WO2008028254A1

WO2008028254A1 - Systems and methods for facilitating real property transactions

Info

Publication number: WO2008028254A1
Application number: PCT/AU2007/001333
Authority: WO
Inventors: Jim Vasseleu; Christopher John Roy Newman
Original assignee: Brs Online Pty Ltd
Priority date: 2006-09-08
Filing date: 2007-09-10
Publication date: 2008-03-13
Also published as: AU2007294409A1

Abstract

Described herein are systems and methods for facilitating property transactions between buyers and sellers, in some embodiment being real property transactions. In overview, a website provides an interactive online information facility whereby users register to buy, sell or lease real property. More particularly, the website provides a tiered registration structure whereby a user is permitted to register as a member user to access an online search facility, thereby to find out about various property items for sale. A member user may then register at a higher tier as a seller user or a buyer user. A seller user is, subject to various conditions, able to advertise real property items for sale. A buyer user is, subject to various conditions, able to bid on real property items that are advertised for sale. In one embodiment a single-bid offer process is implemented such that each user registered as a buyer is permitted to place only a single bid on a given real property item.

Description

SYSTEMS AND METHODS FOR FACILITATING REAL PROPERTY TRANSACTIONS

FIELD OF THE INVENTION

[0001] The present invention relates to interfacing buyers and sellers, and more particularly to systems and methods for facilitating real property transactions between buyers and sellers and/or between rentors and lessors. Embodiments of the invention have been developed for providing a web-based real property offering system that makes use of a single-bid offer process, optionally in combination with a subsequent limited-entry auction procedure. Although the invention is described hereinafter with particular reference to this application, it will be appreciated that the invention is applicable in broader contexts.

BACKGROUND

[0002] Any discussion of the prior art throughoϊit the specification should in no way be considered as an admission that such prior art^" is widely known or forms part of common general knowledge in the field.

[0003] Traditionally, the sale of real property is at least in part coordinated by a service provider in the form of a real estate agent. The real estate agent is responsible for providing services such as advertising a property for sale on behalf of a seller, and liaising with potential buyers to, at least in theory, procure the highest possible sale price for the seller. In some instances this involves the use of an auction, whilst in other cases the agent acts as an intermediary in negotiations between the seller and one or more interested buyers. For example, the agent receives an offer ftom aπ interested buyer, discusses the quantum of that offer with that buyer and perhaps makes some suggestions (often resulting in upward revision of the quantum), and subsequently communicates the offer or revised offer to the seller. This leads, to a complex negotiation process subject to a wide range of strategy considerations, with buyers placing offers considerably lower than what they would be prepared to pay in an attempt to save money, sellers rejecting offers that are higher than their lower threshold amount in an attempt to hold out for a higher offer, and in the middle the agent advising both parties in what could skeptically be viewed as a position of conflicting interests.

[0004] The traditional manner of selling or purchasing property is subject to much cynicism, particularly resulting from the relative low level of transparency in relation to interactions between buyers, agents and sellers. In some instances this lack of transparency facilitates or suggests the possibility of price manipulation based to some degree on deceit.

[0005] Cynicism has lead to a shift away from the traditional use of real estate agents, and it is becoming increasingly common for vendors to advertise and sell real property through their own channels - by way of a private sale for example. Private sales suffer some disadvantages, particularly due to the cost of effective advertising and perceived amounts of effort and coordination.

[0006] Other factors are also leading to a shift away from the traditional use of ' real estate agents. Among these is cost. A real estate agent typically charges set fees plus a commission based on the sale price. This commission might be a small percentage, but is considerable when quantified. Indeed, it is difficult to justify the quantum of the figure in view of the amount of professional time involved in the sale of a property. Additionally, with the increase in electronic searching and advertising technology, particularly though the Internet, the need for real estate agents has somewhat diminished. For example, there is a reduced need for an agent to physically show a number of properties to a perspective buyer given that the buyer is typically able to identify promising properties using appropriate search engines.

[0007] With the growing movement away from the use of real estate agents has come an inevitable increase in private sales. The term "private sale" describes a real- property transaction wherein a seller does not engage the services of a real estate agent, and instead assumes responsibility for advertising and liaising with prospective buyers. Private sales continue to suffer from a number of detriments, particularly given the relative monopoly real estate agents have over the advertising market.

[0008] There is a need in the art for new methods and systems for facilitating real property transactions. - o -

SUMMARY

[0009] According to one aspect of the invention, there is provided a method for facilitating real property transactions, the method including the steps of:

[0010] accepting from a new user input indicative of a membership request and, in the case that the membership request satisfies predetermined membership criteria, assigning a member identifier to the user;

[0011] accepting from a member user having an assigned member identifier input indicative of a buyer status request and, in the case that the buyer status request satisfies predetermined buyer status criteria, assigning a buyer identifier to the member; and

[0012] accepting from a buyer user having an assigned member identifier and assigned buyer identifier a bid request in respect of a specified real property item and, in the case that the bid request satisfies predetermined bid criteria, placing on behalf of the buyer user a bid corresponding to the bid request in respect of the specified real property item, wherein the predefined bid criteria includes a requirement that a bid has not been previously placed on behalf of the buyer user in respect of the specified real property item during a predetermined time period.

[0013] According to one aspect of the invention, there is provided computer- readable carrier medium carrying a set of instructions that when executed by one or more processors cause the one or more processors to carry out a method for facilitating real property transactions, the method including the steps of:

[0014] accepting from a new user input indicative of a membership request and, in the case that the membership request satisfies predetermined membership criteria, assigning a member identifier to the user;

[0015] accepting from a member user having an assigned member identifier input indicative of a buyer status request and, in the case that the buyer status request satisfies predetermined buyer status criteria, assigning a buyer identifier to the member; and [0016] accepting from a buyer user having an assigned member identifier and assigned buyer identifier a bid request in respect of a specified real property item and, in the case that the bid request satisfies predetermined bid criteria, placing on behalf of the buyer user a bid corresponding to the bid request in respect of the specified real property item, wherein the predefined bid criteria includes a requirement that a bid has not been previously placed on behalf of the buyer user in respect of the specified real property item during a predetermined time period. i

[0017] According to another aspect of the invention, there is provided a method for facilitating real property transactions, the method including the steps of:

[0018] accepting data indicative of a plurality of bids placed by a respective plurality of buyer users, each bid being indicative of a specified real property item for sale by a seller user and a monetary component corresponding to the amount of currency the respective buyer user is prepared to offer the seller user for purchase of the real property item, wherein each buyer user is permitted to place only a single bid in respect of the specified real property item;

[0019] at the end of a predetermined offer period, identifying determining a winning buyer user, the winning buyer user being the buyer -user who placed the bid having the highest monetary component;

[0020] determining whether the highest monetary component exceeds a predefined reserve value;

[0021] in the case that the highest monetary component exceeds the predefined reserve value, instructing the winning buyer user and the seller user to perform the transaction of sale of the specified property item;

[0022] . selectively imposing a detriment on either or both of the winning buyer user and the seller user is the transaction is not performed.

[0023] According to another aspect of the invention, there is provided a method for facilitating real property transactions, the method including the steps of:

[0024] providing a tiered registration structure whereby a user is permitted to register at a first tier to access an online search facility for providing data indicative of one or more real property items, and subsequently at a higher tier as one or more of a buyer and a seller of one or more real property items; and

[0025] wherein the user is registered as a buyer, accepting from this buyer user a bid request in -respect of a specified real property item provided using the online search facility and, in the case that the bid request satisfies predetermined hid criteria, placing on behalf of the buyer user a bid corresponding to the bid request in respect of the specified real property item, wherein the predefined bid criteria includes a requirement that a bid has not been previously placed on behalf of the buyer user in respect of the specified real property item during a predetermined time period.

[0026] According to another aspect of the invention, there is provided a system for facilitating real property transactions, the system including:

[0027] a first interface for accepting from a new user input indicative of a membership request;

[0028] a first processor for, in the case that the membership request satisfies predetermined membership criteria, assigning a member identifier to the user;

[0029] a second interface for accepting from a member user having an assigned member identifier input indicative of a buyer status request;

[0030] a second processor for, in. the case that the buyer status request satisfies predetermined buyer status criteria, assigning a buyer identifier to the member;

[0031] a third interface for accepting from a buyer user having an assigned member identifier and assigned buyer identifier a bid request in respect of a specified _t real property item; and

[0032] a third processor for, in the case that the bid request satisfies predetermined bid criteria, placing on behalf of the buyer user a bid corresponding to the bid request in respect of the specified real property item, wherein the predefined bid criteria includes a requirement that a bid has not been previously placed on behalf of the buyer user in respect of the specified real property item during a predetermined time period. [0033] According to another aspect of the invention, there is provided a method for facilitating property transactions, the method including the steps of:

[0034] providing a tiered registration structure whereby a user is permitted to register at a first tier to access an online search facility for providing data indicative of one or more property items, and subsequently at a higher tier as one or more of a buyer and a seller of one or more property items; and

[0035] wherein the user is registered as a buyer, accepting from this buyer user a bid request in respect of a specified property item provided using the online search facility and, in the case that the bid request satisfies predetermined bid criteria, placing on behalf of the buyer user a bid corresponding to the bid request in respect of the specified property item, wherein the predefined bid criteria includes a requirement that a bid has not been previously placed on behalf of the buyer user in respect of the specified property item during a predetermined time period.

BRIEF DESCRIPTION OF THE DRAWINGS

[0036] Embodiments of the invention will now be described, by way of example only, with reference to the accompanying drawings in which:

[0037] FIG. 1 schematically illustrates a system for facilitating real property transactions according to one embodiment.

[0038] FIG. 2 schematically illustrates a method for facilitating real property transactions according to one embodiment.

[0039] FIG. 2A schematically illustrates a method for facilitating real property transactions according to one embodiment.

[0040] FIG. 2B schematically illustrates a method for facilitating real property transactions according to one embodiment.

[0041] FIG. 2C schematically illustrates a method for facilitating real property transactions according to one embodiment. ^•

[0042] FIG. 2D schematically illustrates a method for facilitating real property transactions according to one embodiment. [0043] FIG. 3 schematically illustrates a method for facilitating real property transactions according to one embodiment.

[0044] FIG. 4 schematically illustrates a method for facilitating real property transactions according to one embodiment. . •

[0045] FIG. 5A schematically illustrates a method for facilitating real property transactions according to one embodiment.

[0046] FIG. 5B schematically illustrates a method for facilitating real property transactions according to one embodiment.

[0047] FIG. 5C schematically illustrates a method for facilitating real property transactions according to one embodiment.

[0048] FIG. 6 schematically illustrates a method for facilitating real property transactions according to one embodiment.

[0049] FIG. 7A schematically illustrates methods for facilitating real property transactions according to one embodiment.

[0050] PIG. 7B schematically illustrates methods for facilitating real property transactions according to one embodiment.

[0051] FIG. 7C schematically illustrates methods for facilitating real property transactions according to one embodiment.

[0052] FIG. 7D schematically illustrates methods for facilitating real property transactions according to one embodiment.

[0053] FIG. 7E schematically illustrates methods for facilitating real property transactions according to one embodiment.

[0054] FIG. 7F schematically illustrates methods for facilitating real property transactions according to one embodiment.

[0055] FIG. 8A schematically illustrates a method for facilitating real property transactions according to one embodiment. [0056] FIG. 8B schematically illustrates a method for facilitating real property transactions according to one embodiment.

[0057] FIG. 8C schematically illustrates a method for facilitating real property transactions according to one embodiment.

DETAILED DESCRIPTION Overview

[0058] Described herein are systems and methods for facilitating property transactions between buyers and sellers, in some embodiments being real property transactions. In overview, a website provides an interactive online information facility whereby users register to buy, sell or lease real property. More particularly, the website provides a tiered registration structure whereby a user is permitted to register as a member user to access an online search facility, thereby to obtain information regarding various property items for sale. A member user may then register at a higher tier as a seller user or a buyer user. A seller user is, subject to various conditions, able to advertise real property items for sale. A buyer user is, subject to various conditions, able to bid on real property items that are advertised for sale. In one embodiment a single-bid offer process is implemented such that each user registered as a buyer is, at least in the first instance, permitted to place only a single bid on a given real property item. In some embodiments additional bids are able to be placed by a selected one or more of the buyers in accordance with a subsequent limited-entry auction procedure.

