(12) United States Patent
`Foster et al.
`
`(10) Patent No.:
`(45) Date of Patent:
`
`US 7.636,687 B2
`Dec. 22, 2009
`
`USOO7636687B2
`
`(54) METHOD AND SYSTEM FOR COMPLETING
`ALEASE FOR REAL PROPERTY IN AN
`ON-LINE COMPUTING ENVIRONMENT
`(75) Inventors: Paul Foster, New York, NY (US);
`Richard Warshauer, New York, NY
`(US)
`
`(*) Notice:
`
`(73) Assignee: General Electric Capital Corporation,
`Stamford, CT (US)
`Subject to any disclaimer, the term of this
`patent is extended or adjusted under 35
`U.S.C. 154(b) by 1579 days.
`(21) Appl. No.: 09/766,727
`
`(22) Filed:
`
`Jan. 22, 2001
`
`(65)
`
`Prior Publication Data
`US 20O2/OO62277 A1
`May 23, 2002
`
`5,970.475 A 10/1999 Barnes et al.
`6,023,687 A
`2/2000 Weatherly et al. ............. 705/38
`6,049,784. A
`4/2000 Weatherly et al. ............. 705/38
`6,115,694 A
`9, 2000 Cheetham et al.
`6,321,202 B1* 11/2001 Raveis, Jr. ..................... 705/1
`6,351,738 B1
`2, 2002 Clark
`6,785,661 B1
`8, 2004 Mandler et al.
`6,871,140 B1* 3/2005 Florance et al. ............. 7O1/2O7
`
`(Continued)
`
`OTHER PUBLICATIONS
`
`U.S. Appl. No. 60/186,477, filed Mar. 2, 2000.*
`(Continued)
`Primary Examiner Lalita M Hamilton
`(74) Attorney, Agent, or Firm King & Spalding LLP
`
`(57)
`
`ABSTRACT
`
`The present invention relates to completing a lease for prop
`erty in an on-line computing environment. A distributed com
`puter network can enable a user to access multiple databases
`and to obtain comparables data related to a property of inter
`est for use in calculations. This can enable users to access the
`latest, broadest set of relevant property data and to select
`relevant comparable values quickly and with minimal manual
`intervention. An on-line property management environment
`can comprise a distributed computer network coupled to
`p
`p
`p
`numerous client computers, a property services server plat
`form connected to a local database, and numerous property
`information databases. Building owners or their agents can
`list their available space for rent on a web site hosted b (a
`3. Hough
`E.
`property services server platform in a distributed computing
`5,680,305 A 10/1997 Apgar, IV
`environment. Commercial tenants or their agents requiring
`5,699,527. A 12, 1997 Davidson
`5,754,850 A
`51998 Janssen. oss space can either directly enter the property services server
`5,802.50 A
`9, 1998 Graff
`platform or enter through allied sites.
`5,857,174 A
`1/1999 Dugan
`5,892,900 A
`4/1999 Ginter et al.
`
`U.S. PATENT DOCUMENTS
`
`21 Claims, 8 Drawing Sheets
`
`- - 354
`
`POPLAEONNERSLEASE
`
`- - - -
`- - - ,
`
`
`
`SELEASE
`AsREEMENT
`
`
`
`REWSELEASE
`AREEMENT
`
`389
`
`372
`
`EXECUELEASEAGRESMNN
`ON-LENVIRONMEN
`
`JPOALEASETERMSO
`ESSENASENAS
`RENicol.scTIONSOFTWARE
`
`375
`
`END
`
`Related U.S. Application Data
`(60) Provisional application No. 60/252,285, filed on Nov.
`20, 2000.
`(51) Int. Cl
`GoGo 40/00
`705/38: 705/35
`(52) U.S. Cl
`s 705/35
`58 Fi id ic - - - - - ificati- - - - - -s - - - - - - - h- - - - - - - - -
`(58) Field of Classification Search ................... 705/3 s
`S
`lication file f
`1
`hhi
`ee application file for complete search history.
