WO2016179658A1

WO2016179658A1 - A property analysis system

Info

Publication number: WO2016179658A1
Application number: PCT/AU2016/050356
Authority: WO
Inventors: Christopher Russell BILBOROUGH
Original assignee: Individual
Current assignee: Individual
Priority date: 2015-05-11
Filing date: 2016-05-11
Publication date: 2016-11-17
Anticipated expiration: 2017-11-11

Abstract

A property analysis system comprising: a server adapted for hosting property information from parties involved in property transactions, a network for remotely accessing the server; and a program running on a device of a user for accessing the server using the network; wherein the program is adapted to: allow a user to input their buyer type, wherein each buyer type has defined financial metrics; calculate attributes of properties based on the financial metrics; and display the attributes of the different properties so that the user can compare the attributes of the properties.

Description

A PROPERTY ANALYSIS SYSTEM

TECHNICAL FIELD

[0001] The present invention relates to an online a property analysis system. In particular, the present invention relates to a property analysis system which allows a user to compare properties based on buyer types, financial metrics and preferences.

BACKGROUND

[0002] In recent times, real estate systems have been developed that allow property owners or real estate agents to list properties for sale online. Typically, these systems provide only a limited amount of information about the property for sale, such as the location, price, property type (house, apartment, etc.), number of bedrooms and so on. Users of these systems only have limited information and a very limited number of criteria to view properties. Thus, there would be an advantage if it were possible to provide an online real estate system that allowed potential buyers to select a property to purchase based on further considerations than just property type, location and price.

[0003] The information available with current systems can be useful to potential buyers who intend to be owner-occupiers of a property. However, the information provided by existing real estate systems is of much less value to other categories of buyers (such as people wanting to buy an investment property, 'first home' buyers and retirees) for whom factors such as property location and price may be secondary considerations when selecting a property to buy.

[0004] Current real estate agent systems are tailored to the interests of the real estate agents, not the buyers. They are designed for real estate agents to advertise their properties and the real estate agent is typically only paid upon the settlement of the property which they have personally listed. Accordingly, they are only interested in selling the properties which they have listed, rather than a property which may meet the needs of the buyer.

[0005] One of the major problems with current real estate systems is that if a vendor/seller wants more exposure to buyers by giving many agents access to their property, then they must enter into an open agency agreement with many agents and may real estate companies. An additional problem is that agents licenced in one state within a country are often unable to sell properties located in other states of the country. For example an agent licenced in the state of Victoria in Australia may not be able to sell a property located in the state of Queensland in Australia. This limits the opportunities for both the real estate agent and the vendors to sell properties.

[0006] Another major problem with current real estate systems is that vendors are normally trapped into sole agency agreements. These only benefit the agent, not the vender. The sole agency means real estate agents can lock out competing agents from selling the property so they ensure they retain all the commissions themselves. This has no benefit for the seller and can significantly restrict their exposure to potential buyers. A system is required to eliminate this problem.

[0007] A real estate system is also required which puts the buyer's interests ahead of the interests of the real estate agents. That is, a system is required which enables buyers to consider all financial aspects of a property and directly compare those financial aspects with other properties to see which property best meets their financial needs.

[0008] Another problem is that real estate agents cannot give financial advice on properties and financial advisors cannot give financial advice about specific properties. Insurance companies and the laws applying financial advisors prevents the

[0009] It will be clearly understood that, if a prior art publication is referred to herein, this reference does not constitute an admission that the publication forms part of the common general knowledge in the art in Australia or in any other country.

SUMMARY OF THE INVENTION

[0010] According to the present invention, there is provided a property analysis system. According to the present invention, there is provided a property analysis system comprising:

(a) a server adapted for hosting property information from parties involved in property transactions,

(b) a network for remotely accessing the server; and

(c) a program running on a device of a user for accessing the server using the network;

wherein the program is adapted to:

i. allow a user to input their buyer type, wherein each buyer type has defined financial metrics;

ii. calculate attributes of properties based on the financial metrics; and

iii. display the attributes of the different properties so that the user can compare and analyse the properties. [0011] The different buyer types may include first home buyers, investment property buyers, foreign buyers, owner-occupiers and/or retirement property buyers. The parties involved in property transactions may include buyers, sellers, real estate agents, financiers, conveyancers, valuers, inspectors, insurers and operators of the system.

[0012] Preferably, the system is adapted to receive a deposit for the purchase of a property. More preferably, the system is adapted to allow a buyer to transfer funds to the operator of the system for a deposit on the property and remove the listing of the property from the system. The system may allow a user to enter into a contract to purchase a property on the system. The system is adapted to allow users to settle the sale of a property electronically on the system. The system may be adapted to only charge the seller if the property is transferred to the buyer.

[0013] The attributes of properties may include the after tax cash flow income, percentage return on investment, or anticipated profit over a specific period. The attributes may also include the tax saving accrued by owning the property over a specific period.

[0014] The system is adapted to rank the properties based on a number of adjustable criteria, such as financial incentives provided by the seller, or properties with the best after tax cash flow income, or the best anticipated capital growth rates, for example. The financial incentives include at least a portion of the agent's commission and/or advertising fees which is paid to the buyer upon transfer of the property to the buyer.

[0015] Preferably, the system is adapted to award a real estate commission to any real estate agent who refers a buyer to a property which is purchased on the system. More preferably, the system is adapted to award real estate agent commissions to multiple agents.

[0016] The system is preferably adapted to award a referral fee to anyone who refers a buyer to the system and that buyer subsequently purchases a property which is transferred to the buyer. The referral fee may be awarded upon settlement for a completed home, or upon final completion of a home which is to be built. The system may also be adapted to award a referral fee to a finance broker who arranges finance for the purchase of a property which is transferred to the buyer.

[0017] The system may be adapted to allow a seller to designate the level of commission that will be paid by the seller upon the transfer of the property to the buyer. The term 'transfer' includes the settlement for a completed home and title which passes to the owner of a home which is built in stages. The commission may be paid to a real estate agent, buyer and other third parties. [0018] The system is adapted to automatically pay any financial incentive to the buyer upon the transfer of the property to the buyer.