[0059] The term "real property transaction" refers to a transaction between a first party and a second party relating to an interest in a real property item. Specific examples include the sale of real property and the lease of real property. In some instances either or both of the first and second party include a plurality of sub-parties — for example in situations where a real property item has multiple owners.

[0060] The term "user" denotes a generic human or other legal entity.

[0061] Whilst the present disclosure and claims are at times in a literal sense concerned predominately with the sale of an interest in or to a real property item by a seller to a buyer, this should be read broadly to include the lease of a real property item by a lessor to a rentor. That is, in the context of a lease, a seller is a party that wishes to "sell" a lease, and a buyer is a party wishes to "buy" a lease.

[0062] The term "buyer user" or "buyer" describes a category of user, and should be read broadly. In particular, the term should be read to include prospective buyers- users that have a desire to enter into a real property transaction for the purchase or lease of a real property item. The term should also be read to include post facto buyers — users that have in fact entered into a real property transaction for the purchase or lease (as lessee or rentor, these terms being used interchangeably) of a real property item.

[0063] Likewise, the term "seller user" or "seller" describes a category of user, and should be read broadly. The term should be read to include prospective sellers- users that have a desire to enter into a real property transaction for the sale or lease (as lessor) of a real property item. The term should also be read to include post facto sellers - users that have in fact entered into a real property transaction for the sale or lease of a real property item.

[0064] The term "real property item" should be read to include both real property that is or is to be offered for sale or offered for lease. Likewise, placing a bid on a real property item should be read to include either placing a bid having a monetary value component corresponding to an offer for purchase of an interest in or to the real property item, or placing a bid having a monetary value component corresponding to an offer to lease a real property item. Any reference to a "property" or "property item" should be read to imply a real property item.

System Overview

[0065] FIG. 1 illustrates a system 101 according to one embodiment of the present invention. System 101 includes a central server 102 for hosting a website 103. This website provides to users 104 via the Internet an interactive interface through which various real property services are made available. Website 103 is accessible by way of a web browser running on a personal computer, and optionally by way of a cellular telephone, PDA, or other form of computational platform capable of providing web- browsing functionalities.

[0066] System 101 also includes a user registry database 105 coupled to server 102. Database 105 contains data indicative of users 104 and attributes associated with those users. In the present embodiment users 104 register as members using a registration interface provided through website 103. There are various conditions placed on membership, these being discussed in detail further below. Users, once registered as members, are regarded to be member users 107.

[0067] A property database 108 is also coupled to server 102. This database maintains a plurality of electronic entries relating to real property items. Each entry includes data indicative of various attributes of the property item to which it relates. For example, in the context of a property item in the form of a residential home, the relevant entry in database 108 includes data indicative of the location of the home, the number of bedrooms and bathrooms, other available facilities, and so on. Member users 107 are permitted to browse and/or search entries in database 104. For the facilitation of searching, a search engine is provided by way of website 103. A member user 107 provides to this search engine various searching criteria based on the nature of property item in which that member user is interested, and subsequently provides a command to execute a search based on that criteria. In response to execution of this search, a corresponding query is run in database 108. The results of this query — being a selection of real property items deemed to be relevant to the provided searching criteria based on a search protocol — are made available to that user 107 by way of website 103. In the present embodiment user 107 is typically able to view photos and descriptions of these properties, along with other media.

[0068] Although, for the sake of the present description, system 101 is considered to be centrally located, in some embodiments it includes a plurality of geographically distributed components. For example, in some embodiments server 102 includes a plurality of distributed server systems, and in some embodiments databases 105 and 108 include geographically distributed information repositories.

[0069] Member users 107 are able to register as buyer users and seller users. In the present embodiment system 101 facilitates both the sale and lease of real property, and as such buyer users include traditional buyer users 112 and rentor users 113. Likewise, seller users include traditional seller users 114 and lessor users 115. A member user 107 is, subject to certain criteria being met, able to register as any one or more of a user 112 to 115, and in some instances multiple times in any one category.

[0070] Obtaining registered buyer status, seller status, rentor status or lessor status is contingent on meeting various predetermined criteria. The criteria in the present embodiment include a requirement to provide some form of payment or other valuable consideration. That is, a user member pays a fee to register as a buyer, seller, rentor or lessor. This fee is typically accepted using a credit card transaction to facilitate convenient verification of a user's identity by system 101, however in some instances additional verifiable personal identification information is sought. It will be appreciated that real property is more sensitive than property in a broad sense, and as such additional safeguards are imposed for system 101 as compared with known online auction systems that deal predominately in goods of lesser value.

[0071] Website 103 provides a functionality whereby buyers and sellers are able to communicate with one another. The actual users are identified by user names to allow the preservation of anonymity — for example in one embodiment buyers are identified only by their buyer identifier. Additionally, to supplement the single bid offer process described below, all communications between buyers and sellers are publicly posted such that they can be read by other buyers and sellers.

Single-Bid Offer Process

[0072] As foreshadowed, a single-bid offer process is implemented, at least in the first instance. In simple terms, this means that a buyer user is permitted to place only a single bid in respect of a specified property item. Furthermore, bids are sealed such that one buyer user is not able to view the bids of other buyer users. Effectively, a buyer user is forced to make a judgment based on the perceived value of a property item (taking into account both market values and value-adds based on personal circumstances and preferences) and based on what that buyer user is able to afford. To implement the single-bid offer process, system 101 prevents a user from registering more than once as a buyer user 112 (made possible given that personal identification details are stored in database 105), and also preventing such a buyer user from submitting more than one bid on a specified property. The same applies to rentor users 113. Safeguards are also implemented to reduce the risk of sellers or lessors placing bids on their own properties.

[0073] To provide an overview, consider the following example. A member user 107 registers as a seller user 112 for the purpose of selling a property item, in the form of a three bedroom residential home "Home A" located in Town B. The seller user uploads data indicative of Home A, ideally including digital photos and other media. An entry relating to Home A is added to database 108 and as such details for Home A are made available to member users via the search engine. The seller user also provides some details that are not made available to buyer users, including a reserve price. The reserve price defines the lowest threshold amount the seller is prepared to accept; effectively the seller agrees to sell Home A for any amount greater than the reserve value. An offer period is also defined by the seller user or selected from various set values identified on the website. The offer period defines a finite period of time during which bids may be placed.

[0074] Over the course of the offer period member users are able to discover and review the entry relating to Home A₅ and as such make a decision as to their level of interest in Home A. Where there is sufficient interest, a member user registers as a buyer user (assuming the member user has not done so already), arranges for inspection of the property (such as personal inspection or inspection by a legal representative) and subsequently selectively places a bid having an associated monetary component.

[0075] In some embodiments, at the end of the offer period system 101 identifies the winning bid, this being the bid having the highest monetary component. If this winning bid has a monetary component greater than or equal to the predefined reserve set by the seller, system 101 instructs the relevant seller and winning buyer to carry out the sale process, with the property item to be sold for the value of the winning bid to the buyer user responsible for that bid. Otherwise the seller user and bidding, buyer users are informed that the reserve was not met.

[0076] In some embodiments, the single-bid offer process does not, in itself, determine to which buyer a property item is to be sold. Rather, the single-bid offer process is used to determine one or more parameters in relation to a subsequent limited-entry auction procedure, as discussed further below.

Limited-entry Auction Procedure

[0077] As foreshadowed, in some embodiments the single-bid offer process is used to determine one or more parameters in relation to a subsequent limited-entry auction procedure. For example, in some embodiments the single-bid offer process identifies one or more buyer users who will be permitted to participate in the limited- entry auction procedure. In some embodiments the single-bid offer process determines a time period over which the limited-entry auction procedure is to run.

[0078J In overview, a limited-entry auction procedure is a method for conducting an auction whereby participation is allowed only where certain predefined conditions are met. In the present embodiments, these predefined conditions are defined so as to identify particularly serious bidders. Exemplary methods for implementing limited- entry auction procedures in combination with a single bid offer process are discussed below by reference to FIG. 8A to FIG. 8C.

Functionality of Website

[0079] FIG- 2 illustrates a method 201 according to an embodiment of the invention. In the present embodiment a computer-readable carrier medium carries a set of instructions that when executed by one or more processors provided by system 101 and/or by user terminals of users 103 cause the one or more processors to carry out this method 201. For the sake of convenience it is considered that these software instructions are maintained by a memory unit 120 coupled to server 102. Specifically, memory unit 120 includes software instructions which, among other functions, allow server 102 to provide method 201 and other methods described herein. It is noted that not all instructions required for causing these method to be implemented need be in memory 120 at a given time.

[0080] Method 201 includes at step 202 accepting from a new user input indicative of a membership request. If, at decision 203, the membership request satisfies predetermined membership criteria, a member identifier is assigned to the user at 204 and membership user registry database 105 updated at 206. Otherwise, the member is at 205 informed that the membership request has been rejected.

[0081] Going into more detail, a user accesses website 103 using a personal computer or other web-browsing device. Website 103 provides an electronic form to facilitate the preparation and submission by the user of a membership request. This form seeks personal information such as names and addresses, and typically information to allow verification of personal information - thereby to determine whether identification-related membership criteria are satisfied. For example, in one embodiment credit card information is sought and personal information verified against the records of the entity that issued the credit card in question.. In one embodiment a payment is required as consideration to accompany a membership request as payment in respect of a membership fee, and validation of this payment is a further membership condition that must be satisfied.

[0082] Some embodiments impose stricter membership criteria than others. For example, some embodiments impose strict criteria involving the need for verifiable personal information, age and/or citizenship threshold requirements, payment, and so on. Some embodiments impose relatively lax criteria, requiring only some basis personal information and a valid email address. In some embodiments membership criteria change over time - for example in one embodiment membership fees are periodically waived during specified promotional periods.

[0083] Generally speaking, online membership procedures follow what is known in the art. For example, some embodiments include the use of email-link based membership activation protocols whereby a member is notified by email of acceptance of a membership request and instructed to "activate" membership using a provided hyperlink.

[0084] Once a member is provided with a membership identifier at 204, that member is able to log into website 103 as a member by using that identifier. In one embodiment the membership identifier includes or is associated with a user name and password in addition to a numeric or alphanumeric identifier. Once logged in to website 204 a member is able to optionally and freely browse and search through properties listed in properties database 108. [0085] FIG. 2A to 2D illustrate further request processes by which a member user is able to request registration as a buyer, rentor seller or lessor. These are similar to the method of FIG. 2, but include a preliminary sub-process in which membership is verified. There are various criteria that must be met before registration as a buyer, rentor seller or lessor will be allowed by system 101. These typically include requirements that the user pay a service fee, nominate a legal representative, and provide a form of collateral to cover financial penalties for failing to complete transactions within the terms and conditions of system 101. It will be appreciated that in other embodiments various criteria mentioned are considered optional rather than mandatory, and furthermore in some cases additional criteria are imposed. ,

[0086] In some cases there is a delay in processing of registration requests whilst various information is manually verified by a human user. For example, in some embodiments a valid contract for sale is required prior to acceptance of a seller status request, and as such a submitted contact must be reviewed by an appropriate person.

[0087] FIG. 3 illustrates a method 301 for allowing access to various functionalities by members. At 302 input indicative of a desire to search or browse properties is received from a user. At 303 it is determined whether the user in question is logged in as a member. If so, the user is provided access to browsing and searching pages at 304. Otherwise, the user is directed at 305 to either log in. or submit a membership request. In some cases logging in is automated by the use of cookies or similar approaches.

