Claims:We Claim:
1. A method of data mining to support the management of a real estate business having a hierarchical management structure and including a plurality of units, comprising:
a. Inventory View—Office Level
b. Production View—Enterprise Level
2. The method of claim 1 wherein periodically extracting real estate data from one or more Multiple Listing Service (MLS) databases has an inventory view data
3. The method of claim 1 wherein the enterprise level presents a Production view of aggregated information for listings and list and sell side transactions for all properties handled by the enterprise, extracted from the MLS database.
, Description:Technical Field of the Invention
The present invention relates generally to the field of software and to software products that provide statistical analysis to support improved and efficient management of real estate businesses.
Background of the Invention
Advances in information technology have revolutionized business management practices in industries across the spectrum. However, the buying and selling of real estate remains largely a face-to-face operation. Additionally, the management of real estate businesses from individual agents to national real estate enterprises comprising thousands of real estate offices has been slow to embrace advanced information technology systems and methodologies to increase efficiency and better manage the business.
Paradoxically, the real estate industry is among the oldest of businesses to rely to a significant extent on an extensive, richly populated database the Multiple Listing Service (MLS). As is well known in the art, the MLS database includes a wide variety of information related to listings, or properties for sale. The data include, for example, the type of property, the features of the property, its location, the asking price, the listing agent/broker, and the like. Additionally, the MLS includes data related to the sale of the property, such as the date of contract, the date of closing, the sale price, the selling agent/broker, and the like.
Object of the Invention
The present object of the invention is Systems and Methods of a Real Estate Data Analysis.
Summary of the Invention
In one embodiment, data periodically extracted from the Multiple Listing Service (MLS) database is mined to support the management of a real estate business having a hierarchical management structure and including a plurality of units, which may comprise regional divisions, real estate offices, or real estate agents. Real estate data are periodically extracting from one or more MLS databases to a local database. Only the data associated with properties listed or sold by the real estate business are aggregated at one or more hierarchical levels of the business and ed in a format that is consistent across the levels.
Another embodiment relates to a method of managing a real estate business comprising a plurality of units. Real estate data are periodically extracted from one or more Multiple Listing Service (MLS) databases to a local database, and data associated with properties listed or sold by the units are extracting from the local database. Data associated with a first unit are ed in a first on a first terminal. A list of the units is ed on a second terminal. Data associated with the first unit is selectively ed in a second on the second terminal in response to a user selecting said first unit from the list, wherein the first and second the same data in substantially the same way.
Another embodiment relates to a method of ascertaining real estate market trends. Real estate data are periodically extracted from one or more Multiple Listing Service (MLS) databases to a local database. A market is defined by selecting one or more property attributes, including MLS-defined geographic area. Data associated with properties in the market is extracted on an ad hoc basis form the local database. The data are analysed to calculate predetermined market metrics. The value of at least one such metric over a predetermined time period is ed in a table or graph.
Brief description of Drawings:
FIG. 1 depicts an enterprise level Office Data Analysis Inventory view.
Detailed Description of Invention:
Inventory View—Office Level
In one embodiment, the office level may present an Inventory view of information showing an individual real estate office’s listing and the aging of those listings. The office level Inventory view is significantly like the enterprise level Office Analysis Inventory view of FIG. 1 for the corresponding office, without the Office Grid.
Production View
A consistent set of Production views of information related to transactions of properties listed by the business may be provided in one or more embodiments. The Production view may be selected within an application or level of aggregation, such as by selecting a tab.
Production View—Enterprise Level
In one embodiment, the enterprise level presents a Production view of aggregated information for listings and list and sell side transactions for all properties handled by the enterprise, extracted from the MLS database. The enterprise level Production view is substantially like the view but with numbers reflecting the entire enterprise.
The view may comprise both a tabular and graph, which are linked together. The tabular may list aggregate monthly activity, such as properties currently listed, and the list side, sell side and total of transactions. The table may also all listed properties for the month, including those whose listings were removed, as well as the sold median price. These data may be ed by number, dollar volume, or preferably both. They may cover the previous twelve months or twenty-four months, selected by radio buttons.
The production view may additionally include a graphical, preferably implemented as a stacked bar graph depicting list and sell side transactions by volume. The tabular and graph s are linked, in that a mouse-over on a bar in the bar graph highlights the corresponding row in the tabular. The graph may additionally optionally a trend line, and/or a listed volume line.