Enhanced Valuation System and Method for Real Estate

• US 20100076881A1
• Filed: 09/19/2008
• Published: 03/25/2010
• Est. Priority Date: 09/19/2008
• Status: Abandoned Application

• Current Assignee: Pro-Teck Services Ltd.
• Original Assignee: Pro-Teck Services Ltd.
• Inventors: Carey, Christopher Brian, O'Grady, Thomas Liam
• Application Number:
  US12/233,692
• Publication Number:
  US 20100076881A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A system and method for producing a valuation for real property that allows the rating of various metrics that contribute to a determination of value for the subject property, the rating being based on the quality and applicability to the subject property of the data sources from which data is gathered for each metric, such that the final valuation is based on a weighted average of each of the metrics, thereby eliminating the human bias from the actual valuation result, but providing an improved result over a valuation based solely on results from an automated valuation model.

Claims

1. A method for calculating a valuation for a subject property comprising:

a. gathering data from one or more sources regarding one or more metrics used to calculate a value for said subject property;

b. for each metric for which data has been gathered, rating said data as to it'"'"'s quality and applicability to the value of said subject property;

c. weighting the data for each of said metrics based on said ratings; and

d. calculating a value for said subject property based on said weighted metrics.

2. The method of claim 1 wherein said metrics are selected from a group comprising a value for the subject property supplied by an automated value model, an aggregate value of comparable properties, an aggregate price per square foot of comparable properties and a value for the subject property based on market appreciation over time.

3. The method of claim 1 wherein said gathered data includes at least one value generated by an automated valuation model.

4. The method of claim 3 wherein said data further includes data regarding comparable properties.

5. The method of claim 3 wherein said data regarding comparable properties may be gathered from an automated valuation model or may be provided manually.

6. The method of claim 5 wherein said gathered data further includes data from a local multiple listing service regarding comparable properties and said subject property.

7. The method of claim 6 wherein said gathered data further includes data regarding the condition of said subject property.

8. The method of claim 7 wherein said data further includes data regarding current market conditions.

9. The method of claim 8 wherein said data regarding said market conditions includes general market information and market information specific to said subject property.

10. The method of claim 1 further comprising the step of analyzing a set of risk factors and determining if said risk factors exist based on said gathered data.

11. The method of claim 10 wherein said risk factors are selected from a group comprising risk factors specific to said subject property and risk factors indicating market risk.

12. The method of claim 1 further comprising the step of generating a report containing said calculated value of said subject property and supporting data.

13. A system for calculating the value of real property comprising:

a. a computer having software installed thereon, said software comprising;

b. a data gathering module, for gathering data from one or more sources regarding one or more metrics used to calculate the value of said real property;

c. a rating module, for rating, for each metric, data gathered for that metric as to its quality and applicability to the value of said real property;

d. a weighting module, for weighting each of said metrics, based on said ratings; and

e. a valuation module, for calculating a value for said real property based on said weighted metrics.

14. The system of claim 13 wherein said one or more data sources includes an automated valuation model.

15. The system of claim 14 wherein said data includes information regarding comparable properties.

16. The system of claim 15 wherein said data includes data from a local multiple listing service regarding comparable properties and said subject property.

17. The method of claim 13 wherein said metrics are selected from a group comprising a value for the subject property supplied by an automated value model, an aggregate value of comparable properties, an aggregate price per square foot of comparable properties and a value for the subject property based on market appreciation over time.

18. The method of claim 13 further comprising the step of analyzing a set of risk factors and determining if said risk factors exist based on said gathered data.

19. The method of claim 18 wherein said risk factors are selected from a group comprising risk factors specific to said subject property and risk factors indicating market risk.

20. The method of claim 13 further comprising a report generation module for producing a report containing a valuation of said subject party.

21. The method of claim 20 wherein said report further includes data supporting said valuation.

22. The method of claim 21 wherein said report further includes data regarding risk factors specific to said subject property and risk factors indicating market risk.