U.S. patent application number 14/037457 was filed with the patent office on 2014-01-30 for distressed properties marketing system and method.
This patent application is currently assigned to PREFERRED HOME BUYERS NETWORK, INC.. The applicant listed for this patent is Jeffery Matthew Colville, Michelle Patrice Hiller, Stephen M. Polston, Joan Marie Skallman, Aaron Matthew Vennie. Invention is credited to Jeffery Matthew Colville, Michelle Patrice Hiller, Stephen M. Polston, Joan Marie Skallman, Aaron Matthew Vennie.
Application Number | 20140032432 14/037457 |
Document ID | / |
Family ID | 45771385 |
Filed Date | 2014-01-30 |
United States Patent
Application |
20140032432 |
Kind Code |
A1 |
Polston; Stephen M. ; et
al. |
January 30, 2014 |
DISTRESSED PROPERTIES MARKETING SYSTEM AND METHOD
Abstract
A computerized system and method is presented that allows
selling agents to market a listing agent's distressed property
listings even though the selling agents work for a different broker
than the listing agent. The owner of the property may restrict the
selling agents that may market their property. In one embodiment,
the owner selects a qualified lender, and the pool of selling
agents who may market that property is limited to selling agents
who are associated in the computerized system with the qualified
lender. The system allows selling agents to schedule open houses
for distressed properties listed by the listing agent, with the
system preventing two selling agents from scheduling open houses
that conflict with one another. The system tracks the marketing
activity of agents, which can be used to suggest listing agents to
owners, or to restrict the ability of selling agents to market
properties.
Inventors: |
Polston; Stephen M.;
(Excelsior, MN) ; Vennie; Aaron Matthew;
(Burnsville, MN) ; Hiller; Michelle Patrice; (Elk
River, MN) ; Colville; Jeffery Matthew; (Maple Grove,
MN) ; Skallman; Joan Marie; (Excelsior, MN) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Polston; Stephen M.
Vennie; Aaron Matthew
Hiller; Michelle Patrice
Colville; Jeffery Matthew
Skallman; Joan Marie |
Excelsior
Burnsville
Elk River
Maple Grove
Excelsior |
MN
MN
MN
MN
MN |
US
US
US
US
US |
|
|
Assignee: |
PREFERRED HOME BUYERS NETWORK,
INC.
Excelsior
MN
|
Family ID: |
45771385 |
Appl. No.: |
14/037457 |
Filed: |
September 26, 2013 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
13040314 |
Mar 4, 2011 |
8566172 |
|
|
14037457 |
|
|
|
|
61310341 |
Mar 4, 2010 |
|
|
|
Current U.S.
Class: |
705/313 |
Current CPC
Class: |
G06Q 30/0617 20130101;
G06Q 10/10 20130101; G06Q 50/16 20130101 |
Class at
Publication: |
705/313 |
International
Class: |
G06Q 50/16 20060101
G06Q050/16; G06Q 10/10 20060101 G06Q010/10 |
Claims
1. A server computer comprising: a) a processor that processes
programming instructions; b) non-transitory computer readable
memory containing database programming to manage a database,
wherein the data in the database is stored on a non-transitory
computer readable memory and is transformed during operation by the
database programming, the database containing: i) a real estate
property record containing information about a distressed property
owned by an owner, ii) a listing agent record containing
information about a listing agent hired to sell the distressed
property, and iii) selling agent records containing information
about selling agents willing to help market properties, wherein the
selling agents and the listing agent work for different real estate
brokers; c) non-transitory computer readable memory containing an
agent interface programming for creating an agent interface for
agents associated with the selling agent records, the agent
interface presenting a list of real estate property information
available for marketing including the distressed property.
2. The server computer of claim 1, wherein the database further
contains: iv) a qualified lender record containing information
about a qualified lender selected by the owner, and v) linking
information linking a qualified lender record with a first subset
of selling agent records, wherein a second subset of selling agent
records is not linked with the qualified lender record.