`References Cited
`
`(2006.01)
`
`(56)
`
`ResMan Exhibit 1001, Page 1
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`US 7,636,687 B2
`Page 2
`
`U.S. PATENT DOCUMENTS
`
`6,904,412 B1* 6/2005 Broadbent et al. ............ 705/38
`7,143,048 B1 * 1 1/2006 Ruben et al. ......
`705/1
`2001/0005829 A1
`6/2001 Raveis, Jr.
`2001/0034607 Al
`10/2001 Perschbacher, III et al.
`2001/0037273 Al
`1 1/2001 Greenlee, Jr. ................ 705/35
`2001/00395.06 A1 11, 2001 Robbins
`2001/0047282 Al
`1 1/2001 Raveis, Jr.
`2001/0051960 A1 12/2001 Kubicket al.
`2002fOOO4737 A1
`1/2002 McVeigh
`2002.0035.535 A1
`3/2002 Brock, Sr. .................... 705/37
`2002, 0046159 A1
`4/2002 Raveis, Jr. ..
`705/38
`2002fOO52814 A1
`5, 2002 Ketterer
`2002/00591.37 A1
`5, 2002 Freeman et al.
`2002fOO62218 A1
`5/2002 Pianin ........................... 70.5/1
`2002fOO62277 A1
`5, 2002 Foster et al.
`705/38
`2004.0143450 A1
`7, 2004 Vidali
`2005/0091305 A1
`4/2005 Lange et al.
`2006, O161482 A1
`7/2006 Jacobson et al.
`2008. O103963 A1
`5/2008 Mahoney et al.
`OTHER PUBLICATIONS
`U.S. Appl. No. 60/189635.*
`Concentrex Announces Alliance With FIRSTCORP to Offer Leasing
`Services To Banks via Internet PR Newswire. New York: Mar. 30,
`2000. p. 1.*
`Bamboo.com Receives S12.5Million Investment From Intel, Trident
`Capital and the Walden Group Business Editors/High-Tech Writers.
`Business Wire. New York: Apr. 12, 1999. p. 1.*
`PropertyFirst—Home
`Page-
`www.propertyfirst.com/main.
`asp May 9, 2001.
`PropertyFirst—Search for Sale—www.propertyfirst.com/search/
`page1.asp?imgtype=forsale–May 9, 2001.
`
`
`
`PropertyFirst—Search for Lease—www.pfcweb02 propertyfirst.
`com/wfl1/new search step 1.asp May 9, 2001.
`PropertyFirst—Commercial Real Estate Broker Search—www.
`propertyfirst.com/directoryf directory.asp?imgtype=directory
`&membertype=2 May 9, 2001.
`PropertyFirst—About
`Us—www.propertyfirst.com/aboutus/
`aboutus.asp May 9, 2001.
`Page—www.propertyfirst.com/logon.
`PropertyFirst—Logon
`asp?imgtype-addlisting&From Location addListing May
`9,
`2001.
`Storetrax www.storetrax.com/stx/autologin.do—May 9, 2001.
`Storetrax—About Us—About Storetrax—www.storetrax.com/stx/
`aboutus.jsp May 9, 2001.
`Storetrax—Find Space- www.storetrax.com/stx/startcquickSearch.
`do May 9, 2001.
`Storetrax—List Space—www.storetrax.com/stX/listspace.jsp May
`9, 2001.
`Storetrax Forum-Forum
`forum May 9, 2001.
`Storetrax Home
`do May 9, 2001.
`Stoetrax—About Us—About Storetrax—www.storetrax.com/stx/
`aboutus.jsp May 9, 2001.
`“Real Estate News and Advice'. Realty Times (online). Apr. 7, 2000.
`Retrieved from the internet: <URL http://web.archive.org/web/
`20000407223740/http://realtytimes.coms.
`“Real Estate Center Online News'. Real Estate Center (online). Aug.
`11, 2000. Retrieved from the internet: <URL http://web.archive.org/
`web/20000815095.134/recentertamu.edu/news/recon.html>.
`Hanrahan, Michael J.; “Future lies in Investment Analysis, Property
`Management Programs', National Real Estate Investor v 35n 1 pp.
`69-79, Jan. 1993.
`* cited by examiner
`
`Page—www.storetrax.com/stX/autologin.
