Real Estate Grading System Using Hierarchical Weightage
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Solution Overview
Problem
Conventional methods for assessing and analyzing real estate are limited, as they primarily focus on price, location, and square footage, neglecting granular determinants that affect property value.
Innovation Solution
A method and system for scoring real properties using a database of property identities and weightage values for groups, categories, and features, allowing for the calculation and communication of scores via a digital data network.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If conventional assessment tools are used (MLS catalog listings), then basic property information is provided, but granular comparison and ranking based on detailed criteria is not possible
Solution Approach 1:
The patent segments property assessment into multiple hierarchical levels: property identities, groups of features, categories within groups, and individual features. Each level can be independently weighted and scored, allowing granular comparison while maintaining system organization. This segmentation enables precise measurement of specific property attributes without requiring complete re-assessment of entire properties.
Solution Approach 2:
The system introduces weightage values as a new parameter that can be assigned to different groups, categories, and features based on their relative importance. By changing the weightage parameters, the system can dynamically adjust assessment precision for different property types and buyer preferences, enabling flexible and precise comparison without increasing structural complexity.
2Loss of information
If only basic property information is collected (price, location, square footage), then data collection is simple, but comprehensive value assessment is limited
Solution Approach 1:
The patent adds a new dimension to property assessment by introducing hierarchical classification (groups, categories, features) and weightage values. This transforms the assessment from a single-dimension comparison to a multi-dimensional framework where properties can be evaluated across numerous granular criteria. The additional dimensions enable comprehensive value assessment while the hierarchical structure prevents data organization complexity from becoming unmanageable.
3Adaptability or versatility
If detailed granular criteria are implemented for property assessment, then comprehensive comparison is enabled, but conventional tools cannot process or rank properties effectively
Solution Approach 1:
The system performs preliminary actions by pre-defining the hierarchical structure of groups, categories, and features, and pre-assigning weightage values to each level. This preliminary configuration enables rapid processing and ranking of properties once the framework is established. The pre-structured data model and pre-calculated weightages allow the system to efficiently compute comprehensive rankings without processing complexity during actual property assessments.
Data Source
AI summary
A system operable via communications over a digital data network. The system includes a user computer communicatively connected to the digital data network. The user computer includes a processor, memory, and an input device. The system also includes an app program of the user computer stored in the memory for controlling the processor, a server computer communicatively connected to the digital data network, and a database of real property identities and weightage values communicatively connected to the server computer. The app program receives an input and communicates the input to the server computer, the server computer searches the database and calculates a respective score for each of the real property identities corresponding to the input, sends to the computer the real property identities and each of the respective score. The weightage values may but need not necessarily relate to personality types of dominant, compliant, influencing and steady.