[0088] In an alternate embodiment users need not register as members to carry out some degree of searching. For example, registration as a member is only required to access some advanced searching functionalities. In further embodiments any user is able to obtain full access to searching functionalities without prior registration.

[0089] At 306 the user browses or searches properties - for example using the browser-based search engine functionality discussed above. In the present embodiment member users are only permitted to view a summary of each real- property item. For example, a photo, address and brief description. To view more detailed information requires registration as a buyer user. For a given property, a buyer user is able to view available media such as digital images and/or video, the contract for sale, and review other detailed textual information regarding the property.

[0090] Responsive to user selections via the website, data indicative of a request to register as a buyer is received at step 308. In some embodiments making such a request involves providing a form of payment and/or additional identification information. At step 309 the user is prompted to provide data indicative of his or her buyer identifier, or alternately register as a buyer user. In some embodiments this step is often automated following the member log in process. At decision 310 it is considered whether the user is a validly registered buyer user. If the user is a validly registered buyer user, the method progresses to 311. If the user is not a validly registered buyer user, output is provided via website 103 at 312 and the user is informed that the request for registration as a proapective buyer has been rejected.

[0091] At 311 the user is provided with access to further information and options relating to the property in question, such as the option to view the contract for sale for that property item. The buyer is also given the option to arrange for a physical property inspection, in which case the buyer is provided with a buyer certificate to present at the physical inspection, optionally to be complemented with photo identification. In some embodiments the buyer is provided with web forms for making enquiries about the property item.

[0092] Website 103 provides the user with an option to place a bid request. This option is exercised where a user is interested in a property and has, at least ideally, made sufficient investigations to be satisfied with the nature and quality of the property item under consideration. This may involve conducting title searches, reviewing title documentation, considering any applicable covenants and easements, reviewing building plans, reviewing zoning policies, having pest inspections conducted, and so on. In some embodiments the buyer user is able to purchase related searches by way of website 103. For example, in one embodiment a buyer uses website 103 to engage the services of a lawyer to conduct a title search and report on findings, or to engage the services of a pest inspection company to conduct an investigation of the property in question and provide a report. It will be appreciated that providers of such services should be impartial third parties. In one embodiment such service providers pay a fee to advertise their services on website 103.

[0093] hi some embodiments, prior to a bid request being placed, it is a requirement that the user has made a physical inspection of the property item in question. It will be appreciated that such an approach reduces the likelihood of misuse. In one embodiment, a buyer is provided with a buyer certificate to present at a physical inspection, and the seller retains this certificate following the inspection. The seller then inputs data indicative of the certificate (such as a unique alphanumeric identifier) into an appropriate form on the website to verify that a physical inspection has taken place. Alternately, the seller provides something to the buyer to allow input into a form on the website by the buyer to verify that a physical inspection has taken place. It will be appreciated that a variety of further techniques might be implemented to realize this general objective. In some cases a buyer is able to apply for the requirement of a physical inspection to be waived, for example where geographic issues give rise to impracticalities.

[0094] Referring to FIG. 4, system 101 receives from a buyer user at 401 data indicative of the intention to place a bid request. In the present embodiment web- based forms guide the user through the bidding process. This includes informing the user of terms and conditions of use of system 101, providing an opportunity to review the contract for sale of the property in question, informing the user in inherent risks and obligations, recommending title searches and pest investigations, and so on. At decision 402 the buyer user either confirms the intention to proceed, in which case the method progresses to 403, or cancels the bidding process, in which case the method terminates at 404.

[0095] At 404 the website provides an electronic bid request form into which the user enters various information, including a monetary component for the bid to be placed. The contents of this form, along with other information known about the buyer user in question, defined the bid request. Data indicative of the bid request, ' including the monetary component, is received at 405. There are typically one or more additional bid confirmation pages - it will be appreciated that the submission of a bid for real property is a serious matter and website 103 is intentionally adapted to make this clear to buyer users. At 406 it is considered whether the user is question, has previously placed a bid in respect of the relevant property item during the course of the current offer period. If such a bid has been placed then the user is informed that the bid request is rejected at 408. Otherwise, at 409 it is considered whether the bid request meets other bid request criteria. If these criteria are not satisfied then the method again progresses to 408. Otherwise the bid is accepted at 409, in which case the user is informed at 410. Additionally, the bid is placed on behalf of the user, specifically by adding data indicative of the accepted bid request bid in a transaction database 130 at 411. This data includes details such as the relevant buyer identifier, the property to which the bid relates, and the monetary value of the bid. It is noted that the contents of transaction database 130 are not made publicly available to members, buyers, sellers, and so on. This information is kept confidential to maintain integrity of the offer process. *

[0096] At 412 output is provided to the seller of property to which the accepted bid relates to inform that seller that the bid has been placed. The level of information provided to the seller varies between embodiments. In one embodiment the seller is informed only that a bid has been placed, in another embodiment the seller is informed of the monetary value of the bid, and in another embodiment the seller is informed of the value and contact details for the buyer user on behalf of whom the bid was placed. In a further embodiment step 412 is omitted altogether.

[0097] FIG. 5A illustrates procedures following the end of the offer period according to one embodiment. The offer period for a property ends at 501, and at 502 database 130 is queried to obtain data indicative of the bids places in respect of that property. At 503 the monetary components of the bids are analyzed to identify the winning bid. At 504 it is considered whether or not the winning bid has a monetary component greater than the reserve value. If the reserve has not been met then the seller and bidding buyer users are informed of this fact at 505. If the reserve price has been met, the buyer user responsible for placing the winning bid is informed that they have won at 506 and the seller is informed of the particulars of the winning bid at 507 (particularly details for the whining buyer user and the monetary component of the winning bid. At 508 instructions to assist the relevant seller any buyer complete the transaction are provided.

[0098] In the similar method of FIG. 5B, an additional step 520 is introduced following step 504. Step 520 includes carrying out a limited-entry auction procedure for the purpose of identifying a winning buyer. The method of FIG. 5C illustrates another variation on a similar theme. In this case, a more generic single-bid offer process is shown for step 530. Various examples of steps 520 and 530 are considered elsewhere in the present specification.

[0099] After a predefined period of time, system 101 determines at 510 whether there has been feedback from both of the seller and winning buyer that the transaction has been completed, or alternately that the transaction did not complete. If feedback from both parties has not been received, a reminder is sent to either or both of the buyer and seller at 511. If feedback has been received from both parties indicating that the transaction completed in the expected fashion the process completes at 512. If either or both of the parties indicated that the transaction did not complete, a signal is provided to a reviewer at 513. This is typically a human reviewer, who looks at the circumstances under which the transaction did not complete and adjudicates on penalties that should be imposed. These penalties include sanctions on the use of system 101 and, in the present embodiment, fines as set out in terms and conditions made known to the users at the time of membership registration. In some embodiments there an optional mediation process is made available.

[00100] Penalties are not viewed in this embodiment as a source of revenue generation, and merely provide a deterrent to increase marketplace integrity. In some embodiments some or all of the penalty funds are used to compensate parties and/or awarded to charity.

[00101] It is noted that penalties are imposed for contraventions of the terms and conditions of system 101, not for breaches of law. Additionally, these terms and conditions typically provide for some subjectivity and discretion when imposing penalties. In one embodiment details failed transactions and decisions regarding penalties are publicly posted on website 103 for viewing by buyers or sellers. [00102] In one embodiment buyers other than the winning buyer are not informed that they have been unsuccessful until the transaction between the winning buyer and seller has progressed to a set point. For example, in one embodiment the winning buyer is asked to confirm an intention to proceed, and if there is not an intention to proceed then the second highest bidding winner is contacted instead. In other embodiments the set point is the exchange of contracts or payment of a deposit. In one embodiment non-winning buyers are invited to be informed if the transaction between the winning buyer and seller does not complete.

[00103] FIG. 6 illustrates a method 601 for adding a new property to database 108. At 601 input indicative of a desire to advertise a property item is received from a user. At 602 it is determined whether the user in question is logged in as a member. If not, the user is directed at 603 to either log in or submit a membership request. In some cases logging in is automated by the use of cookies or similar approaches. At 604 a website 103 invites the user member to provide a seller identifier. If a valid seller identifier is not received at 605 the user is directed at 606 to submit a seller status request. If a valid seller identifier is received, the user is presented with various seller status options at 607. These options include "add new property item" and "view/edit existing property item".

[00104] At 608 data indicative of a request to add a new property item is received. In response, system 101 provides at 609 a new item web-form to be completed by the seller user. This form includes fields to accept details regarding the property, corresponding particularly to data types maintained in database 108. For example: reserve price, offer period, property details, and so on. There are also objects to allow the uploading of digital images, other media, and a contact for sale (or for lease in the case of a lessor). A payment form is also provide, and the seller directed to provide monetary consideration as payment for the request to add a new property item. The web-form is submitted at 610.

[00105] In the embodiment of FIG. 6 there are two levels of approval relating to a new item. The first level of approval occurs at 612 where it is considered whether payment has been received. If payment has been received the property is provisionally added to database 108 such that it can be located and reviewed by other member users. At this point, however, the offer period is not initiated and bids cannot be placed. If there are problems with the payment then the request is rejected and the seller informed at 613.

[00106] The second level of approval occurs at 614 where it is considered whether other details are in order. This includes a manual review of the request form. In one embodiment the supplied contract is reviewed for compliance with threshold validity requirements. In one embodiment an administrator conducts a review of the official title records to ensure that the seller is indeed entitled to offer for sale the property item in question. Other checks are also made, with the general rationale being to reduce the risk of properties being inappropriately registered. If the manual review is successful, the database is updated to reflect this fact and the offer period commenced or booked for commencement in due course, and the seller informed. This occurs at 615. If the manual review fails, the seller is informed at 616. In the present embodiment the seller is given an opportunity to correct deficiencies in a request — if these deficiencies are not corrected within a set time period, the item is removed from database 108 and the seller optionally disciplined.

[001073 In some embodiments decisions 612 and 614 are combined, and the property added to database 108 only once all criteria are satisfied. In some embodiments the seller is permitted to iteratively complete the request form, allowing the addition of further details (such as the contact for sale) at a later date.

[00108] A seller user is invited to purchase additional optional services. These come at a cost premium. Available services include the provision of a physical advertising banner. In one embodiment a request for a banner is provided accompanied with an associated payment, and in response a banner is printed and shipped to the seller, along with instructions for the assembly of that banner. Other available services include conveyance services, premium advertising, the provision of personnel to liaise with potential buyers during inspection times, and so on.

[00109] While the above methods are described primarily in reference to a traditional sale (as opposed to a lease), it will be appreciated how the method is varied in the case of a lease. For example, there is a lease agreement rather than a contract for sale, and rather then simply bidding on property price there is often bidding on lease terms such as weekly or monthly payment amounts.

[00110] From a commercial perspective, system 101 in one embodiment service fees are charged to users in exchange for the right to make use of various services available through website 103 and system 101 in a broader context. For example, users pay fees to place bids, advertise properties, and access other services. An underlying income generation strategy consideration, at least in some embodiments, is to obtain relatively small fees from a relatively large number of users in respect of a relatively large number of transactions. This has a follow on effect of generating a reasonable level of income for an administrator of system 101, whilst maintaining a relatively low transaction cost for buyers and sellers. This low transaction cost is particularly noticeable when a comparison is drawn with traditional commission- based payment structures. However, this strategy should not be regarded as necessarily limiting, and in some embodiments system 101 does charge a commission based on the monetary value of sales.

[00111J In one embodiment, as part of the buyer status request process, a member user seeking buyer status is invited to advertise the sort of property for which he or she is looking. This information is searchable by sellers, and allows sellers to gauge market interest in properties of a particular nature or in a particular location. Sellers are also able to notify prospective buyers of property items that they post.

[00112] In one embodiment, member users are invited to commence the creation of a register entry for a property item. The property item in question is not advertised until the member becomes a seller user and positively elects to commence advertising.