`
`List—www.storetrax.com/
`
`ResMan Exhibit 1001, Page 2
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`U.S. Patent
`
`Dec. 22, 2009
`
`Sheet 1 of 8
`
`US 7.636,687 B2
`
`00 ||
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`(1SITVI OBdS
`
`(HECINET) £ LNEHITO
`
`(LNWNBL) | LNBITO
`
`ResMan Exhibit 1001, Page 3
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`U.S. Patent
`
`Sheet 2 of 8
`
`US 7.636,687 B2
`
`Z ‘61-I
`
`
`
`
`
`ResMan Exhibit 1001, Page 4
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`U.S. Patent
`
`Dec. 22, 2009
`
`Sheet 3 of 8
`
`US 7.636,687 B2
`
`STAR
`
`303
`
`Fig. 3a
`
`306
`
`u300
`
`| STORE OWNER'S PROPERTY
`NFORMATION LISTING
`
`DEFINE TENANT'S SEARCH
`RECUREMENTS FOR
`PROPERTY SPACE
`
`CONDUCT SEARCH TO
`LOCATE PROPERTIES
`MACHING TENANT'S SPACE
`RECUREMENTS
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`GENERATE A
`
`MODEFY
`TENANT'S SEARCH
`RECUREMENTS
`FOR PROPERY
`SPACEP
`
`
`
`
`
`
`
`SUPPLEMENA
`PROPERTY INFORMATION
`OR DEMOGRAPHC DATA
`FOR SELECTED
`
`Y
`
`
`
`VEW SUPPLEMENTAL
`PROPERY
`INFORMATION OR
`DEMOGRAPHC DATA
`
`
`
`MOOFY
`TENANS SEARCH
`RECQUIREMENTS
`FOR PROPERTY
`SPACEP
`
`eS
`
`
`
`
`
`
`
`No
`
`No
`
`ty
`TO STEP 336
`
`ResMan Exhibit 1001, Page 5
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`U.S. Patent
`
`Dec. 22, 2009
`
`Sheet 4 of 8
`
`US 7.636,687 B2
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`FROM STEPS 327 and 333
`
`No
`
`
`
`
`
`ORDER SPACE
`NSPECTION?
`
`Fig. 3b
`
`COORDNATE SPACE NSPECTION
`BY SITE INSPECTION AGENT
`
`342
`
`
`
`
`
`
`
`
`
`..MAKE
`OFFER OR RESPOND
`TO OWNER'S
`PROPOSAL2
`
`END
`
`Yes
`
`PREPARE OFFER OR RESPONSE -
`O OWNER'S PROPOSALUSING
`ON-LINE TRANSACTION TEMPLATE
`AND SUPPORT OF DEAL AGENT
`
`CONDUCT NEGOTATIONS WA
`EXCHANGE OF BID-AND-ASK
`TERATIONSBE WEENTENANT
`AND OWNER USING ON-LINE
`TRANSACTION TEMPLATE
`
`
`
`MUTUAL
`APPROVAL2
`
`TO STEP 354
`
`ResMan Exhibit 1001, Page 6
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`U.S. Patent
`
`Dec. 22, 2009
`
`Sheet 5 of 8
`
`US 7.636,687 B2
`
`
`
`
`
`
`
`
`
`
`
`
`
`FROM STEP 351
`Yes
`
`
`
`GENERATE TERM SHEET FOR
`ON-LNE NSPECTION
`
`
`
`POPULATE OWNER'S LEASE
`AGREEMENT WITH TERMS AND
`LEGAL PROVISIONS
`
`354
`
`357
`
`Fid. 3C
`9
`
`PUBLISH LEASE AGREEMENT FOR
`REVIEW BY OWNER'S ADVISORS
`AND TENANT
`
`363
`
`REVISE TERMS
`OF LEASE
`AGREEMEN
`
`
`
`
`
`REVISE LEASE
`AGREEMENT2
`
`EXECUTE LEASE AGREEMENT IN
`ON-LINE ENVIRONMENT
`
`UPLOAD EASE TERMS TO
`PROPERTY MANAGEMENT AND
`REN COLLECTIONSOFTWARE
`
`369
`
`372
`
`ResMan Exhibit 1001, Page 7
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`U.S. Patent
`
`Dec. 22, 2009
`
`Sheet 6 of 8
`
`US 7.636,687 B2
`
`Fig. 4a
`
`
`
`4a
`
`4a2 '
`
`PROPERTY
`
`VISUAL
`NFO
`
`HELP
`NFO
`MADE
`AVAILABLE
`
`CONDUCT
`SEARCH
`
`SEARCH
`
`REPORTS
`DISPLAYED
`
`ResMan Exhibit 1001, Page 8
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`U.S. Patent
`
`Dec. 22, 2009
`
`Sheet 7 of 8
`
`US 7.636,687 B2
`
`4bOO
`
`Fig. 4b
`
`401
`
`START
`
`*NENANOR
`BROKERENTERS
`PROPERTY,
`4b05
`LOCATION, AND
`Y
`USER
`OWNER ADDRESS
`SCHEDULES -
`NSPECTION
`4b40
`
`
`
`USER REGISTERS
`
`415
`
`
`
`USER
`LOGS N.