3. The server computer of claim 2, wherein the distressed property
is listed only in the interface associated with the first subset of
selling agent records and not listed in the interface associated
with the second subset of selling agent records, whereby only
selling agents with records associated in the database with the
qualified lender record have access to select the distressed
property for marketing in the agent interface.
4. The server computer of claim 1, wherein the agent interface
programming further comprises scheduling programming for scheduling
an open house for the distressed property, wherein the scheduling
programming ensures that there is no conflict between multiple open
houses scheduled for the distressed property.
5. The server computer of claim 1, wherein the database further
contains owner records containing information about owners wishing
to sell distressed properties, and further comprising: d)
non-transitory computer readable memory containing an owner
interface programming for creating an owner interface for owners
associated with the owner records, the owner interface presenting a
list of listing agents qualified to list distressed property.
6. The server computer of claim 1, wherein the listing agent record
includes information about the listing brokerage employing the
listing agent and the selling agent record includes information
about the selling brokerage employing the selling agent, further
wherein the listing brokerage and the selling brokerage are
different brokerages:
7. The server computer of claim 1, further comprising: d)
non-transitory computer readable memory containing an owner
interface programming for creating an owner interface for an owner
of the distressed property, the owner interface presenting
statistics tracked by the server computer relating to the success
of marketing efforts related to the distressed property undertaken
by the listing agent and the selling agents.
Description
RELATED APPLICATIONS
[0001] This application is a divisional of U.S. patent application
Ser. No. 13/040,314, filed on Mar. 4, 2011, which in turned claimed
the benefit of U.S. Provisional Patent Application No. 61/310,341,
filed Mar. 4, 2010. The present application also has content
related to the following U.S. patent application Ser. No.
10/187,207, filed Jul. 1, 2002 (entitled "Computerized System and
Method for Exchanging Information Between a Buyer, Seller, and
Lender"); Ser. No. 11/403,385, filed Apr. 12, 2006 (entitled "A
Computerized System for Managing Communications Between a Buyer,
Seller, and Lender"); Ser. No. 11/999,299, filed Dec. 4, 2007
(entitled "Communication System and Method Between a Home Buyer,
Seller, Strategic Business Source, and Lender"); and 61/214,781,
filed Apr. 28, 2009 (entitled "Agent Referral System and Method
With Integrated Buyer, Lender, and Agent Communication System").
Each of these related or priority applications is hereby
incorporated by reference.
FIELD OF THE INVENTION
[0002] The present application relates to the field of automated
systems that assist in the marketing of real estate properties.
More particularly, the described embodiments relate to computerized
systems that allowed shared marketing of distressed properties
between real estate agents working for different brokers.
SUMMARY
[0003] One embodiment of the present invention includes a
computerized system where a bank or other seller has one or more
distressed properties that they wish to sell. Traditionally, the
owner will list their properties with one or more listing
brokerages, with each brokerage only allowing agents affiliated
with that brokerage to market their properties. With the present
invention, the owner instructs their listing agent to allow certain
agents (known as the "selling agents") to market the properties. In
one described embodiment, the owner has the option to control the
pool of selling agents who are allowed to market the owner's
properties.
BRIEF DESCRIPTION OF THE DRAWINGS
[0004] FIG. 1 is a block diagram showing the major parties using a
computerized system that operates the described embodiments of the
present invention.
[0005] FIG. 2 is a block diagram showing one or more server
computers operating a web server to present interfaces over the
World Wide Web.
[0006] FIG. 3 is a flow chart showing a method of implementing one
embodiment of the present invention.