[00113] In other embodiments alternate tiered membership structures are provided. The general underlying rationale is to require a user to obtain a prescribed user status based on the services the user wishes to access. In general, the above examples, make use of a two-tier system, the first tier being a member, and the second being either a buyer, seller, rentor or lessor. In some embodiments there are a plurality of sub-tiers for these second level tiers. For example, in the case of a buyer, in one embodiment there is a "browsing buyer status" for simply searching and reviewing property descriptions, a "keen buyer status" which provides access to contracts and inspections, and a "bidding buyer status" which allows for the placement of bids.

[00114] In one embodiment there is an additional agent status. Agent status is intended to allow existing real estate agents to advertise and represent the sellers of a relatively large number of properties. That is, agent users are able to provide fairly conventional services whilst taking advantage of the advertising avenues provided by a website such as website 103.

[00115] In some embodiments agent users are provided with authority to access some or all of the databases of system 101 via their own proprietary websites. In one embodiment, upon achieving agent status, the agent user is provided with access to the necessary software and code to allow the programming of a website that leverages the back end of system 101. In some embodiments this includes the necessary code to allow search filtering such that an agent's website provides details only for properties posted by that agent. Users subsequently optionally access functionalities typically provided by website 103 a website provided by the agent user, that website being branded in accordance with the wishes of an agent user.

Overview of Exemplary Rules Implementation

[00116] FIG. 7A to FIG. 7F illustrate another embodiment of the invention in terms of processes undertaken by the general public 701, a Facilitator 702, a Member 703, a Buyer 704, a Seller 705, a Rentor 707, and a Leaser 708. This embodiment is provided for the sake of example only, particularly to illustrate exemplary rules and processes that are implemented in relation to one web-based implementation.

[00117] In this embodiment, a Member is a user who contracts the assistance of the Facilitator to buy, rent, sell residential and commercial property. The following rules apply to a Member:

[00118] • A user must pay a fee to the Facilitator to register as a Member [00119] • A Member must be 18 years and older

£00120] • A Member is provided an account and allocated a unique identifier and mailbox after their payment details have been validated by the Facilitator [00121] • A Member may access all services offered by the Facilitator except those reserved for Buyers, Sellers, Rentors and Leasors

[00122] • A Member's rights are valid for a specified period

[00123] • A Member may renew their status by paying a renewal fee prior to expiration

[00124] • The Facilitator reserves the right to cancel a Member's rights at any time

[00125] A buyer is member who registers themselves as a buyer of residential and commercial property and land. The following rules apply to a Buyer:

[00126] • A Member must pay an additional fee to the Facilitator to register themselves as a Buyer

[00127] • Buyers are allocated a unique identifier after their payment details have been validated by the Facilitator

[00128] • A Member can only be registered as one Buyer at any one time

[00129] • A Buyer is provided a Buyer Certificate to present at property inspections in conjunction with another form of photo identification

[00130] ^•• A Buyer can only submit one Bid per property during the term of the Offer

[00131] • A Buyer's rights are valid for a specified period

[00132] • A Buyer may renew their status by paying a renewal fee prior to expiration

[00133] • A Buyer may submit enquiries to a Seller regarding their property, request and attend property inspections, and submit Bids to purchase properties

[00134] • A Buyer must pay the nominated deposit to the Seller's Legal Representative within a specified period of being notified they are the successful Bidder [00135] • The Facilitator reserves the right to fine a Buyer if they fail to pay the deposit for the purchase of a property within a specified period if they are the successful Bidder

[00136] • The Facilitator reserves the right to cancel a Buyer's rights at any time

[00137] A Seller is a Member who registers themselves as a seller of residential and commercial property. The following rules apply to a Seller:

[00138] • A Member must pay an additional Fee to the Facilitator to register themselves as a Seller

[00139] • A Seller is allocated a unique identifier after their payment details have been validated by the Facilitator

[00140] • A Member may be registered as more than one Seller at any one time for different properties

[00141] • A Seller can only register one property for Tender at any one time [00142] • A Seller must provide a valid Contract for Sale for their property

[00143] • A Seller must nominate a Legal Representative for the Sale of their property

[00144] • A Seller is provided a Seller Certificate to display at property inspections

[00145] • A Seller can only nominate one Reserve Price during the term of the Offer

[00146] • A Seller must sell their property to the Buyer with the highest Bid if the Reserve Price has been reached or exceeded at the end of the Offer

[00147] • Seller's rights are valid for a specified period

[00148] • A Seller may renew their status on expiration by paying a renewal fee after a specified period

[00149] • A Seller may respond to enquiries sent to them by Buyers regarding their property, request advertising collateral, organise property inspections, review Bids submitted by Buyers to purchase their property, and notify Buyers of the results of their Offer

[00150] • The Facilitator reserves the right to fine a Seller if they do not sell their property to the successful Buyer if the Reserve Price set by the Seller for their property has been reached or exceeded at the end of the Offer.

[00151] ^■• The Facilitator reserves the right to cancel a Seller's rights at any time

[00152] A Rentor is a member who registers themselves as a renter of residential and commercial property and land. The following rules apply to a Rentor:

[00153] • A Member must pay an additional fee to the Facilitator to register themselves as a Rentor

[00154] • A Rentor is allocated a unique identifier after their details have been validated by the Facilitator

[00155] • A Member can only be registered as one Rentor at any one time

[00156] • A Rentor is provided a Rentor Certificate to present at property inspections in conjunction with another form of photo identification

[00157] • A Rentor can only submit one Bid per property during the term of each Offer

[00158] • Renter's rights are valid for a specified period

[00159] • A Rentor may renew their status by paying a renewal fee prior to expiration

[00160] • A Rentor can submit enquiries to a Leasor regarding their property, request and attend property inspections, and submit Bids to lease properties

[00161] • A Rentor must pay the nominated deposit to the Leasor's Legal Representative within a specified period of being notified they are the successful Bidder

[00162] • The Facilitator reserves the right to fine a Rentor if they fail to pay the deposit for the lease of the property [00163] • The Facilitator reserves the right to cancel a Rentor's rights at any time

[00164] A Leasor is a Member who registers themselves as a leasor of residential and commercial property. The following rules apply to a Leasor:

[00165] • A Member must pay an additional Fee to the Facilitator to register themselves as a Leasor ■ [00166] • A Leasor is allocated a unique identifier after their details have been validated by the Facilitator

[00167] • A Member may be registered as more than one Leasor at any one time for different property

[00168] • A Leasor can only register one property for Offer at any one time [00169] • A Leasor must provide a Leasing Agreement for their property

[00170] • A Leasor must nominate a Legal Representative for the Lease of their property

[00171] • A Leasor is provided a Leasor Certificate to display at property inspections

[00172] • A Leasor can only submit one Rent Reserve Price during the term of the Offer

[00173] • A Leasor must lease their property to the Renter with the highest Bid if •the Rent Reserve Price has been reached or exceeded at the end of the Offer

[00174] • Leasor's rights are valid for a specified period

[00175] • A Leasor may renew their status after expiration by paying a renewal fee after a specified period

[00176] • A Leasor may respond to enquiries made by Rentors regarding their property, request advertising and inspection services, and review Bids submitted by Rentors to lease their property [00177] • The Facilitator reserves the right to fine a Leasor if they do not lease their property to the successful Rentor if the Bid is equal to or exceeds the Rent Reserve Price set by the Leasor for their property

[00178] • The Facilitator reserves the right to cancel a Leasor's rights at any time

[00179] The Facilitator is an individual or entity that administers the single bid Offer process for the purchase and lease of residential and commercial property. The Facilitator ensures the following in relation to a Member:

[00180] • The personal details provided are complete and correspond to their payment details

[00181] • The payment details provided are valid, have not expired, or fraudulent [00182] • The Member has confirmed they are at 18 years old or older

[00183] • A unique account, identifier, and mailbox is allocated to the Member after their payment and personal details have been validated

[00184] • The Member can record desired property criteria and perform property searches

[00185] • The Member can search for Properties, request Additional Services, and register as a Buyer, Seller, Rentor, or Leasor

[00186] • The Member's status is terminated unless renewed prior to expiration [00187] • A reminder is sent to the Member prior to expiration

[00188] • A Member's status is only renewed if a valid payment is made prior to expiration

[00189] • A Member is notified their rights have been cancelled if the Facilitator exercises the right to do so.

[00190] The Facilitator ensures the following in relation to a Buyer:

[00191] • The personal details provided are complete and correspond to their payment details [00192] • The personal details of the Buyer are the same as the source Member [00193] • The Member is not already registered as a current Buyer [00194] • The Member's rights will not expire within the specified period [00195] • The payment details provided are valid, have not expired, or fraudulent [00196] ^•• The Buyer is provided a Buyer Certificate

[00197] ^•• A Buyer can only submit one Bid per property during the term of each Offer

[00198] • A Buyer's status is terminated unless renewed prior to expiration [00199] • A reminder is sent to the Buyer prior to expiration

[00200] ^'• A Buyer can submit enquiries to a Seller regarding their property, request property inspections, and submit Bids to purchase properties

[00201] • A Buyer can view the history of their activities in their account folder, inbox folder, outbox folder and Bid folder

[00202] • A Buyer is notified of the outcome of their Bid immediately following the completion of the relevant Offer

[00203] .• A Buyer is notified they have been short listed to submit a higher bid within a specified period because the Reserve Price has not been reached for a completed Offer

[00204] • A Buyer is notified their rights have been cancelled if the Facilitator exercises the right to do so.

[00205] The Facilitator confirms the following in relation to a Seller:

[00206] • The personal details provided are complete and correspond to their payment details

[00207] • The personal details of the Seller are the same as the soured Member

[00208] • The Member is not already registered as a current Seller of the same property [00209] • The Member's rights will not expire within the specified period [00210] • The payment details provided are valid, have not expired, or fraudulent [00211] • The Seller is provided a Seller Certificate

[00212] • A Seller's status is terminated on expiration and cannot be renewed for that property for a specified period

[002133 • A Seller can respond to enquiries from Buyers regarding their property, request advertising and inspection services, review Bids submitted to purchase their property, and notify Buyers of the results of their Offer

[00214] • A Seller can view the history of their activities in their account folder, inbox folder, outbox folder and Bid folder

[00215] • A Seller is notified their rights have been cancelled if the Facilitator exercises the right to do so. [00216] The Facilitator confirms the following in relation to a Rentor:

[00217] • The personal details provided are complete and correspond to their payment details

[00218] • The personal details of the Rentor are the same as_. the source Member

[00219] • The Member is not already registered as a current Rentor

[00220] • The Member's rights will not expire within the specified period

[00221] • The payment details provided are valid, have not expired, or fraudulent

[00222] • The Rentor is provided a Rentor Certificate

[00223] • A Rentor can only submit one Bid per property during the term of the Offer

[00224] • A Rentor's status is terminated unless renewed prior to expiration

[0022S] • A Rentor can submit enquiries to a Leasor regarding their property, request property inspections, and submit Bids to lease properties [Q0226] • A Rentor can view the history of their activities in their account folder, inbox folder, outbox folder and Bid folder

. [00227] • A Rentor is notified of the outcome of their Bid immediately following the completion of the relevant Offer

[00228] • A Rentor is notified if they have been short listed to submit a higher bid within a specified period because the Rent Reserve Price has not been reached for a completed Offer

[00229] • A Rentor is notified their rights have been cancelled if the Facilitator exercises the right to do so.

[0023O] The Facilitator confirms the following in relation to a Leasor:

[00231] • The personal details provided are complete and correspond to their payment details

[00232] • The personal details of the Leasor are the same as the source Member

[00233] • The Member is not already registered as a current Leasor of the same property

[00234] • The Member's rights will not expire within the specified period [00235] • The payment details provided are valid, have not expired, or fraudulent [00236] • The Leasor is provided a Leasor Certificate

[00237] • A Leasor's status is terminated on expiration and cannot be renewed for , that property for a specified period

[00238] • A Leasor can respond to enquiries from Rentors regarding their property, request advertising and inspection services, review Bids to lease their property, and notify Rentors of the results of their Offer

[00239] • ^", A Leasor can view the history of their activities in their account folder, inbox folder, outbox folder and Bid folder

[00240] • A Leasor is notified their rights have been cancelled if the Facilitator exercises the right to do so. Overview of Exemplary Website Implementation

[00241] A further embodiment will now be described by reference to an exemplary website for providing on client machines a user interface for the sale/lease of property items. This website is described by references to a number of individual pages and buttons provided on those pages. However, it will be appreciated that various other web-design characteristics might be employed to achieve a corresponding result in a general functional sense.

