitates creation of a derivatives market/futures market for
commercial real estate.
[0086] The system of the present invention also provides a mobile
data gathering and dissemination vehicle as well as a system
tracking and dispatch of mobile vehicles. The system of the present
invention further provides correlation of data stored in a remote
location to vehicle position in real time. This feature is useful
in the context of commercial real estate, residential real estate
and as part of a merchant directory.
[0087] The system of the present invention also provides a least
cost routing for data transfer system for transmitting data from
the mobile vehicle.
[0088] The system of the present invention also synchronizes data
stored in data sources by cross-checking data sources and prompting
the input agent to make necessary changes in affected
databases.
[0089] The system of the present invention also provides an
investment advisor feature that provides relevant information such
as: what is the leasing history of specific building? what is the
history of market in that area? what is the history of the building
relative to market (is the building generally one of the first to
fill up)?
[0090] The system of the present invention also provides an
intelligent assistant for assisting in setting prices based on the
saved searches of users, i.e., knowing what other users (buyers)
are looking (searching) for. The system could, for example, advise
the user that "if you set the price at X level you will hit Y
pending searches, but if you set the price at X' level you will
only hit (Y-n) pending searches." The system thus allows queries
against pending searches so that the user knows what people are
looking for.
[0091] The system of the present invention also provides quick
alerts when saved searches are satisfied to support user investment
strategies. In particular, the system notifies the user by wireless
messaging and/or e-mail as soon as a property matches existing
search criteria. In accordance with a particularly important aspect
of the present invention, this feature applies to searches that are
satisfied as a result of changes in market conditions that bring a
previously listed property within the investment criteria.
[0092] The system of the present invention in general employs the
unified data model to enhance knowledge of the overall context of
business decisions, for example, buying versus leasing.
[0093] The system of the present invention makes it possible for a
user to extract data relating to virtually every aspect of a
commercial real estate transaction. Although the data is described
as being contained within a "database," data can be stored in a
plurality of linked physical locations or data sources. The
significant aspect is that the database contains information
relating to areas that have previously been only accessible in
isolation from one another. By providing a unified data model and a
system for forming a variety of queries against the unified
database, it is possible to understand with precision the
relationship between market factors that have heretofore only been
understood in an anecdotal way.
[0094] For example, prior to the present invention, a commercial
real estate investor might have recognized the value of investing
in a particular building that had low vacancy but was located in an
area of extremely high vacancy. If so, this investor might also be
interested in knowing that a building that is on the market has
lost a big tenant.
[0095] Prior to the system of the present invention, however, there
has been no unified way of storing an investor's investment
criteria and continually monitoring the market so as to have the
ability to provide a real-time alert when a property matching the
investor's investment criteria has become available. This advantage
is achieved because databases containing leasing information are
linked with databases concerning buildings for sale, which are
linked to databases that store a particular investor's investment
criteria, which are linked to databases that store the data
necessary to determine market conditions, and so on. It is through
the connections of previously discrete databases that the synergies
and advantages of the present invention arise.
[0096] In this sense, the present invention resides in the
interconnection of related pieces of information that allows a true
understanding and deep appreciation of a commercial real estate
market. The user of the system of the present invention has the
ability to understand data in context, because the data in one data
source is influenced by other data sources that have heretofore not
been connected.
[0097] The data stored in the databases of the present invention is
from various sources. For example, property information can be
obtained by researching information sold and information available.
Tenant information can be obtained through personal inspection of
properties and from brokers. Market analytics are obtained through
an historical analysis. In addition, tax assessment information
provides yet another source of information.
[0098] Another way of gathering information is through mobile
information-collecting device, according to another aspect of the
present invention. The mobile information-collecting device is a
truck or other vehicle that is equipped with a GPS system and a
link to the databases of the system of the present invention. The
device further includes a display screen and input device, and can
also include a web camera. The system is designed such that the
location of the truck or other mobile information gathering device
at any particular instance is correlated to the database so that
information concerning properties in the vicinity of the truck is
automatically displayed on the display screen located in the truck.
Thus, as a truck passes a particular commercial real estate
building, information pertaining to that building is displayed, and
the operator can determine whether additional information has to be
gathered or whether information obtained in the database should be
modified. The important feature is that the system automatically
retrieves and displays the entirety of the currently available
information so that the operator can determine if pieces of
information are missing or need to be updated.
[0099] The mobile information gathering system of the present
invention has other applications as well. For example, a similar
device can be used in connection with residential real estate
listings to display pertinent information and directions to the
nearest available home for sale. The pertinent information could
include, for example, photographs that pop-up on the display as the
mobile information-collecting device travels. Likewise, the system
could be used to display information concerning merchants, service
providers, or tourist attractions within a particular area in a
non-commercial setting. For example, the GPS in a passenger car
could be linked to a database that contains information about local
merchants, such as restaurants. As the driver approaches these
restaurants, the system could display advertisements or other
information pertaining to the restaurants.
[0100] Thus, in accordance with the present invention, the system
provides location-sensitive real estate information automatically
and performs other useful tasks by correlating a vehicle's
instantaneous position to data stored in a remote database to
identify geographically pertinent information and by transmitting
the geographically pertinent information to the vehicle's occupant,
by for example displaying the information on the display panel
within the truck or producing an audio message of the information
for the occupant to hear.
[0101] The invention also provides a method and system for listing
and brokering a commercial real estate and its financial
derivatives. In particular, the system of the present invention can
be used in connection with the creation of financial derivatives
for commercial real estate. To create these derivatives, one must
have a source of comprehensive information. The system of the
present invention supports derivatives for commercial real estate
by providing sufficiently accurate market information that supports
the creation of indexes and derivatives such as futures or hedge
rental rates and occupancy rates. The system can also be used for
underwriting and rating commercial mortgage banking securities.
[0102] For example, a big office tenant that must find 60,000
square feet faces entering a 5-year or 7-year deal or longer-term
deal without knowing where the market will be in 7 years. If the
tenant is $10 per square foot above market rate on 60,000 square
feet--that is a great deal of money. Because the system of the
present invention contains vast information concerning historical
and current vacancy, projected absorption and demand, projected
rental rates, and supply and demand figures, the system of the
present invention can be used to create indexes with which
commercial office tenants can hedge their occupancy costs. The
tenants can basically buy futures, for example, "class A,
Washington, suburban, close in office futures." This aspect enables
Wall Street and the financial community to manage the building
space by watching supply and demand. By watching these futures,
investors can monitor and adjust building construction, making the
market much more perfectly balanced. Thus, the system of the
present invention cultivates the massive liquidity inherent in
these markets.
[0103] Since the system includes data concerning a plurality of
characteristics of the subject commodity, i.e., commercial real
estate, in the database of a data processing system utilizing a
real-time clock, an exchange market for the commodity, e.g., a
particular type of commercial real estate "Class A space in
downtown Bethesda, Md.", is established based upon a pre-selected
set of the commodity's characteristics; and, after a market price
for the commodity has been set, a class (or classes) of financial
derivatives is established together with a financial exchange
market for those derivatives. The characteristics of the
derivatives comprise: a common descriptive link between varied
commodity types; a contract length that runs from the purchase date
of the contract to the performance date for the commodity; and, a
contract price.
[0104] The system of the subject invention comprises a number of
elements that include: data processing means; means for determining
whether a match exists based upon a comparison of the commodity
offered for sale and that requested for purchase or exchange;
display means; means for selecting the matched entry for purchase
and/or exchange; and, means for determining and selecting a class
of financial derivatives. The data processing means of the system,
in turn, further comprises a system controller which is further
comprised of: a data processing system; data entry means; memory
means; and, communication means for communicating data between the
system controller and a plurality of input and output points.
[0105] To achieve the advantages described herein as well as other
advantages, and in accordance with the purpose of the present
invention, as embodied and broadly described, a preferred
embodiment of the present invention is a method for allowing
information providers to both distribute specified information
through the Internet and control dissemination of information. This
method operates within a system that includes a system operator, a
plurality of information providers and a plurality of information
customers. This method includes the following steps: 1) making the
information provider's specified information available through a
secured website on the Internet; 2) obtaining from the information
provider a designation of a first subset of the information
customers that are authorized to receive access to the specified
information on the website; and 3) distributing to each one of the
first subset of the information customers that are authorized to
receive access to the specified information an ID that can be used
to access the specified information.
[0106] In an aspect of this method, the system within which the
method operates is used to facilitate exchange of information
pertaining to commercial real estate available for sale. In
addition, the information providers are owners or owner
representatives that provide information concerning the
availability of their respective properties for sale. Finally, the
information customers are potential buyers or representatives of
potential buyers.
[0107] In another aspect of this method for allowing the
information providers to both distribute specified information
through the Internet and control dissemination of information, the
method further comprises requiring the execution of a
non-disclosure agreement by each one of the first subset of the
information customers that are authorized, before each one of the
first subset of the information customers that are authorized can
access the specified information. The execution of the
non-disclosure agreement can be accomplished by clicking through an
agreement posted on the Internet.
[0108] Another preferred embodiment of the present invention is a
method for allowing information providers to both distribute
specified information through the Internet and control
dissemination of information. According to this embodiment, the
method includes the following steps: 1) making the information
provider's specified information available through a secured
website on the Internet; 2) obtaining from the information provider
a designation of a first subset of the information customers that
are authorized to receive access to the specified information on
the website; 3) distributing to each one of the first subset of the
information customers that are authorized to receive access to the
specified information an ID that can be used to access the
specified information; 4) allowing a second subset of potential
customers to query a searchable database containing a plurality of
descriptions of information; 5) indicating to the second subset of
potential customers that the specified information exists without
revealing the specified information; 6) if one or more of the
second subset of potential customers are interested in obtaining
access to the specified information, allowing an interested
potential customer to communicate a request for access directed to
the system operator; 7) the system operator forwarding the request
for access and information concerning the interested potential
customer requesting access to the information provider in response
to a request for access; and 8) allowing the information provider
to make a decision to grant or deny the request for access and to
communicate the decision to the system operator. In response to a
deny access decision, the interested potential customer is notified
of the deny decision without learning the specified information. In
response to a grant access decision, the system operator grants the
interested potential customer access to the specified
information.
[0109] In an aspect of this embodiment of the present invention,
the method further includes requiring the interested potential
customer to execute a nondisclosure agreement prior to allowing the
interested potential customer access to the specified information.
For example, the interested potential customer executes the
non-disclosure agreement by clicking through an agreement posted on
the Internet.
[0110] In another aspect of this embodiment of the present
invention, a profile of a member of the second subset of potential
customers is obtained by the system operator and transmitted to the
information provider in response to a request for access. As an
additional aspect, before a profile of a member of the second
subset of potential customers is transmitted to the information
provider in response to a request for access, the system operator
can authenticate the profile.
[0111] In another aspect of this embodiment of the present
invention, the system operator, in response to a request for
access, obtains a profile of the interested potential customer,
authenticates the profile, and transmits the profile to the
information provider in conjunction with the request for
access.
[0112] In another aspect of this method, the system operator
forwards the request for access to the information provider in
response to a request for access, and requests a response from the
information provider in real time through the Internet or through
wireless data transmission. Optionally, with the request for
access, the system operator can also forward a profile of the
interested potential customer.
[0113] In another aspect of this embodiment of the present
invention, the system is used to facilitate exchange of information
pertaining to commercial real estate available for sale. The
information providers are owners or owner representatives that
provide information concerning the availability of their respective
properties for sale. Finally, the information customers are
potential buyers or representatives of potential buyers.
[0114] Another preferred embodiment of the present invention is a
method for allowing information providers to both distribute
specified information through the Internet and control
dissemination of information. This method operates within a system
that includes a system operator, a plurality of information
providers, and a plurality of information customers. The method
begins by making the information provider's specified information
available through a secured website on the Internet and allowing
potential customers to query a searchable database containing a
plurality of descriptions of information. The method continues by
indicating to the potential customers that the specified
information exists without revealing the specified information.
Then, if one or more of the potential customers are interested in
obtaining access to the specified information, the method proceeds
by allowing an interested potential customer to communicate a
request for access directed to the system operator. The method
continues by having the system operator forward the request for
access and information concerning the interested potential customer
requesting access to the information provider in response to a
request for access. The method continues by allowing the
information provider to make a decision to grant or deny the
request for access and to communicate the decision to the system
operator. In response to a deny access decision, the interested
potential customer is notified of the deny decision without
learning the specified information. In response to a grant access
decision, the system operator grants the interested potential
customer access to the specified information.
[0115] In an aspect of this embodiment of the present invention,
the information concerning the interested potential customer
requesting access is a profile of the interested potential
customer. Optionally, the system operator can authenticate the
profile of the interested potential customer before forwarding the
profile to the information provider.
[0116] In another aspect of this embodiment of the present
invention, the system operator forwards the request for access to
the information provider in response to a request for access, and
requests a response from the information provider in real time
through the Internet or through wireless data transmission.
[0117] In another aspect of this embodiment of the present
invention, if the request for access is granted, the method
involves the additional step of requiring execution of a
non-disclosure agreement by the interested potential customer
before the system operator grants the interested potential customer
access to the specified information. The execution of this
non-disclosure agreement can be accomplished by clicking through an
agreement posted on the Internet.
[0118] In another aspect of this embodiment of the present
invention, the system within which the method operates is used to
facilitate exchange of information pertaining to commercial real
estate available for sale. In addition, the information providers
are owners or owner representatives that provide information
concerning the availability of their respective properties for
sale, and the information customers are potential buyers or
representatives of potential buyers.
[0119] In another aspect of this embodiment of the present
invention, the system within which the method operates is used to
facilitate exchange of information pertaining to residential real
estate available for sale. In addition, the information providers
are owners or owner representatives that provide information
concerning the availability of their respective properties for
sale, and the information customers are potential buyers or
representatives of potential buyers.
[0120] Another preferred embodiment of the present invention is a
system for correlating information stored in a remote database with
a user's location, retrieving pertinent data files from the
database based upon the user's location, and automatically
transmitting the selected data files to the user. The system
includes user equipment sets, a computer, and a database in
communication with the computer. Each user equipment set includes a
display and a location determining device for generating data
pertaining to the user's location and for transmitting the data
pertaining to the user's location to a remote computer
automatically. The computer is equipped for wireless communication
with geographically remote users that are equipped with the
equipment sets so as to send data to the equipment sets and receive
data from the equipment sets including the data pertaining to the
user's location. The database stores information that includes
information identifying a location of a property. Within this
system, in response to receipt of the data pertaining to a user's
location, the computer automatically retrieves information
pertaining to the user's location and transmits the same to the
user's equipment set for display on the display.
[0121] In an aspect of this embodiment of the present invention,
each user equipment set further comprises a data input device for
allowing the user to input data. The information is displayed on
the display in a way that prompts the user to input missing
information using the data input device.
[0122] In another aspect of this embodiment of the present
invention, the display is a color display adapted for displaying
photographic images.
[0123] In another aspect of this embodiment of the present
invention, in response to receipt of the data pertaining to the
user's location, the computer automatically retrieves information
describing commercial or residential real estate near the user's
location and transmits the same to the user's equipment set for
display on the display.
[0124] In another aspect of this embodiment of the present
invention, in response to receipt of data pertaining to a user's
location, the computer automatically retrieves information
regarding at least one of commercial enterprises and landmarks near
the user's location and transmits the same to the user's
equipment.
[0125] In another aspect of this embodiment of the present
invention, the user's equipment set includes audio capabilities,
and the information pertaining to the user's location includes
audio data.
[0126] In another aspect of this embodiment of the present
invention, the computer transmits the information pertaining to the
user's location to the user's equipment set for color display on
the display.
[0127] In another aspect of this embodiment of the present
invention, the information pertaining to the user's location
includes information on commercial enterprises located near the
user's location. The information on commercial enterprises includes
information on at least one of the products, goods, and services
provided by the commercial enterprises. In addition, in response to
receipt of the data pertaining to a user's location, the computer
automatically retrieves the information on at least one of
products, goods, and services provided by commercial enterprises
near the user's location and transmits the same to the user's
equipment set.
[0128] In another aspect of this embodiment of the present
invention, the computer automatically retrieves information
describing real estate near the user's location and the display
shows a pop-up window including the information describing the real
estate.
[0129] In another aspect of this embodiment of the present
invention, the information stored in the database includes at least
one of the following: square footage available for lease; whether a
property is available for sale; property address; contact
information; and price. With this information in the database, in
response to receipt of the data pertaining to the user's location,
the computer automatically retrieves information describing the
commercial or residential real estate near the user's location and
transmits the same to the user's equipment set for display on the
display.
[0130] Optionally, the information stored in the database also
includes at least one of the following: a digital image of the
commercial real estate; square footage data representing a square
footage of the commercial real estate; data characterizing the
selected use of the commercial real estate; rental price of the
commercial real estate; sale price of the commercial real estate;
data about the tenant in the commercial real estate; a real estate
submarket identification; sales comparable information; lender
information; a grade indicator of the commercial real estate, the
grade indicator having an alpha numerical representation and being
a function of a classification system of the commercial real estate
that is consistent with accepted standards and providing a
representation of the quality of the real estate; a classification
of the commercial real estate based upon at least one of the
following: a building grade, an age of the building, and an
extrapolation of comparable buildings; and information pertaining
to the submarket including at least one of (i) rents, (ii) vacancy,
and (iii) absorption rates for each of the submarket and nearby
submarkets, and (iv) other indicators of submarket and location
attractiveness.
[0131] Another preferred embodiment of the present invention is a
commercial real estate information exchange and market. The
exchange and market includes a database for storing information
about commercial real estate, and computers and communication
equipment for allowing a plurality of users to query the database,
add data to the database, and retrieve the information from the
database. The database contains data records, including information
pertaining to lease information, sale information, comparable sales
information, and tenant information.