DETAILED DESCRIPTION
Sale of Distressed Properties
[0007] When a homeowner falls behind on their mortgage, the lender
holding the mortgage may begin foreclosure proceedings. When a
house has entered foreclosure, the lender has given notice to the
homeowner that unless the mortgage payments are brought up to date,
the lender will auction off the property in order to raise money
for the repayment of the loan. If the foreclosure auction fails to
raise sufficient funds to pay of the outstanding debt on the
mortgage loan, the lender will usually retain ownership of the
property. These lender or bank-owned properties are often referred
to as Real Estate Owned (or REO) properties. The lender typically
will sell their REO properties through normal real estate channels
by hiring a listing real estate agent to handle the sale of the
properties.
[0008] As an alternative to entering the foreclosure process, the
lender may negotiate for the homeowner to sell the home in a short
sale. In a short sale, the homeowner attempts to sell their
property for less than the outstanding amount on the mortgage. The
proceeds of the sale are then remitted to the mortgage holding
lending institution.
[0009] Because banks have particular requirements for how their REO
and short sale properties (collectively referred to as "distressed
properties") are sold, these entities generally prefer that the
sales be handled by listing brokers familiar with the process.
Recently, because decreasing home values have caused an increase in
home foreclosures, many banks have developed a large inventory of
REO and other distressed properties. While all of these properties
can be listed through a listing agency or brokerage specializing in
distressed properties, the sheer volume of such properties often
means that the listing agent has insufficient time to individually
market each of the properties that they have listed. The
embodiments of the present invention described below assist banks
and other owners of distressed properties get their properties sold
by increasing the marketing that is performed for each property.
Furthermore, these embodiments help build a pool of potential
buyers for the distressed properties owned by the financial
institution.
Basic Configuration
[0010] FIG. 1 is a block diagram of one embodiment of the present
invention, showing a computerized system 10 for facilitating
communication and business relationships between the various
parties involved in the marketing and sale of real property. The
computerized system 10 is designed to work with a listing agent 20,
a selling agent 30, a mortgage lender or loan officer 40, a
potential buyer of the real estate 50, and the owner 60 of the real
estate. In addition to these participants, the system 10 could also
allow interaction with additional parties as well. For instance,
properties involved in a short sale often have second mortgages,
mechanics lines, homeowner association liens, and other lien
holders with claims on the properties. The owners 60 of these
properties will often designate an experienced counselor 62 to
negotiate the removal of these liens and assist the owner in the
short sale of the property. These counselors 62 may use the system
10 to help the owner 60 get the property in condition to sell and
also to assist the owner 60 of a particular property in their use
of the system 10. Furthermore, where the owner 60 is an individual
property owner involved in a short sale, the system 10 may also
provide an interface for the mortgage holder 64 to utilize the
system 10 to track the marketing efforts made in connection with
their properties. The mortgage holder 64 may be an investor that
provided or purchased the mortgage loan, or a loan servicing
organization that handles the mortgage for the loan owner. Note
that while this document discusses the security interest on a home
as a "mortgage," this term should be read broadly to include other
similar financial instruments such as a deed of trust.
[0011] In some jurisdictions, a distinction is made between an
agent who is licensed to sell real estate and a broker who is
allowed to operate their own real estate brokerage and hire
additional agents to help sell real estate. For example, most MLS
organizations require that their participants be real estate
brokers, with agents subscribing to the MLS listing data through
their relationship with a broker. Often, a broker will hire
numerous agents, with the agents within one brokerage frequently
working together to assist one another in the marketing and selling
of properties listed through that the brokerage. In the block
diagram of FIG. 1, the listing agent 20 is shown as belonging to a
listing brokerage 22, while the selling agent 30 is shown as
belonging to a different, selling brokerage 32. While it is not
required that the listing and selling brokerages 22, 32 be
separate, one of the advantages of this embodiment of the invention
is that it allows selling agents 30 from a completely different
brokerage 32 to market properties listed by the listing agent 20.
As shown in FIG. 1, the lender 40 will usually work with a lending
institution 42.