[0019] According to another aspect of the present invention, the invention resides broadly in an online information collection, retrieval and comparison method including at least one server, the method including the steps of:

(a) Maintaining an electronic database of one or more properties for sale in association with an online information collection, retrieval and comparison system;

(b) Generating, using the online information collection, retrieval and comparison system, a plurality of questions relating to investment preferences of a potential buyer;

(c) Displaying the plurality of questions on an electronic interface generated by the online information collection, retrieval and comparison system, the electronic interface being accessible via a computer device of the potential buyer;

(d) Receiving, with the online information collection, retrieval and comparison system via the computer device of the potential buyer, answers to the questions from the potential buyer;

(e) Accessing, using the online information collection, retrieval and comparison system and based on the answers to the questions, electronic records relating to one or more parameters of the one or more properties for sale; and

(f) Generating, with the online information collection, retrieval and comparison system and based on information retrieved from the electronic records, a list of one or more recommended properties.

[0020] In another aspect, the invention resides broadly in an online information collection, retrieval and comparison method including at least one server, the method including the steps of:

(a) Allowing a seller, using an electronic sales interface accessible via the Internet on a computer device of the seller, to create a listing of one or more properties for sale;

(b) Maintaining an electronic database on the at least one server of one or more properties for sale in association with an online information collection, retrieval and comparison system;

(c) Generating, using the at least one server of the online information collection, retrieval and comparison system, a plurality of questions relating to investment preferences of a potential buyer;

(d) Displaying the plurality of questions on an electronic buying interface generated by the at least one server of the online information collection, retrieval and comparison system, the electronic interface being accessible via the Internet on a computer device of the potential buyer;

(e) Receiving, via the Internet with the at least one server of the online information collection, retrieval and comparison system via the computer device of the potential buyer, answers to the questions from the potential buyer;

(f) Accessing, via the Internet using the at least one server of the online information collection, retrieval and comparison system and based on the answers to the questions, electronic records relating to one or more parameters of the one or more properties for sale;

(g) Generating, with the at least one server of the online information collection, retrieval and comparison system and based on information retrieved from the electronic records, a list of one or more recommended properties; and

(h) Displaying, via the Internet on the computer device of the potential buyer, the list of one or more recommended properties.

[0021] In a preferred embodiment of the invention, the online information collection, retrieval and comparison system may be housed on at least one server. Preferably, the online information collection, retrieval and comparison system may be housed on at least one server by an administrator, and users may be able to gain access to the online information collection, retrieval and comparison system through an internet connection whereby the user remotely accesses the online information collection, retrieval and comparison system.

[0022] In some embodiments of the invention, the online information collection, retrieval and comparison system may be housed on a plurality of servers. The plurality of servers may be located at the same location as one another, or at least one of the pluralities of servers may be located at a location remote from the other servers. In some embodiments, different servers may be located in different jurisdictions (i.e. different states/provinces, countries or the like).

[0023] Where a plurality of servers is provided, each server may maintain an electronic database of all properties for sale. Alternatively, each server may maintain a different database of properties for sale (for instance, based on the jurisdiction in which the server is located). In this embodiment of the invention, it is envisaged that the online information collection, retrieval and comparison system may access all of the databases located on all of the servers when generating the list of recommended properties.

[0024] The user may be any suitable user. For instance, the user may comprise a potential buyer, a seller, a real estate agent, a buyer's representative and the like. Preferably, the online information collection, retrieval and comparison system is provided with one or more user interfaces that are displayed on the display of the electronic device the user uses to access the online information collection, retrieval and comparison system.

[0025] It is envisaged that different users of the online information collection, retrieval and comparison system may be provided with different levels of access to the online information collection, retrieval and comparison system. For instance, a user may be provided with access primarily to the portion of the online information collection, retrieval and comparison system that relates to searching properties for sale, but may be prevented from listing properties for sale (unless, for instance, they own the particular properties) thereby preventing them from carrying out the duties of a Real Estate Agent. More preferably, however, all users of the online information collection, retrieval and comparison system may be provided with access to the online information collection, retrieval and comparison system such that a user can both list a property for sale (providing they own the property or are carrying out data entry to assist in the property being promoted for sale as an advertisement on the website) and search properties for sale. In addition, it is envisaged that the online information collection, retrieval and comparison system may include functions specifically designed for certain users of the online information collection, retrieval and comparison system (such as a buyer, lawyer, financier etc.) that other parties will not be able to access.

[0026] In some embodiments of the invention, at least one user may be classified as an administrator. An administrator may have access to all portions of the online information collection, retrieval and comparison system, including access to the accounts of other users. An administrator may have the power to approve, decline, add, suspend and/or remove users from the electronic database and online information collection, retrieval and comparison system.

[0027] The level of access a user has to the online information collection, retrieval and comparison system is preferably assigned by the administrator. Users may be provided with user names and/or passwords to access the online information collection, retrieval and comparison system using any suitable device. For instance, users may access the online information collection, retrieval and comparison system using any suitable electronic device. Preferably, however, the device includes a processor, electronic memory and a display. Thus, the device may comprise a desktop computer, laptop computer, computing tablet, mobile telephone, PDA or the like, or any suitable combination thereof.

[0028] In some embodiments of the invention, a user may access the online information collection, retrieval and comparison system through a website. Alternatively, the online information collection, retrieval and comparison system may be accessed by a user through a program, such as a program downloaded to a mobile telephone, computing tablet or the like.

[0029] In some embodiments, all users may access the same electronic interface. In other embodiments, the electronic interface that a user can access may be determined by the level of access granted to that user. It is envisaged that what an interface allows a user to do within the online information collection, retrieval and comparison system will be limited to only the relevant functionality for the user's level of access.

[0030] In a preferred embodiment of the invention, a user (whether a seller or buyer or another stakeholder) will be required to register with the online information collection, retrieval and comparison system before access to the online information collection, retrieval and comparison system may be granted. A user may register by contacting an administrator and requesting registration. More preferably, however, registration is automated using the online information collection, retrieval and comparison system. In an alternative embodiment of the invention, a user may be able to gain access to the online information collection, retrieval and comparison system using an email or mobile phone message to verify the validity of the user in order to open an account with the administrator.