[0132] In an aspect of this embodiment of the present invention,
the database further includes at least one of: data about a tenant
in the commercial real estate; building-specific information
including data representing an age of the commercial real estate,
and data representing financial obligations and tenancy status of
the tenant in the commercial real estate; square footage data
representing a square footage of the commercial real estate; data
characterizing a selected use of the commercial real estate; cost
data including a rental price of the commercial real estate; a real
estate submarket identification; a classification of the commercial
real estate based upon at least one of a building grade, an age of
the building, and an extrapolation of comparable buildings; and
information pertaining to a submarket including rent data, vacancy
data, and absorption rate data.
[0133] In another aspect of this embodiment of the present
invention, the data records include market analytic
information.
[0134] Another preferred embodiment of the present invention is a
method for storing and automatically displaying descriptions and
visual images of commercial or residential real estate on a display
of a user. The method involves generating a plurality of digitized
video images of real estate, storing data records concerning the
real estate; determining a location of the user; retrieving data
records corresponding to the user's location; and displaying on the
display the data records corresponding to the user's location.
According to the method, each digitized video image depicts a real
estate. In addition, the data records include the digitized video
images, textual information concerning the real estate, and
information identifying the location of the real estate.
[0135] Another preferred embodiment of the present invention is a
method for listing and brokering commercial real estate. The method
includes the following steps: 1) identifying a characteristics of
the commercial real estate and entering the characteristics into a
data processing system to establish a first exchange market for the
commercial real estate based upon the characteristics; 2)
identifying a market value for the commercial real estate and
listing the market value on the first exchange market; 3)
determining a class of derivatives based upon a pre-selected subset
of the characteristics; and 4) establishing a second exchange
market in respect of the derivatives.
[0136] In an aspect of this embodiment of the present invention,
the first exchange market and the second exchange market are
co-located within the data processing system.
[0137] In another aspect of this embodiment of the present
invention, the characteristics include a geographic location, a
start date and a finish date, a size, a class of building, and a
cost.
[0138] Another preferred embodiment of the present invention is a
method for establishing a unified group of correlated databases
that provides real estate data to facilitate a real estate
transaction. According to this method, each database of the unified
group is a discrete data module. The method includes the following
steps: (a) associating real estate data entries of a first database
of the unified group with corresponding real estate data entries of
the remaining databases of the unified group; (b) collecting the
real estate data from real estate industry data sources; (c)
recording the real estate data in the first database of the unified
group; (d) determining an effect of the recorded real estate data
on the remaining databases of the unified group; (e) reconciling
remaining real estate data in the remaining databases based on the
effect; and (f) distributing the recorded real estate data and the
reconciled real estate data to real estate industry professionals
and to real estate industry customers.
[0139] In an aspect of this embodiment of the present invention,
the real estate data includes property information and tenant
information, and the unified group of correlated databases includes
a property information database and a tenant information database.
Optionally, the real estate data further includes comparable
property information, assessment information, and market analytics
information, and the unified group of correlated databases further
includes a comparable property information database, an assessment
information database, and a market analytics information
database.
[0140] In another aspect of this embodiment of the present
invention, the real estate industry data sources include at least
one of property managers, proprietary databases, Internet sources,
site inspections, building owners, brokerage firms, real estate
investment trust filings, tenant canvassing, public records, and
comparable property databases. In addition, the step of collecting
the real estate data involves the following steps: (i)
communicating with at least one of the property managers, the
building owners, and the brokerage firms by mail, electronic mail,
telephone, or facsimile, if the real estate industry data sources
include at least one of the property managers, the building owners,
and the brokerage firms; (ii) searching and extracting data from at
least one of the proprietary databases, the Internet sources, and
the real estate investment trust filings, if the real estate
industry data sources include at least one of the proprietary
databases, the Internet sources, and the real estate investment
trust filings; (iii) recording observed data from at least one of
the site inspections and the tenant canvassing, if the real estate
industry data sources include at least one of the site inspections
and the tenant canvassing; and (iv) extracting data from at least
one of the public records and the comparable property databases, if
the real estate industry data sources include at least one of the
public records and the comparable property databases.
[0141] In another aspect of this embodiment of the present
invention, collecting real estate data involves receiving web-based
input from the real estate industry professionals and the real
estate industry customers. Collecting real estate data also
involves receiving communications from the real estate industry
professionals and the real estate industry customers through mail,
electronic mail, telephone, or facsimile. Optionally, collecting
the real estate data can further involve gathering information with
a mobile data acquisition vehicle.
[0142] In another aspect of this embodiment of the present
invention, reconciling the remaining real estate data involves
confirming that the real estate data entries and the corresponding
associated real estate data entries are internally consistent.
[0143] In another aspect of this embodiment of the present
invention, distributing the real estate data involves providing a
web-based interface in communication with the unified group of
correlated databases. Optionally, this distributing further
involves providing communication between parties to a transaction,
and providing transactional services in support of a transaction.
Also optionally, the method further involves providing a
derivatives marketplace in which to define, value, and exchange
real estate commodities. These commodities could be real estate
cost futures.
[0144] In another aspect of this embodiment of the present
invention, distributing real estate data involves accepting a
property search query from a user, and running the property search
query in the unified group of correlated databases and returning
property search results to the user.
[0145] Optionally, this distributing could involve adding
properties to the property search results as directed by the user
without running another search query, removing properties from the
property search results as directed by the user without running
another search query, and running negative search queries in the
property search results as directed by the user to remove
properties from the property search results.
[0146] Also, optionally, this distributing could involve accepting
a second property search query from the user, running the second
property search query on the property search results, and returning
a second set of property search results to the user.
[0147] In a further embodiment of this aspect of the present
invention, the property search results provide data from at least
one of leasing history of a specific building, history of a market
in a particular geographic area, and history of the specific
building relative to the market.
[0148] In another embodiment of this aspect of the present
invention, the method further involves saving the property search
query as directed by the user, running the saved property search
query at a periodic interval, and notifying the user of new
properties that satisfy the property search query. Optionally, the
saved property search query has at least one field that relates to
market conditions and at least one new property satisfies the
property search query because of a change in the market conditions.
Also optionally, the saving, running, and notifying repeat for
different users, resulting in a plurality of saved searches. With
these saved searches the method continues by calculating an amount
of saved searches of the plurality of saved searches that will be
satisfied by entry of a new property listing, and reporting the
amount to an owner or owner representative so that the owner or
owner representative can maximize demand for the new property
listing. The owner or owner representative can maximize demand for
the new property listing by setting, for example, an optimum price.
The owner or owner representative can also maximize demand for the
new property listing by setting, for example, an optimum building
grade.
[0149] In another aspect of this embodiment of the present
invention, distributing real estate data involves disseminating
location-sensitive information to a mobile information receiving
device. The mobile information receiving device determines its
location and the unified group of correlated databases receives the
location of the mobile information receiving device and transmits
the location-sensitive information to the mobile information
receiving device.
[0150] In another aspect of this embodiment of the present
invention, distributing real estate data involves displaying a user
interface; displaying a display element on the user interface to
indicate a property for which information is recorded in the
unified group of correlated databases; providing a link to the
information on the user interface proximate to the display element;
allowing a user to select the display element; and in response to
the selection, retrieving and displaying the information. The user
selects the display element by dragging a pointer proximate to the
display element, in which case the information is automatically
displayed. The information can be displayed in, for example, a
pop-up window.
[0151] Another preferred embodiment of the present invention is a
system for collecting, distributing, and using real estate data.
The system includes data sources, data mining applications in
communication with the data sources, a contact management system in
communication with the data sources and the data mining
applications, a core data warehouse in communication with the data
mining applications, database processes in communication with the
core data warehouse, and network integration applications in
communication with the database processes. The data sources gather
and generate real estate data. The data mining applications receive
and organize the real estate data into separate interrelated
modules, and evaluate the real estate data and reconcile the real
estate data among the interrelated modules. The contact management
system directs the data mining applications to conduct continuous
pollings of the data sources to update the real estate data. The
core data warehouse receives and stores the reconciled and updated
real estate data from the data mining applications. The database
processes access the reconciled and updated real estate data from
the core data warehouse and create database sets. The network
integration applications manipulate the database sets in response
to commands from a user and present results of the manipulation to
the user.
[0152] In an aspect of this embodiment of the present invention,
the network integration applications comprise at least one of a
look up property application, a search database application, and an
add listing application. The search database application can accept
property search queries from the user, run the property search
queries, and return property search results to the user. The search
database application can also add properties to the property search
results as directed by the user without running another search
query, remove properties from the property search results as
directed by the user without running another search query, and run
negative search queries as directed by the user to remove
properties from the property search results.
[0153] In another aspect of this embodiment of the present
invention, the data sources include at least one of property
managers, proprietary databases, Internet sources, site
inspections, building owners, brokerage firms, real estate
investment trust filings, tenant canvassing, public records, and
comparable property databases.
[0154] In another aspect of this embodiment of the present
invention, data mining applications include at least one of a
property information database, a tenant information database, an
assessment information database, a comparable property information
database, and a market analytics information database.
[0155] In another aspect of this embodiment of the present
invention, the system further includes a mobile information
collection device that provides functions of the data sources and
the network integration applications. The mobile information
collection device includes a global positioning system, an output
device, and an input device. The global positioning system
determines a location of the mobile information collection device.
The output device is in communication with the database processes
and the global positioning system. The output device reads the
location provided by the global positioning system and retrieves
and displays the database sets corresponding to the location. The
data input device receives changes to the database sets
corresponding to the location and transmits the changes to the data
mining applications.
[0156] Another preferred embodiment of the present invention is a
method for securely facilitating buying and selling of real estate
properties. The method involves the following steps: (a)
maintaining a unified group of interrelated databases accessible
through a global information network; (b) accepting a property
listing from an owner or owner representative and recording the
property listing in the unified group; (c) providing
confidentiality agreements to preapproved buyers or buyer
representatives named by the owner or owner representative; and (d)
providing access to the property listing for buyers or buyer
representatives that agree to the confidentiality agreement. The
confidentiality agreements require that the property listing remain
confidential in return for viewing the property listing.
[0157] In an aspect of this embodiment of the present invention,
the buyer or buyer representative is provided with an electronic
identification key to access the property listing. The key
generates a variable password at a predetermined frequency.
[0158] In another aspect of this embodiment of the present
invention, the accepting and recording of the property listing
involves determining if the owner or owner representative is
fraudulent by posting the property listing for viewing by a true
owner representative.
[0159] In another aspect of this embodiment of the present
invention, the method includes the following additional steps: (e)
indicating to an unapproved buyer or buyer representative that the
property listing exists; (f) accepting from the unapproved buyer or
buyer representative a request to view the property listing; (g)
forwarding the request to the owner or owner representative for
approval; (h) if the owner or owner representative approves the
request, requiring the unapproved buyer or buyer representative to
agree to a confidentiality agreement requiring that the property
listing remain confidential in return for viewing the property
listing; and (i) if the unapproved buyer or buyer representative
agrees to the confidentiality agreement, providing access to the
property listing for the unapproved buyer or buyer
representative.
[0160] According to this aspect, optionally, the unapproved buyer
or buyer representative subscribes to an access service that
indicates the existence of property listings in the unified group
of interrelated databases.
[0161] Also according to this aspect, optionally, the buyer or
buyer representative agrees to the confidentiality agreement by
clicking through an agreement posted on the Internet.
[0162] Also according to this aspect, optionally, forwarding the
request further involves forwarding a profile of the buyer or buyer
representative to the owner or owner representative. The forwarding
of the request could also involve authenticating the profile of the
buyer or buyer representative.
[0163] Also according to this aspect, optionally, accepting a
request to view the property listing further involves obtaining a
profile of the buyer or buyer representative, authenticating the
profile, and transmitting the profile to the owner or owner
representative.
[0164] Also according to this aspect, optionally, forwarding the
request to the owner or owner representative involves requesting a
response from the information provider in real time through the
Internet or through wireless data transmission.
[0165] Another preferred embodiment of the present invention is a
method for securely facilitating buying and selling of real estate
properties. The method includes the following steps: (a)
maintaining a unified group of interrelated databases accessible
through a global information network; (b) accepting a property
listing from an owner or owner representative and recording the
property listing in the unified group; (c) indicating to an
unapproved buyer or buyer representative that the property listing
exists; (d) accepting from the unapproved buyer or buyer
representative a request to view the property listing; (e)
forwarding the request to the owner or owner representative for
approval; (f) if the owner or owner representative approves the
request, requiring the unapproved buyer or buyer representative to
agree to a confidentiality agreement requiring that the property
listing remain confidential in return for viewing the property
listing; and (g) if the unapproved buyer or buyer representative
agrees to the confidentiality agreement, providing access to the
property listing for the unapproved buyer or buyer
representative.
[0166] In an aspect of this embodiment of the present invention,
the unapproved buyer or buyer representative is provided with an
electronic identification key to access the property listing. The
key generates a variable password at a predetermined frequency.
[0167] In another aspect of this embodiment of the present
invention, the accepting and recording the property listing include
determining if the owner or owner representative is fraudulent by
posting the property listing for viewing by a true owner
representative.
[0168] In another aspect of this embodiment of the present
invention, the unapproved buyer or buyer representative subscribe
to an access service that indicates the existence of property
listings in the unified group of interrelated databases.
[0169] In another aspect of this embodiment of the present
invention, the unapproved buyer or buyer representative agrees to
the confidentiality agreement by clicking through an agreement
posted on the Internet.
[0170] In another aspect of this embodiment of the present
invention, forwarding the request involves forwarding a profile of
the unapproved buyer or buyer representative to the owner or owner
representative. Optionally, the profile of the unapproved buyer or
buyer representative can be authenticated.
[0171] In another aspect of this embodiment of the present
invention, forwarding the request to the owner or owner
representative involves requesting a response from the information
provider in real time through the Internet or through wireless data
transmission.
[0172] Another preferred embodiment of the present invention is a
method for underwriting loans for real estate property. The method
begins by establishing a unified group of correlated databases that
provides data to facilitate a real estate transaction. Each
database is a discrete module of real estate data. The method
continues by providing quotes on individual loan programs in
response to customer requests. The quotes are based on property
data in the unified group. The method continues by providing soft
loan quotes based on property data in the unified group. The method
ends by providing pre-approved loan quotes to owners of particular
properties based on real estate data for the particular properties
and market information in the unified group.
[0173] In an aspect of this embodiment of the present invention,
providing preapproved loan quotes involves examining a financial
profile of an owner, examining a property owned by the owner,
evaluating the property to determine value and market analytics,
and formulating a pre-approved credit line for the owner based on
the property.
[0174] Another preferred embodiment of the present invention is a
method for listing and brokering real estate commodities and
financial derivatives of the real estate commodities. The method
involves identifying characteristics of the real estate
commodities; entering the characteristics into a data processing
system utilizing a real-time clock; establishing an exchange market
for the real estate commodities based on a pre-selected set of the
characteristics; setting a market price for the real estate
commodities; and establishing classes of the financial
derivatives.
[0175] In an aspect of this embodiment of the present invention,
the characteristics can be geographic location, lease term start
date range, lease term end date range, building class, volume, or
cost.
[0176] In another aspect of this embodiment of the present
invention, entering the characteristics into a data processing
system involves the following steps: (i) determining whether or not
a commodity is being identified to the data processing system for a
first time; (ii) storing the characteristics in a commodity
database if the commodity is being identified to the data
processing system for the first time; and (iii) determining a
status of the commodity with respect to being a candidate for
purchase, sale, or trade, if the commodity is not being identified
to the data processing system for the first time.
[0177] In another aspect of this embodiment of the present
invention, the classes of financial derivatives can be all
commercial real estate available during a particular time period in
a particular region, all commercial real estate of a certain class,
all commercial real estate of a certain cost, a lease space
equivalent use, or combinations thereof. The lease space equivalent
use can include a common descriptive link between varied commodity
types, a time period that runs from a date of a contract to a
performance date of the commodity, and a contract price.
[0178] Another preferred embodiment of the present invention is a
system for listing and brokering real estate commodities and
financial derivatives of the real estate commodities. This system
includes: (a) a data processing means for accepting and storing
parameters of an available commodity available for sale or
exchange; (b) data processing means for entering a description of a
desired commodity desired for purchase or exchange; (c) means for
determining that a match exists between the available commodity and
the desired commodity; (d) means for displaying the match to a
system operator; (e) means for selecting the match for purchase,
exchange, or purchase and exchange; (f) means for determining a
class of financial derivatives based on a pre-determined set of
characteristics resident in commodity descriptions stored in a
database; and (g) means for selecting a class of derivatives for
purchase, exchange, or purchase and exchange.
[0179] In an aspect of this embodiment of the present invention,
the data processing means includes a system controller comprising a
data processing system, a data management program, data entry means
for entering data into the data processing system, memory means for
storing memory, and communication means for communicating data
between the system controller and a plurality of input and output
points. The plurality of input and output points can include, for
example, one or more commodity input points, one or more commodity
receiver points, one or more commodity brokerage points, and one or
more derivative exchange points.
[0180] Another preferred embodiment of the present invention is a
method for shopping for real estate and completing real estate
transactions. This method involves providing a mobile information
transmitting and receiving device that is in communication with a
database containing real estate data; determining a location of the
mobile information transmitting and receiving device using a global
positioning system; downloading from the database to the mobile
information transmitting and receiving device real estate data
corresponding to the location; and displaying on the mobile
information transmitting and receiving device summary information
corresponding to a property listed in the real estate data to which
the mobile information transmitting and receiving device is
nearest.