[0012] In some embodiments the computerized system 10 is operating
in conjunction with an institutional brokerage 72, which may have
one or more affiliated brokerage agents 70. This institutional
brokerage 72 is a fully function real estate brokerage, and the
agents 70 affiliated with this brokerage 72 are licensed to list
and sell real estate property. The institutional brokerage 72 is
different from the listing brokerage 22 and the selling brokerage
32 in that the computerized system 10 is either run by the
institutional brokerage 72 or by an affiliated corporate
entity.
[0013] The computerized system 10 includes a set of instructions
and interfaces embodied on a computer readable medium for execution
on a digital processor. One example is a computer program 12 stored
on a non-transitory, tangible memory device 14, such as a hard
drive, RAM, PROM, flash memory, or some other form of programmable,
physical memory. The computer system 10 also includes at least one
processor 16 for operating the computer program. For example, the
processor could be a microprocessor manufactured by Intel
Corporation of Santa Clara, Calif., or Advanced Micro Devices, Inc.
of Sunnyvale, Calif. Alternatively, the computerized system 10
could be a network of computers all operating according to the
instructions of the computer program 12. The various parties
communicate with the computerized system 10 through a wide area
network such as the Internet. This could be accomplished by using
the computer program 12 to operate a web server, which requires the
parties to access the program through a web browser operating on a
local computing device attached to the Internet. The various
parties identify themselves to the web server through a log-in
process, and the web server presents to the browser an interface
that is specific to the user logging in.
Implementation of System 10
[0014] The computerized system 10 is capable of storing information
about all of the parties that use the system 10. In the preferred
embodiment, this information is stored in a database 110 operating
on one or more server computers 100, as shown in FIG. 2. The
information about the parties can be stored in pre-defined fields
in a database table (or database objects in an object-oriented
database environment) within the database 110. FIG. 2 shows the
database with tables or objects for buyers 112, selling agents 114,
listing agents 116, properties 118, owners 120, lenders 122, and
loan officers 124. Relationships between these entities 112-124 are
represented in FIG. 2 using crow's foot notation. Although not
shown as separate database entities in FIG. 2, the database 110
also includes information about the listing brokerages 22 employing
the listing agents 20, the selling brokerages 32 employing the
selling agents 30, and the lending institutions 42 employing the
loan officers 40.
[0015] The database 110 can keep track of the fact that owners 120
are related to properties 118. The owners 120 can hire listing
agents 116 to list an individual property 118. As explained below,
selling agents 114 can also become associated with properties 118
in the database 110 by agreeing to assist in the marketing of those
properties 118. The marketing of the properties may include the
placing of advertisements in newspapers and online (such as in the
Craigslist.org website), the inclusion of the properties in a
printed publication, and the holding of open houses. In one
embodiment, the owner 120 can select a qualified lender 122.
Preference for selling agents 114 associated with the qualified
lender 122 can be given for properties 118 owned by a particular
owner 120. One way to associated a selling agent 114 and a lender
122 is to associate the lender 122 with a plurality of loan
officers 124, and then associate each selling agent with one of the
loan officers 124. Alternatively, this association can be directly
between a selling agent 114 and a lender 122. In one embodiment,
selling agents 114 that are marketing the property 118 can also
market to individual buyers 112 that are considering the purchase
of that property 118. With the aid of the server computers 100 and
the system database 110, such marketing to buyers 112 can take
place through system 10.
[0016] One benefit of using the database 110 is that the system 10
is able to track how each party uses the system 10 in the marketing
of the properties 118. Steps taken by a selling agent 114 or a
listing agent 116 in relation to a property 118 can be recorded and
shared with the other parties interested in that property 118. In
this way, notes input into the system about a property 118 by a
selling agent 114 may be immediately viewable by a listing agent
116, and vise versa. Furthermore, the listing agent 116, owner 120,
or other interested party can track the marketing activities
performed by each of the selling agents 114 marketing a property
118 to ensure that the property 118 is being properly promoted.
