Property complexity scoring system, method, and computer program storage device
A property complexity scoring device includes an interface and a computer processor that is programmed to receive location information of a target property via the interface. The computer processor also receives respective property values of the target property from each of a plurality of Automated Valuation Models (AVMs) via the interface and calculates a complexity score based on a combination of the received property values. The complexity score is in one of a plurality of complexity score levels and indicates a difficulty level in determining a property value estimate of the target property. Another approach uses a reconciliation of a plurality of scoring processes to arrive at a complexity score.
1 . A property complexity scoring device, comprising:
an interface; and
a computer processor programmed to
receive location information of a target property via the interface,
receive comparable property data and neighborhood data for the target property,
perform a data quality and quantity analysis on the comparable property data and neighborhood data,
perform a data conformity analysis on the comparable property data and neighborhood data,
perform a market volatility analysis on the comparable property data and neighborhood data,
perform a reconciliation analysis on results of the data quality and quantity analysis, conformity analysis, and market volatility analysis, said reconciliation analysis includes calculating a complexity score based on a result of the reconciliation analysis, wherein
the complexity score being one of a plurality of complexity score levels and indicating a difficulty level in determining a property value estimate of the target property.
2 . The property complexity scoring device of claim 1 , wherein
said reconciliation analysis calculates the complexity score based on a linear combination of results of said quality and quantity analysis, conformity analysis, and market volatility analysis.
3 . The property complexity scoring device of claim 2 , wherein said linear combination being an average.
4 . A property complexity scoring device, comprising:
an interface;
a computer processor programmed to
receive location information of a target property via the interface;
receive respective property values of the target property from each of a plurality of Automated Valuation Models (AVMs) via the interface; and
calculate a complexity score based on a combination of the received property values, the complexity score being one of a plurality of complexity score levels and indicating a difficulty level in determining a property value estimate of the target property.
5 . The property complexity scoring device according to claim 4 , wherein the property value is calculated based on data including property identification information, neighborhood market volatility information, and conformity information of the target property with respect to a plurality of surrounding properties.
6 . The property complexity scoring device according to claim 5 , wherein the property identification information includes physical descriptions of the target property, external factors that can influence the property value of the target property, a sales transaction history of the target property, and Multiple Listing Service (MLS) information.
7 . The property complexity scoring system according to claim 5 , wherein the neighborhood market volatility information includes price differences between comparable properties, a number of Real Estate Owned (REO) sales, a number of recent property sales with respect to a density of a surrounding area, and Home Price Indexes (HPI).
8 . The property complexity scoring device according to claim 5 , wherein the conformity information includes, for each surrounding property of a surrounding neighborhood of the target property, location information, physical descriptions of the surrounding property, a sales transaction history of the surrounding property, and MLS information.
9 . The property complexity scoring device according to claim 4 , wherein a higher complexity score indicates a higher difficulty level in determining the property value estimate of the target property.
10 . The property complexity scoring device according to claim 4 , wherein said computer processor is further programmed to
receive a Forecast Standard Deviation (FSD) score for each received property value, and
calculate the complexity score based on four factor values, a first factor value (F 1 ) being an average deviation of the property values divided by a median of the property values, a second factor value (F 2 ) being an average deviation of the FSD scores, a third factor value (F 3 ) being a median of the FSD scores, and a fourth factor value (F 4 ) being the number of property values successfully calculated by the AVMs.
11 . The property complexity scoring device according to claim 10 , wherein
the plurality of complexity score levels includes levels 1 through 4,
a higher complexity score indicates a lower difficulty level in determining the property value estimate of the target property, and
the determination unit calculates a complexity score level of
4 when ( F 1<=0.10) and (F2<5) and ( F 3<=15) and (F4>2),
3 when ( F 1<=0.15) and (F2<5) and ( F 3<=19) and (F4>2),
2 when ( F 2<=0.24) and (F2<6) and ( F 3<=22) and (F4>1), and
1 when (F1>0.24) or ( F 2>=6) or (F3>22) or ( F 4=1).