`
`USERRUNS
`Aisis
`
`4b25
`N OWNER OR
`AGENT SEARCHES
`STNGS
`
`
`
`Ab3
`
`TENANT OR
`BROKER
`SELECTS TARGET
`SPACE
`
`TENANT OR
`BROKER ENTERS
`BUSINESS TERMS
`
`TENANT OR
`BROKER SENDS
`O FFER
`
`4b.4
`
`4b50
`
`4b55
`
`OWNER OR AGENT
`ACCEPTS OR
`- SSNDS
`COUNTEROFFER
`
`4b60
`
`COUNTEROFFer
`
`TENANT OR
`BROKER ACCEPTS
`OR SENDS
`COUNTEROFFER
`
`
`
`COUNTEROFFER
`
`ACCEPTS
`465
`
`ACCEPTS
`
`COMPLETELEASE
`OFFER RENAME
`ANALYSS
`
`
`
`
`
`GENERATE
`TERM SHEET
`
`ResMan Exhibit 1001, Page 9
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`U.S. Patent
`
`Dec. 22, 2009
`
`Sheet 8 of 8
`
`US 7.636,687 B2
`
`4COO Y
`
`4c01
`
`N
`
`4c05
`
`FORM LEASE
`
`OWNER, AGENT,
`OR AT TORNEY
`COMPLETES
`DOCUMENT
`
`OWNER, AGENT, OR
`ATTORNEY MAKE
`CUSTOM CHANGES
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`TENANT,
`BROKER OR
`ATTORNEY
`DRAFT FIRST
`LEASE
`
`TENANT MAKES
`COMMENTS
`
`OWNER MAKES
`COMMENTS
`
`4c35
`OWNER ORTENANT
`ESTABLISHES
`DGITAL
`CERTIFICATE
`
`
`
`is
`
`
`
`Fig. 4c
`
`OWNER MANAGES
`AGREEMENT
`
`OWNER AND TENANT
`EXECUTE DOCUMENT
`
`4-ca.5
`N OWNER AND
`TENANT
`SCHEDULE
`TRANSACTION
`COST
`
`
`
`
`
`
`
`OWNER AND TENANT
`MAKE PAYMENTS
`
`4C55
`
`OWNER AND
`TENANT ARCHIVE
`AGREEMENT
`
`
`
`OWNER DOSS
`TENANT LEASE
`BLNG
`
`ResMan Exhibit 1001, Page 10
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`US 7,636,687 B2
`
`1.
`METHOD AND SYSTEM FOR COMPLETING
`A LEASE FOR REAL PROPERTY IN AN
`ON-LINE COMPUTING ENVIRONMENT
`
`2
`the latest, broadest set of relevant property data and to select
`relevant comparable values quickly and with minimal manual
`intervention. An on-line property management environment
`can comprise a distributed computer network, such as the
`global Internet, coupled to numerous client computers, a
`property services server platform connected to a local data
`base, and numerous property information databases. The cli
`ent computers can represent typical users of property services
`hosted by the property services server platform. The client
`computers can also represent service providers for servicing
`the activities of users in the property management field. The
`property services server platform can provide real estate
`industry services, including content, decision Support tools,
`transaction exchanges, and access to key members of the real
`estate community and its service providers.