[0017] In addition, the database 110 is able to keep track of
purchase transactions made by buyers 112. This allows the system
database 110 to also track commission fees that may be due as a
result of relationship between the listing agent and the selling
agent. The tracking of transactions and commission fees is shown as
a single entity 126 in database 110. This should not be taken to
indicate that this data would in fact be implemented as a single
database table or object, but merely to indicate that one or more
database entities are created within database 110 to track this
information. Furthermore, none of the entities shown within
database 110 in FIG. 5 should be considered to show actual
implementation details of the database 110, since it is well within
the scope of the art to implement this type of data using a variety
of entity architectures.
[0018] The database 110 is used by a web server 130 operating on
one or more of the server computers 100 to generate the various
interfaces used by the system 10. In particular, web programming
140 exists that define how to create a buyer interface 142, an
agent interface 144, a lender interface 146, and an owner interface
148 using the data in the database 110. This programming 140 allows
the web server 130 to transmit over the World Wide Web 150 a buyer
interface 162 that can be seen by a browser operating on a computer
160 for the benefit of a buyer 20. Similarly, the web server 130
can manage an agent interface 172 on a browser operating on an
agent computer 170, a lender interface 182 on a browser operating
on a lender computer 180, and an owner interface 192 operating on
an owner computer 190. The computer 160-190 can be traditional
personal computers, or can be any other type of computing device
capable of presenting a web-based interface including a smart phone
or a tablet or netbook computer.
Method
[0019] The computerized system 10 as implemented in database 110 is
used to implement the method 200 as shown in the flowchart of FIG.
3. The method 200 starts at step 202, with the system 10 providing
the owner 60 (through the owner interface 192) a list of listing
agents 20 that are qualified to handle distressed properties in a
particular geographic area. This list of agents 20 would be
especially useful for owners 60 of a single property that are
working with their mortgage holder to offer the property for sale
in a short sale. History has shown that when professionals
inexperienced with these transactions handle short sale listings,
potential sales transactions have a high rate of failure.
Consequently, the provision of a list of listing agents experienced
in these types of transactions to individual homeowners is highly
beneficial to both the homeowners and the mortgage holders. The
displaying of qualified, distressed property listing agents in step
202 is also useful to owners that hold multiple properties, such as
banks or other financial institutions owning REO properties. It is
important for these owners to ensure that their listing agents 20
can handle a large volume of distressed properties
simultaneously.
[0020] In order to best sell these types of distressed properties,
the listing agents 20 should be familiar with the intricacies of
handling a short sale or the sale of other distressed properties.
In addition, it is important that the listing agent 20 be familiar
with the marketplace for that property, including the selling
details of similar properties in that neighborhood. The present
invention can track numerous potential listing agents 20 by
experience in selling distressed properties, experience in the
property's neighborhood, and experience with a particular price and
style of property. In addition, because the system 10 tracks the
effectiveness of the marketing efforts undertaking to sell each
property, the system 10 is able to also track the ability of
individual listing agents 20 to obtain offers on the properties
that they have listed. Step 202 examines all of this information,
and then presents the list of qualified listing agents 60 based on
these criteria. The owner 60 then selects the listing agent 20 at
step 204. In so selecting the listing agent 20, the owner 60 is
also instructing the listing agent 20 that the property should be
available for marketing by selling agents 30. In most cases, the
owner 60 will desire that selling agents 30 market their property
because it will increase the marketing that can take place on the
property and therefore should decrease the amount of time it takes
to sell the property.
[0021] Upon receiving the listing, the listing agent 20 will
formally accept the listing at step 206. After accepting the
listing, the listing agent 20 also enters details about the
property using the agent interface 172. In one embodiment, the
system 10 is operated in conjunction with an institutional
brokerage 72. In accepting the listing of the property, the listing
agent 20 also acknowledges that the referral for this property came
through the system 10 of the institutional brokerage 72. As the
institutional brokerage 72 is a fully functional real estate
brokerage, it is eligible to receive a referral fee for referrals
to listing agents 20. In accepting the listing of the property at
step 206, the listing agent 20 may further agree to share a
referral fee with the institutional brokerage 72 running the system
10.