[00242] A user makes use of a search engine to navigate property items and reach a Property Detail page for a particular property, which provides details relating to a specific property item. A "Submit an Offer" button is displayed on the Property Detail page. Clicking this "Submit an Offer" button allows a user to enter into an offer-submission process. The "Submit an Offer" button is also provided in a property summary box in a Search Results page and /or in a list of properties in a member- specific Favorites page.

[00243] There are two major categories of Property Detail pages. These are "For Sale" Property Detail pages, which can only be accessed by valid current Buyer Member Members, and "For Rent" Property Detail pages, which can only be accessed by valid current Renter Members.

[00244] A Register / Renewal payment popup page is displayed if the "Submit an Offer" button or "...more details" link on the property summary box in the Search Results page and / or in the Member's list of properties in their Favorites page is selected and the Member is not a current registered Buyer Member or Renter Member. The Member is prompted to record their credit card details and payment amount if they want to register/renew as a Buyer Member or Renter Member or select cancel. If they elect to proceed the system confirms their Member details are the same as the name on the credit card before attempting to approve or reject the payment and notifies them they must be the same if they are not. '

[00245] In this example, Buyer Member and Renter Member rights are valid for 6 months from the date of fee payment and are renewable prior to and after expiry.

[00246] If a current registered Buyer Member or Renter Member wishes to submit an offer for a property the following will occur.

[00247] On selection of the "Submit an Offer" button a pop-up page is displayed which includes a summary of the details of the property the Buyer Member of Renter Member is submitting the offer for i.e. the primary photo, the property title, the property ID, the full address of the property, the offer range specified, and informing them they may only submit ONE offer for this property which can be withdrawn at any time in the future no earlier than 14 days from the date it is submitted.

[00248 J The pop up page also includes a copy of current terms and conditions with a tick box to indicate they agree to them, a field to enter the value of their offer, and "Submit" and "Cancel" buttons.

[00249] The "Cancel" button results in the termination of the transaction and returns the user to the original Property Details page.

[00250] The "Submit" button validates that the terms and conditions agreement box has been checked and if so displays a message for them to confirm which includes the primary photo, property title, the property ID, the full address of the property, their Member ID, the value of their offer, the time and date of the offer. On selection of OK the system records the bidder information in the offer added to the property owner's "Offers Received" list and adds the primary photo, property title, the property ID, the full address of the property and the value of the offer submitted to the offer added to the bidder's "Offers Made" list with a Bid Status of "HB" for highest bidder unless the following occurs:

[00251] • If the terms and conditions agreement box has not been checked a warning message is displayed for the user to check the box in order to submit their offer.

[00252] • If the box has been checked and the offer is lower than the highest offer submitted for that property at that time a message is displayed informing them their offer is lower than the highest offer to date and asking them if they still want to proceed. The message includes 2 buttons for the user to select if they still want to "Proceed" with the offer or "Cancel" it. [00253] The Cancel button results in the termination of the offer and returns the user to the originating Property Details pages.

[00254] The Proceed button results in the display of a message confirming their offer has been successfully submitted, the value of their offer, the time and date of the offer, and the unique offer number, and the offer is added to their "Offers Made" list with a Bid Status of "HB" or "UB" for under bidder whichever is the case unless the following occurs.

[00255] If the offer is lower than the Reserve Price recorded for that property a message is displayed informing them their offer is lower than the reserve price set by the owner and asking them if they still want to proceed. The pop-up includes 2 buttons to select if they still want to "Proceed" with the offer or "Cancel" it.

[00256] The Cancel button results in the termination of the offer and returns the user to the original Property Details page.

[00257] The Proceed button results in the display of a message confirming their "offer has been successfully submitted, the value of their offer, the time and date of the offer, and the unique offer number", and the offer is added to their "Offers Made" list with a "Bid Status" of "HBUR" for highest bidder under reserve, "UBUR" for under bidder under reserve, "HB" or ¹¹UB" whichever is the case.

[00258] If an offer for a property is submitted which is. higher than the other offers submitted previously the system automatically sends an email to the under bidders website inbox notifying them a higher offer has been received for that property and updates the "Bid Status" of their offer in their "Offers Made" list to "UB" or "UBUR" whichever is the case.

[00259] Buyer Member Members or Renter Members may withdraw their offer by selecting the "Withdraw" button displayed adjacent to the end of the offer they wish to withdraw in their "Offers Made" list. On selection of this button the system checks to ensure the withdrawal is not selected within 14 days of the offer being submitted. If this is the case a warning message is displayed informing them the "earliest date they may withdraw the offer" else the system confirms their "offer has been withdrawn", updates the "Bid Status" of their offer in their "Offers Made" list to "WD" for withdrawn, and sends an email to the website email Inbox of the owner of the property notifying them the offer has been withdrawn.

[00260] If an offer for a property is accepted by the Seller Member or Leaser Member the system automatically sends an email to the successful bidder's website inbox informing them their offer for that property has been accepted and updates the "Property Status" of their offer in the successful bidder's "Offers Made" list and the owner's "Offers Received" list to "Offer Accepted". It also adds an agreement to the successful bidder and owner's "Agreements Made" list with a status of "Pending".

[00261] The email notification and. agreement include the property primary photo, the property title, the property ID, the address of the property, the accepted offer figure, the acceptance time and date, the property owner details, and the details of their legal representative. The email also includes a message informing the Buyer Member or Renter Member they "must pay the deposit as specified on the owners Contract for Sale or Leasing Agreement or the agreement may be terminated".

[00262] If an offer for a property has been accepted and the Agreement Status is set to "Finalized" an email is automatically sent to the unsuccessful bidders' website inbox notifying them their offer for the property is unsuccessful and updates the "Property Status" of their offer in their "Offers Made" list to "Unsuccessful".

[00263] Members are provided the ability to develop an advertisement for each of their properties in their "My Properties" list.

[00264] The "Owner Property Details" page can only be accessed via a "...more details" link on the property summary box in the list of properties in the Member's "My Properties" page. The page is generally the same as the "Property Details" page except the "Reserve Price" and "End Date" of the advertisement is displayed instead of the "Arrange Inspection" and "Submit an Offer" buttons.

[00265] Members pay a fee to register themselves as the Seller Member or Leaser Member of each property in order for their advertisements to be made available to Buyer Member and Renter Member searches..

[00266] This is achieved by selecting the "Advertise" button adjacent to the relevant advertisement in their "My Properties" list and recording their credit card details, the Reserve Price, the advertisement End Date, uploading a vaJid electronic copy of the Contract for Sale or Tenancy Agreement and Property Title (in the case of a lease), recording the name and contact details of the person who produced the contract and is handling the finalization of the contract or agreement via the pop-up page provided.

[00267] The page also includes a copy of the current terms and conditions with a check box to indicate they agree to them and "OK" and "Cancel" buttons.

[00268] The "Cancel" burton results in the termination of the transaction and returns the user to the originating page.

[00269] The "OK" button validates that the terms and conditions agreement box has been checked and if so the payment details are confirmed immediately by the system by comparing their member details with the name provided on the credit card and notifies them they must be the same before the system confirms or rejects their payment if they are not. If they are the same the system confirms the payment, notifies the user if their payment is successful or not and provides a confirmation number if it is. It also places the advertisement in a holding area so the ownership of the property and contact details of the person who produced the contract and is handling the finalization of the contract or agreement can be manually confirmed prior to the property being made available for Buyer Member and Renter Member searches.

[00270] Seller Members and Leaser Members may advertise a property for a maximum of 4 months and can only renew their status 3 months after the original advertisement's expiry date.

[00271] When a valid offer for a property is submitted by a Buyer Member or Renter Member the system sends an email to the owner's website inbox informing them an offer for their property has been received and records the offer in their "Offers Received" list for that property by displaying the Buyer Member or Renter Member ID, the value of the offer submitted, the time and date the offer was submitted, the status of the bid i.e. HB, HBUR, UB, UBUR. It also informs the owner the offer may be withdrawn by the Buyer Member or Renter Member 14 days after the tirαe and date it was submitted if it is not accepted.

[00272] Seller Members and Leaser Members may lower the Reserve Price of their property ONCE during the 4 month advertising period by selecting the Reserve Price displayed on the Owner Property Details page. This results in a pop-up page being displayed for them to record the new Reserve Price and informing them they can only change this figure once. It also informs them that each of the current bidders will be sent an email notifying them of the value of the new Reserve Price and asking them to submit another offer. The pop-up includes a "Proceed" and "Cancel" button and a warning message informing the Seller Member or Leaser Member their advertisement for this property will be withdrawn 14 days from the time and date they lower the Reserve Price unless they accept an offer beforehand if they decide to proceed.

[00273] The Cancel button results in the termination of the Reserve Price change and returns the user to the original Owner Property Details page.

[00274] The Proceed button results in the display of a message confirming the Reserve Price has been successfully changed, the value of the new Reserve Price, the time and date of the change, and the time and date the advertisement will be terminated unless an offer is accepted. The system also changes the Reserve Price to the new figure and alters the End Date on the Owner Property Details page.

[00275] Seller Members and Leaser Members are provided the ability to extend the End Date of their advertisement but only if the new date is not greater than 4 months from the date the property was initially advertised and the Reserve Price has not been lowered beforehand. Current bidders are not notified if this occurs as only the Seller Member or Leaser Member is privy to this information.

[00276] Seller Members and Leaser Members may accept an offer for their property at any time during the advertising period by selecting the Accept button adjacent to the offer in their "Offers Received" list. A pop-up page is displayed for them to reconfirm or reject the offer they are accepting by selecting OK or Cancel. The pop-up includes a message informing the Seller Member or Leaser Member that the other bidders will be notified their offer was unsuccessful and the agreement for that property will be set to Finalized if the status is not confirmed by the Member Λvithin 7 days of the time and date the successful offer was accepted.

[00277] If the Seller Member or Leaser Member selects Cancel the transaction is terminated and the user is returned to the originating page.

[00278] If the Seller Member or Leaser Member select OK the system automatically sends an email to the successful Buyer Member or Renter Member's website inbox informing them their offer has been accepted as described previously and modifies the property status in their "Offers Made" list and the owner's "Offers Received" list for that property to Offer Accepted. The system also adds an agreement for that property in the successful bidder and the owner's "Agreements Made" lists with a status of "Pending". The agreement includes the property primary photo, the property title, the property ID, the address of the property, the successful bidder's ID, the personal details of the owner and the bidder,, the contact details of the owner's legal representative, the accepted offer figure, and the acceptance time and date.

[00279] The status of agreements are automatically set to Finalized 7 days from the time and date the successful offer is accepted unless they are manually altered beforehand by the owner by changing the status of the agreement in their "Agreements Made" list.

[002801 The following occurs based on the status selected by the property owner:

[00281] • , Finalized - an email is automatically, sent to the website inbox of the unsuccessful bidders notifying them their offer is unsuccessful and the property status of their offer in their "Offers Made" list is set to "Unsuccessful". The status of the advertised property in the Search Results page, the Property Details page, and the Owner Property Details page are also altered to "Offer Accepted". The same action is carried out automatically by the system if the Member does not change the status of the agreement within 7 days of the time and date of the acceptance of the offer.

[00282] • Deposit Not Paid - a message is displayed informing the owner we will investigate the matter and they may accept another offer for their property. All Member rights of the original successful bidder are immediately suspended and an email is sent to their website inbox notifying them their Member rights have been suspended pending our investigation of the matter. The property status of their offer in their "Offers Made" list is also changed to "Deposit Not Paid".