`Building owners or their agents can list their available
`space for rent on a Web site hosted by a property services
`server platform in a distributed computing environment.
`Commercial tenants requiring space can either directly enter
`the property services server platform or, more likely, enter
`through allied sites. Real estate brokers employed by tenants
`can directly access the property services server platform.
`There can be three alternative embodiments for completing
`on-line leasing transactions in accordance with the present
`invention. Alternative embodiment 1 can include research
`capabilities, valuation and calculator tools, a community of
`accounting, legal and environmental experts, space listings,
`referrals to financing Sources, third-party provider and pro
`fessional service firms, links to preferred procurement and
`online recruiting, free research, a valuation of the proposed
`deal, and digital documents. Alternative embodiment 2 can
`add numerous functions to alternative embodiment 1. These
`can include valuation and property management ASP soft
`ware, the workflow functionality, local GE office, additional
`content and service vendors, enhanced Web site features, chat
`rooms to extend the workspace concept, lease management,
`budgeting and forecasting, property management, and valu
`ation tools. Alternative embodiment 3 can build on alternate
`embodiment 2, and can add multiple counterparties to rapidly
`evaluate a deal and post a bid online with due diligence
`supported by service provider links.
`
`BRIEF DESCRIPTION OF THE DRAWINGS
`
`FIG. 1 is a block diagram illustrating the primary compo
`nents of an on-line operating environment for leasing trans
`actions constructed in accordance with an exemplary
`embodiment of the present invention.
`FIG. 2 is a block diagram illustrating the primary compo
`nents of a property services server platform constructed in
`accordance with an exemplary embodiment of the present
`invention.
`FIGS. 3a, 3b, and 3c, collectively described as FIG.3, are
`flowchart diagrams illustrating the process for completing an
`on-line leasing transaction in accordance with an exemplary
`embodiment of the present invention.
`FIGS. 4a, 4b and 4c, collectively described as FIG. 4, are
`flowchart diagrams illustrating the process for completing
`on-line leasing transactions in accordance with alternate
`exemplary embodiments of the present invention.
`
`DETAILED DESCRIPTION OF THE
`EXEMPLARY EMBODIMENTS
`
`RELATED APPLICATION
`
`Applicants claim priority under 35 USC S 119(e) to U.S.
`Provisional Application Ser. No. 60/252,285, filed Nov. 20,
`2000, entitled “Completing a Lease for Real Property in an
`On-line Computing Environment’, the disclosure of which is
`fully incorporated herein by reference.
`
`TECHNICAL FIELD
`
`The present invention is generally directed to leasing trans
`actions for real estate properties. More particularly described,
`the present invention provides an on-line computing environ
`ment for lease transactions in the commercial real estate field
`by using a distributed computer network to Support commu
`nication, negotiation, and transaction tasks conducted by bro
`kers, property owners, tenants, and their advisors.
`
`BACKGROUND OF THE INVENTION
`
`10
`
`15
`
`30
`
`40
`
`45
`
`Commercial leasing transactions are completed today with
`25
`the Support of “off-line personal relationships among com
`mercial real estate brokerage firms, property owners, and
`tenants. A commercial real estate broker attempts to identify
`and match the property space requirements of a potential
`tenant with the property of the represented property owner. To
`“broker a lease, the broker typically completes computer
`aided and manual searches of property listings to locate
`potential matching properties and facilitates lease term nego
`tiations between the owner and the tenant. The scope of a
`broker's network and her proposal relationships in the com
`35
`mercial real estate field plays a significant role in closing a
`lease transaction.
`To expand the typical broker's network of relationships
`and to increase the number of potential property representa
`tions, at least one company is listing commercial real estate
`lease opportunities at a Web site accessible by brokers.
`Although this Web site facilitates the matching of a tenants
`property requirements with available properties, the Web site
`does not support the negotiation closing of a lease transaction
`in an on-line electronic environment. In other words, brokers,
`property owners, and potential tenants move to the traditional
`“off-line” environment to negotiate and close a typical lease
`transaction initiated by a listing published at this Web site.
