PROMOTION TOOL FOR PROPERTY SALES

Field of the Invention

This invention relates to the sale of property and property advertising, and in particular, to a promotion tool for property sales which provides a secondary form of advertising for the property and entices users to view information regarding the property and provide feedback for market research by offering an incentive.

Whilst the invention may be applied to the sale and advertisement of other items where the final selling price of an item is unknown, for convenience sake it shall be described herein in terms of a promotion tool to be used in conjunction with the advertising and/or selling of property.

Background to the Invention

Conventional advertising mediums for the sale of real estate include newspapers, magazines, print, television, radio, internet, billboards and other forms of signage to provide advertising to the general public. The internet is one of the most common and successful forms of advertising currently used. Typically, a seller approaches a real estate agent to sell his or her property, and the real estate agent then advertises the property on its own and/or a third party's website, as well as possibly engaging in some of the other forms of advertising and promotion mentioned above. Potential buyers can then easily peruse properties for sale via these websites.

There are many methods employed on said websites to tempt the viewer to be interested in the real estate for sale. For example, photos of the real estate, virtual tours, or supplying an estimated price range for the real estate all provide enticers for the potential buyer. Competition among competing real estate websites is high. In general, the websites referred to do not offer prizes to potential buyers for viewing the real estate on offer on the website.

In Australia and other countries, real estate is often sold by auction. That is, the real estate is bought by potential buyers offering bids with the real estate agent/auctioneer and being sold to the highest bidder. When sold by auction, the • price that the real estate eventually sells for is therefore not known to the potential

purchaser when perusing real estate for sale on a website. Great interest is placed on the final selling price of real estate, not only because potential buyers use the sale prices to estimate the type of real estate they can afford to buy, but also because there is often controversy created by many properties being sold greatly above their estimated price range prior to auctioning. The disadvantage of the current mediums is that they fail to capitalise on potential buyers' great interest, and skill, at estimating the final selling price of real estate. Furthermore, they do not provide cash prizes to potential buyers for simply viewing or using the website. Current mediums also fail to provide a means for providing a market price for a property which can provide greater confidence/clarity during sales campaigns for vendors, agents and buyers as it provides a more accurate approximation of the final selling price, as opposed to current systems which only display the estimated selling price which is often far lower than actual selling price. The ability for buyers to make an informed investment decisions has become paramount with the increase in interest rates and instability of property retaining its current and projected value.

Accordingly, it is an object of the present invention to overcome or substantially ameliorate the disadvantages of the prior art by providing a promotion tool for property sales which provides a secondary form of advertising for the property and entices users to view information regarding the property and provide feedback for market research by offering an incentive.

Summary of the Invention

The present invention provides a promotion tool for property sales including; a service provider; a communication/broadcasting forum accessible by at least one user; at least one property for advertisement and/or sale; at least one promotion/competition offering at least one prize whereby the promotion tool for property sales which provides a secondary form of advertising for the property and entices users to view information regarding the property and provide feedback for market research by offering an incentive.

The user preferably includes a registered real estate agent, individual that uploads information relating to a property or a person who is looking to purchase a property and/or or participate/use the promotional tool.

The communication/broadcasting forum preferably provides a means for enabling at least one user to list/view a listed property and use the promotional tool and can include, but not be limited to, internet, television, radio, print, e-mail, text messages via short messaging service (SMS), multimedia messaging service (MMS), instant messaging or the like, phone, mail, verbal or written forums.

In a first aspect, the communication/broadcasting forum is preferably in the form of an online interactive interface, preferably a website provided over a distributed communications network such as the internet or the like, and is accessible via any locally connected or remote computer, mobile, PDA or other suitable device capable of being connected to the internet and/or network using a direct or wireless connection means.

The website has provided at least one administration page accessible by an advertiser/ seller or buyer to upload, edit and delete property information or view or edit contact and/or competition details respectively. The website further has provided at least one property page which is adapted to display detailed information relating to at least one available property for advertisement and/or sale. It is envisaged that properties which utilise the promotion tool will be given priority ranking over standard property listings to encourage use of the tool and promote the competition, property and lister/seller.

