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Sustainability 2017, 9(6), 909; doi:10.3390/su9060909

An Optimal Rubrics-Based Approach to Real Estate Appraisal

1,2,3,4
,
1,2,3,4,5,* , 6
and
1,2,3,4,*
1
College of Natural Resources and Environment, South China Agricultural University, Guangzhou 510642, China
2
Key Laboratory of the Ministry of Land and Resources for Construction Land Transformation, South China Agricultural University, Guangzhou 510642, China
3
Guangdong Provincial Key Laboratory of Land Use and Consolidation, South China Agricultural University, Guangzhou 510642, China
4
Guangdong Province Land Information Engineering Technology Research Center, South China Agricultural University, Guangzhou 510642, China
5
College of Agriculture and Animal Husbandry, Qinghai University, Xining 810016, China
6
Department of Computer Science and Engineering, Hong Kong University of Science and Technology, Hong Kong, China
*
Authors to whom correspondence should be addressed.
Academic Editors: Laurence T. Yang, Qingchen Zhang, M. Jamal Deen and Steve Yau
Received: 27 February 2017 / Revised: 15 May 2017 / Accepted: 26 May 2017 / Published: 29 May 2017
(This article belongs to the Special Issue Smart X for Sustainability)
View Full-Text   |   Download PDF [3587 KB, uploaded 1 June 2017]   |  

Abstract

Traditional real estate appraisal methods obtain estimates of real estate by using mathematical modeling to analyze the existing sample data. However, the information of sample data sometimes cannot fully reflect the real-time quotes. For example, in a thin real estate market, the correlated sample data for estimated object is lacking, which limits the estimates of these traditional methods. In this paper, an optimal rubrics-based approach to real estate appraisal is proposed, which brings in crowdsourcing. The valuation estimate can serve as a market indication for the potential real estate buyers or sellers. It is not only based on the information of the existing sample data (just like these traditional methods), but also on the extra real-time market information from online crowdsourcing feedback, which makes the estimated result close to that of the market. The proposed method constructs the rubrics model from sample data. Based on this, the cosine similarity function is used to calculate the similarity between each rubric for selecting the optimal rubrics. The selected optimal rubrics and the estimated point are posted on a crowdsourcing platform. After comparing the information of the estimated point with the optimal rubrics on the crowdsourcing platform, those users who are connected with the estimated object complete the appraisal with their knowledge of the real estate market. The experiment results show that the average accuracy of the proposed approach is over 70%; the maximum accuracy is 90%. This supports that the proposed method can easily provide a valuable market reference for the potential real estate buyers or sellers, and is an attempt to use the human-computer interaction in the real estate appraisal field. View Full-Text
Keywords: real estate appraisal; optimal rubrics; similarity; cosine similarity function; crowdsourcing real estate appraisal; optimal rubrics; similarity; cosine similarity function; crowdsourcing
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Chen, Z.; Hu, Y.; Zhang, C.J.; Liu, Y. An Optimal Rubrics-Based Approach to Real Estate Appraisal. Sustainability 2017, 9, 909.

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