[0022] In step 208, the listing agent 20 uses the agent interface
172 to indicate that selling agents 30 are eligible to market the
listed property. The system 10 is designed to track numerous
selling agents 30 who are interested in marketing the properties
listed by others. The goal of the system 10 is to ensure that the
pool of selling agents 30 for a particular property is limited to
those who i) understand the intricacies of selling distressed
properties, ii) have agreed that they are not the listing agent and
have permission from the listing agent to perform marketing
activities as applicable for local, state and national rules,
regulations, statutes and laws, and iii) are approved by the owner
60. Owners 60 may be particular about which selling agents 30 may
market their property given the complexity of completing a
distressed property purchase transaction. For example, the buyers
50 of these properties will usually need to secure mortgage
financing to complete the purchase. In most cases, the owner 60
wants to be assured that accepted purchase offers are backed by
adequate financing. Far too often, house sales fall apart because
the mortgage lender that was financing the purchase is unable to
complete the transaction. In the last few years, hundreds of
mortgage-related lenders have ceased operations, which has affected
thousands of house sale transactions.
[0023] To limit such issues, many owners 60 desire to have
potential purchasers use mortgage providers that are familiar to
the owner 60. The disclosed embodiment is designed to encourage
potential buyers to engage with one of these known lenders
(referred to as "qualified lenders") in part by limiting the
buyer's agents that are allowed to market the homes. Referring back
to FIG. 2, the database 110 facilitates this by associating the
owner 120 with one or more qualified lenders 122. The qualified
lender 122 selected by the owner 120 uses the computerized system
10 to associate their loan officers 124 with particular real estate
agents 114. In its use of system 10, the owner 120 is allowed to
require that only selling agents 114 that are linked through the
database 110 to loan officers 124 of the qualified lender 122 are
able to use the system 10 to market properties provided by that
owner 60. Alternatively, the database 110 can be designed to
associate selling agents 114 with the qualified lender 122 in ways
other than through the lender's individual loan officers 124, such
as through a direct association from selling agent records 114 and
the lender record 122. The incorporated patent applications
identified above describe several computerized systems in which
agents are associated with loan officers, any of which could be
used to implement this system.
[0024] Returning to FIG. 3, the method 200 examines the owner's
preference in step 210. If the owner desires, the system 10 will
present in step 212 the opportunity to market the property to
selling agents 30 regardless of their affiliation with a particular
lender 122 in the database 110. Of course, the system 10 would
still ensure that the selling agents 30 have agreed to the
appropriate contractual obligations, are qualified to sell
distressed properties, and are skilled in marketing properties in
the appropriate geographic location. Alternatively, the owner's
preference may indicate a desire to limit the pool of selling
agents 30 to those associated with their qualified lender 40. If
so, the method advances to step 214 in which the owner identifies
their qualified lender 40. This identification occurs through use
of the owner's interface 192, and can take place even before the
property is listed with the listing agent 20. The system 10 will
then limit the opportunity to market the property to qualified
selling agents 30 associated with the identified lender 40 in the
database 110.
[0025] The appropriate selling agents 30 are then presented the
opportunity to view properties that they are allowed to market (in
steps 212 and 216). This opportunity will be presented in the agent
interface 172 at step 218. Both the listing agent 20 and the
selling agent 30 are able to use the agent interface 172 since the
agent interface is customized for each agent 20, 30 according to
their login account. One unique aspect of the agent interface 172
is that selling agents 30 are able to view properties available for
marketing on the system 10, and then schedule a selected property
for advertising or for an open house using an automated calendaring
system. When multiple selling agents 30 are authorized to market a
property, the system 10 will ensure that the scheduled open houses
or other marketing events will not overlap, which is shown in step
220 of method 200.