[0031] Properties for sale may be added to the electronic database by any suitable user (such as a Real Estate Agent, property owner, a person assisting the seller with photography and/or data entry in order to advertise the property, etc.). For instance, the properties may be added by a seller, a real estate agent or the administrator. It is envisaged that the user adding the property to the electronic database may include certain information regarding the property, such as, but not limited to, its location, the selling price, details regarding the property (e.g. the number of bedrooms, bathrooms, car parking spaces), details regarding any current tenancy agreement and so on. The user may include one or more photos, drawings, Floorplans, Valuations, Rental Letters, Property Inspection reports or the like in the information regarding the property.

[0032] Preferably, a seller may access the online information collection, retrieval and comparison system on a computer device of the seller via the Internet. It is envisaged that the online information collection, retrieval and comparison system may include an electronic sales interface into which the seller may enter information regarding the property for sale, may upload photographs, drawings, building inspection reports, pest inspection reports, valuation reports, and the like, or any combination thereof. It is envisaged that, once the seller has completed entering information into the electronic sales interface, the information may be transmitted via the Internet to the server of the online information collection, retrieval and comparison system, whereupon the online information collection, retrieval and comparison system transforms the information in the electronic sales interface into a listing that is maintained in the electronic database. It is envisaged that the listing may require approval before becoming publicly available on the online information collection, retrieval and comparison system. Preferably, the approval process is conducted automatically by the online information collection, retrieval and comparison system based on one or more predetermined criteria. For instance, the online information collection, retrieval and comparison system may conduct checks to ensure that the property for sale is a legitimate property, that the seller is a legitimate seller, that details of the property are accurate and/or that the seller has the permission or legal ability to sell the property. For instance, the online information collection, retrieval and comparison system may conduct checks of a database of real estate agent licence numbers, records of a tides office or the like. In some embodiments of the invention, an additional approval by the administrator may be required following the automatic approval process.

[0033] It is envisaged that the listing for a particular property may be accessed by a potential buyer via the Internet either through an electronic search interface or through the list of recommended properties.

[0034] The electronic search interface may be of any suitable form. In a preferred embodiment of the invention, the electronic search interface may be accessed by any suitable user of the online information collection, retrieval and comparison system, and may be searched using any suitable criteria. For instance, the electronic search interface may be used to search for any properties located within a certain geographic area, or within a certain price range, or with other criteria such as capital growth, rental return, after tax cost, discrepancy to valuation, buyer incentives or an overall ranking specified by the potential buyer.

[0035] It is envisaged that the questions relating to the investment preferences of a potential buyer may be accessed by the potential buyer on an electronic interface (and, specifically, an electronic buying interface) generated by the server of the online information collection, retrieval and comparison system. Preferably, the electronic buying interface may be accessed by the potential buyer via the Internet using an electronic device of the potential buyer.

[0036] The questions relating to the investment preferences of a potential buyer may be of any suitable form. In some embodiments of the invention, the same questions may be put to all potential buyers. In this embodiment, all of the questions may be put to the potential buyer at the same time, or the questions may be put to the potential buyer in a sequence.

[0037] More preferably, however, different questions may be put to potential buyers based on the category into which the potential buyer falls (for instance, property investor, first home owner, retiree, overseas investor or the like). In some embodiments of the invention, the potential buyer may further fall into the category of owner-occupier. [0038] In one embodiment of the invention, the category of buyer is determined by the online information collection, retrieval and comparison system through the potential buyer's answer to a first question. Thus, in this embodiment of the invention, it is envisaged that the potential buyer will be required to identify the category of buyer into which they fall when answering the first question.

[0039] Preferably, once the category of potential buyer has been identified, the online information collection, retrieval and comparison system may generate a plurality of further questions directed specifically to information relevant to the specific category of buyer in which the potential buyer falls. The further questions may be put to the potential buyer at the same time, or the questions may be put to the potential buyer in a sequence.

[0040] Most preferably, the questions are put to the potential buyer in a sequence. In this embodiment of the invention, it is envisaged that the online information collection, retrieval and comparison system may generate each question (or at least some questions) successively based on the answer given by a potential buyer to the (or a) previous question. Thus, while in some embodiments of the invention, the questions may be identical for all potential buyers in a particular category, in other embodiments the online information collection, retrieval and comparison system may generate different questions for potential buyers within the same category based on answers to earlier questions.

[0041] Any suitable questions may be asked of each category of potential buyer. For instance, potential buyers may be asked questions relating to the type of property they wish to purchase (e.g. apartment, high-rise apartment, townhouse/villa unit, house, duplex/terrace or land), their budget (for instance, expressed as a range of purchase prices, or a maximum purchase price), their preferred location, preferred property age and so on. In addition, the potential buyer may be asked questions regarding their income, their existing assets and/or debts, their age, marital status, borrowing power, the source(s) of their income (e.g. salary, pension/superannuation, rental income etc.), the amount of deposit saved and the like.

[0042] The potential buyer may enter the answers to the question into the electronic interface using any suitable technique. For instance, the potential buyer may type characters into entry fields in the electronic interface. Alternatively, the potential buyer may select a preferred option from a drop-down list, or may select a preferred option through a mouse click (or screen touch if using a touchscreen) on an icon displayed on the electronic interface.

[0043] In a preferred embodiment of the invention, the answers to the questions entered into the electronic interface are transmitted to the electronic database via the Internet.

[0044] Upon receipt of the answers to the questions, the online information collection, retrieval and comparison system may access electronic records relating to one or more parameters of the one or more properties. The parameters may be of any suitable type, and it will be understood that at least some of the parameters may be different for each category of potential buyer. Some general parameters may include loan interest, council rates, body corporate fees, Insurance, Sinking Funds, Real Estate Selling commission, Advertising costs, rent, agent letting fees and the like. Importantly, a general parameter for all categories of potential buyer may be whether incentives or rebates are available with a particular property. Such incentives or rebates may include a first home owners' or retirees' rebate or investor incentives (such as whether there are guarantees regarding tenants, discounts or rebates for buying off a plan or the like). In terms of specific parameters, the parameters for a buyer who wishes to buy property as an investment, for instance, may further include the cost of maintaining the property per unit of time (for instance, per week, fortnight or month), the cost after tax of maintaining the property per unit of time (for instance, per week, fortnight or month etc.), the projected profit over a particular period of time (for instance, one year, five years or ten years etc.), historical profit over a particular period of time, historical sales data, average property values for a particular location, average change in property values for a particular area over a particular period of time and so on.