[0181] In an aspect of this embodiment of the present invention,
this method includes the additional steps of providing
communication between a buyer or buyer representative and a seller
or seller representative of the property for approval by the seller
or seller representative for the prospective buyer to view details
of the property; displaying details on the mobile information
transmitting and receiving device, if approved by the seller or
seller representative; and communicating an offer from the buyer or
buyer representative to the seller or seller representative using
the mobile information transmitting and receiving device. In
addition to these added steps, the method could also further
involve completing an electronic agreement to transfer title of the
property if the offer is accepted by the seller or seller
representative.
[0182] Another preferred embodiment of the present invention is
system for use in information exchange between a system operator, a
plurality of information providers, and a plurality of information
customers. The system allows the information providers to both
distribute specified information through the Internet and control
dissemination of information. The system includes means for making
the information provider's specified information available through
a secure website on the Internet; means for obtaining from the
information provider a designation of a first subset of the
information customers that are authorized to receive access to the
specified information on the website; and means for distributing to
each one of the first subset of the information customers that are
authorized to receive access to the specified information an ID
that can be used to access the specified information.
[0183] In an aspect of this embodiment of the present invention,
the system is used to facilitate the exchange of information
pertaining to commercial real estate available for sale. In
addition, the information providers are owners or owner
representatives that provide information concerning the
availability of properties for sale, and the information customers
are buyers or buyer representatives.
[0184] In another aspect of this embodiment of the present
invention, the system also includes means for providing a
description of the specified information in a searchable database
containing a plurality of descriptions of information; means for
allowing a second subset of customers to query the searchable
database and retrieve information sufficient to show the existence
of information responsive to the query without revealing all of the
information; means for allowing one or more of the second subset of
customers that are interested in obtaining access to the complete
information to communicate their interest in access to the
information responsive to the query; means for forwarding the
request for access and information concerning the interested
customer requesting access to the information provider in response
to a request for access; and means for allowing the information
provider to make a decision to grant or deny the request for access
to the information responsive to the query. Within this system, in
response to a deny access decision, the interested customer is
notified of the deny decision without learning the identity of the
information provider. In response to a grant access decision, the
interested customer receives access to the specified
information.
[0185] According to this aspect, optionally, the means for allowing
one or more of the second subset of customers that are interested
in obtaining access to the complete information to communicate
their interest in access to the information responsive to the
query, includes: 1) means for allowing the interested customer to
send a request for access directed to the system operator; 2) means
for allowing the system operator to forward the request for access
and information concerning the interested customer requesting
access to the information provider in response to a request for
access; and 3) means for allowing the information provider to make
a decision to grant or deny the request for access and to
communicate the decision to the system operator. In response to a
deny access decision, the interested customer is notified of the
deny decision without learning the identity of the information
provider. In response to a grant access decision, the system
operator grants the interested customer access to the specified
information responsive to the query. Optionally, the system can
further include data records containing a profile of each of the
second subset of customers and means for transmitting the profile
information to information providers in response to a request for
access. Also, optionally, the system includes means for forwarding
a request for access and information concerning the customer
requesting access to the information provider in response to a
request for access, and requesting a response from the information
provider in real time through the Internet or through wireless data
transmission.
[0186] According to this aspect, optionally, the system further
includes means for obtaining a non-disclosure agreement from the
interested potential customer as a condition of receiving access to
the specified information. Optionally, the means for obtaining a
non-disclosure agreement from the interested potential customer as
a condition of receiving access to the specified information
includes means for obtaining an electronic signature.
[0187] Another preferred embodiment of the present invention is a
system for use in information exchange between a system operator, a
plurality of information providers, and a plurality of information
customers. The system allows the information providers to both
distribute specified information through the Internet and control
dissemination of information. This system includes: (a) means for
making the information provider's specified information available
through a secure website on the Internet; (b) means for providing a
description of the specified information in a searchable database
containing a plurality of descriptions of information; (c) means
for allowing a customers to query the searchable database and
retrieve information sufficient to show the existence of
information responsive to the query without revealing all of the
information; (d) means for allowing one or more of the customers
that are interested in obtaining access to the complete information
to communicate their interest in access to the information
responsive to the query; (e) means for forwarding the request for
access and information concerning the interested customer
requesting access to the information provider in response to a
request for access; and (f) means for allowing the information
provider to make a decision to grant or deny the request for access
to the information responsive to the query. In response to a deny
access decision, the interested customer is notified of the deny
decision without learning the identity of the information provider.
In response to a grant access decision, the interested customer
receives access to the specified information.
[0188] In an aspect this embodiment of the present invention, the
means for allowing one or more of the customers that are interested
in obtaining access to the complete information to communicate
their interest in access to the information responsive to the
query, includes: 1) means for allowing the interested customer to
send a request for access directed to the system operator; 2) means
for allowing the system operator to forward the request for access
and information concerning the interested customer requesting
access to the information provider in response to a request for
access; and 3) means for allowing the information provider to make
a decision to grant or deny the request for access and to
communicate the decision to the system operator. In response to a
deny access decision, the interested customer is notified of the
deny decision without learning the identity of the information
provider. In response to a grant access decision, the system
operator grants the interested customer access to the specified
information responsive to the query.
[0189] In another aspect of this embodiment of the present
invention, the system is used to facilitate the exchange of
information pertaining to commercial real estate available for
sale. In addition, the information providers are owners or owner
representatives that provide information concerning the
availability of properties for sale, and the information customers
are buyers or buyer representatives.
[0190] In another aspect of this embodiment of the present
invention, the system also includes means for obtaining a
non-disclosure agreement from the interested potential customer as
a condition of receiving access to the specified information. The
means for obtaining a non-disclosure agreement from the interested
potential customer as a condition of receiving access to the
specified information could include, for example, means for
obtaining an electronic signature.
[0191] In another aspect of this embodiment of the present
invention, the system also includes data records containing a
profile of each customer and means for transmitting the profile
information to information providers in response to a request for
access.
[0192] In another aspect of this embodiment of the present
invention, the system includes means for forwarding a request for
access and information concerning the customer requesting access to
the information provider in response to a request for access, and
requesting a response from the information provider in real time
through the Internet or through wireless data transmission.
[0193] Another preferred embodiment of the present invention is a
system for correlating information stored in a remote database with
a user's location, retrieving pertinent data files from the
database based upon the user's location, and transmitting the
selected data files to the user. The system includes user equipment
sets, a computer, and a database in communication with the
computer. Each user equipment set including means for inputting or
determining a user's geographic location and for transmitting
information pertaining to the user's location to a remote computer.
The computer is equipped for communication with geographically
remote users that are equipped with the equipment sets so as to
send data to the equipment sets and receive data from the equipment
sets including data pertaining to a user's location. The database
stores information that includes information identifying the
location of a property. In response to receipt of data pertaining
to a user's location, the computer retrieves information pertaining
to the user's location and transmits the same to the user's
equipment set for display on the display.
[0194] In an aspect of this embodiment of the present invention,
the information pertaining to the user's location includes
information concerning comparable properties.
[0195] In another aspect of this embodiment of the present
invention, the information pertaining to the user's location
includes information concerning three dimensional video description
of properties.
[0196] In another aspect of this embodiment of the present
invention, the information pertaining to the user's location
includes information concerning historical performance of
commercial properties.
[0197] In another aspect of this embodiment of the present
invention, the information pertaining to the user's location
includes information concerning comparable lease data for
commercial properties.
[0198] In another aspect of this embodiment of the present
invention, the information stored in the database includes
information pertaining to commercial or residential real estate
located proximate to the user's location. The information includes
at least one of data and images describing the commercial real
estate. In response to receipt of data pertaining to a user's
location, the computer retrieves information describing the
commercial real estate near the user's current location and
transmits the same to the user's equipment set for display on the
display.
[0199] In another aspect of this embodiment of the present
invention, in response to receipt of data pertaining to a user's
location, the computer retrieves geographically pertinent
information and transmits the same to the user's equipment set for
display on the display.
[0200] In another aspect of this embodiment of the present
invention, the display includes a map of a geographic area; an
indicator on the map to indicate a property for which information
is recorded in the database; and (iii) a pop-up window linked to
the indicator. The pop-up window appears when the user's location
is proximate to the property for which information is recorded in
the database. The pop-up window displays the information recorded
in the database. The information can include, for example, at least
one of a photograph of the property, an address of the property, a
building class size of the property, a building size of the
property, a number of floors of the property, a year in which the
property was built, a buyer of the property, a sale price of the
property, a price per square foot of the property, and a cap rate
of the property.
[0201] Another preferred embodiment of the present invention is a
system for storing and automatically displaying descriptions and
visual images of real estate on a user's display. The system
includes means for generating a plurality of digitized video images
of selected real estate, means for storing data records concerning
the real estate, means for determining a user's geographic
location, means for retrieving data records corresponding to the
user's geographic location, and means for displaying on a single
display the digitized video images and textual information. Each
digitized video image depicts a view of a specified area of a real
estate property. The data records include, for example, the
digitized video images, textual information concerning the real
estate, and information identifying the geographic location of the
real estate in a computer database.
[0202] In an aspect of this embodiment of the present invention,
the system also includes means for generating and displaying three
dimensional video depictions.
[0203] In another aspect of this embodiment of the present
invention, the single display includes a map of a geographic area;
an indicator on the map to indicate a location of a property for
which a data record exists; a link to the data record on the map
proximate to the indicator; and a pop-up window proximate to the
indicator. The pop-up window appears when the link is activated and
includes at least a portion of the data record. The link is
activated by, for example, dragging a pointer over the indicator,
touching a touch screen at the indicator, or voicing a command to a
voice activated response system.
[0204] Another preferred embodiment of the present invention is a
system for facilitating commercial real estate information loan
transactions. The system includes at least one searchable database,
a search engine, communication equipment, and a computer. The at
least one searchable database contains data records. The data
records identify a plurality of commercial real estate properties,
associate at least one lender with each of the commercial real
estate properties, associate a loan commitment with each of the
commercial real estate properties, provide information sufficient
to evaluate the investment value of the property, and provide a
list of qualified buyers or information sufficient to evaluate the
credit worthiness of prospective buyers. The search engine allows
potential customers to query the searchable database. The
communication equipment allows potential customers that are
interested in purchasing a commercial real estate property to
communicate their interest and lock in the loan commitment
associated with that commercial real estate property subject to
qualification of the potential customer as a qualified buyer. The
computer determines whether the potential customer is a qualified
buyer and prompts the potential customer to provide further
information, if required.
[0205] In an aspect of this embodiment of the present invention,
the data records that identify commercial real estate properties
include information pertaining to: square footage data representing
a square footage of the commercial real estate; data characterizing
the selected use of the commercial real estate; cost data; data
about the tenant in the commercial real estate; a real estate
submarket identification; a classification of the commercial real
estate based on at least one of a building grade, an age of the
building, and an extrapolation of comparable buildings; information
pertaining to the submarket including at least one of rent data,
vacancy data and absorption rate data; and building-specific
information. The system also includes computers and communication
equipment for allowing a plurality of users to query the database,
add data to the database, and retrieve information from the
database.
[0206] Another preferred embodiment of the present invention is a
method for facilitating commercial real estate information loan
transactions. The method begins by providing at least one
searchable database that contain data records. The data records
identify a plurality of commercial real estate properties,
associate at least one lender with each of the commercial real
estate properties, associate a loan commitment with each of the
commercial real estate properties, provide information sufficient
to evaluate the investment value of the property, and provide a
list of qualified buyers or information sufficient to evaluate the
credit worthiness of prospective buyers. The method continues by
allowing potential customers to query the searchable database to
identify commercial real estate properties of interest. In response
to such queries, the method continues by presenting the potential
customers with information sufficient to evaluate the investment
value of each property and the loan commitment associated with that
commercial real estate property. The method continues by allowing
potential customers that are interested in purchasing a commercial
real estate property to communicate their interest and lock in the
loan commitment associated with that commercial real estate
property subject to qualification of the potential customer as a
qualified buyer. The method ends by determining whether the
potential customer is a qualified buyer and prompting the potential
customer to provide further information, if required.
[0207] Another preferred embodiment of the present invention is a
system for facilitating commercial real estate information loan
transactions. The system includes at least one searchable database,
a search engine, and communication equipment. The at least one
searchable database contains data records that identify a plurality
of qualified buyers of commercial real estate together with
information sufficient to evaluate the credit worthiness of each of
the qualified buyers listed, and associate either a category of
interest or past purchase information indicative of a category of
interest with each qualified buyer. The search engine allows
potential sellers of commercial real estate to query the searchable
database. The communication equipment allows potential sellers of
commercial real estate property to communicate information
concerning their property to qualified buyers.
[0208] In an aspect of this embodiment of the present invention,
the data records that contain information concerning commercial
real estate properties include information pertaining to square
footage data representing a square footage of the commercial real
estate; data characterizing the selected use of the commercial real
estate; cost data including a rental price of the commercial real
estate; data about the tenant in the commercial real estate; a real
estate submarket identification; a classification of the commercial
real estate based upon at least one of a building grade, an age of
the building, and an extrapolation of comparable buildings;
information pertaining to the submarket including rent data,
vacancy data and absorption rate data; and building-specific
information. In addition, the system also includes a computer for
allowing qualified buyers to access the information concerning
commercial real estate properties for which they receive
information from potential sellers.
[0209] Another preferred embodiment of the present invention is a
method for facilitating commercial real estate information loan
transactions. The method begins by providing at least one
searchable database containing data records. The data records
identify a plurality of qualified buyers of commercial real estate
together with information sufficient to evaluate the credit
worthiness of each of the qualified buyers listed; and associate
either a category of interest or past purchase information
indicative of a category of interest with each qualified buyer. The
method continues by providing a search engine for allowing
potential sellers of commercial real estate to query the searchable
database. The method ends by allowing potential sellers of
commercial real estate property to communicate information
concerning their property to qualified buyers. The information
includes market information and building-specific information.
[0210] Another preferred embodiment of the present invention is a
method for providing information concerning real estate property.
The method involves displaying a user interface; displaying a
display element on the user interface to indicate a real estate
property; linking the display element to a data entry for the real
estate property; allowing a user to select the display element;
and, in response to selection of the display element, retrieving
and displaying information from the data entry.
[0211] In an aspect of this embodiment of the present invention,
the user selects the display element by dragging a pointer
proximate to the display element, in which case the information
from the data entry is automatically retrieved and displayed.
[0212] Optionally, the information from the data entry is displayed
in a pop-up window. Also, optionally, the method also involves
allowing the user to click on the pop-up window to receive more
information from the data entry.
[0213] In another aspect of this embodiment of the present
invention, the user selects the display element clicking through
the indicator, using a touch screen, or using a voice activated
response system.
[0214] In another aspect of this embodiment of the present
invention, the information includes one or more of an image of the
real estate property, audio content relating to the real estate
property, video of the real estate property, and textual
information on the real estate property. The textual information
includes one of an address of the real estate property, a building
class size of the real estate property, a building size of the real
estate property, a number of floors of the real estate property, a
year in which the real estate property was built, a buyer of the
real estate property, a sale price of the real estate property, a
lease price of the real estate property, a price per square foot of
the real estate property, and a cap rate of the real estate
property.
[0215] In another aspect of this embodiment of the present
invention, the user interface is a chart and the display element is
a textual listing of the real estate property.
[0216] In another aspect of this embodiment of the present
invention, the user interface is a map and the display element is
an icon. The icon can signify a characteristic of the real estate
property. For example, the icon could signify that the real estate
property is an office space, an industrial space, or a retail
space. Or, the icon could signify that the real estate property is
a condominium, a townhouse, or a single family home. The icon could
also signify the price range of the real estate property or the
price of the real estate property.
[0217] Underlying the seemingly automatic retrieval of
location-based information of the previous preferred embodiment of
the present invention, another preferred embodiment of the present
invention is a database containing data concerning real estate
information and/or other information of interest, including
merchant information, tourist information, service provider
information, and the like. The information in the database is
correlated with geographic location information to allow data
pertaining to a particular geographic location to be retrieved.
Information may be retrieved on demand in response to user queries
or searches, or the information may be retrieved in response to
predetermined system queries. The use of the predetermined system
queries allows the seemingly automatic display of pertinent
information as mentioned before.
[0218] The ability to automatically retrieve information
corresponding to a geographic location in response to predetermined
queries can be used in various contexts. As mentioned before, the
information can be used in conjunction with a GPS or other position
determining system to automatically display geographically relevant
information based on a user's position, whether in a vehicle or
using a handheld system. The automatic retrieval can also be used
to provide a user-friendly graphical user interface for accessing
information stored in the database.
[0219] In accordance with one important aspect of the present
invention, the system includes software for providing a unique
graphical user interface for displaying information retrieved from
a database. Specifically, when data is retrieved from the database
(either as a result of a user query or a predetermined query), only
a portion of the data retrieved is displayed. The remaining data is
stored locally for quick retrieval, such as in a cache. The portion
of the data that is displayed may be displayed in a text
grid/spreadsheet/chart format. Optionally, the data may be
displayed in a map format.
[0220] In accordance with one aspect of the present invention, to
provide an uncluttered, yet user-friendly interface, only a subset
of the data that is retrieved is displayed. Additional data is
automatically displayed in response to a user input, such as
passing a pointing device icon over text on the
grid/spreadsheet/chart or over an icon on the map display. In the
embodiment described herein, the data retrieved, but not initially
displayed, is a digital image of the property presented with
address and/or price information. The interface further includes a
means for users to optionally retrieve even further information
from the database by, for example, selecting (e.g., with a pointing
device) text or an icon representing the desired information. It
should be understood, however, that this graphical user interface
feature is more widely applicable and, indeed, can be used in
connection with any system where there is an advantage to use of
this display technique.