At least one search engine is preferably provided having specialised search functions which have been developed to enable a user to search for available property which meets their requirements.

In a second aspect, the communication/broadcasting forum is preferably in the form of a radio or television broadcasting means which provides at least one program and/or advertisement relating to the advertisement and/or sale of at least one property. The program and/or advertisement provides a description of the property via a suitable visual or audio means to a user together with a phone number, website, mailing address or other means for receiving a user's market price estimate.

The promotion/competition is a "value this property" competition whereby a user receives/views/listens to information relating to a property and estimates the final selling price and/or market price of the property in exchange for the possibility to win at least one prize which is preferably a cash prize.

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Each estimate submitted creates a "market price" before the property is sold which can be made available to participants and/or the public to be used for market and property research.

It is preferred that a notification will be automatically sent to the relevant members with directions to obtaining and/or displaying the final sale price, settlement date and winning entries.

In order that the invention may be more readily understood we will describe by way of non-limiting example specific embodiments thereof.

Brief Description of the Drawing Figures

Figure 1 shows the MARKET price page of the website according to an embodiment of the invention.

Figure 2 shows a property page, with detailed property information and referral portion, of the website according to an embodiment of the invention.

Figure 3 shows a list of price estimations entered by users according to an embodiment of the invention. The most commonly entered price indicates the realistic market value of the property.

Figure 4 shows a registration section for the promotion tool according to an embodiment of the invention.

Figure 5 shows the home page of the promotion tool having a search facility according to an embodiment of the invention.

Figure 6 shows the MARKET price page of the website according to an embodiment of the invention once the property has been sold.

Description of an Embodiment of the Invention

Figures 1 to 6 show examples of an embodiment of the promotion tool for property sales according to an embodiment of the invention.

The invention provides a promotion tool for property sales which provides a secondary form of advertising for the property and entices users to view information regarding the property and provide feedback for market research by offering an incentive. The promotion tool shall be described throughout the description in terms of being used in conjunction for the advertisement and/or sale of property. However, it is envisaged that it could also be used for the advertisement and/or sale of any other suitable item. It is envisaged that the style, features and functionality of the invention may be varied as desired to suit the requirements of a user/service provider and/or other application.

The promotion tool preferably has provided a service provider which is adapted to provide a means for advertising and/or selling available properties and/or provide a promotion tool which can be used by a person listing or purchasing a property. It is envisaged the service provider may provide the promotional tool in addition to the advertisement of properties and/or separately whereby a person will be able to be directed to the promotion tool from a property site. The service provider may preferably receive revenue in exchange for providing the promotion tool of the invention. The revenue may be in the form of a percentage of the prize money for the promotion tool and/or a fixed price in exchange for providing the service. The service provider may further offer advertising space or employ any other suitable means as a secondary means of generating revenue for providing the system.

The system preferably has provided a communication/broadcasting forum 10 which provides a means for enabling at least one user to list/view a listed property and use the promotional tool. The invention preferably relates to the advertisement and sale of all properties including, but not limited to, auction and sales by agents and/or private sellers. It is further envisaged that the term property should be understood in its broadest sense to include all types of property including, but not limited to, houses, townhouses, lofts, warehouses, units, cabins, apartments, building, commercial buildings, occupied and vacant land and any other suitable property to which the invention can be applied. The user may preferably include a registered real estate agent, individual that uploads information relating to a property or a person who is looking to purchase a property and/or or participate/use the promotional tool. The communication/broadcasting forum can preferably include, but not be limited to, internet, television, radio, print, e-mail, text messages via short messaging service (SMS), multimedia messaging service (MMS), instant messaging or the like, phone, mail, verbal or written forums. However, it is envisaged that any other suitable means

which allows a person to receive and send information/data could be employed. Non- limiting examples of these forums are provided below.