`This results in an inefficient allocation of resources to com
`plete a lease transaction because the present on-line Solution
`50
`fails to take full advantage of the communication efficiency
`and scope of resources available on the Internet.
`Consequently, there is a need in the art for an on-line
`Solution that addresses the primary tasks completed in a typi
`cal lease transaction, including the identification of a property
`matching a potential tenant's requirements, site visit and
`space calculations, lease term negotiations, and lease execu
`tion.
`
`55
`
`SUMMARY OF THE INVENTION
`
`60
`
`The present invention solves the above problems by pro
`viding a method and system for completing a lease for prop
`erty in an on-line computing environment. The distributed
`computer network can enable a user to access multiple data
`bases and to obtain comparables data related to a property of
`interest for use in calculations. This can enable users to access
`
`65
`
`The present invention Supports the completion of a trans
`action cycle for leasing commercial real estate over a distrib
`uted computer network, Such as the Internet.
`
`ResMan Exhibit 1001, Page 11
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
`
`

`

`3
`Building owners or their agents can list their available
`space for rent on a Web site hosted by a property services
`server platform in a distributed computing environment. The
`space can be listed in one of two ways:
`1) The property services server platform listings database
`will interface with the owner's property management
`program to download available space at a predetermined
`time before lease expiration.
`2) Users, who are often owners or agents, using a client
`computer running a browser, can access a server to
`obtain lease information through a Web site that
`accesses available databases.
`The listing comprises the salient information regarding the
`space (area, date of availability, asking rent, etc.), as well as an
`e-mail and telephone contact for the owner or the building
`agent.
`Commercial tenants requiring space can either directly
`enter the property services server platform or, more likely,
`enter through allied sites. Real estate brokers employed by
`tenants can directly access the property services server plat
`form. The property services server platform provides them
`with a search-and-match ability, by which they can search a
`national space database by product type (office, retail and
`industrial). The search can be further defined by city, submar
`ket, amount of space, asking rent and a number of related
`variables. Also, they can search by building name or address.
`Users may use a Tenant Space Planning calculator to translate
`their proposed headcount at a new location into square foot
`age requirements.
`The work product of the search is an availability survey,
`which lists the properties meeting the given standards. The
`availability search provides the users with a significant
`amount of information about the property and the availability
`of Suites or floors. In addition, the users can access the
`Research section of the property services server platform,
`where they can view and purchase macro- and microeco
`nomic data and demographics reports about the target area.
`The tenant can draw-up a shortlist of properties and set-up
`space inspection appointments as desired through the prop
`erty services server platform. Site Inspection Agents will
`show the space, after which the users can submit an offer or
`request a proposal from the owner online through the property
`services server platform. Deal agents at the central Customer
`Experience Center and the Regional Specialists in the local
`areas can assist the tenants during the entireleasing process.
`For example, a deal agent can initially aid the tenants in
`putting together an offer or responding to an owner's pro
`50
`posal. The tenant's original proposal or response to an own
`er's offering is drafted within a highly-detailed template con
`taining all the key business elements of a commercial leasing
`transaction it will remain the central collaboration feature
`of negotiations and will eventually populate the lease docu
`mentS.
`The tenant and owner (with or without their respective
`brokers) can exchange bid-and-ask iterations of the proposal
`template online through the property services server plat
`form. Each party can control its version of the document and
`may delegate authorship rights to their respective profession
`als and advisors. In addition, a party can use a calculator
`available at the property services server platform to subject
`each iteration to a discounted cash flow analysis. Both the
`tenant and the owner can use comparison charts detailing, in
`the case of the tenant, offers at multiple locations and, in the
`case of the owner, multiple offers on the same property. Upon
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`final mutual approval (“meeting of the minds'), the last docu
`ment will be an electronic term sheet to be signed (online or
`offline) by both parties.