[0221] In accordance with another important aspect of the present
invention, icons can be used to provide information about the
properties shown in the text grid/spreadsheet/chart or on the map
view of the user interface. In the map view, for instance, an
icon's location on a map provides geographic location information.
To provide further information, the icon may be in a shape or
appearance that conveys information concerning the type of
property, the cost of the property, or the identity of the broker
listing the property. Further, the icon may be a small digital
image (thumbnail image) of the property itself to convey further
information.
[0222] The graphical user interface features described herein may
be used in various combinations to customize functionality for
different purposes to leverage the use of the database. For
example, it is possible for the system operator to provide custom
content for individual brokers by using predetermined queries to
display only properties listed by a particular broker and by
displaying the information as an essentially seamless part of the
broker's web site. The hierarchical display of information
retrieved from the database can be used in other contexts in which
display of too much information is confusing or impractical, and
resubmitting queries to get basic information is too cumbersome for
users. Thus, the present invention also provides graphical user
interface tools with broad applicability.
[0223] These and other objects, aspects, and advantages of the
present invention are described in greater detail in the detailed
description of the invention, the appended drawings, and the
claims. Additional features and advantages of the invention will be
set forth in the description that follows, will be apparent from
the description, or may be learned by practicing the invention.
BRIEF DESCRIPTION OF THE DRAWINGS
[0224] FIG. 1 shows the overall system architecture of the present
invention, according to a preferred embodiment of the present
invention.
[0225] FIG. 2 is a schematic representation of the mobile
information gathering system and related system architecture,
according to a preferred embodiment of the present invention.
[0226] FIGS. 3-16 are slides that graphically depict the commercial
real estate market and the process for transactions within that
market, to provide the context in which a preferred embodiment of
the present invention operates.
[0227] FIGS. 17-34 are slides that graphically depict a preferred
embodiment of the system and method for collection and distribution
of information according to the present invention.
[0228] FIGS. 35-71 are web screen shots that depict a preferred
embodiment of the system and method for collection, distribution
and use of information according to the present invention.
[0229] FIG. 72 is a high level overview of the proposed method and
system for listing, brokering, and exchanging carrier capacity,
according to a preferred embodiment of the present invention.
[0230] FIG. 73 is a drawing of the apparatus that can be used as an
entry point into the system to utilize the method, according to a
preferred embodiment of the present invention.
DETAILED DESCRIPTION
[0231] The system of the present invention, the preferred
embodiment of which is referred to as COSTAR EXCHANGE.TM., is a
web-based marketplace that efficiently and securely facilitates the
buying and selling of commercial properties.
[0232] The invention includes, but is not limited to the following:
a large-scale database of commercial properties for sale (over
38,000 commercial properties with a combined asset value in excess
of $40 billion in the preferred embodiment); a secure web service,
the preferred embodiment of which is known as COSTAR EXCHANGE,.TM.
for distributing the information; and communication and data
processing equipment that allow sellers of properties to list
extensive information about their properties for sale on the site
at no cost. The site affords an efficient means for these sellers
to reach a large universe of potential buyers. In the currently
preferred embodiment, potential buyers pay a subscription fee to
access the system. Sellers of investment-grade properties have the
additional option of selecting limited, secure distribution of
their properties in order to address confidentiality
requirements.
[0233] The system of the present invention makes it possible for a
user to extract data relating to virtually every aspect of a
commercial real estate transaction. Although the data is described
as being contained within a "database", data can be stored in a
plurality of linked physical locations or data sources. The
significant aspect is that the database contains information
relating to areas that have previously been only accessible in
isolation from one another. By providing a unified data model and a
system for forming a variety of queries against the unified
database, it is possible to understand with precision the
relationship between market factors that have heretofore only been
understood in an anecdotal way. For example, prior to the present
invention, a commercial real estate investor might have recognized
the value of investing in a particular building that had low
vacancy but was located in an area of extremely high vacancy. If
so, this investor might also be interested in knowing that a
building that is on the market has lost a big tenant. Prior to the
system of the present invention, however, there has been no unified
way of storing an investor's investment criteria and continually
monitoring the market so as to have the ability to provide a
real-time alert when a property matching the investor's investment
criteria has become available. This advantage is achieved because
databases containing leasing information are linked with databases
concerning buildings for sale, which are linked to databases that
store a particular investor's investment criteria, which are linked
to databases that store the data necessary to determine market
conditions, and so on. It is through the connections of previously
discrete databases that the synergies and advantages of the present
invention arise.
[0234] In this sense, the present invention resides in the
interconnection of related pieces of information that allows a true
understanding and deep appreciation of a commercial real estate
market. The user of the system of the present invention has the
ability to understand data in context, because the data in one data
source is influenced by other data sources that have heretofore not
been connected.
[0235] The data stored in the databases of the present invention is
from various sources. For example, property information can be
obtained by researching information sold and information available.
Tenant information can be obtained through personal inspection of
properties and from brokers. Market analytics is obtained through
an historical analysis. In addition, tax assessment information
provides yet another source of information.
[0236] Another way of gathering information is through a mobile
information-collecting device, according to another aspect of the
present invention. The mobile information-collecting device is a
truck or other vehicle that is equipped with a GPS system and a
link to the databases of the system of the present invention. The
device further includes a display screen and input device, and can
include a web camera. The system is designed such that the location
of the truck or other mobile information gathering device at any
particular instance is correlated to the database so that
information concerning properties in the vicinity of the truck is
automatically displayed on the display screen located in the truck.
Thus, as a truck passes a particular commercial real estate
building, information pertaining to that building is displayed, and
the operator can determine whether additional information has to be
gathered or whether information obtained in the database should be
modified. The important thing is that the system automatically
retrieves and displays the entirety of the currently available
information so that the operator can determine if pieces of
information are missing or need to be updated.
[0237] The mobile information gathering system of the present
invention has other applications as well. For example, a similar
device is used in connection with residential real estate listings
to display pertinent information and directions to the nearest
available home for sale. The pertinent information could include,
for example, photographs that pop-up on the display as the mobile
information-collecting device travels. Likewise, the system
displays information concerning merchants, service providers, or
tourist attractions within a particular area in a non-commercial
setting. For example, the GPS in a passenger car is linked to a
database that contains information about local merchants, such as
restaurants. As the driver approaches these restaurants, the system
displays advertisements or other information pertaining to the
restaurants.
[0238] Thus, in accordance with the present invention, the system
provides location-sensitive real estate information automatically
and performs other useful tasks by correlating a vehicle's
instantaneous position to data stored in a remote database. The
system identifies geographically pertinent information and
transmits the geographically pertinent information to the vehicle
for display on the display panel within the vehicle or, perhaps,
for audio announcements to the vehicle occupant.
[0239] System Architecture
[0240] FIG. 1 shows the overall system architecture of a preferred
embodiment of the present invention. As shown, the principal
components of the system architecture include data sources A10, a
contact management system A14, data mining applications A12, a core
data warehouse A16, database processes A18, and Internet
integration applications A20. Broadly stated, contact management
system A 14 directs data mining applications A12 to obtain
commercial real estate information from data sources A10; data
mining applications A12 gather, organize, and transmit the
information to core data warehouse A16; database processes A18
access the information from core data warehouse A16 and organize it
for manipulation by Internet integration application A20 (e.g., by
building database sets); and Internet integration application A20
presents the information to the end user for review and
manipulation by the user. In terms of input and output, data
sources A10, contact management system A14, and data mining
applications A12 represent the input side of the system
architecture, while database processes A18 and Internet integration
application A20 represent the output side to which an end user of
the system is connected.
[0241] Data sources A10 represent a vast network of entities
generating information about commercial real estate. Each entity
maintains information specific to the business or process in which
it is involved. Contact management system A14 directs the input
systems of data mining applications A12 to conduct continuous
pollings of data sources A10. By conducting continuous, periodic
polling of data sources A10, data mining applications A12 ensures
that core data warehouse A16 contains up-to-date information.
[0242] Data sources A10 include such data repositories as property
managers A22, proprietary databases A24, Internet A26, site
inspections A28, building owners A30, brokerage firms A32, REIT
filings A34, tenant canvassing A36, public records A38, and
comparable information research firms A40. Property managers A22,
building owners A30, and brokerage firms A32 maintain records on
the individual properties in which they are involved, concerning
such information as transaction histories and characteristics of a
property. To obtain this information, contact management system A14
supports communications (e.g., by telephone or email) between
representatives operating the present invention and the personnel
of property managers A22, building owners A30, and brokerage firms
A32.
[0243] Proprietary databases A24, Internet A26, and REIT filings
A34 are data source entities that require review by personnel
associated with contact management system A14 and data mining
applications A12. The personnel pull the pertinent information from
these data sources for gathering by data mining applications A12
and storage by core data warehouse A16.
[0244] Site inspections A28 and tenant canvassing A36 are data
source entities that target specific regions or properties on which
to obtain commercial real estate information. Typically, this
information is obtained manually by visiting a particular location
and recording observations and/or by using a mobile information
gathering system.
[0245] Public records A38 and comparable information research firm
A40 are automated data source services that digitally record
information and automatically transmit the information to data
mining applications A12.
[0246] Data mining applications A12 receives the information from
data sources A10 into separate modules or applications, including,
in a preferred embodiment of the present invention, property
information application A42, market analytics application A44,
tenant information application A46, assessment information
application A48, and comparables information application A50.
[0247] Property information application A42 and tenant information
source A46 receive information from property managers A22,
proprietary databases A24, Internet A26, site inspections A28,
building owners A30, brokerage firms A32, REIT filings A34, and
tenant canvassing A36. Assessment information application A48
receives information from public records A38. Comparables
information application A50 receives information from comparable
information research firm A40. As sort of a hybrid of property
information application A42 and tenant information application A46,
market analytics application A44 receives information from data
sources A10 through property information application A42 and tenant
information application A46 and conducts analyses of the data to
present historical evaluations of transactions.
[0248] Property information application A42 includes sales
information on properties, such as physical characteristics,
available space, selling price, and income expense statements.
Tenant information application A46 includes leasing information
such as lease turnover dates, average price per square foot, and
the types of tenant under lease. Market analytics application A44
draws on information from property information application A42 and
tenant information application A46 to analyze transactions over a
long period of time (e.g., ten years) to provide valuable
historical performance data. Assessment information application A48
includes property valuations, e.g., tax assessments. Comparables
information application A50 includes broad market information that
enables accurate comparisons of property values based, for example,
on type of building structure and geographic proximity.
[0249] Each of the modules of data mining applications A12 is
highly interrelated with other modules, such that a change of
information in one module necessitates a change of information in
another. For example, if tenant canvassing A36 learns that a tenant
has moved out of property A and into property B, tenant information
application A46 must note under the tenant's information the new
space the tenant occupies; additionally, and as a direct result of
the transaction, property information application A42 must note the
new vacant space in property A and the now occupied space in
property B. In turn, the adjustments in occupancy affect the
analysis performed by market analytics application A44, e.g., if
property A is now left with a low occupancy rate, it compares
unfavorably to other properties similarly situated. In addition,
considering the likely scenario that property B was occupied by a
previous tenant who moved elsewhere, the seemingly singular event
of the initial transaction (tenant's move from property A to
property B) is actually a part of a series of transactions through
the interrelated modules of data mining applications A12. As a
helpful analogy, data mining applications A12, with its group of
interrelated modules, is effectively an enormous accounting ledger
that tracks property space instead of dollars, and records a series
of related transactions in zero-sum fashion, akin to credits and
related debits. After recording a single transaction, the present
invention reconciles the entries in each interrelated module by
confirming that the interrelated entries are internally
consistent.
[0250] As data mining applications A12 receive real estate
information from data sources A10 and process the impact of that
information through the modules or applications, the information is
stored and constantly updated in core data warehouse A16. Database
processes A18 access this data from the output side of core data
warehouse A16 and create database sets compatible with formats
required by Internet integration application A20. Internet
integration application A20 manipulates the database sets in
response to commands from a user, and presents the results of
database manipulations, e.g., search query results, to the user in
the form of graphical user interfaces. The specific manipulations
executed by Internet integration application A20 are described
below in more detail under the subheading "Detailed
Description--Website Operation."
[0251] FIG. 2 is a schematic representation of the mobile
information gathering system and related system architecture. As
shown, the mobile information-collecting device is a truck 100 that
is equipped with a GPS system 110 and a link for data transmission
(through wireless network 120, the Internet 130 and/or by express
shipping 140) to the databases 200 of the system of the present
invention which are shown at a dispatch center 170. The device
(truck) 100 further includes a display screen, audio output and
data input device (here in the form of a portable computer 105),
and can also include a web camera 115 that transmits a continuous
"driver's eye" view to the dispatch center 170. Other equipment
includes digital camera 112, wireless telephone 114, and other
computer and communication equipment.
[0252] The system is designed such that the location of the truck
or other mobile information gathering device 100 at any particular
instance is correlated to the database 200 so that information
concerning properties in the vicinity of the truck is automatically
displayed on the display screen located in the truck. Thus, as a
truck passes a particular commercial real estate building,
information pertaining to that building is displayed, and the
operator can determine whether additional information has to be
gathered or whether information obtained in the database should be
modified. The important thing is that the system automatically
retrieves and displays the entirety of the currently available
information so that the operator can determine if pieces of
information are missing or need to be updated.
[0253] As shown, in the context of the system of the present
invention, the mobile data gathering and dissemination vehicle 100
is coordinated by a central system 170 for tracking and dispatch of
mobile vehicles 100. Using a multiple network access and routing
device 180, the system employs least cost routing for data transfer
system for transmitting data from the mobile vehicle. The mobile
data gathering and dissemination vehicle plays an important role in
quality control and synchronization of data stored in data sources
by periodically verifying and filling gaps in the data stored in
the databases. The system also cross checks data sources and
prompts the input agent (whether in the field or a central office)
to make necessary changes in databases affected.
[0254] An important and more widely applicable aspect of the
present invention is correlation of data stored in a remote
location to vehicle position in real time. This feature is
applicable in the context of commercial real estate, residential
real estate, and as part of a merchant directory. For example, a
similar device can be used in connection with residential real
estate listings to display pertinent information and directions to
the nearest available home for sale. Likewise, the system could be
used to display information concerning merchants within a
particular area in a non-commercial setting. For example, the GPS
in a passenger car could be linked to a database that contains
information about local merchants, such as restaurants. As the
driver approaches these restaurants, the system could display
advertisements or other information pertaining to the
restaurants.
[0255] Thus, in accordance with the present invention, the system
is able to provide location-sensitive real estate information
automatically and perform other useful tasks by correlating a
vehicle's instantaneous position to data stored in a remote
database to identify geographically pertinent information and by
transmitting the geographically pertinent information to the
vehicle, by for example displaying the information on the display
panel within the vehicle or by playing audio announcements of the
information.
[0256] In the context of commercial real estate, the mobile
information collection and dissemination system for correlating
data to a vehicle's location and for transmitting the data to the
vehicle in real time includes the vehicle 100 equipped with
equipment for both transmitting and receiving data. The vehicle
position is preferably determined by GPS and the system links GPS
data to real estate information. The system intelligently
correlates vehicle position to real estate data, retrieves the
appropriate real estate data as the vehicle travels and then
transmits information back and forth over a network, preferably the
global information network (i.e., the Internet or web). As the
vehicle drives down the street, pictures of the buildings are
automatically displayed on a display screen. The user need not
search, because the information just pops up on the display screen.
This information could include, for example, descriptions and
photographs of buildings. The data changes automatically as the
user drives down the street. The user (in this example a field
researcher) is prompted to gather and transmit information that is
missing.
[0257] In addition to using the system of the present invention to
research properties, the system brokers or customers could use the
system such that as the broker or prospective tenant drives around,
the information on the property nearest them comes up. Such a
system is also useful for residential real estate brokers.
Naturally, access to data and the amount of content provided must
be tailored to the particular user to address security and market
concerns. Using data available on the database of the present
invention, however, the system could provide a virtual tour of a
commercial building. The same approach could be employed in the
residential context provided one had access to a database of
residential property information.
[0258] Linking position data to commercial information is valuable
in other contexts as well. For example, position location
information could be correlated with information concerning
commercial establishments, such as restaurants, for advertising or
directory assistance purposes. In context of advertising or
marketing, the system intelligently correlates vehicle position to
merchant data, retrieves the appropriate merchant data, and then
transmits information back and forth over a network, preferably the
global information network (i.e., the Internet or web). As the
vehicle drives down the street, ads, promotions, tourist
information, or other merchant or general interest information,
including pictures of the buildings, are automatically displayed on
a display screen. The user need not search nor do anything, as the
information just pops up. The data changes automatically as the
user drives down the street. The system operator could sell
advertisements to be displayed in cars via GPS. The information may
be audio and/or a visual on a screen.
[0259] The system also stores the recent history or sequence of
vehicle movement so that the speed and the direction of movement
can be ascertained. Direction of movement information is useful in
the real estate information gathering and display context since it
helps the central system track, dispatch, and route mobile
vehicles. Direction of movement information is useful in the
merchant directory/advertising/mark- eting context since the
direction of movement affects the geographic desirability of
commercial establishments. For example, if a user is driving 80
miles an hour going South, restaurants that are 5 miles back are
not as desirable as restaurants that are 5 miles ahead
(establishments 5 miles East or West are also not too desirable).
Thus, as the vehicle moves the system preferably takes speed and
direction of travel into account when correlating data such as ads,
promotions, tourist information, or other merchant or general
interest information, including pictures of the buildings, with
vehicle position for display on the display screen.