[0045] In some embodiments of the invention, it is envisaged that the online information collection, retrieval and comparison system may also provide a valuation of the property. The valuation may be provided by a Licensed Valuation firm or generated based on any suitable information, such as, but not limited to, the type of property, the size and configuration (e.g. number of bedrooms etc.) of the property, the location of the property, historical sales data (for instance, for the property itself and/or for similar properties in a similar geographic area) and so on. When generating the valuation, the online information collection, retrieval and comparison system may access electronic records that are either maintained on the server of the online information collection, retrieval and comparison system or are maintained on external servers and are accessed by the server of the online information collection, retrieval and comparison system, preferably via the Internet.

[0046] In a most preferred embodiment of the invention, electronic records relating to at least three parameters are accessed by the online information collection, retrieval and comparison system based on the answers to the questions. The at least three parameters include cost after tax to maintain the property per unit time (preferably weekly), the profit over a period of time (preferably 10 years) and whether incentives or rebates are available on a particular property. Other parameters may include Tax Savings, Gross Rent, Net Rent, Discrepancy to Valuation, Gross Profit over a period of time, and an Overall Ranking which, in some embodiments, may be generated based on the potential buyer's answers to the questions relating to what parameter is important to the potential buyer. These answers may then determine what weighting or bias is given to the parameters as specified by the potential buyer. For example, one buyer may bias the system toward after tax cost as they have little spare income whereas another buyer may bias the system toward profit over a period of time or another buyer may bias the system toward incentives depending on their personal circumstances.

[0047] In some embodiments of the invention, the online information collection, retrieval and comparison system may estimate certain figures within a parameter based on information regarding the property. For instance, the online information collection, retrieval and comparison system may estimate the cost of upkeep or maintenance on a property based on suitable factors, such as, but not limited to, the age of the property, the type of property, the value of the property, the geographical location of the property, the climatic conditions the property may be exposed to and so on. The estimates may be based on past experience at the property, past experience at similar properties, accepted industry estimates, anecdotal evidence or the like, or a combination thereof. Information regarding the factors may be maintained on the server of the online information collection, retrieval and comparison system, or may be maintained on external servers which are accessed, preferably via the Internet, by the online information collection, retrieval and comparison system. The external servers may be maintained by the administrator, or may be maintained by other entities to the administrator (such as government agencies, private business, individuals and so on).

[0048] It is envisaged that, in some embodiments, the electronic records may be maintained on the server of the online information collection, retrieval and comparison system. In this embodiment of the invention, however, the electronic records may require periodic updating to ensure that the electronic records are accurate. Updating the electronic records may be achieved using any suitable technique, although in a preferred embodiment of the invention, the electronic records are updated automatically by the online information collection, retrieval and comparison system communicating with on one or more external servers that maintain electronic records relating to the one or more parameters. Preferably, the communication between the online information collection, retrieval and comparison system and the one or more external servers is performed via the Internet. [0049] Any suitable external servers may be communicated with. For instance, the external servers may include servers maintained by local, state or federal government agencies (such as a taxation authority, land titles authority, housing authority, social security or social services authority, agencies dealing with property rebates or incentives and the like), financial institutions (banks, building societies, insurance companies and the like), property developers, body corporate or property managers, quantity surveyors or other holders of useful information and so on. In embodiments of the invention in which the properties for sale are located in more than one country, the external servers may be maintained by authorities in different countries (such as taxation authorities in different countries). In this way, properties may be compared against one another with regard to the specific taxation regimes (or the like) in different countries. In this way, a potential buyer may be able to compare the cost after tax of maintaining an investment property located anywhere in the world.

[0050] In other embodiments of the invention, when the online information collection, retrieval and comparison system received the answers to the questions from the potential buyer, the online information collection, retrieval and comparison system communicates with the one or more external servers where the electronic records are maintained. Preferably, the communication between the online information collection, retrieval and comparison system and the one or more external servers is done via the Internet.

[0051] Upon accessing the electronic records, the online information collection, retrieval and comparison system may receive information relating to the one or more parameters. Using this information, the online information collection, retrieval and comparison system may then rank the one or more properties for sale according to at least one of the one or more parameters to as to generate a list of recommended properties for the potential buyer.

[0052] It will be understood that the parameter or parameters against which the properties are ranked may vary depending on the category of buyer. For instance, for a retiree, the existence of rebates or incentives may be the parameter against which the properties are ranked, while for a first home buyer, the existence of deposit assistance may be the parameter against which the properties are ranked. Alternatively, for investors, the 10 year profit, or the costs per week after tax, may be the parameter against which the properties are ranked.

[0053] It is envisaged that, in some embodiments, the one or more properties may be ranked according to the valuation generated by the online information collection, retrieval and comparison system. Alternatively, the one or more properties may be ranked according to the difference between the valuation generated by the online information collection, retrieval and comparison system and the sale price entered by the seller.

[0054] In some embodiments of the invention, the properties may be ranked against more than one parameter, with the parameters given different weightings depending on the category of potential buyer for which the list of recommended properties is being generated. The potential buyers may also control the weightings to suit their individual circumstances.

[0055] In some embodiments of the invention, the potential buyer may be able to elect the parameter against which the one or more recommended properties are ranked based on the importance of that parameter to the potential buyer. For instance, some potential buyers may wish to rank properties based on the weekly cost to maintain the property after tax, while other potential buyers may wish to rank properties based on the projected 10 year profit or the incentive of a particular property.

[0056] It is envisaged that, at least for potential buyers looking to purchase an investment property, the recommended properties may be located at any geographic location, whether locally, nationally or internationally. Alternatively, the potential buyer may elect to limit the recommended properties to ones located in a specific geographical area. For instance, the potential buyer may limit the geographical area to a country, state, province or county, postcode, suburb or within a certain distance from a particular location.

