Method and apparatus for testing automated valuation models
First Claim
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1. A computer-based method of measuring the accuracy of a plurality of automated valuation models for real estate properties, the method comprising:
- receiving new valuation data for a subject property;
receiving an automated valuation of said subject property from each of a plurality of automated valuation models, each of said automated valuations performed without reference to said new valuation data;
comparing said new valuation data for said subject property with said automated valuation of said subject property received from each of said automated valuation models; and
computing a ranking of each of said plurality of automated valuation models according to accuracy criteria, wherein an accuracy criterion for an automated valuation model is based at least in part on said comparison of said new valuation data and said automated valuation of said subject property received from said automated valuation model,wherein the method is performed in its entirety using computer hardware.
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Abstract
A method and apparatus for real time testing of automated valuation models using various indicators of accuracy. These indicators are then weighted according to their value as indicators of accuracy using individualized weighting factors or an equation. A ranking is then computed based upon the factors and their weights. This method is preformed continuously, so as to achieve real-time or periodically updated automated valuation model accuracy rankings.
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Citations
29 Claims
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1. A computer-based method of measuring the accuracy of a plurality of automated valuation models for real estate properties, the method comprising:
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receiving new valuation data for a subject property; receiving an automated valuation of said subject property from each of a plurality of automated valuation models, each of said automated valuations performed without reference to said new valuation data; comparing said new valuation data for said subject property with said automated valuation of said subject property received from each of said automated valuation models; and computing a ranking of each of said plurality of automated valuation models according to accuracy criteria, wherein an accuracy criterion for an automated valuation model is based at least in part on said comparison of said new valuation data and said automated valuation of said subject property received from said automated valuation model, wherein the method is performed in its entirety using computer hardware. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24)
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25. A computer-based method of measuring the accuracy of automated valuation models for real estate properties, the method comprising:
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accessing valuation data for a plurality of real estate properties; computing a first accuracy score for each of a first plurality of automated valuation models, the first accuracy score based at least in part on the valuation data and automated valuations provided by the first plurality of automated valuation models for at least some of the real estate properties; determining from the first plurality of automated valuation models a primary automated valuation model based at least in part on the first accuracy scores; computing a second accuracy score for each of a second plurality of automated valuation models, the second plurality of automated valuation models including at least some of the first plurality of automated valuation models but not including the primary automated valuation model, the second accuracy score based at least in part on the valuation data and automated valuations provided by the second plurality of automated valuation models for real estate properties for which the primary automated valuation model was not able to return an automated valuation; and determining from the second plurality of automated valuation models a secondary automated valuation model based at least in part on the second accuracy scores, wherein the method is performed in its entirety by a computer system comprising computer hardware. - View Dependent Claims (26, 27, 28, 29)
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Specification