`The term sheet can be activated by the owner to populate its
`standard form of lease. Each owner may take the online form
`for the appropriate property type and amend it via check
`boxes to include a large number of secondary and proprietary
`clauses and state-specific language. Using the same collabo
`ration software and “ball-in-court’ methodology as in arriv
`ing at the term sheet, the owner can release the electronic
`document to its professional advisers, the tenant and the
`tenants advisors. Comments, in redline fashion, can be
`exchanged by the parties in an on-line environment until final
`agreement on all terms, conditions and wording is reached.
`At that point, the owner will distribute, via the property
`services server platform, execution copies of the lease. The
`tenant, using the property services server platform, will digi
`tally execute the document and deposit in escrow to a pay
`ment service the closing disbursements (first month's rent,
`security deposit, etc.). Upon counter-signature by the owner,
`fully-executed copies of the lease will appear in the owners
`and tenant’s “My Personalized WorkSpace' area of the prop
`erty services server platform and all disbursements will be
`distributed to appropriate parties.
`If desired, owners can upload the essential lease terms to
`their property management Software systems to begin the rent
`collection cycle. If appropriate, they can also upload the
`relevant lease terms to an allied project management system,
`which will track the progress of the tenant installation work
`(the completion of which is often the starting point of rent
`collection). Owners may also archive some or all of the lease
`drafts and final document in their “My Personalized Work
`Space' archive.
`On-Line Real Estate Services Environment
`Turning now to the figures, in which like reference num
`bers are assigned to like elements, FIG. 1 is a block diagram
`illustrating the primary components of a representative oper
`ating environment for an exemplary embodiment of the
`present invention. An on-line property management environ
`ment 100 comprises a distributed computer network 105,
`such as the global Internet, coupled to numerous clients 110
`140, a property services server platform 145 connected to a
`local database 150, and numerous property information data
`bases 155-165. For the client-server computing environment
`shown in FIG. 1, the client computers 110 and 115 represent
`typical users of property services hosted by the property
`services server platform 145. The client computers 120-140
`represent service providers for servicing the activities of users
`in the property management field. For example, typical con
`Sumers of the property services accessible at the property
`services server platform 145 via the distributor computer
`network 105 include property tenants and property owners, as
`shown at the client computers 110 and 115. Representative
`service providers in the property management field include
`lenders, site visit agents, engineering, appraisal and environ
`mental specialists, deal agents, and call center agents, as
`shown in connection with client computers 120-140.
`The property services server platform 145 provides real
`estate industry services, including content, decision Support
`tools, transaction exchanges, and access to key members of
`the real estate community and its service providers. For
`example, the property services server platform 145 can pro
`vide users operating client computers with convenient access
`to budgeting, forecasting, and valuation tools in the real estate
`field. The property services server platform 145 also enables
`a user. Such as a tenant at the client 110 or a property owner at
`
`ResMan Exhibit 1001, Page 12
`ResMan, LLC v. Karya Property Management, LLC
`IPR2021-00844
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`5
`the client 115, to communicate via electronic mail with a
`lender at the client 120; a site visit agent at the client 125; a
`property specialist operating at the client 130; a deal agent
`operating at the client 135; or a call center agent operating at
`the client 140. The property services server platform 145 also
`can publish information at one or more Web site pages to
`facilitate the matching of a user, Such as a tenant or owner, to
`a lender, site visit agent service provider or deal agent.
`Although the matching of a user to a desired party can be
`facilitated by the on-line environment shown in FIG.1, it will
`be appreciated that communications between these parties
`can be further accomplished by a variety of conventional
`means, including telephone, electronic mail messages, fac
`simile correspondence, mail delivery, etc.
`The electronic communications framework of the on-line
`operating environment 100 enables a user, such as a tenant or
`owner, to efficiently identify and communicate with a variety
`of parties associated with the typical evaluation and closing of
`a real estate transaction. A lender, represented by the client
`120, can work with a property owner or tenant to Support
`financing requirements in connection with a real estate trans
`action. A site visit agent, represented by the client 125, can
`Support a tenants on-site review and analysis of a property
`under consideration. A property specialist, represented by the
`client 130, can provide property-related expertise, such as
`engineering, appraisal, or environmental services, to a user in
`connection with a real estate transaction. A deal agent, rep
`resented by the client 135, can assist a user by screening,
`negotiating, and closing real estate-related transactions on
`behalf of that user.