[0057] In other embodiments of the invention, the potential buyer may specify a parameter in the online information collection, retrieval and comparison system which is of the greatest importance so that properties may be ranked against the parameter of most importance to the potential buyer.

[0058] Preferably, the list of recommended properties is displayed to the potential buyer on an electronic interface displayed on a computing device of the potential buyer. Preferably, the electronic interface is accessed by the potential buyer via the Internet.

[0059] In some embodiments of the invention the potential buyer may be able to add one or more filters to list of recommended properties. For instance, as previously mentioned, the potential buyer may be able to add filters so that only properties within a particular geographic area are listed in the recommended properties . Similarly, the potential buyer may be able to add filters so that only properties within a particular price range, or properties having particular features (e.g. numbers of bedrooms) are listed in the recommended properties.

[0060] In another aspect, the invention resides broadly in an online information collection, retrieval and comparison system including at least one computational device configured to:

(a) Maintain an electronic database of one or more properties for sale;

(b) Generate a plurality of questions relating to investment preferences to a potential buyer;

(c) Display the plurality of questions on an electronic interface, the electronic interface being accessible via a computer device of the potential buyer;

(d) Receive answers to the questions from the potential buyer;

(e) Access electronic records relating to one or more parameters of the one or more properties for sale; and

(f) Generate a list of one or more recommended properties.

[0061] The present invention involves numerous advantages over the prior art. For instance, the ability to generate a list of recommended properties for sale based on different criteria (and particularly, criteria other than location and price) means that potential buyers with different reasons for purchasing a property may compare and rank properties for sale based on the specific criteria of importance to them. In this way, a potential buyer may locate properties that represent the best investment based on their specific buying criteria.

[0062] In addition, the present invention allows potential buyers to directly compare properties for sale in different parts of a country (or different parts of the world), even though the different locations may have different laws regarding tax etc. This is achieved through the accessing of electronic records that allow properties located in regions and subject to different laws to be compared side-by-side. In this way, a potential buyer may be made of aware of potentially attractive investment opportunities in locations where the potential buyer previously could not access sufficient information to make an informed decision.

[0063] The use of computers is critical to the present invention, and the present invention would be unable to be performed without the use of computers. The present invention improves the operation of and effect of the use of the computer by accessing the electronic records and providing for the comparison of properties in different geographical locations and under different laws (such as tax laws). The effect of the use of the computer is improved as the computer would be unable to provide this comparison without the step of accessing the electronic records as recited by the present invention.

[0064] In preferred embodiments of the invention, the system is adapted to allow a buyer or seller to designate an inspector, valuer, conveyancer or insurance agents to automatically receive information from the system relating to a property involved in a transaction. Any of the features described herein can be combined in any combination with any one or more of the other features described herein within the scope of the invention. The reference to any prior art in this specification is not, and should not be taken as an acknowledgement or any form of suggestion that the prior art forms part of the common general knowledge.

BRIEF DESCRIPTION OF DRAWINGS

[0065] Various embodiments of the invention will be described with reference to the following drawings, in which:

[0066] Figure 1 is a schematic diagram of a property analysis system according to an embodiment of the present invention, wherein the system comprises a network of devices running a program hosted on a server.

[0067] Figure 2 is a representation of a login interface on the program.

[0068] Figure 3 is a representation of a task interface on the program.

[0069] Figure 4 is a representation of a buyer type interface on the program.

[0070] Figure 5 is a representation of a search options interface on the program.

[0071] Figure 6 is a representation of a search parameters interface (for a first home buyer) on the program.

[0072] Figure 7 is a representation of a search results interface on the program.

[0073] Figure 8 is a representation of a continuation of the search results interface of figure 7.

[0074] Figure 9 is a representation of a second search parameters interface (for a first home buyer) on the program.

[0075] Figure 10 is a representation of a search parameters interface (for a Property Investor who pays tax in Australia as a Resident) on the program who wants to Analyse, Compare and Rank an investment property which is not on the system.

[0076] Figure 11 is a representation of a first property comparison parameters interface (for a property investor) on the program.

[0077] Figure 12 is a representation of a second property comparison parameters interface (for a property investor) on the program. [0078] Figure 13 is a representation of a property search results interface (to allow a property investor to compare a property of interest from outside the system with properties in the system) on the program.

[0079] Figure 14 is a representation of a property comparison interface on the program.

[0080] Figure 15 is a representation of an investor search parameters interface on the program.

[0081] Figure 16 is a representation of search results interface (for an investor) on the program.

[0082] Figure 17 is a representation of a search parameters interface (for an owner/occupier) on the program.

[0083] Figure 18 is a representation of a search results interface (for an owner/occupier) on the program.

[0084] Figure 19 is a representation of overseas buyer interface on the program.

[0085] Figure 20 is a representation of a search parameter interface (for an overseas buyer who wishes to rent the property out rather than live in it or leave it vacant) on the program.

[0086] Figure 21 is a representation of a search results interface on the program for overseas buyers that are looking at the property as an investment.

[0087] Figure 22 is a representation of a first stage of a seller details input interface on the program.

[0088] Figure 23 is a representation of a seller details input interface (concerning the amount of fees and incentives proposed to be offered to prospective buyers of the seller's property) on the program.

[0089] Figure 24 is a representation of commission disclosure interface (for real estate agents) on the program.

DETAILED DESCRIPTION

[0090] Figure 1 shows a schematic representation of the system 10 according to the present invention. The operator 12 communicates with users of the system using devices 14, 16 and 18 via the internet 20. The system is hosted on a server 22. The users log into the system 10 via a login interface 24 on the device 14, as depicted in figure 2. The user is required to insert their username and password into the login interface 24 to access their account on the system 10, or set up a new account on the system 10.

[0091] Upon entry into the system 10, the user is presented with a task interface 26 which lists the main tools available in the system 10. These tools include a "property search" icon 28 which enables a user to conduct a search for properties for sale on the system 10, a "compare investment property" icon 30 which allows a user to analyse a property which is not listed on the system 10 and compare it with other properties which are listed on the system. The "selling your property" icon 32 allows a user to list their property for sale on the system 10. The "your social network" icon 34 which allows the user to invite other potential users to the system 10 and see all of their social media affiliates and rewards program participants and their earnings from the system.

