Ranking comparable properties for appraisal
First Claim
1. A computer program product encoding a computer program that executes a computer process for ranking a plurality of comparable real estate properties relative to a subject real estate property in an appraisal process, the computer process comprising:
- receiving scores associated with characteristic categories of the subject real estate property and of each comparable real estate property;
computing a dissimilarity measure in each characteristic category for each comparable real estate property;
aggregating the dissimilarity measures associated with individual comparable real estate property to generate a ranking score associated with the comparable real estate property; and
ordering the comparable real estate properties according to the ranking scores of the comparable real estate properties.
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Accused Products
Abstract
In support of an appraisal process, comparable properties are ranked using an algorithmic approach that considers multiple property characteristics of multiple properties to find and order the most similar properties to a subject property. In one implementation, a deterministic linear dissimilarity algorithm is used to compare multiple characteristics of multiple properties, relative to a subject property. An appraiser can also weight various characteristic categories to emphasize features the appraiser believes to be most important in the appraisal. The appraiser can therefore customize the weightings associated with such property characteristic categories to reflect local valuation relationships.
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Citations
20 Claims
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1. A computer program product encoding a computer program that executes a computer process for ranking a plurality of comparable real estate properties relative to a subject real estate property in an appraisal process, the computer process comprising:
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receiving scores associated with characteristic categories of the subject real estate property and of each comparable real estate property;
computing a dissimilarity measure in each characteristic category for each comparable real estate property;
aggregating the dissimilarity measures associated with individual comparable real estate property to generate a ranking score associated with the comparable real estate property; and
ordering the comparable real estate properties according to the ranking scores of the comparable real estate properties. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method of ranking a plurality of comparable real estate properties relative to a subject real estate property in an appraisal process, the method comprising:
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receiving scores associated with characteristic categories of the subject real estate property and of each comparable real estate property;
computing a dissimilarity measure in each characteristic category for each comparable real estate property;
aggregating the dissimilarity measures associated with individual comparable real estate property to generate a ranking score associated with the comparable real estate property; and
ordering the comparable real estate properties according to the ranking scores of the comparable real estate properties. - View Dependent Claims (8, 9, 10, 11, 12)
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13. A system for ranking a plurality of comparable real estate properties relative to a subject real estate property in an appraisal process, the system comprising:
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means for receiving scores associated with characteristic categories of the subject real estate property and of each comparable real estate property;
means for computing a dissimilarity measure in each characteristic category for each comparable real estate property;
means for aggregating the dissimilarity measures associated with individual comparable real estate property to generate a ranking score associated with the comparable real estate property; and
means for ordering the comparable real estate properties according to the ranking scores of the comparable real estate properties. - View Dependent Claims (14, 15, 16, 17, 18)
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19. A system for ranking a plurality of comparable real estate properties relative to a subject real estate property in an appraisal process, the system comprising:
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a database that receives real estate property data relating to the comparable real estate properties; and
a scoring module that computes scores associated with characteristic categories of the subject real estate property and of each comparable real estate property based on the real estate property data received by the database;
a dissimilarity module that computes a dissimilarity measure in each characteristic category for each comparable real estate property;
an aggregation module that combines the dissimilarity measures associated with individual comparable real estate property to generate a ranking score associated with the comparable real estate property; and
a ranking module that orders the comparable real estate properties according to the ranking scores of the comparable real estate properties. - View Dependent Claims (20)
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Specification