`Site Visit Agent
`A site visit agent, typically based in a location proximate to
`the property or space of interest, can Support a purchase or
`lease decision by showing the property or space to the parties
`of a transaction, such as tenants, owners, and lenders. For
`example, a site visit agent can visit a building or space of
`interest with an owner or purchaser and offer her expertise
`about the visit site, including configuration alternatives,
`build-out costs, etc. In contrast to a real estate broker, who
`often juggles several real estate transaction tasks at once, a
`site visit agent is focused solely on showing properties on
`behalf of her customer. A user can select a site visit agent from
`information published at the property services server plat
`form 145 or by requesting information from a call center
`agent. The user communicates with a selected site visit agent,
`represented by the client 125, via the on-line environment 100
`or by other conventional means.
`Property Specialist
`The property services server platform 145 also provides a
`convenient on-line forum for connecting a variety of property
`specialists to the potential users of those services. For
`example, a tenant operating the client 110 can obtain infor
`mation from the property services server platform 145 about
`the services offered by property specialists represented by the
`client 130, including appraisal, engineering, and environmen
`tal services. This information can include the identity of prop
`erty specialists within a specified profession, Such as engi
`neering, appraisal or environmental services; contact
`information for property specialists in the selected field; and
`fee estimates for services provided by the listed property
`specialists. Consequently, the real property services service
`platform 145 provides a marketplace that enables a user to
`identify and to select a desired service provider within the
`framework of the on-line environment 100.
`For example, a customer operating from a client site, Such
`as a tenant client 110 or an owner client 115, can gain access
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`to a service provider based upon the users issuance of a
`request to the property services server platform 145. In turn,
`the property services server platform 145 can respond to this
`request by presenting information Sufficient to facilitate a
`communication between the parties. For example, this com
`munication link can be established by the server platform 145
`via a hyperlink to a service providers web site, electronic
`mail to a service provider, or publication of service provider
`contact information.
`Deal Agent
`A deal agent, represented by the client 135, can work on
`behalf of a user to Support the completion of a property
`related transaction, including leasing, financing, and buy-sell
`exchanges. The property services server platform 145 pro
`vides an on-line forum listing deal agents available to Support
`a user's real estate transaction. In the absence of a relationship
`with another service provider, the user can rely upon the real
`estate expertise of a deal agent in evaluating and completing
`a property transaction. A user operating a client site. Such as
`the client 110 or 115, can obtain the services of a deal agent by
`issuing a request to the property services server platform 145
`or by contacting a customer service agent at the client 140.
`For example, the property services server platform 145 can
`establish communications between the user and a deal agent
`via selection of a hyperlink to a deal agents web's site,
`electronic mail to a deal agent, or publication of contact
`information for a deal agent. The user also can contact a
`customer service agent based upon contact information pub
`lished at the property services server platform 145.
`Call Center Agent
`A call center agent can handle a variety of contacts by
`customers of the property services, including requests for
`products and services; billing inquiries; Website assistance;
`and property services-related questions. A call center agent,
`typically located at a central call center site, can facilitate the
`scheduling of Support by a site visit agent, a property special
`ist, or a deal agent, by responding to the schedules of the agent
`and the customer. In this manner, a call center agents operat
`ing at the client 140 can provide basic customer service via
`electronic communications, such as e-mail, by telephone, or
`other conventional communication means.
`It will be appreciated that the call center functions are
`preferably delegated to personnel with a variety of call center
`and real estate experiences. For example, customer service
`agents with limited real estate experience can provide basic
`customer services, whereas deal agents with more substantial
`real estate experience can Support the detailed aspects of
`leasing, financing, and buy-sell deals. Call center agents and
`deal agents can be housed in a central location to provide
`Support to a variety of geographically dispersed users con
`nected to the distributed computer network 105 via client
`computers.
`Communications between lenders, site visit agents, deal
`agents, property specialists, call center agents and the cus
`tomer are Supported by electronic communications carried by
`the distributed computer network 105 or other conventional
`communication means. Although only a single client com
`puter is shown in FIG. 1 for each of the service functions, it
`will be appreciate