[0092] If the user hits the "property search" icon 28, then the user is taken to a buyer type interface 36 shown in figure 4. The interface 36 requires the user to designate their buyer type by selecting either the icon "first home buyer" 38, "property investor" icon 40, "owner/occupiers" 42 or "overseas buyer" icon 44.

[0093] Each of these buyer types has specific property needs and requirements. A first home buyer may qualify for first home government grants which are not available to people who have already purchased a home. Only certain homes will qualify for these government grants, such as brand new homes. The system 10 keeps track of which properties are new homes and therefore qualify for the government grants. Investors have tax deductibility concessions which are not available to owner/occupiers or first home owners. The system 10 tracks and applies the tax concessions for the calculations based on the financial metrics of the user. Overseas Buyers are not permitted to purchase certain properties in certain countries, or are only permitted to purchase properties with certain conditions. The system 10 uses the designated buyer type to present appropriate properties. For example, in some countries, foreign nationals are only able to buy new properties or properties which do not have a land component (that is, apartments). In other countries, foreign nationals are only permitted to buy properties in designated areas (in order to stimulate economic growth in those areas).

[0094] Differing tax levels are applicable to different users based on their level of income, which is taken into account by the system 10. The system 10 automatically calculates the applicable stamp duty for a property based on the buyer type. First home buyers have exemptions from stamp duty for properties in certain states, so the user is required to input their state. For example, a new house and land package may only attract stamp duty on the value of the land portion of the transaction in certain states. The stamp duty fees typically vary and are based on a percentage of the purchase price of the property. The system 10 takes into account the varying stamp duty fees which are applicable to the purchase of each specific property listed on the system.

[0095] If a user selects the first home buyer icon 38, then the user is taken to the search options interface 48 shown in figure 5. The interface 48 includes a search icon 50, a finance broker icon 52, and a borrowing icon 54. The finance broker icon 52 allows the user to make contact with a finance broker via the system 10 who can advise on the borrowing capacity of the user. The borrowing icon 54 allows the user to estimate their own borrowing capacity for purchase of property (which will take into account the weekly mortgage repayments and requires users to itemise their outgoing expenses and debts). The search icon 50 allows the user to conduct a search based on various parameters.

[0096] Selecting the search icon 50 takes the user to a first search parameters interface 56 shown in figure 6. The user must input into the interface 56 the price range for the property they propose to purchase, the amount of their deposit for a bank loan to buy the property, their loan interest rate from the bank and their preferred location for the property.

[0097] The user is then presented with properties matching the input parameters as shown in search results interfaces 58 and 60 of figures 7 and 8.

[0098] The properties may be initially ranked according any of the attributes of the properties, but one example is to rank the properties based on the level of financial incentive offered by the sellers to the buyer (i.e. that is, the amount of the agent's commission and/or advertising fees which the seller is prepared to allocate to the buyer) . The information presented to the users includes details of the first home owner's grant, the share of commission which the seller has allocated to the buyer, and other incentives such as the travel vendor vouchers, appliance vendor vouchers and fuel vouchers, for example. This information is particularly pertinent to first home owners. Other financial and property metrics within the system 10 can also be used to rank the buyers property searches including such factors as the nominated capital growth rates, the net rental returns and so forth.

[0099] The user can then refine the search results using parameters shown on a second search parameters interface 62 (refer to figure 9). These parameters include the property type (e.g. an apartment or house), the number of bedrooms, bathrooms or car parks. This is different to the current systems which allow the seller to their rank properties based purely on the amount they paid for the advertisement. However, in the present invention, the system initial presents first home buyers with properties ranked based on financial incentives that may get them into their first home sooner. This enables the first home buyers to be fully informed of all financial incentives so they can make an informed and educated decision, rather than be swayed by a sales person wanting to get a commission. The user can also designate how the properties should be ranked. For example, the properties can be ranked from highest to lowest price (or vice versa), by age of the listing, the age of the property or by suburb name (in alphabetical order).

[0100] The user can also compare a property of interest which is not in the system 10 with those properties which are in the system 10. Referring to figure 3, the user can select the "compare investment property" icon 30, which then takes the user to the interface 64 shown in figure 10. The interface 64 allows a user to nominate the entity which will purchased the property; i.e. an individual's name, joint owners, company ownership, ownership within a self managed super fund, ownership by an overseas investor. Each of these entities has different tax considerations which are factored into calculations by the system 10.

[0101] The user has to enter information into the user profile interface 64. The user profile is unique to each potential buyer. The information includes the maximum purchase price, their deposit amount, the loan interest rate, whether they wish to pay only interest off the loan, their annual taxable income, their anticipated annual capital growth rate and any finance broker fee. Upon hitting the "next" icon 66, the user is taken to the interface 68 shown in figure 11. This unique buyer information is then applied to every property in the system, or the comparison property from outside the system, so that it gives the investor personalised investment information on different metric calculations.

[0102] The interface 68 requires the user to input the individual financial aspects of the property that they wish to compare which is outside of system 10. These aspects include the property type (e.g. whether the property is an apartment or a house), the sale price of the property, the valuation price, the estimated weekly rent from the property, the price per square meter of the property, the year the property was built, the anticipated annual capital growth rate of the property, the state in which it was built and the level of finish (being high, medium or low depending on the quality of the finishing). Upon hitting the next icon 70, the user is taken to the interface 72 on figure 12, which allows the user to input the land rates, estimate of the maintenance fees for the property, the body cooperate fees for the property, the water rates on the property and the insurance fees for the property. All of these factors are taken into account during calculations by the system 10 for the purposes of the analysis of the properties and combined with the buyer's unique profile to give personalised investment metric calculations and outcomes. This enables the buyer to make an educated and informed decision as to the desirability of any particular property taking into account their personal financial situation.

