Property Valuation via 3D Visual and Data Harmonization
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Solution Overview
Problem
The accuracy of property valuation is heavily dependent on the reliability and correctness of available data, which is often incomplete, incorrect, or inconsistent, especially in non-residential areas and across different countries with varying data conventions, leading to inaccurate valuations.
Innovation Solution
A computer-implemented method for property valuation that includes receiving an address, locating the property on an interactive map, rendering a 3D visual, and calculating its value using a combination of open source and collected data, with features like parcel definition, linking, and object ID assignment to enhance data accuracy and user interaction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If open source data is used for property valuation, then the burden of data input by the user is limited, but the accuracy of the valuation deteriorates due to incomplete or incorrect data
Solution Approach 1:
The patent introduces an intermediary system that automatically retrieves, validates, and harmonizes data from multiple open source government databases. This intermediary layer resolves the contradiction by maintaining ease of operation (automatic data retrieval) while improving valuation accuracy through systematic data validation and cross-referencing across multiple sources
Solution Approach 2:
The system transforms raw open source data into standardized valuation parameters through automated processing. By changing the state of data from unverified raw format to validated standardized parameters, the system maintains operational simplicity while significantly improving measurement precision through systematic data transformation and validation
2Adaptability or versatility
If data from different governments is used, then more properties can be valued across multiple countries, but the complexity of the system increases due to different conventions and standards
Solution Approach 1:
The patent creates a universal data harmonization system that handles multiple government data conventions through a single platform. The system performs multiple functions: retrieving data in various formats, validating against different standards, transforming to unified parameters, and generating valuations. This universal approach enables multi-country coverage while managing complexity through standardized multi-functional processing
Solution Approach 2:
The system segments the complex task of multi-country data harmonization into distinct modular components: data retrieval modules for each government source, validation modules for different standards, transformation modules for converting to unified parameters, and aggregation modules for final valuation. This segmentation makes the complex system manageable and maintainable while supporting versatility across countries
3Ease of operation
If traditional valuation methods are used, then data input burden is reduced, but the speed and efficiency of valuation deteriorates
Solution Approach 1:
The system implements self-service automation where the valuation platform automatically retrieves data from open source government databases, validates the data, harmonizes it across different standards, and generates valuations without user intervention. This eliminates manual data input while dramatically increasing valuation speed and efficiency, resolving the contradiction between ease of operation and productivity
Data Source
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AI summary
The present invention relates to a computer-implemented method for property valuation. The method comprises the step of receiving an address of a property. The method further comprises the step of locating said property, preferably on an interactive map. The method further comprises the step of rendering a 3D visual of said property, wherein said visual is preferably adaptable. The method further comprises the step of calculating a value of the property.