In a first aspect of the invention, the communication/broadcasting forum 10 is preferably in the form of an online interactive interface, preferably a website provided over a distributed communications network such as the internet or the like, and is accessible via any locally connected or remote computer, mobile, PDA or other suitable device capable of being connected to the internet and/or network using a direct or wireless connection means. The website 10 preferably includes a plurality of web pages which are interconnected or interlinked and can be accessed via links provided on the home page and/or other pages within the website. The website 10 is preferably divided into at least one area relating to the aspects and features of the invention including, but not limited to, classifieds, real estate search and browsing, promotion/competition (the MARKET price), property information, advertiser administration pages, contact us or any other suitable area.

The website 10 preferably has provided at least one administration page. A first administration page is preferably an advertiser administration page accessible to real estate agents/advertisers via a username and password so that they can upload, edit and delete property information at any time. A second administration page is preferably a member's administration page accessible to registered users upon entering a required username and password so that they can view or edit their contact and/or competition details. An activation means is preferably provided such that when a user registers to become a member, they preferably receive an email containing a link which they must click to activate their membership and become fully registered to use the promotion tool.

The website 10 has provided at least one search engine having specialised search functions which have been developed to enable a user to search for available property which meets their requirements. The search engine can utilise boolean operators or natural language or a selection of search criteria to produce a list of relevant search results. The search engine has provided at least one search criteria which may be utilised to limit or expand a search. The search criteria preferably include keywords contained within the property information to produce results which are pertinent to those keywords such as suburb, property type, size, rooms, price range or any other suitable criteria.

The website 10 has provided at least one property page 30 which is adapted to display detailed information relating to at least one available property 31 for advertisement and/or sale so that a user can review the information to determine whether it meets their requirements and decide whether they would like view the property in person. The property information page 30 may preferably detail information including, but not limited to, property images, location, property description, nearby facilities, auction/sale date, contact information for the real estate agent/advertiser, promotion tool and/or any other suitable information. It is envisaged that properties which utilise the promotion tool will be given priority ranking over standard property listings to encourage use of the tool and promote the competition, property and lister/seller.

In a second aspect of the invention, the communication/broadcasting forum 10 may be in the form of a radio or television broadcasting means. The radio and/or television may preferably have provided at least one program and/or advertisement relating to the advertisement and/or sale of at least one property. The program and/or advertisement may preferably provide a description of the property via a suitable visual or audio means to a user. It is envisaged that the radio and/or television program may provide a phone number, website or mailing address for receiving a user's market price estimate. A telecommunications device may preferably be provided as the means for a user to send and/or receive information/data relating to the invention. The telecommunications device may preferably include, but not limited to, a landline phone, mobile phone, PDA, computer/electronic device or other suitable telecommunications device. However, any other suitable means for sending/receiving verbal or written communication may also be adopted. It is envisaged that once a user registers their details and/or sends an estimate, a confirmation notification may be sent to the user to confirm receipt of the estimate and participation in the promotion tool. It is further envisaged that the confirmation message may advise the user of their current rank status and/or closest estimate which has already been submitted. In a preferred embodiment, the user is only able to submit one estimate per competition. However, the user may enter multiple competitions which are running concurrently. It is acknowledged that the specific mode of the competition may vary as required to suit different competition requirements and/or forums.

The invention has provided a promotion/competition 20 which provides a secondary form of advertising for the property and entices users to view, read and/or receive

information regarding a property by offering an incentive. The promotion/competition 20 is preferably a "the MARKET price" competition whereby a user receives/views/listens to information relating to a property and estimates the final selling price and/or market price of the property in exchange for the possibility to win at least one prize. However, it is envisaged that the promotional tool may also be provided in any other suitable format. It is further envisaged that the value/aspect being estimated may be varied to be the reserve price, valuation price or any other suitable value/aspect of the property. The prize(s) 21 offered by the promotion tool is preferably a cash prize, or any other suitable prize, which is adapted to encourage users to participate in the competition whilst also drawing their attention to the property being advertised/offered for sale. The prize will preferably be offered to the top three closest entries to the final sale price with the highest cash prized being awarded to the closest entrant. The promotion tool 20 preferably directs users to, and/or provides users with, the property information preferably via the communications/broadcasting forum, so that they can obtain details relating to the property to make an informed estimation. Alternatively, the user may be required to submit an uninformed ("blind") estimate. Each estimate submitted creates a "market price" before the property is sold which can be made available to participants and/or the public to be used for market and property research. For example, in the online forum it is envisaged that each entry 41 will be displayed, preferably on a MARKET price list, with details of the entry including, but not limited to, date of entry, estimate and/or first name or the like. The market price page will also contain a search facility to allow a user to search member results by region or price or the like.