[0103] Upon hitting the search icon 74, the user is taken to the interface 76 (see figure 13) which lists relevant properties for sale. The properties can be ranked on the list according to any criteria such as the ten year growth rate, the after tax cash flow rate per week for the property (some properties have a positive cash flow rate and make money, others will require a cash outlay by the buyer on a weekly basis), the amount of rebates (these criteria are merely exemplary). Properties of interest to the user can be added to a shortlist by selecting the shortlist icons 78. Further details about any particular property can be obtained by selecting the picture icon 80 of the property (those further details are not illustrated in the figures). Each property will have different after tax cashflow and other investment metric outcomes that are personalised to the buyer's financial profile. This allows the buyer to see information that is critical to investment that is not currently available.

[0104] If the user selects the "charts" icon 82, they are presented with a chart interface 84 shown in figure 14. The chart interface 84 has a short list 86 of the properties of interest to the buyer. The first ranked property from each of the eight charted metrics appears automatically in the shortlist. The user can see at a glance how each property performs relative to the other properties based on each individual metric which is shown in the charts. This can help the user decide which property should be purchased, depending on an individual metric or a combination of metrics that appeals to the buyer. For example, as shown in figure 14, the first property (depicted as property 'A' at 2 Straight Street, Straightville, Australia) has the best 10 year profit estimate, when compared to the other two properties (properties B and C) in the shortlist, as shown in chart 88. The user can delete properties from the shortlist by selecting the icon 90.

[0105] Traditionally, real estate agents only promote the properties for which they have been appointed as the sole agent by the vendor. As a result, real estate agents do not typically draw the attention of prospective purchasers to other properties owned by people who do not have an agreement with the real estate agent. Consequently, the prospective purchaser misses out on being shown other properties that may be a better investment or may otherwise better meet the requirements of the buyer. The system now puts information and investment metrics into the hands of the buyer so that they can make a better investment decision. The alternative, with prior art systems, is to buy a property because of a sole agency, which is obviously not an investment criterion for the buyer.

[0106] Referring to figure 4, if the user selects the icon 46, the user is taken to the interface 92 shown in figure 15. The user interface 92 requires the user (an investor) to input how they will hold the property (whether it be in an individual's name, joint names, a company name, a self-managed super fund or as an overseas investor). Each holding option has different tax implications, which would affect the outcome of comparative performance of the property (e.g. as shown in the "tax saving over 10 years" chart shown in figure 14). The user is also required to specify their deposit amount, their loan interest rate, their annual taxable income, their annual capital growth rate of the property and the broker fee. The user is required to insert their own estimated capital growth rate, as that rate is used to calculate comparative metrics, such as the estimated profit gained on the properties over 10 years. By requiring the user to insert the capital growth rate, no liability is incurred by the operator of the system for making claims about the potential profitability of any property. To aid the buyer in estimating capital growth rates the system 10 provides them with links to independent external property research and data sources such as the ABS and RP Data or other country centric organisations.

[0107] The search results for the investor are shown on interface 94 in figure 16. The user can rank the properties based on any metric, including the ten year growth estimate of the properties, the after tax cost of the property per week, or the amount of rebates. The search results can be refined based on additional criteria (such as property type). Comparison charts can also be accessed for the shortlist of properties via the charts icon 96.

[0108] Referring to figure 4, if the user selects the "owner/occupier" icon 42, the user is taken to the interface 98 shown in figure 17. The user interface 98 requires the user to input their preferred property type, deposit amount, loan interest rate and preferred property location. The user is then taken to search results interface 100 shown in figure 18. As will be noted, the owner/occupiers are not shown the first home owners grant awards, but are merely shown the amount that they will receive from the operator of the system as a share of the commission and extra incentives (which may include travel vouchers, retail outlet vouchers, etc.). The properties are ranked by default according to the properties which offer the highest incentive. However, the ranking of the properties can be changed according to any particular criteria.

[0109] Referring to figure 3, if the user selects the "overseas buyer" icon 44, the user is taken to the interface 102 shown in figure 19. The interface 102 allows the user to nominate whether they intend to the buy the property to rent it out (see icon 104), to compare a property which is not listed on the system 10 which they have found from another agent (see icon 106), or buy the property with the intention of leaving it vacant or to live in either permanently or part- time (see icon 108). A property which is left vacant will ultimately not derive the same profit as a property which is rented. In addition, properties which are rented out gain tax concessions. Tax also has to be paid from the rent derived from the property.

[0110] If the user selects the icon 104 on figure 19, they are taken to the interface 110 which requires them to input their search parameters. The user is required to nominate on interface 110 whether that they have a national residency and in many countries this can have significant implications around the purchase of a property. For example, it is a condition of Australian law that non-residents have to comply with the rules of the Australian Foreign Investment Review Board. These rules specify for example, that the foreign national may only purchase new homes in Australia. If these rules are not complied with, the foreign national could be required to sell the used home which they have purchased (and potentially make a significant loss in the process). The user is then provided with the search results shown in interface figure 21.

[0111] Referring to figure 3, if the user selects the "selling your property" icon 32, they are taken to the interface 114 shown in figure 22. The interface 114 requires the user to nominate the type of property which they intend to sell using the system 10. The system 10 also enables both buyers and sellers to nominate a particular conveyancer, or gives them the option of other service providers that may be required during the property transaction process (such as pest inspectors, valuers, or insurers, etc). The system automatically dispatches correspondence to the service providers nominated by the seller and buyer using the system 10.

[0112] The system 10 also requires the seller to enter other information about the property and, in particular, the amount of fees and incentives that they are prepared to provide to the operator of the system 10 and the potential buyer of their property. The interface 116 in figure 23 allows the seller to nominate the amount of commission to the agent, the amount to pay towards the advertising and promotion of their property on the system 10. The higher the level of commission and advertising fees paid by the seller, the higher the incentives paid to the buyer on transfer and therefore the better their property will be ranked in the system 10 as this is a Buyer centric system. The ranking number in the system 10 is displayed on the interface 116. The user can also nominate the amount of additional incentives which are paid to buyer upon the transfer of the property. These additional incentives include retail outlet vouchers, fuel vouchers and vouchers with travel agents. The system 10 calculates the total fees payable by the seller on successful sale of the property through the system 10 and calculates the share of the commission and advertising fees which will be transferred to the buyer and the agents upon the transfer of the property to the buyer.

