The Real Estate Community and Realtor Resources Forum :: View topic - Sale of Property using Return Scheme via Internet

jamestam

I would like to put forth suggestion on an innovative method on how the Realtors could improve on the marketability of the property /properties via “Return Scheme”.

Before proceeding further, the background of the “Return Scheme” (extracted from the specification) which I have patented could be explained as below:-

This invention, in general, relates to real estate purchasing and selling. More particularly, this invention relates to a method of negating payment of a commission to one or more real estate professionals by a property owner on sale of a property of the property owner over an electronic environment.

As used herein, a real estate professional is any real estate person who is involved in the sale or purchase of a property, including a real estate broker, a real estate sales agent, etc. Also, as used herein, the commission payable to a real estate professional on the sale of a property is referred to as a “return”. The computer implemented method disclosed herein is referred to as a “return scheme”. Also, as used herein, the price at which the property is sold to a buyer by the real estate professional is referred to as the “sale price”. Also, as used herein, the price at which a property is listed for sale is referred to as a “list price”.

In the method and system disclosed herein, the property owner sets a first list price for the property. The real estate professional handling the transaction agrees to the set first list price. Setting the first list price may comprise valuating the property to generate a valuation price in the electronic environment. The property owner may determine the first list price of the property based on the generated valuation price. The first list price may be lower than the generated valuation price. The real estate professional then sets a second list price greater than the agreed upon first list price. The real estate professional notifies the property owner regarding the second list price.

The property owner and the real estate professional then enter into a sales agreement. The sales agreement is an agreement to list the property of the property owner to a buyer at the second list price over the electronic environment. In the sales agreement, the property owner may simultaneously appoint a main agent and one or more secondary agents for selling the property. The appointed main agent and the appointed secondary agents may enter into an agreement with each other regarding the financial and other terms under which the appointed main agent and the appointed secondary agents may represent the property owner for the real state transaction including the distribution of fractions of the return between the main agent and the secondary agents on the sale of the property.

The real estate professional then negotiates the sale of the property between the buyer and the property owner at the second list price recited in the sales agreement. If the property is sold at the set second list price further an agreement reached between the buyer and the seller, a return equal to the difference between the second list price and the first list price is remitted to the real estate professional in the electronic environment. The remittance of the return negates payment of the commission to the real estate professional by the property owner. The return may be distributed among one or more real estate professionals. The property may be sold at a sale price above the second list price in which case the difference between the sale price and the second list price may be remitted to the real estate professional. The property owner may negotiate and sell the property at a sale price below the second list price in which case the difference between the second list price and the sale price is remitted by the property owner to the real estate

For further reference, please refer to the application number 12/326,085 for patent approved with USPTO titled “Commission Payment Preclusion In Property Sale”.

Should you require further info on the “Return Scheme” or a copy of the specification, please do drop me an email at cptam69@gmail.com or cptam@tm.net.my.
Alternatively I could be reached at +6016 238 3838.

I am sure it would assist in enhancing the marketing efforts of the said Property /Properties by your esteemed organization and I would like to license the “Return Scheme” to the interested parties.

Regards,
James Tam
Mobile: +6016-238 3838