[0260] The information to be retrieved and displayed to the user
based on the user's location can be stored locally with the user or
transmitted to the user from a remote database. As the display
content becomes data rich, however, storing the information locally
and keeping information uniform and current becomes difficult. For
this reason, transmission from a remote repository is preferred
whenever sufficient transmission bandwidth is available.
[0261] Linking position data to commercial information is also
useful in contexts other than the mobile vehicle. The system could
be used to transm it location sensitive real estate information to
a user's PDA or laptop computer, for example. For example, PDA's
such as those made by PalmT.TM. will soon have both a GPS
capability and a data transmission capacity. Using the system of
the present invention, information could be retrieved from the
database of the present invention and displayed on the user's PDA
or laptop computer based on the user's location. The information
can be stored locally with the user or transmitted to the user from
a remote database. For example, a user in Loudoun County
investigating a property, looking at 5 or 6 adjoining parcels could
have a Palm VII telling the user who owns the parcels around where
the user is standing, who the tenants are, what the rent is, and
what the sale points are.
[0262] System Operation
[0263] FIGS. 3-17 are slides that graphically depict the commercial
real estate market and the process for transactions within that
market, to provide the context in which a preferred embodiment of
the present invention operates.
[0264] Referring now to FIGS. 3 through 17, FIG. 3 shows the
electronic commerce segments involved in commercial real estate.
Specifically, there is a need for leasing information, sale
information, industry news, comparable sales information, tenant
information, information for marketing to professionals, and
information for marketing to corporations and software. These will
be described below. Concerning "for sale information," the
information will list what types of buildings are for sale.
Concerning leasing information, the information pertains to
buildings that are available for lease or to space within buildings
that are available for lease. Concerning industry news, the
information can be any of a wide variety of information that
provides industry professionals with news that they need.
Concerning tenant information, information will relate to the needs
and financial characteristics of commercial real estate tenants.
Analytic information relates to the types of information that real
estate investors or landlords use to assess the market and the
value of any particular property.
[0265] The commercial real estate market is enormous. Within the
United States alone, the collective value of commercial real estate
assets is estimated to be in excess of $4 trillion dollars.
Approximately one hundred thousand building sale transactions occur
each year. The value of these transactions is estimated to exceed
$300 billion. Every transaction involves multiple parties.
Notwithstanding the enormity of this market, the prior art system
for facilitating these transactions is enormously inefficient.
[0266] As shown in FIG. 4, the current prior art inefficiencies in
the market include the fact that only a fraction of the real
audience ever sees any particular property. In particular, the
conventional way of selling commercial real estate is through
buyers' brokers representing the buyers, and sellers' brokers
representing the sellers. Unlike the sale of single family homes,
the availability of high-value commercial real estate is not widely
advertised. This is because of the way that high-value commercial
real estate properties have typically been marketed in the past. In
particular, when a seller's broker is prepared to offer a seller's
building, the seller prepares a lengthy offering document and
distributes the lengthy offering document to a very small group of
select potential purchasers. These potential purchasers may be
thought of as being within the inner circle of the seller's agent.
This practice is so prevalent that if a potential buyer or buyer's
broker receives a building offering from a broker and the buyer's
broker or potential investor knows that they are not within that
sellers broker's inner circle, they will assume that all potential
buyers within the sellers broker's inner circle have passed on the
building and that the mere receipt of the building offering
indicates a building value that is tarnished in some way.
[0267] Other inefficiencies in the current prior art way of selling
commercial real estate include the fact that there is a significant
marketing expense involved since the marketing involves preparation
of lengthy documentation and because the system in place is not
highly automated.
[0268] Another inefficiency in the prior art is a basic economic
inefficiency of the market. Because the number of bidders is
limited, the price is lower than it might otherwise be if all
possible bidders or a greater number of bidders were allowed to bid
on the property. In addition, the current system is inefficient
because it is very time-consuming. Moreover, there is too much risk
and expense for the buyer, and buyers see only a fraction of their
options.
[0269] The commercial real estate process will now be described
beginning with the conventional prior art process for leasing
transactions. As shown in FIG. 5, from the vantage point of the
prospective tenant, the leasing transaction is basically decided
based upon three considerations: 1) Do I like this location? 2) Do
I like the building? and 3) Can I afford this rent? As shown in
FIG. 6, the main tool used to convey a space for a lease
opportunity is a one-page flyer. Thus, the conventional prior art
marketing approach for marketing a property for leasing is to
distribute 300 to 500 one-page flyers locally, as shown in FIG.
7.
[0270] In contrast, the prior art investment sales process is
considerably more complex. To begin with, there are many more
considerations as summarized on FIG. 8. These include: 1) Is this
the right type of property?; 2) Do we invest in properties in this
area?; 3) Is this building leased up enough?; 4) When do the
tenants' leases expire?; 5) Are these good credit tenants?; 6) Does
this building have enough income?; 7) When these tenants' leases
roll, will I get good rents?; 8) Does this market have a low
vacancy rate, such that I can re-lease quickly?; 9) When I have to
re-lease, who will my competitors be?; 10) Based on other sales in
this area, is this a fair price?; 11) What multiple revenues are
other buildings selling for?; 12) Can I get reasonable financing
for this property?; 13) Will the seller accept an offer of $35
million?; 14) Will the seller accept these legal terms of sale?;
and 15) Did my engineers find structural or environmental flaws?
Because of the complexity of issues that must be considered, the
main tool used in the prior art to convey a major commercial
property investment sale opportunity is the investment package,
which typically is a document on the order of 100 pages, as shown
in FIG. 9.
[0271] FIG. 10 shows the relative comparison between commercial
leasing and investment sales. As noted before, in the case of
commercial leasing, the main tool is a one-page flyer that
typically costs $1.00 to $3.50 per copy. In contrast, the main tool
for investment sales, i.e., the investment package, costs between
$125.00 to $250.00 per copy. The distribution of these books is
very different, as well. In particular, as shown in FIG. 11, if one
wishes to sell a particular building, the books are distributed to
a group of 30-50 sophisticated real estate investors and brokers
internationally.
[0272] Consequently, only several dozen buyers from a universe of
thousands get a copy of the "book," i.e., the investment package,
as graphically illustrated by FIG. 12. The select few buyers from
the universe of thousands that get a book are typically referred to
as the inner circle of the seller's agent as shown in FIG. 13. The
remaining universe of potential buyers that are not selected, i.e.,
that are not in the inner circle of the seller's agent, are
referred to as the outer circle, as graphically illustrated in FIG.
14.
[0273] As alluded to earlier, a distinctive characteristic of the
commercial real estate industry is what happens if a broker or
investor in the outer circle learns that the building is for sale
as graphically illustrated in FIG. 15. In this instance, the
property is immediately tarnished and the value of the property is
reduced. This is because the practice of distribution of the
investment book to only those buyers, agents, or investors within
the broker's inner circle is so prevalent that, if a buyer's broker
or investor that is not in the seller's agent's inner circle
receives a copy of the book, they will assume that all of the
individuals in the inner circle have passed on the property and,
for that reason, the property is tarnished, and the value is
reduced. Thus, for acceptance within the commercial real estate
community, the present invention includes a secure way of
controlling distribution.
[0274] FIG. 16 shows an example of the table of contents of a prior
art investment book for a high-value commercial property. As shown
therein, the investment book typically includes an investment
summary, a property description, a market overview, a competitive
leasing analysis, information concerning comparable sales,
information concerning tenancy, and a financial analysis. In a
conventional setting, all of this information is supplied by the
seller--an interested party. Because the seller has an interest in
selling the property, this information is naturally suspect. Thus,
notwithstanding the tremendous amount of effort that is necessary
to compile the information, the information is ultimately of little
value to a potential buyer, and must be verified with an objective
provider of real estate information, or independently verified.
[0275] FIGS. 17-34 are slides that graphically depict a preferred
embodiment of the system and method for collection and distribution
of information according to the present invention. This system and
method operate within the above-described commercial real estate
market and transactional process.
[0276] An important aspect of the present invention is the
provision of networked databases that can provide much of the
information required in the investment book. FIG. 17 illustrates
networked databases of a preferred embodiment of the present
invention correlated to the typical contents of a prior art
investment book.
[0277] Referring to the graphical depiction in FIG. 18, the system
of the present invention will now be described. In the figure, the
system of the present invention is referred to as COSTAR
EXCHANGE.TM.. COSTAR EXCHANGE.TM. is a system that allows owners to
list their properties for sale on an Internet website at no cost. A
generation of the product is derived from a master database,
incorporating much of the data from, for example, tenant and
property databases, but emphasizing the sales process as opposed to
the listing process. Emphasized information includes tenant
information, leasing information, and income and expense data.
[0278] The system, i.e., COSTAR EXCHANGE.TM., is intended as a tool
for facilitating commercial real estate transactions of various
forms, as illustrated in FIG. 18. In particular, the system can
facilitate transactions between owners' and buyers' brokers,
transactions between owners' brokers and buyers' brokers and
transactions between owners' brokers and buyers. The system
currently contemplated would not be used to facilitate direct owner
to buyer transactions, as indicated by the arrow passing directly
from owners to buyers that that does not involve the COSTAR
EXCHANGE.TM..
[0279] In accordance with the present invention, the system
operator, in this case, COSTAR, maintains a database. The database
is preferably accessible through the global information network,
i.e., Internet or web. In accordance with the invention, property
owners list their properties for sale in COSTAR's database without
being charged. As indicated in FIG. 19, owners list properties in
the database typically through a seller's broker that has a trusted
relationship with the system operator of the COSTAR EXCHANGETM.
Indeed, for properties worth more than $5 million, there is
preferably a contractual arrangement between the system operator
and the seller's broker specifying, among other things, a
non-disclosure agreement. In the system of the present invention,
the system operator designates a team leader to interact with each
of the seller's brokers.
[0280] For certain properties, it is critically important that
distribution of the information pertaining to the property be
strictly limited. To most closely replicate the conventional system
under which the seller's broker has complete control over to whom
the property is "shown," the system includes means for limiting
distribution of information on the website. More particularly, the
seller's broker that has listed the property has complete control
over who has access to the information pertaining to the property
that they have listed. In the currently preferred embodiment, the
seller's broker works with the team leader to designate individuals
that are to receive the information pertaining to the property.
This would typically be those buyers or brokers within the "inner
circle" of the seller's broker.
[0281] As shown in FIG. 20, the seller's broker has designated five
qualified buyers to receive access to the information on the
website. Often, these qualified buyers are not subscribers to the
general listing features of the system, and, therefore, do not have
the ability to learn of the property listing on the system.
[0282] Once the seller's broker designates the qualified buyers,
the system operator sends to the qualified buyers, preferably by
overnight courier, an electronic ID, along with instructions for
accessing the system. The qualified buyers use the electronic key
to gain access to property listing.
[0283] Optionally, before the qualified buyers are allowed to view
the information pertaining to the property, the system requires the
qualified buyers to first enter into a confidentiality agreement.
Preferably, the qualified buyers enter into the agreement by
electronically executing and submitting an online confidentiality
agreement as indicated in FIG. 21. Executing and submitting the
confidentiality agreement could occur, for example, by
clicking-through an "accept" button for an agreement posted online
or by exchanging electronic documents having electronic signatures.
Upon receipt of the executed confidentiality agreement, the system
operator allows qualified buyers to access the information
pertaining to the property, using the electronic key as described
hereinafter. FIG. 22 graphically indicates that the qualified
buyers now have access to the system by showing the buyers with
their blindfolds removed.
[0284] In accordance with another aspect of the present invention,
the system operator has a plurality of clients (i.e., subscribers),
who presumably are paying for access to information on the COSTAR
EXCHANGE.TM.. These exchange clients are active buyers and brokers
of buyers of investment properties. Since COSTAR EXCHANGE.TM.
preferably lists a wide variety of properties, including many
properties that are not subject to the confidentiality concern,
these exchange clients are assumed to routinely query the system
for properties meeting certain descriptions, and, indeed, the
system allows such queries.
[0285] In accordance with an important aspect of the present
invention, when a confidential property meets the needs of one of
these exchange clients, that fact is indicated in a general way
without providing information that would allow the exchange client
to easily identify the specific property. In other words, the
exchange client is notified that there is a property in a
particular city meeting the exchange client's requirements, but he
is not told what that property is or who the seller's broker is. As
clients of COSTAR, however, exchange clients all have access to the
system as indicated by the graphical depiction of the ID key. Thus,
in FIG. 22, the exchange clients are shown as a second ring of
potential buyers that do not yet have access to the specific
information concerning the building, as indicated by the
blindfolds, but can learn of its existence.
[0286] In accordance with an important aspect of the present
invention, if one or more of the clients are interested in learning
more about the property, they can indicate their interest through
e-mail or alternative communication directed to the system
operator. The system operator will then forward the inquiry to the
seller's broker so that the seller's broker can determine whether
or not the particular client will receive access to the
information. In the example shown in FIG. 22, the seller's broker,
in response to the query, has determined not to disclose the
details of the property to the exchange client that requested
information. This "no" answer is conveyed, by the system operator,
to the exchange client that raised the request, as indicated by
arrows in FIG. 22. The system, therefore, does not divulge the
property listing to the denied client.
[0287] FIG. 23 shows an alternative arrangement in which the
seller's broker has indicated "yes" to the request for information.
In response to this "yes" indication, the system operator grants
the accepted client access to the property listing.
[0288] Optionally, before the system grants the accepted client
access, the system provides the newly authorized potential buyer
with a confidentiality agreement. After executing and submitting
the confidentiality agreement, the system allows the newly
authorized potential buyer to access to the listing for that
property. Preferably, the newly authorized potential buyer enters
into the agreement by electronically executing and submitting an
online confidentiality agreement. Executing and submitting the
confidentiality agreement could occur, for example, by
clicking-through an "accept" button for an agreement posted online
or by exchanging electronic documents having electronic
signatures.
[0289] FIGS. 24 and 25 illustrate this aspect of the present
invention. FIG. 24 shows, graphically, the confidentiality
agreement being provided to the newly authorized buyer. FIG. 25
shows that having executed and submitted the confidentiality
agreement, the newly authorized buyer moves into the inner circle
and has his blindfold removed so that he can see the information.
In this way, the pool of qualified buyers can be greatly increased,
but the seller's broker still maintains complete control over who
is allowed to see the listing. Thus, the present invention allows
the seller's and seller's brokers to access a far greater pool of
qualified buyers without the highly undesirable act of distributing
the information to all interested parties.
[0290] It will naturally be appreciated that this system of
information distribution is useful in contexts other than the
commercial real estate context, such as purchases of business
enterprises.
[0291] In accordance with yet another aspect of the present
invention, the listings on the system are made available not only
to qualified buyers and clients of the system, but to all potential
buyers so as to encompass an extremely wide pool of potential
buyers.
[0292] In the preferred embodiment of the present invention, the
pool of potential buyers that are not clients of the system is
given limited access to the database and can be allowed more
detailed access on a pay-per-view basis, for example. As indicated
in FIG. 26, this large pool of buyers does not have detailed access
to the listing, but could be allowed access, or the opportunity to
gain access to learn of the existence of the listing. The lack of
detailed information, is, again, indicated by the blindfold on the
depiction of the potential buyer in FIG. 26.
[0293] In accordance with the preferred embodiment of the present
invention, the more wide spread dissemination of the information
may be delayed for a period of time to allow preferential access to
persons within the seller's inner ring, or to exchange clients.
This is not required, however, and the pool of potential buyers
could be extended immediately.
[0294] As shown in FIG. 27, through COSTAR EXCHANGE.TM., the
existence of a listing, without the details of the listing, is
disseminated to the entire pool of potential buyers as shown by the
broken arrows. Any interested buyers can send an expression of
interest or a request for information query back to the COSTAR
EXCHANGE.TM., and, since these potential buyers are not current
clients, the system operator obtains a profile of the potential
buyers and transmits the request along with the profiles to the
sellers brokers for a determination of which, if any, of the
requesting potential buyers should receive access to the
information.
[0295] As before and as shown in FIG. 28, for those buyers to which
the seller's broker has authorized distribution of the information,
a packet containing an ID key is sent to the potential buyer. As
shown in FIGS. 29 and 30, after first executing and submitting
confidentiality agreements (if so required), these potential buyers
are moved into the inner circle of qualified buyers who can obtain
access to property information. FIG. 30 depicts these potential
buyers moved into the inner circle with their blindfolds removed.
In this way, the entire pool of potential buyers can be brought
into the bid process, but only to the extent authorized by the
seller or seller's broker.
[0296] It should be apparent that the system of the present
invention provides numerous benefits and creates great efficiencies
in the commercial real estate market.
[0297] The benefits to the seller or seller's broker include the
fact that the listing service is free. In addition, the
distribution of information leading to their property is highly
secure and controlled closely, and is at the seller or seller's
broker's complete discretion. In addition, the system broadens the
reach of their offering without tarnishing the value of the
offering. The system also allows the development of a private buyer
network, i.e., allows the seller's broker or seller to increase
their inner ring of buyers by identifying new qualified buyers with
whom the seller's broker or seller may not have previously had a
relationship. In addition, the system greatly accelerates the
transaction and brings buyers that are more qualified into the
system, which is likely to provide a more competitive market for
the seller and, thus, bring the seller a higher price. The benefits
are summarized in FIG. 31.
[0298] As indicated in FIG. 32, the system also provides benefits
to qualified buyers. In particular, in the current system, the
qualified buyer may have access to only the properties of select
agents that place that qualified buyer into their inner circle.
And, in connection with the present invention, the persons within a
particular participating seller's inner circle are allowed access
to a single property on COSTAR EXCHANGE.TM.. However, there is a
great benefit for potential buyers to become clients of the system,
in that they will have access to over 40,000 properties.