[0113] Figure 24 shows the real estate agent's interface 118, which specifies the agent listing fee, the buyer's assistant fee, the agent licensee fee and finance broker fee which will be payable upon the settlement of the property.

[0114] In traditional real estate sales, the agents which list properties are not inclined to make sales in conjunction with other real estate agents, as the other real estate agents may deprive them of income by asking for a percentage of the sales commission. In some countries, real estate agents from one state cannot sell properties in another state. However, by utilising the present invention, agents can get listings and sell properties across state lines and even between countries. They will know what they will be paid and when they will be paid. Secondary agents are deemed to be "buyer's assistants" and qualify for a nominated percentage of the commission and advertising. The reason for this is that traditional agents are trying to sell their sole agencies whereas now agents using the inventions can assist buyers to find a better property more suited to the buyer's personal financial requirements. For example, in the interface 118, the real estate agent who lists the property will be awarded $2,000 upon settlement of the property, the buyer's assistant (that is, the agent who actually facilitates the sale of the property) will be awarded $4,500. The "agent licensee" referred to on the interface 118 is a real estate agent who does not have a full real estate agent licence (they may only have a sales certificate which allows them to sell real estate under the supervision of a real estate agent who has a full licence). The agent licensee (Full License) is awarded $ 1 ,000 upon the settlement of the property. A finance broker is often integral to the sale of most properties. Accordingly, the system 10 specifies a fee (in this example, $1,000) which is payable to the finance broker upon transfer of the property to the buyer. The "office fee" referred to on the interface 118 is the fee charged by the administrator of the system 10.

[0115] In the present specification and claims (if any), the word 'comprising' and its derivatives including 'comprises' and 'comprise' include each of the stated integers but does not exclude the inclusion of one or more further integers.

[0116] 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, the appearance 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. Furthermore, the particular features, structures, or characteristics may be combined in any suitable manner in one or more combinations.

[0117] In compliance with the statute, the invention has been described in language more or less specific to structural or methodical features. It is to be understood that the invention is not limited to specific features shown or described since the means herein described comprises preferred forms of putting the invention into effect. The invention is, therefore, claimed in any of its forms or modifications within the proper scope of the appended claims (if any) appropriately interpreted by those skilled in the art.

Claims

1. A property analysis system comprising:

(b) a network for remotely accessing the server; and

wherein the program is adapted to:

ii. calculate attributes of properties based on the financial metrics; and

iii. display the attributes of the different properties so that the user can compare and analyse the properties.

2. The real estate analysis system of claim 1, wherein the different buyer types include first home buyers, investment property buyers, foreign buyers, owner-occupiers and/or retirement property buyers.

3. The real estate analysis system of claim 1 or claim 2, wherein the parties involved in property transactions include buyers, sellers, real estate agents, financiers, conveyancers, valuers, inspectors and operators of the system.

4. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to receive a deposit for the purchase of a property.

5. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to allow a buyer to transfer funds to the operator of the system for a deposit on the property and remove the listing of the property from the system.

6. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to allow a user to enter into a contract to purchase a property on the system.

7. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to allow users to settle the sale of a property on the system.

8. The real estate analysis system of any one of the preceding claims, wherein the attributes of the properties include the after tax cash flow income which can be generated from the properties.

9. The real estate analysis system of any one of the preceding claims, wherein the attributes include the percentage return on investment.

10. The real estate analysis system of any one of the preceding claims, wherein the attributes include the anticipated profit over a specific period.

11. The real estate analysis system of any one of the preceding claims, wherein the attributes include the tax saving accrued by owning the property over a specific period.

12. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to only charge the seller if the property is transferred to the buyer.

13. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to rank the properties based on their attributes.

14. The real estate analysis system of claim 13, wherein the attributes are the amount of the agent's commission and/or advertising fees which the seller is prepared to allocate to the buyer.

15. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to award a real estate commission to any real estate agent who refers a buyer to a property which is purchased on the system by the buyer.

16. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to award real estate agent commissions to multiple agents.

17. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to enable a real estate agent to list properties across state lines and/or in another state for which they may not be licenced.

18. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to award real estate agent commissions to agents for selling a property across state lines and/or in a state for which they may not be licenced.

19. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to award real estate agent commissions to agents for selling a property between countries and/or in a country for which they may not be licenced.

20. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to award a referral fee to anyone who refers a buyer to a property which is bought via the system and is transferred to the buyer.

21. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to award a referral fee to a finance broker who arranges finance for the purchase of a property which is transferred to the buyer.

22. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to allow a buyer or seller to designate a conveyancer who will automatically receive information from the system relating to the property.

23. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to allow a buyer or seller to designate an inspector who will automatically receive information from the system relating to the property.

24. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to allow a buyer or seller to designate a valuer who will automatically receive information from the system relating to the property.

25. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to allow a seller to designate a commission that will be paid by the seller upon the transfer of the property to the buyer.

26. The real estate analysis system of claim 25, wherein the commission is paid to a real estate agent.

27. The real estate analysis system of claim 25, wherein the commission is paid to the buyer.

28. The real estate analysis system of any one of the preceding claims, wherein the program is adapted to automatically pay a financial incentive to the buyer upon to the transfer of the property to the buyer.

29. A property analysis system comprising:

(b) a network for remotely accessing the server; and

wherein the program is adapted to:

i. allow a user to input their buyer type, wherein each buyer type has defined financial metrics, the buyer types including at least one of the following: first home buyers, investment property buyers, foreign buyers, owner-occupiers and/or retirement property buyers;

ii. calculate attributes of properties based on the financial metrics, wherein the attributes include at least one of the following: the after tax cash flow income which can be generated from the properties, the percentage return on investment, the anticipated profit over a specific period, or the tax saving accrued by owning the property over a specific period; and

30. An online information collection, retrieval and comparison method including at least one server, the method including the steps of:

31. An online information collection, retrieval and comparison method including at least one server, the method including the steps of:

32. An online information collection, retrieval and comparison system including at least one

computational device configured to:

(a) Maintain an electronic database of one or more properties for sale;

(c) Display the plurality of questions on an electronic interface, the electronic interface being accessible via a computer device of the potential buyer; (d) Receive answers to the questions from the potential buyer;

(f) Generate a list of one or more recommended properties.