12 . The property complexity scoring device according to claim 4 , wherein the complexity score further indicates a recommended type of appraisal to be performed on the target property.
13 . The property complexity scoring device according to claim 12 , wherein
a first complexity score level indicates the property values received from the AVMs as the recommended type of appraisal,
a second complexity score level indicates a broker price opinion (BPO) as the recommended type of appraisal,
a third complexity score level indicates a standard manual appraisal as the recommended type of appraisal, and
a fourth complexity score level indicates a special request manual appraisal as the recommended type of appraisal.
14 . The property complexity scoring device according to claim 4 , wherein similar property values received from the AVMs indicates a lower difficulty level in determining a property value estimate of the target property, and
dissimilar property values received from the AVMs indicates a higher difficulty level in determining a property value estimate of the target property.
15 . A method for determining a complexity score of a target property, comprising:
receiving location information of a target property via an interface;
receiving respective property values of the target property from each of a plurality of Automated Valuation Models (AVMs) via the interface;
calculating, with a CPU, a complexity score based on a combination of the received property values, the complexity score being one of a plurality of complexity score levels and indicating a difficulty level in determining a property value estimate of the target property.
16 . The method according to claim 15 , further comprising:
receiving a Forecast Standard Deviation (FSD) score for each received property value, and
calculating the complexity score based on four factor values, a first factor value (F 1 ) being an average deviation of the property values divided by a median of the property values, a second factor value (F 2 ) being an average deviation of the FSD scores, a third factor value (F 3 ) being a median of the FSD scores, and a fourth factor value (F 4 ) being the number of property values successfully calculated by the AVMs.
17 . The method according to claim 16 , wherein
the plurality of complexity score levels includes levels 1 through 4,
a higher complexity score indicates a lower difficulty level in determining the property value estimate of the target property, and
the determination unit calculates a complexity score level of
4 when ( F 1<=0.10) and (F2<5) and ( F 3<=15) and (F4>2),
3 when ( F 1<=0.15) and (F2<5) and ( F 3<=19) and (F4>2),
2 when ( F 2<=0.24) and (F2<6) and ( F 3<=22) and (F4>1), and
1 when (F1>0.24) or ( F 2>=6) or (F3>22) or ( F 4=1).
18 . The method according to claim 15 , wherein the complexity score further indicates a recommended type of appraisal to be performed on the target property.
19 . A non-transitory computer-readable medium storing computer readable instructions thereon that when executed by a computer processor cause the computer processor to perform a method for determining a complexity score of a target property, comprising:
receiving location information of a target property via an interface;
receiving respective property values of the target property from each of a plurality of Automated Valuation Models (AVMs) via the interface;
calculating, with the computer processor, a complexity score based on a combination of the received property values, the complexity score being one of a plurality of complexity score levels and indicating a difficulty level in determining a property value estimate of the target property.
20 . The non-transitory computer-readable medium according to claim 19 , further comprising:
receiving a Forecast Standard Deviation (FSD) score for each received property value, and calculating the complexity score based on four factor values, a first factor value (F 1 ) being an average deviation of the property values divided by a median of the property values, a second factor value (F 2 ) being an average deviation of the FSD scores, a third factor value (F 3 ) being a median of the FSD scores, and a fourth factor value (F 4 ) being the number of property values successfully calculated by the AVMs.
21 . The non-transitory computer-readable medium according to claim 20 , wherein the plurality of complexity score levels includes levels 1 through 4, a higher complexity score indicates a higher difficulty level in determining the property value estimate of the target property, and the determination unit calculates a complexity score level of
4 when ( F 1<=0.10) and (F2<5) and ( F 3<=15) and (F4>2),
3 when ( F 1<=0.15) and (F2<5) and ( F 3<=19) and (F4>2),
2 when ( F 2<=0.24) and (F2<6) and ( F 3<=22) and (F4>1), and
1 when (F1>0.24) or ( F 2>=6) or (F3>22) or ( F 4=1).
22 . The non-transitory computer-readable medium according to claim 19 , wherein the complexity score further indicates a recommended type of appraisal to be performed on the target property.