[0299] There are numerous possible sources of operating revenue for
the system operator using the system in the present invention. In
particular, as summarized in FIG. 33, the system operator can
obtain revenue through a subscription service by charging for
access to the system. In addition, the system operator can obtain
revenue through banner advertising and lender referral fees. In
addition, the system operator could obtain revenues through
buyer/seller matching fees, click-through revenue, and fees for
enhanced listings on the database. Also, the system operator
obtains value through information posted onto the system since it
memorizes the cost of independently obtaining such data.
[0300] In accordance with the present invention, the ID key (shown
in FIG. 34) includes a unique serial number printed on the back and
generates a six-digit password that changes at a predetermined
frequency, preferably once every minute. Thus, the user's ID is
always changing so that it provides a high level of security.
[0301] The system of the present invention also facilitates
mortgage lending. For example, using the information concerning the
building characteristics and the information concerning prospective
borrowers that is maintained within the system, the system
facilitates matching borrowers with lenders. Alternatively, the
system can list all available lenders, either generally or only
those lenders that are willing to borrow money from a particular
property, and the borrower can click on a particular lender and
obtain information or submit information for loan pre-approval. In
addition, the system functions as a due diligence tool for lenders,
providing the information necessary to determine whether to provide
a loan to buy a building, based on information about the
building.
[0302] As a further aspect of the present invention, a lending
product is provided on COSTAR EXCHANGE.TM. that lists every lender
that CoStar tracks. The present invention enables customers to
click on a lender's name in the list to request a free package of
materials free from that lender. COSTAR EXCHANGE.TM. facilitates
this communication between the customer and a prospective
lender.
[0303] The remaining figures illustrate a graphical presentation
and description of the present invention, as well as a series of
screen images presented during operation of the invention. The
screen images provide a self-evident and exemplary description of
the flow through the system by a user as detailed hereinafter.
[0304] Website Operation
[0305] In a preferred embodiment, the website operates in the
following manner. Through an Internet connection provided by an
Internet service provider, a user enters the Internet address of
the present invention to access the website of the present
invention. To ensure secured access, the website presents the user
with a login page, requesting a user name and password. Once the
user enters an authorized user name and password and agrees to the
Terms of Use, the website presents a homepage, as shown in FIG. 35,
with the following features. One section of the homepage includes a
menu 100 with labeled buttons, such as `News,` `Market Trends,`
`Events,` `Products,` `Company Information,` `Stockholders,`
`Technical Support,` `Contact Us,` `Employment,` and `Site Map.` By
clicking on a button, a user can obtain more information and
further sub-menus on the labeled topic. Another section of the
homepage lists summaries of news articles 102 related to the
commercial real estate industry. In this section, the homepage
provides additional buttons and links to further information
concerning the news articles. The final section of the homepage
presents a group of structured tabs 104 that a user can click
through to access the functions of the present invention. The
structured tabs subdivide the functions of the present invention
into four categories: (1) For Sale, (2) For Lease, (3) Tenants, and
(4) Sale Comps.
[0306] Under the For Sale structured tab, a user has three primary
functions 106 and several secondary functions 108. The primary
functions 106 are represented by buttons through which the user can
click to access the functions. The three primary functions are
Lookup Property, Search Database, and Add Listing. The secondary
functions include, but are not limited to, Saved Searches, Alerts,
Membership, Professional Profile, Demonstration, Frequently Asked
Questions (FAQ), Confidential Listings, Buyer-Seller Match, Forms
& Contracts, and Help.
[0307] By clicking through Saved Searches, a user can view a list
of searches that were previously saved, as shown in FIG. 36. The
list includes a description of the search, the date and time the
searches were created, and whether or not an alert notification was
activated (to be described below). A user clicks on the description
of the search to view the results of that search. A user can also
change the alert notification of a search by clicking the check box
on the list. Finally, a user can delete a search by clicking on a
delete button (not shown).
[0308] Returning to the homepage, under the For Sale structured
tab, clicking on the secondary function Alerts presents the user
with that user's Alert settings as shown in FIG. 37. The present
invention monitors the saved searches and alerts a user when new
listings are added that match the existing saved search criteria.
There are four Alert settings: (1) an on/off indicator to activate
or deactivate the Alert feature, (2) the number of saved searches
being monitored and which individual searches are being monitored,
(3) the e-mail address to which the Alerts are sent, and (4)
frequency with which alerts are sent (e.g., once per day). From the
Alert Setting page, a user can click on the appropriate buttons for
each of these settings to change them as desired.
[0309] Returning again to the homepage, by clicking through the
secondary function Membership, a user can view his or her
membership status. Also from the homepage, by clicking on the
Professional Profile secondary function a user can access her
professional profile, as shown in FIG. 38, which includes
information that the present invention uses to customize operation
of the website according to a user's particular professional
background in commercial real estate. The profile information is
used to alert the user to new or updated properties of the website
operation, which the user might find useful. On the Professional
Profile page, the present invention presents various data entry
fields prompting for such information as the user's name, title,
company website, business e-mail address, and other contact
information. The Professional Profile page also asks for
information describing the user such as the type of customer the
user is (e.g., owner, individual, investor, corporate, or seller),
the type of property the user is typically interested in
purchasing, the investment range the user anticipates, the type of
financing the user will use (leveraged or all cash), the locations
in which the user is interested, recent transactions completed by
the user, and the annual transaction activity targets of the user.
The Professional Profile page also enables a user to indicate
interest in subscription membership, listing properties, and banner
advertising.
[0310] Returning to the homepage, under the For Sale structured
tab, a user can click through the Demonstration button to view an
example operation of the website for tutorial purposes. Also from
the homepage, a user can click through the Frequently Asked
Questions, or FAQ button, to view more information for tutorial
purposes.
[0311] From the homepage, under the For Sale structured tab, a user
can click through the Confidential Listings button to view real
estate information maintained in secured access. After the
Confidential Listings button is clicked, the website presents a
Proprietary Listing Information access page, as shown in FIG. 39.
The website maintains secured access to the proprietary listings. A
user must enter a valid password and have a professional profile on
file. In this manner, the present invention can forward the user's
(potential buyer) information to the listing entity to initiate the
unique buyer-seller matching feature. Once the user enters a valid
password, the website displays a Request Pending screen, as shown
in FIG. 40, and contacts the listing entity to request access for
the user/buyer. As shown in FIGS. 41 and 42, the website returns a
results page indicating whether the listing entity has approved the
user's/buyer's request. FIG. 41 shows access that has been limited,
while FIG. 42 shows access that has been withheld. If access is
approved, admitting the buyer into the "inner-circle," the website
presents the subject property on a Property Details page (described
below).
[0312] Also from the homepage under the For Sale structured tab, a
user can click through the Buyer-Seller Match button to view real
estate listings that match buyer criteria or seller criteria. Also
from the homepage, a user can click through the secondary function
of Forms & Contracts to view, download, and print standard
documents used in the commercial real estate industry. This feature
also autopopulates the documents with appropriate buyer, seller,
and proprietary information.
[0313] Finally, under the secondary functions listed on the
homepage under the For Sale structured tab, a user can click on the
Help button to receive technical information concerning the
operation of the website as well as administrative information
concerning enrollment in the use of the present invention.
[0314] Turning attention to the primary functions of the For Sale
structured tab, by clicking on the Lookup Property button on the
homepage, a user can search for a particular property. After
clicking through this button, the present invention presents a
Property Lookup page, as shown in FIG. 43, which asks for the
property address, property name, listing number, building park,
city, sub-market or listing company of the property to be found.
The Property Lookup page also asks the user for the state in which
the property is located. As an example of a property lookup, a user
can enter the name "Park Place" in the data entry field for the
property name. Then, when the user presses a Get Results button,
the website returns a property lookup results list listing (FIG.
44) all of the properties in the database with the name "Park
Place." The property list includes information such as address,
city, state, price, square foot size, price per square foot, cap
rate, and type of property (e.g., office, industrial, and land). As
an example of another property lookup, to narrow the search, a user
could specify the state in which "Park Place" property resides, for
example, New York. With this search criteria, upon clicking through
the Get Results button, the user would view a property lookup
results list containing only the entry that reads "790 Park Place,
Long Beach, N.Y. " in FIG. 44. After entering the search criteria
and viewing the property lookup results list, a user can
double-click on a property listing to obtain the details about that
property, including an overview of the property, financial
information, tenant information, market statistics, comps, and a
map of the area in which the property resides. During operation of
the property lookup function, the present invention provides a menu
on the screen for ongoing options such as Return to Homepage, Print
Results, or Enter a New Lookup Criteria.
[0315] Returning to the homepage under the For Sale structured tab,
the second primary function is Search Database. After clicking on
the Search Database button, the user activates a series of web
pages that execute the search function of the present invention,
beginning with the page shown in FIG. 45. The search function is
broken down into six steps by which a user enters search criteria
and receives results. Each web page of the search function presents
six buttons 1102 that can be clicked through to access the six
steps of the search function. Each web page also includes general
function buttons 1104, including a button to return to the
homepage, a New Search button, a Saved Search button, a Results
button, a Help button, and a Go to the Next Step button. The six
steps of the search function include five steps for entering search
criteria and a sixth step for obtaining the results of the search.
The search criteria for steps one through five include property,
location, price, size, and market. The general function buttons
1104 can be activated during any step, such that, e.g., a user can
specify search criteria for only the first two steps, and then can
skip directly to obtaining results. Also, a user can skip back and
forth between steps to revise information (the steps do not have to
be completed in order).
[0316] The web page corresponding to Step One, Property Type,
presents six options or categories of property types from which to
choose. These property types include office, industrial, retail,
hospitality, multi-family, and land. From this Step One page, the
user has the option of selecting a property type by clicking on one
of the six categories of property types or skipping the selection
of a property type by clicking on the Location button or the Go to
the Next Step button.
[0317] The web page corresponding to Step Two of the search
function (FIG. 46) asks the user to select a geographic method by
which to search the database or to select the option of conducting
a global search. The geographic methods by which a user can search
the database include searching by region, state, market, county,
city, or sub-market. The user can proceed to the next step of the
search function by clicking on one of the six categories of
geographic search methods, by choosing to conduct a global search,
or by skipping a preferred geographic search method by clicking on
the Step Three Price button or the Go to the Next Step button. If
the user chooses to use a geographic search method, the website
presents another page asking for more detail on that search method.
For example, if the user chooses to conduct a regional geographic
search, the present invention presents a map showing each region,
as shown in FIG. 47. The user clicks on a region to narrow the
search to within that region. Similarly, for the state, market,
county, city, and submarket categories, a user chooses a particular
state, market, county, city or sub-market to narrow the search.
After selecting a geographic method by which to search the database
or selecting a global search, the user moves on to the next step of
the search criteria: Step Three Price.
[0318] Step Three of the search criteria allows a user to specify
the financial conditions for the search. The user can choose both
high and low ranges for the price categories or just one condition.
As shown in FIG. 48, the price conditions are broken down into four
categories: key indicators, annual income values, financing, and
assessed values. Under key indicators, the user can specify a sale
price, a price per square foot, and a cap rate. Under annual income
values, a user can specify gross income, net operating income, and
pretax cash flow. Under the financing heading, a user can specify
down payment, loan amount, and loan payment in either annual or
monthly terms. Under the assessed values subheading, the user can
specify assessed land value, assessed improvement, and total
assessed value either in total amounts or per square foot. Also
under the assessed values subheading, the user can specify the
ratio of land to improvements and the ratio of asking price to
assessed value. Once the user has chosen values for the price
conditions or has chosen to skip Step Three, the user proceeds to
Step Four by clicking on the Go to Next Step button or the Step
Four button.
[0319] As shown in FIG. 49, the web page for Step Four enables the
user to specify the size and features of the property for which the
user is searching. The data entry fields for this search criteria
are broken down into the subheadings: size, characteristics, and
company. Under the size subheading, the user can specify the total
rentable space in square feet, the typical floor size in square
feet, and the number of stories. Under characteristics, the user
can specify the year built, the year built or renovated, the total
available square feet, the percent leased, the asking rental rates
per square foot, the building class (e.g., A, B, or C), the type of
use (e.g., income property or owner/user), the occupancy type
(e.g., multi-tenant or single tenant), the building status (e.g.,
existing, under construction, or proposed), and whether to include
flex buildings in the search. Under the company subheading, the
user can specify the listing brokerage company and thereby limit
the search to that company. Once the user has entered the desired
data into the web page of Step Four, the user proceeds to Step Five
by clicking on the Go to Next Step button or clicking on the Step
Five button.
[0320] The web page for Step Five, as shown in FIG. 50, enables a
user to specify the market conditions of the user's desired
property. These market conditions are broken down into three
subheadings: vacancy and absorption, inventory ratios, and
inventory. Under the vacancy and absorption subheading, a user can
specify the vacancy rate in a region or submarket, the point
increase in the last 12 months in a region or submarket, the point
decrease in the last 12 months in a region or submarket, the 12
months' gross absorption in a region or submarket, the 12 months'
net absorption in a region or sub-market, and finally, the asking
rental rates per square foot in a region or submarket in annual or
monthly terms. Under the inventory ratios subheading, a user can
specify the ratio of net absorption to inventory in a region or
submarket, the ratio of gross absorption to inventory in a region
or submarket, and the ratio of under construction to inventory in a
region or submarket. Under the inventory subheading, a user can
specify the total building inventory in square feet in a region or
submarket, the average building size in square feet in a region or
submarket, the number of buildings in a region or in a submarket,
and the under construction in square feet in a region or submarket.
Once a user has entered the desired values in the data entry fields
of the Step Five web page, the user can return to other steps by
clicking on those buttons or can proceed to Step Six to obtain the
results for the search criteria. From the web page for Step Five, a
user can access Step Six by clicking on the Get Results button or
by clicking on the Step Six button.
[0321] The web page for Step Six lists the results of the search in
the form of a table, as illustrated in FIG. 51. The table includes
column headings such as address, city, state, price, square foot
size, price per square foot, cap, and class of property.
[0322] The web page for Step Six, as with the other steps, also
provides the user with the function buttons including Return to
Homepage, New Search, Save Search, Add Property, Remove Property,
and View Details. The New Search button enables a user to return to
Step One of the search function to choose new search criteria. The
Save Search button enables a user to save the search criteria to be
accessed, reviewed, and executed again later. In addition, by
saving the search criteria a user can establish an alert
notification that automatically notifies the user of a new listing
that satisfies that search's criteria. FIG. 52 shows the Saved
Search page displayed to a user who clicks through the Save Search
button. The Saved Search page prompts a user for a file name and
whether alert notification should be activated for the saved
search.
[0323] The Add Property button (FIG. 51) enables a user to add a
property to the search results table that did not initially meet
the search criteria but which the user would like to add to the
list for comparison purposes. The Remove Property button enables
the user to remove properties that did satisfy the search
requirements but that the user has determined to be undesirable.
Finally, a user can obtain details on a property listed in the
search results table by either highlighting the property and
clicking on the Get Details button, or by double-clicking on the
entry in the table. The web page for Step Six also provides a Print
button that enables a user to print out the search result
table.
[0324] Once the user has chosen to view details on a particular
property, the website presents an overview page (FIG. 53) listing
general information about the property, photographs of the
property, three dimensional images of the property, and maps of the
area in which the property is located. The overview page is one
tabbed page of six tabbed pages that are presented as part of a
Property Details page. Each tabbed page has a structured tab. The
structured tabs include Overview, Financial, Tenants, Market,
Comps, and Map.
[0325] Under the Overview structured tab, the general information
on the property is broken down into eight subheadings including
investment summary, highlights, property description, assessment
value, location, building team, transaction guidelines, and
"presented by." Under the investment summary subheading, the
Overview web page lists such data as the price, price per square
foot, cap rate, percent leased, building size, land area, year
built, and sale status of the property.
[0326] Under the highlights subheading, the Overview web page
provides a narrative describing the principal selling points of the
property.
[0327] Under the property description subheading, the Overview web
page lists such data as the building size, number of floors,
typical floor size, core factor, elevators, building class, land
area, lot dimensions, building FAR, zoning, percent leased,
available space, vacant space, number of tenants, average tenant
size, parking ratio, open parking, covered parking, parking spaces,
and parking rates. This section also provides an area for a
description of special qualities of the property.
[0328] Under the assessment value subheading, the Overview web page
lists such figures as land assessment, improvement assessment,
total assessment, property tax rate, annual property tax, and
property tax per square foot.
[0329] Under the location subheading, the Overview page lists the
property's metro market, county, submarket, and zip code. This
section also provides the map book and page on which to find the
property, the block/lot of the property, and the parcel number.
This section also provides an area for narrative comments about the
location.
[0330] Under the building team subheading, the Overview page lists
such information as the property manager, the developer, the
architect, and a contact person in charge of the building
information.
[0331] Under the transaction guidelines subheading, the Overview
page lists such data as the sales status, marketing, final offers,
contract signing, closing, active date, last update, and days on
market.
[0332] Under the "presented by" subheading, the Overview page lists
such information as the contact information for the broker or party
responsible for listing the property.
[0333] As shown in FIG. 54, under the Financial structure tab of
the Property Details page, the information is broken down into four
subheadings: financial overview, financial worksheet, income and
expense, and existing financing. Under the financial overview
subheading, the Financial page lists such data as the price, the
price per square foot, the use, and the cap rate. Under the
financial worksheet subheading, the Financial page lists such data
as the down payment, the new loan, the net operating income, the
loan payment, the pre-tax cash flow, the price, cap rate, down
payment, the interest rate, and the loan term along with a
Calculate button. Under this subheading, a user can change a field
in the worksheet and click the Calculate button to refresh the
values in each of the fields. In this manner, the present invention
enables a user to enter different financial criteria to determine
the impact on price terms, loan terms, and cash flow.