[00283] The following occurs based on the status selected by the successful bidder:

[00284] • Deposit Not Taken — a message is displayed informing the successful bidder we will investigate the matter. All Member rights of the property owner are immediately suspended and an email is sent to their website inbox notifying them their Member rights have been suspended pending our investigation of the matter. The property status of the offer they accepted in their "Offers Received" list is also changed to "Deposit Not Taken".

[00285] In this embodiment, the status of an agreement can only be changed once by either the owner or the successful bidder, whichever occurs first

Exemplary Auction Methods

[00286] As foreshadowed, exemplary methods for implementing limited-entry auction procedures in combination with a single bid offer process are discussed below by reference to FIG. SA to FIG. 8C. For example, a computer-readable carrier medium carries a set of instructions that when executed by one or more processors provided by system 101 and/or by user terminals of users 103 cause the one or more processors to carry out this a method such as these. That is, the method forms part of a computer program product. For the= sake of convenience it is considered that a memory unit 120 coupled to server 102 maintains these software instructions. Specifically, memory unit 120 includes software instructions, which, among other functions, allow server 102 to perform various methods described herein. It is noted that not all instructions required for causing these method to be implemented need be in memory 120 at a given time.

[00287] FIG. 8A illustrates a method 800. In overview, method 800 includes implementing a single-bid offer process for the purpose of triggering a limited-entry auction. More specifically, for a given property .item, the limited-entry auction is triggered in response to the receipt of a bid that is greater than a reserve amount set for the property item. As will be appreciated from detailed comments below, the general notion is that buyers willing to bid amounts greater than the reserve price (which is concealed from all bidders) are able to place multiple bids.

[00238] A single-bid tender process commences at step 801. For example, a member user K)7 registers as a seller user 112 for the purpose of selling a property item. The seller user inputs various aspects of data indicative, including a reserve price (defining the lowest threshold amount the seller is prepared to accept) and an offer period (defining a finite period of time during which bids may be placed in accordance with a single-bid offer process). The single-bid offer process commences responsive to the commencement of the offer period.

[00289] A bid is received at step 802. That is, a buyer user (also referred to as a "bidder" for the present circumstances) places a bid, and data indicative of this bid is received by a software application responsible for implementing the present auction method. Data indicative of the bid includes data indicative of the amount bid, and data indicative of the bidder (for example, the bidder's buyer identifier).

[00290] For the present example, it is assumed that a bid is only received at 802 where the relevant buyer user has satisfied the necessary criteria to submit a bid in accordance with a single-bid offer process, as described above. For example, the buyer must not previously have submitted a bit in respect of the relevant property item.

[00291] Decision 803 includes determining whether the received bid is greater than or equal to the set reserve value. It is again noted that the bidder does not know the reserve value, in accordance with the general concept underlying a single-bid offer process as described herein. In the event that the received bid is not greater then or equal to the reserve, the method progresses to 804. In the event that a further bid is not received prior to the end of the offer period, the method progresses to 805 and the seller is informed that the reserve has not been met (for example by way of an electronic notification). Otherwise, a bid is received again at 802.

[00292] A loop between 803 and 802 continues throughout the offer period until a bid greater then or equal to the reserve is received. Once such a bid is received, the method progresses to step 806. At step 806, the bidder responsible for placing a bid of magnitude greater then or equal to the reserve amount is defined as the "initiating bidder" for a subsequent limited-entry auction. This bidder is also approved for participation in the limited-entry auction.

[00293] In some embodiments, the seller upon receiving a notification from step 805 selectively reduces the reserve price to a figure ^'below the highest bid, at which time the method progresses to step 806, with the highest bidder being defined as the "initiating bidder".

[00294] In some embodiments rules are implemented such that a buyer user is able to withdraw an offer after a predetermined period (for example after fourteen days, seven days, or a period defined by reference to the completion of the offer period). It will be appreciated that such an approach creates some timing pressure on a seller to lower a reserve price at or before a defined point in time once a below-reserve offer has been received, given uncertainties arising at such a time as the relevant buyer user is at liberty to withdraw his/her offer. At the same time, such an approach allows a buyer to place an offer in respect of another property item once the predetermined period has elapsed.

[0029S] Following step 806, the limited-entry auction commences at 807 with the initiating bidder's bid. This limited-entry auction has a predefined auction period, which is in some embodiments one-week from the date/time on which step 807 occurs. Typically, the approach is to implement an auction period significantly shorter than the offer period.

[00296] At the commencement of the auction period, data associated with the property item is updated to indicate that an auction period is underway. For example, a user who identifies the property item in a search is informed of this fact, and may accordingly consider expediting investigations. In some cases property items for which an auction period has commenced are ordered higher in search results than properties subject to an offer period, hi some embodiments an electronic notification of the commencement of an auction period is provided to all buyers who previously submitted bids during the single-bid offer process. [00297] Much like in the case of the single-bid offer process, details of bid amounts are not disclosed to other buyers. Buyers are invited to place respective bids, in some embodiments this being irrespective of whether a bid was placed during the single-bid offer process. Such a bid is received at step 808.

[00298] At step 809 it is considered whether the bid received at step 808 is the highest bid received to date. If it is not the highest bid, the buyer responsible for the bid is informed of this fact at 810. In some embodiments this buyer is not permitted to make a further bid. In some embodiments a further bid is permitted once a predetermined time period is elapsed (for example between one and twenty-four hours).

[00299] In the event that the bid received at step 808 is the highest bid, the method progresses to step 811 where the bid is entered, and the buyer approved for participation in the limited-entry auction. At step 812 other participants in the limited- entry auction are informed that a new highest bid has been entered (but not the value of the new highest bid). This might be particularly interesting to the buyer responsible for the previous highest bid, who may wish to submit a further bid.

[00300] Another bid is received at step 813 and, based on decision 814, if this is not the highest bid received to date, the bidder is informed of that at 810. Otherwise, the bid is entered at step 815 and other bidding buyers informed. Subject to timeout condition 816 (reliant on the end of the auction period), the method either loops to step 813 or progresses to step 817 where the highest bid received is identified as the winning bid. In some embodiments, the method continues to steps 506 and 507 described further above.

[00301] FIG. 8B illustrates a method 820. In overview, method 820 includes implementing a single-bid offer process for the purpose of triggering a limited-entry auction. More specifically, for a given property item, the limited-entry auction is available to those bidders willing to bid above the reserve price only.

[00302] A single-bid tender process commences at step 821. For example, a member user 107 registers as a seller user 112 for the purpose of selling a property item. The seller user inputs various aspects of data indicative, including a reserve price (defining the lowest threshold amount the seller is prepared to accept) and an offer period (defining a finite period of time during which bids may be placed in accordance with a single-bid offer process). The single-bid offer process commences responsive to the commencement of the offer period.

[00303] A bid is received at step 822. That is, a buyer user (also referred to as a "bidder" for the present circumstances) places a bid, and data indicative of this bid is received by a software application responsible for implementing the present auction method. Data indicative of the bid includes data indicative of the amount bid, and data indicative of the bidder (for example, the bidder's buyer identifier).

[00304] For the present example, it is assumed that a bid is only received at 822 where the relevant buyer user has satisfied the necessary criteria to submit a bid in accordance with a single-bid offer process, as described above. For example, the buyer must, not previously have submitted a bit in respect of the relevant property item.

[00305] Subject to timeout condition 823, bids are continually received until the end of the offer period, at which point the method progresses to step 824. Step 824 includes determining whether or nor the reserve has been met (i.e. whether a bid has been received of value greater then or equal to the reserve price). If the reserve price is not met, the seller is informed at step 825. Otherwise, the method progresses to step 826.

[00306] Step 826 includes identifying those bidders who placed bids of value greater then or equal to the reserve price. These bidders are approved for participation in a limited-entry auction procedure, which commences at step 827. That is, the limited-entry auction is open only to bidders who placed bids equal to or in excess of the reserve during the single-bid offer process. This limited-entry auction has a predefined auction period, which is in some embodiments one-week from the date/time on which step 827 occurs. Typically, the approach is to implement an auction period significantly shorter than the offer period. [00307] Much like in the case of the single-bid offer process, details of bid amounts in the limited-entry auction are not disclosed to other buyers. As noted, only buyers approved at step 826 are able to bid in this limited-entry auction.

[00308] A bid from one of the approved buyers is received at step 828. At step 829 it is considered whether the bid received at step 828 is the highest bid. If it is not the highest bid, the bidder is informed of this fact at 830. In some embodiments this bidder is not permitted to make a further bid. In some embodiments a further bid is permitted once a predetermined time period is elapsed (for example between one and twenty-four hours). ■

[00309] In the event that the bid received at step 828 is the highest bid, the method progresses to step 831 where the bid is entered. At step 832 other participants in the limited-entry auction are informed that a new highest bid has been entered (but not the value of the new highest bid). This might be particularly interesting to the buyer responsible for the previous highest bid, who may wish to submit a further bid.

[00310] Another bid is received at step 833 and, based on decision 834, if this is not the highest bid received to date, the bidder is informed of that at 830. Otherwise, the bid is entered at step 835 and other bidding buyers informed. Subject to timeout condition 836 (reliant on the end of the auction period), the method either loops to step 833 or progresses to step 837 where the highest bid received is identified as the winning bid. In some embodiments, the method continues to steps 506 and 507 described further above.

[00311] FIG. 8C illustrates a method 840. In overview, method 840 includes implementing a single-bid offer process for the purpose of triggering a limited-entry auction. More specifically, for a given property item, the limited-entry auction is limited to those buyers who placed the most significant bids.

[00312] A single-bid tender process commences at step 841. For example, a member user 107 registers as a seller user 112 for the purpose of selling a property item. The seller user inputs various aspects of data indicative, including a reserve price (defining the lowest threshold amount the seller is prepared to accept) and an offer period (defining a finite period of time during which bids may be placed in accordance with a single-bid offer process). The single-bid offer process commences responsive to the commencement of the offer period.

[00313] A bid is received at step 842. That is, a buyer user (also referred to as a "bidder" for the present circumstances) places a bid, and data indicative of this bid is received by a software application responsible for implementing the present auction method. Data indicative of the bid includes data indicative of the amount bid, and data indicative of the bidder (for example, the bidder's buyer identifier).

[00314] For the present example, it is assumed that a bid is only received at 842 where the relevant buyer user has satisfied the necessary criteria to submit a bid in accordance with a single-bid offer process, as described above. For example, the buyer must not previously have submitted a bit in respect of the relevant property item.

[00315]^" Subject to timeout condition 843, bids are continually received until the end of the offer period, at which point the method progresses to step 844. Step 844 includes determining whether or nor the reserve has been met (i.e. whether a bid has been received of value greater then or equal to the reserve price). If the reserve price is not met, the seller is informed at step 845. Otherwise, the method progresses to step 846.

[00316] Step 846 includes identifying a predetermined number of the highest bidders, this inherently including at least one bidder responsible for a bid in greater than or equal to the reserve. In some embodiments the predetermined number is two, although numbers between two and ten are used in various embodiments. In some cases the number is determined responsive to other criteria, such as the number of bids having values with a set range of deviation from the highest value, or alternately the number of bids in excess of the reserve.

[00317] These bidders identified at step 846 are approved for participation in a limited-entry auction procedure, which commences at step 847. That is, the limited- entry auction is open only to bidders who placed bids equal to or in excess of the reserve during the single-bid offer process. This limited-entry auction has a predefined auction period, which is in some embodiments one-week from the date/time on which, step 847 occurs. Typically, the approach is to implement an auction period significantly shorter than the offer period,

[00318] Much like in the case of the single-bid offer process, details of bid amounts in the limited-entry auction are not disclosed to other buyers. As noted, only buyers approved at step 846 are able to bid in this limited-entry auction.