In a first aspect of the invention, the promotion tool 20 preferably has provided an estimation submission feature 22 whereby a user can submit their contact details and their estimate. The promotion tool 20 preferably has provided a search tool which enables a user to browse through properties utilising the promotion tool 20. There is preferably provided a 'more properties' link which is adapted to display the top fifty properties for a relevant state. The properties are preferably displayed in order of the highest total prize amount being offered. In another aspect of the invention, the promotional tool preferably uses a verbal and/or written means of sending and/or receiving information for the property information to be provided to a user and/or for the user to submit their estimate via verbal phone message, text/multimedia message, mail or the like.

The promotion tool 20 may preferably provide first, second and third prize amounts. However, any other suitable prize denominations may also be employed. The prize is preferably provided by the vendor in exchange for marketing/promotion of their property. It is envisaged that the prize money would be payable in addition to any advertising fees charged by the service provider for listing the property and/or providing a link for use of the promotional tool 20 in conjunction with their advertised property. However, the prize 21 could also be offered by the service provider or other suitable third party. It is envisaged that the competition provided by the promotion tool 20 may be offered in real-time, where the user can submit entries and be able to be informed of the progress of the competition, and/or via a delayed means where the user can submit entries until a prescribed date after which the winner(s) will be announced.

In practice, a registered real estate agent/advertiser will post/advertise at least one property for sale. At this time, the real estate agent/advertiser will have the option to use the promotion tool 20 and make users aware of "the MARKET price" promotion via the communication/broadcast forum 10 being utilised. If the agent/advertiser selects to use the promotion tool 20 they may provide the first, second and third prize amount to the user. In the event that the promotion tool 20 is selected, the agent will pay 0-100% of the prize amount to the service provider, preferably at the same time that the property information is made available.

A new user can register their membership details via a registration screen 50 before entering a competition or following entering a price on the competition page. Members can then log into/contact a member administration section to view/listen to and/or edit the contact or competition details. Using the promotion tool 20, a member can enter at least one competition by entering their details and estimation of the final selling price of the property. In a preferred embodiment, if a particular price is entered more than once for a competition, and the price is within the top three entries, the entries will be ranked according to the date/time of the entry. It is envisaged that members can enter multiple competitions provided that the property is in the same state that they reside in. Once the property is sold, the agent/advertiser/seller will make available the date of sale, final selling price and/or settlement date details. It is envisaged that there may be a prescribe time limit for the seller to make these details available. The system will preferably automatically send a notification to the relevant members with directions to obtaining and/or displaying the final sale price, settlement date and winning entries. The agent will be provided with the winning members'

contact details so that the prizes can be sent to them. The prizes may preferably be forwarded to the winner(s) within a prescribed time limit from the settlement date. In a further embodiment, a user may be able to refer a friend to the promotion tool site 10 to encourage further use of the invention. If the property is passed in auction, a property passed notification will be sent and the competition will continue. If the property is withdrawn from sale, a withdrawn notification will be sent and the competition will close without a winner.

The promotion tool 20 of the invention is preferably designed to expose more people to the product being advertised and the services of the seller/advertiser. It encourages interaction and participation by a user in a fun activity with potential reward to draw and retain their interest in the product/service. Through displaying the price estimations which people have entered, a market price for the property can be established which can be particularly useful for buyer research to empower buyers with greater market price information which will help agents (and vendors who risk lots of money in auction advertising) to increase their auction clearance rates by empowering buyers and sellers with greater market price information.

While we have described herein a particular embodiment of a promotion tool for property sales, it is further envisaged that other embodiments of the invention could exhibit any number and combination of any one of the features previously described. However, it is to be understood that any variations and modifications can be made without departing from the spirit and scope thereof.