Virtual Property Appraisal System Using Remote Sensor Data

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Solution Overview

Problem

The process of property appraisal and inspection is largely manual, requiring physical visits and is inefficient, especially in the context of renting or purchasing properties.

Innovation Solution

A system and method for virtual property appraisals and inspections using computing devices positioned at the property to collect and assess property status information, storing it in a database or blockchain to create automated appraisals and inspections.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Productivity

If manual property appraisal and inspection processes are used, then human representatives can physically inspect properties and provide comprehensive assessments, but the process requires numerous physical visits and is time-consuming and inefficient

Engineering Contradiction:

Improveappraisal efficiencyVSAvoidtime for physical visits

Core Design Contradiction:

ProductivityVSLoss of time

Solution Approach 1:

The patent creates virtual copies of physical properties using sensors, cameras, and computing devices that capture and transmit property status information to remote locations. These digital replicas enable appraisers and inspectors to examine properties remotely without physical presence, eliminating the need for multiple site visits while maintaining comprehensive assessment capabilities.

Inventive Principle:

Principle #26Copying

Solution Approach 2:

The patent replaces manual mechanical inspection processes with automated electronic systems. Sensors, cameras, and computing devices automatically collect, process, and analyze property information, substituting human physical inspection with automated digital assessment that occurs remotely and instantaneously.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

2Measurement precision

If multiple walkthroughs are conducted at various stages of renting and purchasing processes, then potential renters or purchasers can thoroughly evaluate properties, but the process requires repeated physical visits increasing time and resource consumption

Engineering Contradiction:

Improveproperty evaluation accuracyVSAvoidtime for multiple walkthroughs

Core Design Contradiction:

Measurement precisionVSLoss of time

Solution Approach 1:

The patent creates persistent virtual replicas of properties that can be accessed and re-examined multiple times without requiring additional physical visits. These digital copies allow potential renters or purchasers to conduct thorough evaluations at different stages of the decision-making process by reviewing the same comprehensive property data remotely.

Inventive Principle:

Principle #26Copying

Solution Approach 2:

The patent performs comprehensive property data collection and virtual inspection in advance, creating a complete digital record that can be reviewed repeatedly. This preliminary virtual inspection eliminates the need for multiple subsequent walkthroughs, as all necessary evaluation information is already captured and available for review.

Inventive Principle:

Principle #10Preliminary action

3Productivity

If automated systems with multiple devices are deployed to collect property status information, then virtual appraisals can be conducted remotely improving efficiency, but the system complexity and infrastructure requirements increase

Engineering Contradiction:

Improvevirtual appraisal efficiencyVSAvoidsystem infrastructure complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The patent employs multi-functional computing devices and sensors that perform multiple functions within a single integrated system. These devices can simultaneously capture visual data, environmental conditions, structural information, and other property characteristics, reducing the number of separate devices needed while maintaining comprehensive data collection capabilities.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Solution Approach 2:

The patent introduces a centralized server or cloud-based platform as an intermediary that receives, processes, and integrates data from multiple distributed sensors and devices. This intermediary consolidates the complexity of managing multiple devices, providing a unified interface for data collection and processing while enabling remote virtual appraisal functionality.

Inventive Principle:

Principle #24Intermediary (Mediator)

Data Source

PatentUS11875419B1Virtual property appraisals and/or inspections

Publication Date: 2024.01.16 WELLS FARGO BANK NA

AI summary

A system for collecting property status information from a property for a virtual appraisal receives the property status information from a plurality of devices positioned about the property, stores the property status information in a database, and assesses the property status information to create the virtual appraisal for the property.