[00319] A bid from one of the approved buyers is received at step 848. At step 849 it is considered whether the bid received at step 848 is the highest bid. If it is not the highest bid, the bidder is informed of this , fact at 850. In some embodiments this ^■ bidder is not permitted to make a further bid. In some embodiments a further bid is permitted once a predetermined time period is elapsed (for example between one and twenty-four hours).

[00320] In the event that the bid received at step 848 is the highest bid, the method progresses to step 851 where the bid is entered. At step 852 other participants in the limited-entry auction are informed that a new highest bid has been entered (but not the value of the new highest bid). This might be particularly interesting to the buyer responsible for the previous highest bid, who may wish to submit a further bid.

[00321] Another bid is received at step 853 and, based on decision 854, if this is not the highest bid received to date, the bidder is informed of that at 810. Otherwise, the bid is entered at step 815 and other bidding buyers informed. Subject to timeout condition 856 (reliant on the end of the auction period), the method either loops to step 853 or progresses to step 857 where the highest bid received is identified as the winning bid. In some embodiments, the method continues to steps 506 and 507 described further above.

[00322] It will be appreciated that auctions methods such as those discussed above retain various advantages associated with a single-bid offer process, and yet additionally provide advantages associated with traditional auction methods. In particular, buyers are inherently encouraged to submit serious bids only by reference to what they can afford and their own impressions of property value, rather than by reference to the bids of other potential buyers. However, faced with the prospect of missing put, select buyers are given a further opportunity to compete. This further opportunity is considered to be particularly advantageous to all concerned where the amount a buyer is willing to pay is significantly more than the anticipated market value, for example doe to previously unrecognized factors.

Conclusions

[00323] It will be appreciated that the above disclosure provides various novel and inventive systems and methods for facilitating real property transactions.

[00324] Although embodiments described above deal specifically with the sale and lease of real property, some embodiments of the present invention relate to the sale and/or lease of personal property. Such embodiments make use of the single bid process described above in combination with a tiered membership structure. For example, in one embodiment users of a website register as members to search high- level information regarding personal property items, and optionally register as buyers to review and selectively place a bid on one 'or more personal property items. Other users optionally register as sellers to post their own personal property items for sale.

[00325] In some embodiments a single website allows for the sale and/or lease of both real property and personal property items. In one such embodiment there are different modes of registration for real property buyers as opposed to personal property buyers, similar considerations applying to sellers. In other embodiments the website deals only with personal property.

[00326] In some embodiments there are restrictions placed on the nature of personal property that may be posted. For example, in one embodiment the website is geared towards the sale of relatively high value personal property, or the kind of property where a personal inspection is typically preferred. Common examples include personal vehicles such as cars and boats. In one embodiment there are several categories of buyer status, each relating to the type of property that is to be bought. For example, a real property buyer status, an automotive buyer status, and so on.

[00327] Unless specifically stated otherwise, as apparent from the following discussions, it is appreciated that throughout the specification discussions utilizing terms such as "processing," "computing," "calculating," "determining", analyzing" or the like, refer to the action and/or processes of a computer or computing system, or similar electronic computing device, that manipulate and/or transform data represented as physical, such as electronic, quantities into other data similarly represented as physical quantities.

[00328] In a similar manner, the term "processor" may refer to any device or portion of a device that processes electronic data, e.g., from registers and/or memory to transform that electronic data into other electronic data that, e.g., may be stored ϋi registers and/or memory. A "computer" or a "computing machine" or a "computing platform" may include one or more processors.

[00329] The methodologies described herein are, in one embodiment, performable by one or more processors that accept computer-readable (also called machine- readable) code containing a set of instructions that when executed by one or more of the processors carry out at least one of the methods described herein. Any processor capable of executing a set of instructions (sequential or otherwise) that specify actions to be taken are included. Thus, one example is a typical processing system that includes one or more processors. Each processor may include one or more of a CPU, a graphics processing unit, and a programmable DSP unit. The processing system further may include a memory subsystem including main RAM and/or a static RAM, and/or ROM. A bus subsystem may be included for communicating between the components. The processing system further may be a distributed processing system with processors coupled by a network. If the processing system requires a display, such a display may be included, e.g., a liquid crystal display (LCD) or a cathode ray tube (CRT) display. If manual data entry is required, the processing system also includes an input device such as one or more of an alphanumeric input unit such as a keyboard, a pointing control device such as a mouse, and so forth. The term memory unit as used herein, if clear from the context and unless explicitly stated otherwise, also encompasses a storage system such as a disk drive unit. The processing system in some configurations may include a sound output device, and a network interface device. The memory subsystem thus includes a computer-readable carrier medium that carries computer-readable code (e.g., software) including a set of instructions to cause performing, when executed by one or more processors, one of more of the methods described herein. Note that when the method includes several elements, e.g., seveial steps, no ordering of such elements is implied, unless specifically stated. The software may reside in the hard disk, or may also reside, completely or at least partially, within the RAM and/or within the processor during execution thereof by the computer system. Thus, the memory and the processor also constitute computer- readable carrier medium carrying computer-readable code.

[00330] Furthermore, a computer-readable carrier medium may form, or be includes in a computer program product.

[00331] In alternative embodiments, the one or more processors operate as a standalone device or may be connected, e.g., networked to other processor(s), in a networked deployment, the one or more processors may operate in the capacity of a server or a user machine in server-user network environment, or as a peer machine in a peer-to-peer or distributed network environment. The one or more processors may form a personal computer (PC), a tablet PC, a set-top box (STB), a Personal Digital Assistant (PDA), a cellular telephone, a web appliance, a network router, switch or bridge, or, any machine capable of executing a set of instructions (sequential or otherwise) that specify actions to be taken by that machine.

[00332] Note that while some diagrams only show a single processor and a single memory that carries the computer-readable code, those in the art will understand that many of the components described above are included, but not explicitly shown or described in order not to obscure the inventive aspect. For example, while only a single machine is illustrated, the term "machine" shall also be taken to include any collection of machines that individually or jointly execute a set (or multiple sets) of instructions to perform any one or more of the methodologies discussed herein.

[00333] Thus, one embodiment of each of the methods described herein is in. the form of a computer-readable carrier medium carrying a set of instructions, e.g., a computer program that are for execution on one or more processors, e.g., one or more processors that are part of building management system. Thus, as will be appreciated by those skilled in^' the art, embodiments of the present invention may be embodied as a method, an apparatus such as a special purpose apparatus, an apparatus such as a data processing system, or a computer-readable carrier medium, e.g., a computer program product. The computer-readable carrier medium carries computer readable code including a set of instructions that when executed on one or more processors cause the processor or processors to implement a method. Accordingly, aspects of the present invention may take the form of a method, an entirely hardware embodiment, an entirely software embodiment or an embodiment combining software and hardware aspects. Furthermore, the present invention may take the form of carrier medium (e.g., a computer program product on a computer-readable storage medium) carrying computer-readable program code embodied in the medium.

[00334] The software may further be transmitted or received over a network via a network interface device. While the carrier medium is shown in aft exemplary embodiment to be a single medium, the term "carrier medium" should be taken to include a single medium or multiple media (e.g., a centralized or distributed database, and/or associated caches and servers) that store the one or more sets of instructions. The term "carrier medium" shall also be taken to include any medium that is capable of storing, encoding or carrying a set of instructions for execution by one or more of the processors and that cause the one or more processors to perform any one or more of the methodologies of the present invention. A carrier medium may take many forms, including but not limited to, non-volatile, media, volatile media, and transmission media. Non-volatile media includes, for example, optical, magnetic disks, and magneto -optical disks. Volatile media includes dynamic memory, such as main memory. Transmission media includes coaxial cables, copper wire and fiber optics, including the wires that comprise a bus subsystem. Transmission media also may also take the form of acoustic or light waves, such as those generated during radio wave and infrared data communications. For example, the term "carrier medium" shall accordingly be taken to included, but not be limited to, solid-state memories, a computer product embodied in optical and magnetic media, a medium bearing a propagated signal detectable by at least one processor of one or more processors and representing a set of instructions that when executed implement a method, a carrier wave bearing a propagated signal detectable by at least one processor of the one or more processors and representing the set of instructions a propagated signal and representing the set of instructions,, and a transmission medium in a network bearing a propagated signal detectable by at least one processor of the one or more processors and representing the set of instructions. [00335] It will be understood that the steps of methods discussed are performed in one embodiment by an appropriate processor (or processors) of a processing (i.e., computer) system executing instructions (computer-readable code) stored in storage. It will also be understood that the invention is not limited to any particular implementation or programming technique and that the invention may be implemented using any appropriate techniques for implementing the functionality described herein. The invention is not limited to any particular programming language or operating system.

[00336] Reference throughout this specification to "one embodiment" or "an embodiment" means that a particular feature, structure or characteristic described in connection with the embodiment is included in at least one embodiment of the present invention. Thus, appearances of the phrases "in one embodiment" or "in an embodiment" in various places throughout this specification are not necessarily all referring to the same embodiment; but may. Furthermore, the particular features, structures or characteristics may be combined in any suitable manner, as would be apparent to one of ordinary skill in the art from this disclosure, in one or more embodiments.

[00337] Similarly it should be appreciated that in the above description of exemplary embodiments of the invention, various features of the invention are sometimes grouped together in a single embodiment, figure, or description thereof for the purpose of streamlining the disclosure and aiding in the understanding of one or more of the various inventive aspects. This method of disclosure, however, is not to be interpreted as reflecting an intention that the claimed invention requires more features than are expressly recited in each claim. Rather, as the following claims reflect, inventive aspects lie in less than all features of a single foregoing disclosed^' embodiment. Thus, the claims following the Detailed Description are hereby expressly incorporated into this Detailed Description, with each claim standing on its own as a separate embodiment of this invention.

[00338] Furthermore, while some embodiments described herein include some but not other features included in other embodiments, combinations of features of different embodiments are meant to be within the scope of the invention, and form different embodiments, as would be understood by those in the art. For example, in the following claims, any of the claimed embodiments can be used in any combination.

[00339] Furthermore, some of the embodiments are described herein as a method or combination of elements of a method that can be implemented by a processor of a computer system or by other means of carrying out the function. Thus, a processor with the necessary instructions for carrying out such a method or element of a method forms a means for carrying out the method or element of a method. Furthermore, an element described herein of an apparatus embodiment is an example of a means for carrying out the function performed by the element for the purpose of carrying out the invention.

[00340] In the description provided herein, numerous specific details are set forth. However, it is understood that embodiments of the invention may be practiced without these specific details. In other instances, well-known methods, structures and techniques have not been shown in detail in order not to obscure an understanding of this description.

[00341] As used herein, unless otherwise specified the use of the ordinal adjectives "first", "second", "third", etc., to describe a common object, merely indicate that different instances of like objects are being referred to, and are not intended to imply that the objects so described must be in a given sequence, either temporally, spatially, in ranking, or in any other manner.

[00342] In the claims below and the description herein, any one of the terms comprising, comprised of or which comprises is an open term that means including at least the elements/features that follow, but not excluding others. Thus, the term comprising, when used in the claims, should not be interpreted as being limitative to the means or elements or steps listed thereafter. For example, the scope of the expression a device comprising A and B should not be limited to devices consisting only of elements A and B. Any one of the terms including or which includes or that includes as used herein is also an open term that also means including at least the elements/features that follow the term, but not excluding others. Thus, including is synonymous with and means comprising. [00343] Thus, while there has been described what are believed to be the preferred embodiments of the invention, those skilled in the art will recognize that other and further modifications may be made thereto without departing from the spirit of the invention, and it is intended to claim all such changes and modifications as fall within the scope of the invention. For example, any formulas given above are merely representative of procedures that may be used. Functionality may be added or deleted from the block diagrams and operations may be interchanged among functional blocks. Steps may be added or deleted to methods described within the scope of the present invention.