[0334] Under the income and expense subheading, the Financial page
lists such data as the gross income, other income, vacancy
allowance, operating expenses, net operating income, loan payment,
pre-tax cash flow, current asking rent per square foot, estimated
average rent per square foot, taxes, insurance, utilities, wages,
maintenance, management, miscellaneous reserves, total estimated
expenses, and estimated expenses per square foot.
[0335] Under the existing financing subheading, the Financial page
lists such information for the existing financing as lender, loan
payment, due date, loan amount, interest rate, and loan term.
[0336] As shown in FIG. 55, under the Tenant structured tab of the
Property Details web page, the information is broken down into the
subheadings: tenants tracked, tenant analysis, and tenant notes.
Under the tenants tracked subheading, columns of information
include suite, tenants, occupancy square foot, building percentage,
industry, expires, and estimated rent. The suite column lists the
suite a tenant occupies. The tenants column lists the name of the
tenant. The occupancy square foot column lists the number of square
feet the tenant occupies. The building percentage lists the
percentage of space in the building that the tenant occupies. The
industry column lists the type of business the tenant runs (e.g.,
health, media, and legal). The expires column lists the date the
lease expires for the tenant. The estimated rent column lists the
estimated rent the tenant is paying.
[0337] Each row under the tenants tracked subheading lists
information for individual tenants. At the bottom of the list of
tenants are totals for the entire building including tenant
subtotals, unspecified tenants, vacant space, and total building.
In this manner a user can conveniently determine the percentage of
space leased in the property, the percentage of unspecified tenants
leasing space in the property, and the total space leased by the
listed tenants.
[0338] Under the tenant analysis subheading, the Tenant web page
lists the number of tenants in the building, the average tenant
size, the average lease term, the estimated average rent per square
foot, the total percent occupied, the estimated rollover in the
next 12 months, the estimated rollover in the next 36 months, and
the current asking rent per square foot. Alternatively, the tenant
analysis subheading also links Dunn & Bradstreet.TM. ratings
and information.
[0339] Under the tenant notes subheading, the Tenant web page lists
any relevant narrative information about the tenants.
[0340] As shown in FIG. 56, under the market structured tab of the
Property Details web page, information is presented under three
subheadings: size/vacancy, inventory/absorption, and price/rate.
The information under the Market structured tab enables a user to
compare the commercial viability of the property against similar
properties in the same region and state. Under the size/vacancy
subheading, the Market web page presents such data as the number of
buildings, the total rentable space, the average building size, the
average tenant size, the average building age, the percent leased,
the number of available spaces, the total available space in square
feet, the average available space in square feet, the vacant space
in square feet, the average vacant space in square feet, the
vacancy rate, the vacancy YAG, and the vacancy rate v. the YAG.
[0341] Under the inventory/absorption subheading, the Market web
page lists such data as the total existing space in square feet,
the square footage under construction, the square footage under
renovation, the square footage proposed, the total rentable space
in square feet, the 12 month gross absorption in square feet, and
the 12 month net absorption in square feet.
[0342] Under the price/rate subheading, the Market web page lists
such information as the average asking price per square foot, the
average asking rent per square foot, the average asking rents YAG,
and the rent charge v. YAG.
[0343] As shown in FIG. 57, under the Comps structured tab of the
Property Details web page, the present invention lists sale
properties comparable to the subject property. The Comps web page
includes summaries of each comparable sale property with a
thumbnail picture 2302 and a button 2304 the user can click to
obtain full details on the property. Each summary includes such
information as the address of the property, the building class
size, the building size, the number of floors, the year built, the
buyer, the sale price, the price per square foot, the cap rate, and
the sale date. In addition, the summary includes the distance the
comparable sale property is located from the subject property. The
Comps web page also lists a series of buttons 2306 at the top of
the page corresponding to each category listed in the comparable
sale property summaries. By pressing one of these buttons, a user
can sort the comparable properties by the summary category
corresponding to that button. Thus, for example, if a user wishes
to sort the comparable sale properties by their distance from the
subject property, the user would click the Distance button. To view
a full-sized picture of the sale property, a user simply clicks on
the thumbnail picture. To open the Properties Details page for a
comparable sale property, the user simply clicks on the Full
Details button for that property. In addition, in a further
preformed embodiment, the comps structured tab includes a summary
of the subject property to enable side-by-side comparisons with
comparable properties by summary categories.
[0344] As shown in FIG. 58, under the Map structure tab of the
Property Details web page, the present invention provides maps,
pinpointing the location of the subject property with an icon or
other indicator. The Map web page also lists the address, the city,
the county, and the submarket of the property. The maps give the
user the ability to view the overall region in which the property
is located, as well as the ability to zoom in and out on the map of
the property.
[0345] Optionally, the map displays the locations of other for sale
and comparable properties using icons or other indicators.
Preferably, when the user drags the mouse pointer over an icon, the
system displays a pop-up window providing information on the
associated property, e.g., a photograph, square footage, and price
of the property. A user could then click through the pop-up window
to access more information about the property.
[0346] While a user is exploring the above-described six structured
tabs of the Property Details web page, the present invention
provides a function menu area 2402 (as noted in FIG. 58) including
next, back, results, remove, print, new search, and a numerical
listing of the property. The numerical listing corresponds to the
item number of the property in the list of the search results. For
example, a user may be viewing the property details for the 12th
property listed on a search list of 39 properties, i.e., 12 of 39.
The next function enables a user to view the next property listing
in the search results table. Thus, for example, the user could
click on the next function to view 13 of 39 after viewing 12 of 39.
Similarly, the back function allows the user to move to a prior
property listing. The results function allows the user to return to
the table listing the search results. The remove function enables
the user to remove a property from the search result table after
viewing the property details and determining that the property is
not desirable. The print function enables a user to print out the
property details of a particular property. Finally, the new search
function enables a user to return to the original six step search
function to commence a new search. A further preferred feature
provides on-screen and print reports such as a one-line summary, a
multi-line summary with photos, a one page report, and an
investment package (all data compiled in a paginated investment
package format).
[0347] Returning to the website homepage (FIG. 35), the third
primary function under the For Sale structured tab is Add Listing.
Upon clicking on the Add Listing button, the website presents the
user with a Building Questionnaire web page, as shown in FIG. 59.
The Building Questionnaire page asks the user to select the type of
property the user wishes to profile in the present invention. These
types of properties include such categories as `for sale`
properties and `for lease` properties. Within each of these
property types, the user can choose a particular class of property,
such as office or industrial.
[0348] Upon clicking a property and class type, the website
presents a data entry page as shown in FIGS. 60 and 61. The data
entry page prompts the user for basic building information. The
user enters the building information in searchable data fields such
as building address, city, state, zip code, county, building
status, building type, total rentable building area, and number of
stories.
[0349] As shown in FIG. 62, after completing the basic building
information, the Building Questionnaire prompts the user for suite
level information including such information as floor, smallest
square feet available, whether the total square feet is divisible
or is not divisible, and the maximum contiguous square feet on a
floor. The Questionnaire also asks for suite level information such
as the space type (e.g., relet/direct, new and sublet), the space
use (e.g., office, office/retail, retail, and medical), and
occupancy (e.g., 120 days, to be determined, and
vacant/off-market). From this page, a user can save the suite level
information by clicking through the Save button. Upon saving, the
website displays the page shown in FIG. 63.
[0350] As shown in FIG. 64, the next section of the office building
questionnaire prompts the user for information concerning the
listing contact such as the listing company, its telephone number,
its agents, and its e-mail address.
[0351] As shown in FIG. 65, the next section of the office building
questionnaire prompts the user for information about the building
team including such data fields as owner, architect, developer,
management company, property manager, asset manager, and the
various contact information for each of these entities.
[0352] As shown in FIG. 66, the next section of the office building
questionnaire prompts the user for information concerning marketing
notes and amenities such as an atrium, auditorium, nearby commuter
rail stations, dry cleaners, golf courses, and restaurants. A data
entry field for marketing notes accepts free-style narratives on
any special features that improve the value of the property and
enhance its attractiveness to buyers.
[0353] As shown in FIG. 67, the final section of the office
building questionnaire prompts the user for information on major
tenants in the subject property. This section includes data entry
fields for such information as major tenant name and square
feet.
[0354] Each of the above-described sections of the office building
questionnaire presents web page buttons that allow the user to move
back and forth between the sections of the questionnaire. On the
final section for major tenants (FIG. 67), the button Submit
Questionnaire allows a user to submit the questionnaire and exit
the Add Listing function of the present invention. After clicking
the Submit Questionnaire button, the web page presents the user
with a confirmation thank you page (FIG. 68), thanking the user for
submitting the office questionnaire and providing a tracking number
for the user's records. The confirmation page also informs the user
that a research analyst will be contacting the user shortly
concerning the listing. According to the overall process of the
present invention, once the research analyst contacts the listing
entity and confirms the validity of the information, that data is
entered into the database for access by the search function.
[0355] In a further preferred embodiment of the present invention,
FIGS. 69-71 illustrate a system and method for providing real
estate property information through a unique user interface. The
system and method link display elements on a user interface to a
real estate property database. Each display element represents a
specific real estate property. Proximate to each element, the user
interface includes a link (e.g., a Hypertext Markup Language (HTML)
link) to a data entry in the database corresponding to the specific
property. By selecting the display element (e.g., by clicking
through it with a mouse), a user can access the corresponding
information from the data entry in the database. Preferably, a user
selects the display element by dragging a mouse pointer over the
element, in which case the system automatically accesses the
corresponding information and displays it in a pop-up window.
Optionally, a user could also select the display element using a
touch screen, a voice activated response system, or any other type
of pointing or selecting device.
[0356] The preferred formats of the user interface and display
element include 1) a chart with textual listings of properties and
2) a map with icons or some other type of indicator to indicate
properties within the particular geographic area covered by the
map. FIG. 69 illustrates the chart format in which the textual
property listings are the display elements. In this example, the
chart of search results contains eight property listings. The user
has positioned the mouse pointer 691 over the listing "2 World
Trade Center" and has activated the link to a data entry in the
property database corresponding to the "2 World Trade Center." In
response, the system has displayed a pop-up window 692 containing a
photograph of the property.
[0357] FIG. 70 illustrates the map format in which the display
elements are icons or other types of indicators. In this example,
the icons are push-pins 700. The user has positioned the mouse
pointer 701 proximate to a particular pushpin 702 and has activated
the link to a data entry in the property database corresponding to
the "5 World Trade Center." In response, the system has displayed a
pop-up window 703 containing a photograph, address, and price of
the property.
[0358] Although these examples describe limited categories of
information displayed in the pop-up window, the information could
include any data available from the property database, including
media such as text, images, audio, and video. In addition, as a
further feature, after the display element is selected and the
pop-up window is displayed, the user can click on the pop-up window
to view a subsequent display containing more details about the
property. As an example, the information included in the pop-up
window and the subsequent display could include images of the
property, audio content relating to the property, video of the
property, and one or more textual details on the property, such as
the address of the property, the building class size, the building
size, the number of floors, the year built, the buyer, the sale
price, the price per square foot, and the cap rate.
[0359] In this further preferred embodiment, a user can easily
browse a chart of search results or a map of a particular
geographic area to learn about for property for sale or for lease.
Although FIGS. 69 and 70 present this embodiment of the present
invention within the context of searching for property for sale or
lease, the method of linking map indicators with geographically
pertinent database information, and especially photographic or
video information, is also applicable to other aspects of the
present invention, e.g., in looking up or searching for comparable
properties within a particular geographic area or for searching for
property listings limited to specific criteria. As an example, FIG.
71 illustrates using the map format of this embodiment of the
present invention to search property listings of a particular
broker, e.g., Coldwell Banker.TM..
[0360] FIG. 71 also shows an additional aspect of this further
preferred embodiment, in which the display elements carry an added
information content. In this manner, the user can recognize a
characteristic of the property even before activating the link
associated with the display element. For example, as shown in FIG.
71, different icons could signify different types of property, such
as office, industrial, and retail, corresponding to icons 750, 751,
and 752, respectively. Preferably, a legend 753 indicates to the
user the meaning of each icon. A user interested in the particular
listings of Coldwell Banker.TM., but only interested in purchasing
retail space, would browse the map looking for icon 752 and would
save time by dragging the mouse pointer only across that particular
icon.
[0361] As one of ordinary skill in the art would appreciate, this
aspect would work equally as well in the residential real estate
context, in which different icons could, for example, represent
condominiums, townhouses, and single family homes. In addition,
icons or other indicators can represent different characteristics
of a real estate property. For example, an indicator consisting of
a certain number of dollar signs (e.g., "$$$") could show that a
particular property is selling within a certain price range. A
legend could provide the particular price ranges to which each
number of dollar signs corresponds. As another example, the icon
could be the price of the property itself.
[0362] As suggested by FIGS. 69-71, the present invention provides
various user-friendly graphical user interface systems and methods
that are useful in displaying information retrieved from a
database. The graphical user interface features of the present
invention are described herein largely in the context of a database
containing data concerning real estate information and/or other
information of interest, including merchant information, tourist
information, service provider information, and the like, which is
correlated with geographic location information to allow data
pertaining to a particular geographic location to be retrieved. It
should be appreciated, however, that the user interface features
described herein are useful in other contexts as well, and that the
graphical user interface tools described herein have broad
applicability.
[0363] One user interface feature is the ability to provide
seemingly automatic retrieval of location-based information.
Underlying this seemingly automatic retrieval of location-based
information is a software enabled feature that allows the system to
retrieve one set of data in response to a user query or
predetermined system queries to the database, but to display only a
subset of the data retrieved (a first portion), while storing the
remaining data (a second portion) locally such as in a cache on the
user's computer. The portion of the data that is displayed (the
first portion) may be displayed in a text grid/spreadsheet/chart
format. Optionally, the data (the first portion) may be displayed
in a map format. A subset (but preferably not all) of the second
portion of data (i.e., the data that is retrieved and stored, but
not displayed) may then be automatically displayed in response to a
user input, such as passing a pointing device icon over a portion
of the text grid/spreadsheet/chart or over an icon on the map
display. More specifically, the user input selects a portion of the
displayed data (the first portion) and system then displays a
subset of the second portion of data that is relevant to the
selected portion of the first portion.
[0364] In the embodiment described herein, the data initially
retrieved includes digital images, address information, and price
information. The digital images are not initially displayed. The
address and/or price information of the properties is initially
displayed (in a text grid/spreadsheet/chart or map format) in the
display of the first portion of the data retrieved. The second
portion of data includes the digital images (if available) of all
the properties retrieved, but each image is only displayed when the
user "selects" a property as described above. The display is both
uncluttered with extraneous data (because most of the second
portion of data is NOT displayed) and user-friendly because the
relevant subset of the second portion of data is displayed quickly
without need for an additional database query.
[0365] The interface further includes a means for users to
optionally retrieve even further information from the database by,
for example, selecting (e.g., with a pointing device) text or an
icon representing the desired information. It should be understood,
however, that this graphical user interface feature is more widely
applicable and, indeed, can be used in connection with any system
in which there is an advantage to use of this display
technique.
[0366] In accordance with another graphical user interface feature
of the present invention, icons can be used to provide information
about the properties shown in the text grid/spreadsheet/chart or
map view of the user interface. In the map view, for instance, an
icon's location on a map provides geographic location information.
To provide further information, the icon may be in a shape or
appearance that conveys information concerning the type of
property, the cost of the property, or the identity of the broker
listing the property. Further, the icon may be a small digital
image (thumbnail image) of the property itself to convey further
information.
[0367] The graphical user interface features described herein may
be used in various combinations to customize functionality for
different purposes to leverage the use of the database. For
example, it is possible for the system operator to provide custom
content for individual brokers by using predetermined queries to
display only properties listed by a particular broker and by
displaying the information as an essentially seamless part of the
broker's web site. The hierarchical display of information
retrieved from the database can be used in other contexts where
display of too much information is confusing or impractical, and
resubmitting queries to get basic information is too cumbersome for
users. Thus, the present invention also provides graphical user
interface tools with broad applicability.
DETAILED DESCRIPTION OF DERIVATIVE EMBODIMENTS
[0368] According to another aspect of the present invention, the
system includes a method and system for listing and brokering a
commodity and its financial derivatives. The method begins by
identifying a plurality of characteristics of a particular
commodity such as commercial real estate, and then entering those
characteristics into a data processing system using a real-time
clock. Once the commodity characteristics are entered, an exchange
market for the commodity is established based upon a pre-selected
set of the commodity's characteristics. After market price for each
commodity listed in the database has been set, a class or classes
of financial derivatives can be established. Then, with the
establishment of derivative classes, a financial exchange market
for those derivatives can be established.
[0369] The characteristics of the commodity to be listed, and
subsequently traded, would preferably include: a geographic
location; a lease term start date range and a lease term end date
range; a building class (e.g., class A, B, C); a volume; and a
cost. These characteristics generally describe commercial real
estate, which is the broad class of commodity to be traded in the
preferred embodiment of the present invention.
[0370] The entry of the commodity into the data processing system
comprises several steps, these include: determining whether or not
the commodity is being identified to the data processing system for
the first time; and, storing the commodity characteristics in a
commodity database if the entry is indeed a first time entry. If
the entry is not a first time entry, then the status of the entry
with respect to being a candidate for purchase, sale, or trade
would need to be determined.
[0371] The description or characteristics of the derivatives would
be more general in context than that of the commodity itself and
could be described by a series of broad categories. These
categories might include: all commercial real estate available
during a particular time period in a particular region; all
commercial real estate of a certain class or cost; or, a
combination of categories. The broad characteristics of the
derivatives would comprise a Lease Space Equivalent Unit, or
LSEU.