[0026] The selling agent 30 will then hold the open house or other
marketing activity at step 222. After the open house is completed,
the selling agent 30 is required to enter the results of the open
house back into the system 10 (step 224). This allows the success
of the sales activities to be measured through statistics that are
then reported out at step 226. Statistics that can be reported out
include the number of open houses or other marketing activities for
each property, the number of prospective purchasers who attended
the open house, the number of offers made on the property as a
result of the marketing activities, the number of prospective
purchasers who have been entered into the system 10 as a result of
such marketing (see below), and the mortgage application status of
those prospective purchasers. These statistics can be provided to
any of the parties with access to the system 10, including owners
60, counselors 62, mortgage holders 64, the loan officer 40 and the
management of the lending institution 42, the selling agents 30 and
the selling brokerage management 32, and the listing agents 20 and
the listing brokerage management 22.
[0027] In step 224, the selling agent 30 would also enter
information into the system 10 about potential buyers 50 that
attended the open house. This allows the selling agent 30 to market
their services and also to market other distressed properties to
those buyers 50. Such marketing efforts are extremely valuable to
the selling agents 30, as they allow the selling agent 30 to
service a buyer 50 and earn a commission even if those buyers are
not interested in purchasing the particular property shown at that
open house. Buyers 50 entered into the system 10 are associated
with their selling agent 30 in the database 110, and through that
association also with a particular loan officer 40 that works with
that selling agent 30. Once entered and authorized to use the
system 10, buyers 50 may use the system 10 to search for real
property information through the buyer interface 162. By using that
interface 162, the buyer 50 will also be exposed to the name and
contact information of both the selling agent 30 that entered them
into the system and the qualified lender's loan officer 50 that is
affiliated with that agent 30.
[0028] Frequently, a financial institution that is selling property
will give special incentives to a buyer 50 if the buyer finances
their home purchase with their qualified lender 40. For instance,
some banks will refund two points at closing if the purchase of one
of their REO properties is financed through their affiliated or
preferred financing institution. To take full advantage of this
opportunity, the buyer interface 162 allows the buyer 50 to search
for all REO properties (and related short sales) that are owned by
the owner 60 and then see the search results on a custom map or
list showing the locations of these properties (step 228). To track
which owner 60 should be used for a particular buyer 112, the
system can track which open house the buyer 50 attended when they
were entered into the database 110, and then limit searches to
other properties owned by the owner 60 of that open house property
(the buyer's associated owner). The buyer interface 162 may also
allow the buyer 50 to search for all REO or distressed properties
regardless of the particular owner 60 of those properties. Even
when such searches are permitted, the system 10 could be designed
to prevent buyers from narrowing their search for only those REO
properties owned by a particular bank or other owner that is
different from their associated owner 60.
[0029] Upon the sale of a property to a buyer 50, the system 10 can
help track the splitting of commissions and referral fees at step
230. For example, a referral fee may be owed to the institutional
brokerage 72 that referred the owner 60 to the listing agent 20
through system 10. Furthermore, the commission may be split between
the listing agent 20 and the selling agent 30. This information is
tracked in the database 110 and shared with the parties at step
228.
[0030] The system 10 may include the institutional brokerage agents
70 that work for the institutional brokerage 72 within the list of
listing agents 20 presented in step 202 and available for selection
in step 204. Furthermore, the system 10 may allow the institutional
brokerage agents 70 to select properties for marketing as selling
agents 30 in step 218. In some embodiments, preference may even be
granted to institutional brokerage agents 70 over agents from other
brokerages 22, 32 in these steps 202, 218. Such arrangements would
allow the institutional brokerage 72 to collect a higher percentage
of the real estate commissioned earned on the sale of a
property.
[0031] The many features and advantages of the invention are
apparent from the above description. Numerous modifications and
variations will readily occur to those skilled in the art. Since
such modifications are possible, the invention is not to be limited
to the exact construction and operation illustrated and described.
Rather, the present invention should be limited only by the
following claims.
* * * * *