Claims

1. A method for facilitating a property transaction in respect of a property item, the method including the steps of:

(a) maintaining, in a database, data indicative of the property item, the data including a reserve value; >

(b) receiving, from one or more parties, respective requests to place, in respect of the property item, an offer having a value, wherein the reserve value is concealed from the first party;

(c) for each request received at (b), in the case that first predefined conditions are met, accepting that request and entering data indicative of the relevant offer in the database, wherein the first predefined conditions include a requirement that the party has not previously had accepted a request to place an offer in respect of the property item;

(d) processing the database to identify none or more offers for which second predefined conditions are met, the second predefined conditions including, for at least one offer, a requirement that the offer has a value greater than the reserve value;

(e) for each offer satisfying the second predefined conditions, approving the responsible party for participation in a limited-entry auction in respect of the property item;

(f) commencing the limited -entry auction based on the highest value offer received in respect of the property item, the limited-entry auction having a predefined auction period;

(g) receiving, from one or more parties approved for participation in the limited- entry auction, a respective one or more requests to place, in respect of the property item, a bid having a value, wherein the values of received bids axe concealed from the parties;

(h) for each request received at (g), in the case that third predefined conditions are met, accepting the relevant request and entering data indicative of the relevant bid in the database;

(i) at the end of the auction period, querying the database to identify the party responsible for the accepted request having the highest value; (j) providing an instruction to the seller of the property item to complete a property transaction in respect of the property item with the party identified at (i) for consideration corresponding to the highest value.

2. A method according to claim 1 wherein the third predefined conditions include a requirement that the party has not- previously had accepted a request to place a bid Ln respect of the property item within a predefined time period.

3. A method according to claim 1 wherein the third predefined conditions include a requirement that the bid have a value greater than any previous bid or offer entered in the database in respect of the property item.

4. A method according to claim 1 wherein the second predefined conditions include, for each offer, a requirement that the offer have a value greater than or equal to the reserve value.

5. A method according to claim 1 wherein the second predefined conditions include a requirement that an offer have a value within a predetermined deviation of the highest offer entered in the database in respect of the property item.

6. A method according to claim 1 wherein the second predefined conditions include a requirement that an offer, when considered relative to other offers entered in the database, have a value that is ranked at less than or equal to a predetermined relative ranking.

7. A method according to claim 1 wherein step (d) is performed responsive to the first acceptance of a request for an offer having a value greater then or equal to the reserve value, such that the party responsible for that offer is the only party approved at (e), the method including a step of approving one or more additional parties for participation in the limited-entry auction.

8. A method according to claim 1 wherein step (d) is preformed at the completion of a predefined offer period.

9. A method according to claim 1 including receiving and processing input indicative of either performance or non performance of the instruction provided at (j) and, in the case of non-performance, imposing a penalty on whichever of the seller and party is determined to be responsible for the non-performance.

10. A method according to claim 1 including a steps of receiving and processing a request, placed by or on behalf of the seller of the property item, to reduce the reserve value, and subsequently performing step (d).

11. A method for facilitating real property transactions, the method including the steps of: accepting from a new user input indicative of a membership request and, in the case that the membership request satisfies predetermined membership criteria, assigning a member identifier to the user; accepting from a member user having an assigned member identifier input indicative of a buyer status request and, in the case that the buyer status request satisfies predetermined buyer status criteria, assigning a buyer identifier to the member; and accepting from a buyer user having an assigned member identifier and assigned buyer identifier a bid request in respect of a specified real property item and, in the case that the bid request satisfies predetermined bid criteria, placing on behalf of the buyer user a bid corresponding to the bid request in respect of the specified real , property item, wherein, the predefined bid criteria includes a requirement that a bid has not been previously placed on behalf of the buyer user in respect of the specified real property item during a predetermined time period.

12. A method according to claim 11 including the steps ofi accepting from a member user having an assigned member identifier input indicative of a seller status request; and in the case that the seller status request satisfies predetermined seller status criteria, assigning a seller identifier to the member user such that the seller user is permitted to advertise for sale to one or more members one or more real property items.

13. A method according to claim 12 including the step of providing as output data indicative of the bid to a seller user who is selling the specified real property ' f it"em.

14. A method according to claim 11 wherein a buyer user is prevented from viewing data indicative of the monetary value of other bids placed in respect of the specified real property item.

15. A method according to claim 13 wherein a plurality of bids are placed on behalf of a respective plurality of buyer users in respect of the specified property, and the method includes the steps of: at the end of the predetermined time period determining which of the predetermined bids has the highest monetary value; determining whether the highest monetary value exceeds a reserve value previously nominated by the seller user; in the case that the highest monetary value exceeds the reserve value, instructing the seller user to sell the specified property item to the buyer user on behalf of whom the bid having the highest monetary value was placed; and in the case that the highest monetary value does not exceed the reserve value, providing output indicative of a no-sale event.

16. A method according to claim 15 wherein providing output indicative of a no sale event includes inviting one or more buyer users to submit higher bids.

17. A method according to claim 15 including the steps of: receiving input indicative of either performance or non performance by the seller user in relation to the instruction to sell the specified property item to the buyer user on behalf of whom the bid having the highest monetary value was placed; and in the case of non-performance, imposing a penalty on the seller user.

18. A method according to claim 17 wherein the penalty includes a monetary penalty.

19. A method according to claim 17 wherein the penalty includes placing limitations on the seller user's permissions as a seller user and/or as a member and/or as a buyer user.

20. A method according to any one of the preceding claims wherein the predefined membership criteria include a requirement that the user provide specified consideration.

21. A method according to claim 20 wherein the requirement that the user provide specified consideration is waived if predetermined promotional conditions are met.

22. A method according to claim 11 wherein the membership request criteria include any one or more of the following: a requirement that the user provide verifiable personal identification information; a requirement that the user provide valuable consideration.

23. A method according to claim 11 wherein the buyer status request criteria include any one or more of the following: a requirement that the user provide verifiable personal identification information; a requirement that the user provide valuable consideration; a requirement that the user provide data indicative of a legal representative; a requirement that the seller user provide a form of collateral.

24. A method according to claim 12 wherein the seller status criteria include any one or more of the following: a requirement that the user provide valuable consideration; a requirement that the seller user provide a valid contract for sale; a requirement that the user provide data indicative of a legal representative.

25. A method according to claim 12 including the steps of: accepting from a seller user a property sale request indicative for a real property item the seller user wishes to sell; and in the case that the property sale request meets predefined sale request criteria, allowing the seller user to advertise the real property item to one or more members.

26. A method according to claim 25 wherein the predefined sale request criteria include any one or more of the following: a requirement that the seller user provide verifiable personal identification information; a requirement that the seller user provide valuable consideration; a requirement that the seller user provide data indicative of a legal representative; a requirement that the seller user provide a valid contract for sale; a requirement that the seller user provide a valid lease agreement; a requirement that the seller user provide a form of collateral.

27. A method according to claim 11 wherein the predefined membership criteria include a requirement that the user provide verifiable personal identification information.

28. A method according to claim 11 including the steps of: accepting from a member user having an assigned member identifier input indicative of a search request to search a repository containing a plurality of entries relating to real property items, the search request including search parameters; and being responsive to the search parameters for providing output indicative of one or of the entires such that the member user is able review data indicative of the one or more real property items.

29. A method according to claim 11 wherein the predefined buyer status criteria include a requirement that a buyer identifier is not currently assigned to the member user.

30. A method according to claim 12including the steps of: accepting from a seller user a service request for one or more additional services; and in the case that the service request satisfies predetermined service request criteria, providing an output indicative of a command to provide one or more services corresponding to the service request.

31. A method according to claim 12 wherein the seller user is a traditional seller wishing to sell title in or to one or more real property items.

32. A method according to claim 12 wherein the seller user is a lessor wishing lease one or more real property items.

33. A method according to claim 11 wherein the buyer user is a traditional buyer wishing to purchase title in or to one or more real property items.

34,- A method according to claim 11 wherein the buyer user is a rentor wishing lease one or more real property items.

35. A computer-readable carrier medium carrying a set of instructions that when executed by one or more processors cause the one or more processors to carry out a method for facilitating real property transactions, the method including the steps of: accepting from a new user input indicative of a membership request and, in the case that the membership request satisfies predetermined membership criteria, assigning a member identifier to the user; accepting from a member user having an assigned member identifier input indicative of a buyer status request and, in the case that the buyer status request satisfies predetermined buyer status criteria, assigning a buyer identifier to the member; and accepting from a buyer user having an assigned member identifier and assigned buyer identifier a bid request in respect of a specified real property item and, in the case that the bid request satisfies predetermined bid criteria, placing on behalf of the buyer user a bid corresponding to the bid request in respect of the specified real property item, wherein the predefined bid criteria includes a requirement that a bid has not been previously placed on behalf of the buyer user in respect of the specified real property item during a predetermined time period.

36. A method for facilitating real property transactions, the method including the steps. of: accepting data indicative of a plurality of bids placed by a respective plurality of buyer users, each bid being indicative of a specified real property item for sale by a seller user and a monetary component corresponding to the amount of currency the respective buyer user is prepared to offer the seller user for purchase of the real property item, wherein each buyer user is permitted to place only a single bid in respect of the specified real property item; at the end of a predetermined offer period, identifying determining a winning buyer user, the winning buyer user being the buyer user who placed the bid having the highest monetary component; determining whether the highest monetary component exceeds a predefined reserve value; in the case that the highest monetary component exceeds the predefined reserve value, instructing the winning buyer user and the seller user to perform the transaction of sale of the specified property item; selectively imposing a detriment on either or both of the winning buyer user and the seller user is the transaction is not performed.

37. A method for facilitating real property transactions, the method including the steps of: providing a tiered registration structure whereby a user is permitted to register at a first tier to access an online search facility for providing data indicative of one or more real property items, and subsequently at a higher tier as one or more of a buyer and a seller of one or more real property items; and wherein the user is registered as a buyer, accepting from this buyer user a bid request in respect of a specified real property item provided using the online search facility and, in the case that the bid request satisfies predetermined bid criteria, placing on behalf of the buyer user a bid corresponding to the bid request in respect of the specified real property item, wherein the predefined bid criteria includes a requirement that a bid has not been previously placed on behalf of the buyer user in respect of the specified real property item during a predetermined time period.

38. A computer-readable carrier medium carrying a set of instructions that when executed by one or more processors cause the one or more processors to carry out a method according to any one of the preceding claims.

39. A method for facilitating property transactions, the method including the steps of: providing a tiered registration structure whereby a user is permitted to register at a first tier to access an online search facility for providing data indicative of one or more property items, and subsequently at a higher tier as one or more of a buyer and a seller of one or more property items; and wherein the user is registered as a buyer, accepting from this buyer user a bid request in respect of a specified property item provided using the online" search facility and, in the case that the bid request satisfies predetermined bid criteria, placing on behalf of the buyer user a bid corresponding to the bid request in respect of the specified property item, wherein the predefined bid criteria includes a requirement that a bid has not been previously placed on behalf of the buyer user in respect of the specified property item during a predetermined time period.

40. A method according to claim 39 wherein the one or more property items include either or both of real property items and personal property items.

41. A computer program or computer program product comprising a set of instructions for carrying out a method as recited in any preceding method claim.

42. A website for facilitating real property transactions including functionality to perform a method according to any preceding method claim.

43. A system for facilitating real property transactions, the system including: a first interface for accepting from a new user input indicative of a membership request; a first processor for, in the case that the membership request satisfies predetermined membership criteria, assigning a member identifier to the user; a second interface for accepting from a member user having an assigned member identifier input indicative of a buyer status request; a second processor for, in the case that the buyer status request satisfies predetermined buyer status criteria, assigning a buyer identifier to the member; a third interface for accepting from a buyer user having an assigned member identifier and assigned buyer identifier a bid request in respect of a specified real property item; and a third processor for, in the case that the bid request satisfies predetermined bid criteria, placing on behalf of the buyer user a bid corresponding to the bid request in respect of the specified real property item, wherein the predefined bid criteria includes a requirement that a bid has not been, previously placed on behalf of the buyer user in respect of the specified real property item during a predetermined time period.