[0372] The LSEU comprises a: common descriptive link between varied
commodity types; a time period (contract length) that runs from the
date of the contract to the performance date of the commodity; and,
a contract price. When entering the characteristics of the LSEU
into the data processing system, the system determines whether the
entry is being made for the first time. If so, then the
characteristics are entered into the derivatives database and an
identifier is issued. If the described derivative has been
previously entered into the system, then the system determines the
status of the derivative, with respect to whether or not that
derivative is being exchanged, sold, or traded.
[0373] The system which employs the method of the subject invention
comprises a number of elements that include: data processing means
for accepting and storing the parameters of the commodity available
for sale or exchange; data processing means for entering a
description of the commodity desired for purchase or exchange;
means for determining whether a match exists based upon a
comparison of the commodity offered for sale and that requested for
purchase or exchange; means for displaying the matched entry to a
system operator; means for selecting the matched entry for purchase
and/or exchange; means for determining a class of financial
derivatives based upon a pre-determined set of characteristics
resident in the commodity descriptions stored in the database; and
means for selecting a class of derivatives for purchase and/or
exchange.
[0374] The data processing means of the system, in turn, further
comprises a system controller. The system controller is comprised
of a number of elements, which include: a data processing system
and programs for the management of data; data entry means for
entering data into the data processing system; memory means for
storing data; and, communication means for communicating data
between the system controller and a plurality of input and output
points. The input and output points, for the input and output of
data, comprise: one or more commodity input points; one or more
commodity receiver points; one or more commodity brokerage points;
and, one or more derivative exchange points.
[0375] The system for implementing this aspect of the present
invention can be a known system, such as that shown in FIG. 72 and
FIG. 73, applied to this new area and taking advantage of the
unique unified data model of the present invention. To begin with,
as shown in FIG. 72, a high level flowchart of the overall system
of the subject invention is designated as system 910. System 910
comprises a central hub in the form of a system controller 912
which can be a computer or a data processing system for processing
data entered by the system operator. System controller 912 has a
number of input and output points which allow nodes located at the
input and output points to utilize this known method in a new
context, i.e., commercial real estate.
[0376] Commodity input point 914 can exist as a single point or as
multiple points. At commodity input point 914, the description of a
commodity to be traded or purchased is entered into system 910 and
resides within system controller 912. In a preferred embodiment of
the invention, the commodity to be entered is commercial real
estate. Entry of the commodity into system 910 must include enough
information so as to identify the commodity in time, place, volume,
and class. In an alternative embodiment of the subject invention,
system controller 912 resides within each of the input and output
points 914, 916, 918, and 920 so that the database of each is
redundant to the others with respect to storing commodity data.
[0377] Commodity receiver point 916 can exist as a single point or
as multiple points. At commodity receiver point 916, the
description of a commodity that has been purchased is confirmed to
the purchaser by a confirmation transmitted from system controller
912. The confirmation will include an identification of the
commodity purchased and a market value for the commodity that will
be debited from an account of the purchaser and credited to an
account of the carrier listing the commodity.
[0378] Commodity brokerage point 918 can exist as a single point or
as multiple points. At commodity brokerage point 918, the trading
of a commodity between a commodity owner and a secondary purchaser
is entered into system 910. A secondary purchaser is defined as a
purchaser who did not purchase the commodity to be traded directly
from the carrier who introduced the commodity to the market. A
request to purchase or trade a particular commodity is entered into
system controller 912, which will attempt to seek a match between
the commodity requested and commodities available for sale or
trade. Alternatively, a listing of commodities available for sale
or trade, within certain parameters, can be displayed prior so that
a sale or trade request can be subsequently entered.
[0379] Derivative exchange point 920 can exist as a single point or
as multiple points. At derivative exchange point 920, the trading
of a derivative between a derivative owner and a derivative
purchaser is entered into system 910. A derivative is defined as a
financial instrument whose value is based on the perceived future
collective value of a breadbasket of primary instruments. For
example, a derivative could be based on the value of all commercial
real estate leases of a specified class in a specified area for a
period ending on a particular date some time in the future (i.e.,
90, 120, 180 days forward). A request to purchase or trade a
particular derivative is entered into system controller 912, which
will attempt to seek a match between the derivative requested and
derivatives available for sale or trade. Alternatively, a listing
of derivatives available for sale or trade, within certain
parameters, can be displayed prior so that a sale or trade request
can be subsequently entered.
[0380] Turning to FIG. 73, there is shown subsystem 925, which
represents an input/output point that is porting data to system
controller 912 shown in FIG. 72. Subsystem 925 comprises:
microprocessor 930 for processing data entered by the system
operator; microprocessor 930 operatively connected to monitor 932
where the system operator can view entries made to the system,
matches available, or receive notification of a match; keyboard
934, which is used to make data entries to the system connected to
microprocessor 930 by interface cable 938; and, modem 936, which
can transmit data entries to, or receive data entries from, system
controller 912, connected to microprocessor 930 by interface cable
942.
DESCRIPTION OF REPRESENTATIVE EMBODIMENT
[0381] As described above, the system and method of the present
invention provide the unified data model required to complete the
development of a digital marketplace for the commercial real estate
and related business community. The marketplace contains a wealth
of information that can be used to provide an array of new
services.
[0382] The currently preferred embodiment of the database of the
present invention tracks over 15 billion square feet of U.S.
commercial properties, and is one of the largest in existence. Over
700 researchers make daily updates to the database. This highly
complex database is comprised of hundreds of data fields, tracking
such categories as: location; site and zoning information; building
characteristics; space availability; tax assessments; ownership;
sales comparables; mortgage and deed information; for-sale
information; income and expense histories; tenant names; lease
expirations; contact information; and historical trends.
[0383] The database includes over 660,000 high-resolution digital
images, including building photographs, aerial photographs, and
floor plans. The database tracks approximately 900,000 tenants
occupying office and industrial space in 54 U.S. markets.
[0384] The currently preferred embodiment also employs a
sophisticated data collection organization, made up of a
combination of researchers, management systems, computer and
communications hardware, and software systems. To begin with, over
700 researchers collect and analyze office and industrial real
estate information through hundreds of thousands of phone calls,
e-mails, internet updates, and faxes a year, in addition to
e-mails, field inspections, news monitoring, and direct mail.
Moreover, because of the importance commercial real estate
professionals place on the data, they frequently take the
initiative to report transactions to our researchers.
[0385] In addition, the system includes management and quality
control systems. Both automated and non-automated controls are used
to ensure the integrity of the data collection process. A large
number of automated data quality tests check for potential errors
including occupancy date conflicts, available square footage
greater than building area, typical floor greater than land area,
and expired leases. Non-automated quality control procedures
include: calling our information sources on recently-updated
properties to re-verify information; reviewing commercial real
estate periodicals for transactions to cross-check our research;
and performing field checks to ensure the correct canvassing of all
building. Finally, one of the most important and effective quality
control measures is feedback, garnered through regular client
surveys taken from the commercial real estate professionals using
the data of the present invention every day.
[0386] With regard to computer and communications hardware, the
system maintains Windows NT servers in support of the database and
a national internal frame relay network to allow remote researchers
real-time access to the database. Full data back-ups are stored
off-site.
[0387] The system uses client-server software to manage internal
data collection. In addition, the system uses custom software
systems for four primary functions: collection of building-specific
data; tracking of commercial real estate companies and individuals;
facilitating operations; and distribution of data.
[0388] The currently preferred embodiments of various services that
can be provided with the unified data model will now be described
in detail in the following paragraphs.
[0389] CoStar Property: This is a database of more that 15.3
billion feet of commercial space in the United States (mostly
office and industrial), combining hundreds of data fields such as
space availability, sales comps, properties for sale, ownership,
photos, size, location, and characteristics. CoStar Property has
fostered the development of the digital leasing marketplace.
Clients use CoStar Property to research leasing options, analyze
market conditions and competitive property positions, and produce
multimedia client presentations. Members of the broader commercial
real estate community, including non-CoStar Property subscribers,
Use CoStar Property extensively to market their properties. The
subscriber can query CoStar Property with any combination of
pertinent criteria, combining any of approximately one hundred data
fields from categories such as building size, location, building
characteristics, space, availability, ownership, or sales
comparables. CoStar Property's search engine scans through hundreds
of millions of square feet of space in a specified market in
seconds to find all the properties meeting the search criteria. The
user can select from over 50 customizable reports, presenting space
availability, comparable sales, tenant activity, market statistics,
photographs, and floor plans. The user can export and edit reports,
photos and floor plans to help determine feasibility of a specific
space. Clients also use CoStar Property to analyze market
conditions by calculating current vacancy rates, absorption rates,
or average rental rates.
[0390] CoStar Tenant: This is a database of some 900,000 tenants
and their lease terms, including all building information, rents,
lease terms, commissions and broker, tenant type or business, and
other data. A key service feature is accurate lease expiration
information. Clients use CoStar Tenant to: find information about
particular tenants; identify and target the most likely tenants to
lease space; identify all tenants in a particular building;
understand trends and the underlying demand for commercial real
estate; identify and target the tenants most likely to need
representation for their real estate requirements; and identify and
target the tenants most likely to buy a particular vendors' goods
and services.
[0391] COSTAR EXCHANGE.TM.: Allows property owners to list their
properties for sale (and list extensive information about their
properties) on the system operator's website at no cost. The
generation of the product is from the company's database,
incorporating much of the data in tenant and property but
emphasizing the sale process as opposed to the listing process.
Emphasized information will include tenant information, leasing
information, and income and expense data. These listings allow
sellers to reach a very large audience. There are currently over
38,000 buildings for sale in the CoStar/Comps database,
representing in excess of some $40 billion in aggregate value. The
system is sold on a subscription basis into the existing client
base and can also create on-off revenue. The exchange is a
web-based marketplace to more efficiently and securely facilitate
the buying and selling of commercial properties. Information is
distributed through a secure web service, known as COSTAR
EXCHANGE.TM.. The site affords an efficient means for these sellers
to reach a large universe of potential buyers. Potential buyers pay
a subscription fee to access the system. Sellers of
investment-grade properties have the additional option of selecting
limited, secure distribution of their properties in order to
address confidentiality requirements.
[0392] CoStar Analytic: This service is a web-based analytical tool
based on the tenant and property databases. The tool is designed to
allow users to analyze underlying trends in the covered markets.
The types of inquiries that can be made are nearly limitless and
are based on combinations of fields in the database. A typical
inquiry might be to analyze leases rolling over in a submarket over
a forward 36-month period to try to determine the leasing success
of a potential new development. CoStar Advisory is sold both on a
subscriber basis and on a per-search basis. Users can analyze the
important changing trends in market metrics such as vacancy rates,
tenant movements, supply, rental rates, tenant demographics, new
construction, and absorption rates. This web-based analytic tool
allows users to perform more sophisticated analyses of underlying
market conditions and trends when making investment, leasing,
purchase, sale, construction, and marketing decisions involving
commercial real estate. These tools provide strategic insight into
the changing trends in vacancy rates, tenant movements, supply, new
construction, absorption rates, and other important market metrics.
The system also provides fee-based customized reports and advisory
services.
[0393] CoStar Comps: This service is an enhanced web-based service
providing confirmed commercial real estate sales information on
properties that have recently sold. This web-based service enables
clients to track and analyze sales comparables in a more timely and
comprehensive manner than is currently possible. This service
covers 47 national markets, including information on comparable
sales such as sale prices, income and expenses, capitalization
rates, loan data and other details. Clients can search the
proprietary database of comparable sales information by multiple
search parameters, including location, property type, square
footage, price range, and number of units. Clients receive a report
of all relevant properties in the database matching their search
criteria, including photographs.
[0394] CoStar Marketplace: The participants in the CoStar
marketplace directly influence approximately $100 billion in
leasing and sales each year. The system allows the system operator
to provide digital marketing opportunities to reach this audience
through premium high-exposure banner ads on CoStar and on the
website. The Marketplace provides an online means for the
commercial real estate and related business community to direct
advertising to the appropriate decision-makers. The service
benefits clients by providing increased distribution, higher
visibility, and a more cost effective way to reach an audience
targeted for their advertising material.
[0395] CoStar News: This service provides website, CoStar, and
e-mail news dispatches that keep clients informed of late-breaking
commercial real estate news such as deals signed, acquisitions,
ground breakings and other features. Web banner ads are prominently
displayed on the site, generating significant revenues. The system
also allows the system operator to deliver a free e-mail system
built around customized client profiles, with highly-targeted
banner advertising attached.
[0396] The present invention thus provides a digital marketplace in
which the members of the commercial real estate and related
business community can continuously interact and can facilitate
transactions by efficiently exchanging accurate and standardized
information. In addition, the system operator is capable of
providing the depth and breadth of the following services:
[0397] Digital leasing marketplace--provides the information
required to efficiently conduct commercial real estate leasing
transactions, both between brokers and between owners and brokers.
The system operator delivers this service through CoStar Property
and CoStar Tenant, which benefit clients by providing a more
comprehensive solution with much higher data quality, at
substantially less time and cost than otherwise available.
[0398] Digital selling marketplace: This service provides the
information required to efficiently and securely conduct commercial
real estate buy and sell transactions. The system operator can
deliver this service through CoStar and enhance this service
through COSTAR EXCHANGE.TM.. This service benefits clients by
allowing purchasers to make more-informed investments and sellers
to maximize realized property values.
[0399] On-line decision support services: These services allows
members of the community to perform analysis of underlying market
conditions and trends when making investment, leasing, purchase,
sale, build, and marketing decisions involving commercial real
estate. The system operator can deliver these services through
CoStar Analytic and CoStar Comps. These services benefit clients by
providing powerful, flexible, time-efficient, and accurate analytic
capabilities.
[0400] Tenant information services: These services enable members
of the commercial real estate and related business community to
identify and market to the tenants who are the most likely
prospects for their goods and services. The system operator
delivers these services primarily through CoStar Tenant. These
services benefit clients by more precisely identifying and
capturing viable prospects at a lower cost.
[0401] On-line property marketing: This service provides a targeted
on-line means for the commercial real estate and related business
community to direct advertising to the appropriate decision-makers.
The system operator can deliver this service through CoStar and via
the website. This service benefits clients by providing them
increased distribution, higher visibility, and a more
cost-effective way to reach their targeted audience than otherwise
available.
[0402] On-line industry news: This service allows members of the
commercial real estate and related business community to remain
current with developments in the industry. The system operator
delivers these services through CoStar, www.costargroup.com, which
benefit clients by providing more timely and in-depth news.
[0403] The increased availability of the services from a web-based
platform will allow the commercial real estate and related business
community real-time access to the CoStar marketplace data and
provide the opportunity for increased interaction among community
members. This will lead to the development of a more efficient
commercial real estate marketplace.
[0404] The preferred embodiment of the present invention relates to
a system and method for collecting, standardizing, and distributing
information pertaining to commercial real estate. The information
falls into three conceptual camps: Information about the leasing of
commercial space (which itself is divided into tenant data and
space-for-lease data); Information about the listing and sale of
buildings; and Market research.
[0405] The commercial real estate brokerage community supplies the
first two types of information. As a broker in a local market gets
a listing, the space for sale or rent is listed in the CoStar
system and the information enters the database. For example, if a
user wanted 10,000 feet in downtown Los Angeles, the CoStar system
would allow the tenant representative broker to search suitable
locations in that market based on up to 100 data fields. Listing
brokers that represent the property owner would have provided the
actual data.
[0406] The present invention achieves significant network effect
benefits to the extent nearly every major brokerage company in the
United States submits its data and uses the system. If a large
brokerage does not use the system, its clients do not get the best
and widest market for lease or sale transactions. Imagine a
stockbroker that maintains an internal market in a select group of
stocks, but the market is highly illiquid and inactive. Meanwhile,
all the other brokers share information and liquidity in a
centralized digital exchange. If a customer happens to want to sell
a particular stock and no one in the small broker's office is
familiar with what is going on with that stock, the customer would
be out of luck. This is the conundrum the real estate brokers face,
as network effects cause the system to become even more
important.
[0407] In all cases, the information is scrubbed, verified, and
systemized to conform to the database so it is digitally
accessible. In the case of market data, some is digitally culled
from the 1.5 terabytes of historical real estate data that already
exists in CoStar's computers, supplemented by on-going field
research. Field researchers using mobile vehicles and other tools
compile digital images, location information, and site-specific
data, both verifying data already entered by the brokerage
community and completing the market research function. The system
standardizes information across source and market.
[0408] In describing representative embodiments of the present
invention, the specification may have presented the method and/or
process of the present invention as a particular sequence of steps.
However, to the extent that the method or process does not rely on
the particular order of steps set forth herein, the method or
process should not be limited to the particular sequence of steps
described. As one of ordinary skill in the art would appreciate,
other sequences of steps may be possible. Therefore, the particular
order of the steps set forth in the specification should not be
construed as limitations on the claims. In addition, the claims
directed to the method and/or process of the present invention
should not be limited to the performance of their steps in the
order written, unless that order is explicitly described as
required by the description of the process in the specification.
Otherwise, one skilled in the art can readily appreciate that the
sequences may be varied and still remain within the spirit and
scope of the present invention.
[0409] The foregoing disclosure of embodiments of the present
invention has been presented for purposes of illustration and
description. It is not intended to be exhaustive or to limit the
invention to the precise forms disclosed. Many variations and
modifications of the embodiments described herein will be obvious
to one of ordinary skill in the art in light of the above
disclosure. The scope of the invention is to be defined only by the
claims, and by their equivalents.
* * * * *
References