Systems and methods for remote real estate inspections and valuations
The present disclosure provides computerized, automated real estate valuation systems and methods that take into account subjective factors of the property like curb appeal and property condition. In preferred embodiments, the valuation system uses image recognition of images (photos and/or videos) associated with the property to automatically identify which comparable properties to include and to exclude in determining the value of the property.
1. A method of generating a valuation for real estate property comprising:
assigning a condition quantitative score representing an assessed condition of a first property for which a valuation is to be generated;
assigning a desirability quantitative score representing an assessed desirability of a location of the first property;
assigning a comparative condition quantitative score representing an assessed condition of each of a plurality of other properties;
assigning a comparative desirability quantitative score representing an assessed desirability of a location of each of the plurality of other properties;
automatically comparing, without human intervention by a controller in a computing device, the condition quantitative score of the first property with the comparative condition quantitative scores of the plurality of other properties;
automatically comparing, without human intervention by the controller, the desirability quantitative score of the first property with the comparative desirability quantitative scores of the plurality of other properties;
automatically determining, without human intervention by the controller, a first subset of the plurality of other properties refined from the plurality of other properties based on the comparison of the condition quantitative score and the comparative condition quantitative scores and the comparison of the desirability quantitative score and the comparative desirability quantitative scores;
upon determining the first subset of the plurality of other properties based on the comparison of the condition scores and the comparison of the desirability scores, automatically comparing, without human intervention by the controller, visual characteristics of one or more images of the first property with visual characteristics of one or more images of each other property in the first subset using an image recognition algorithm;
in response to comparing the visual characteristics, determining, without human intervention by the controller, a second subset of the plurality of other properties refined from the first subset of other properties based on the image recognition; and
automatically using, without human intervention by the controller, the second subset of other properties to generate a valuation for the first property.
2. The method of claim 1 wherein each of the quantitative scores are a numerical score between 1 and 5.
3. The method of claim 1 wherein assigning the condition, desirability, comparative condition, and comparative desirability quantitative scores comprises manually assigning the condition, desirability, comparative condition, and comparative desirability quantitative scores.
4. The method of claim 1 wherein assigning the condition, desirability, comparative condition, and comparative desirability quantitative scores comprises automatically assigning the condition, desirability, comparative condition, and comparative desirability quantitative scores without human intervention by the controller in a computing device.
5. The method of claim 1 wherein assigning the condition, desirability, comparative condition, and comparative desirability quantitative scores comprises automatically assigning the condition, desirability, comparative condition, and comparative desirability quantitative scores without human intervention by the controller in a computing device using a text mining algorithm to assess textual data related to the first property and each of the plurality of other properties.
6. The method of claim 1 wherein the one or more images of the first property and the one or more images of each of the plurality of the other properties include one or more photos.
7. The method of claim 1 wherein the one or more images of the first property and the one or more images of each of the plurality of the other properties include one or more videos.
8. The method of claim 1 wherein the step of determining a first subset of the plurality of the other properties further includes text mining additional details related to the first property and each of the plurality of other properties to further assess similarity between the first property and each of the plurality of other properties.
9. The method of claim 8 wherein the additional details include a number of bedrooms and a number of bathrooms.
10. The method of claim 9 wherein the additional details further include a gross living area measurement.
11. The method of claim 1 wherein the assessed conditions are exterior conditions.
12. The method of claim 1 wherein the assessed conditions are interior conditions.
13. The method of claim 1 wherein the assessed conditions are interior and exterior conditions.
14. The method of claim 1 wherein the assessed conditions include a quality of materials used in construction.
15. The method of claim 1 wherein the assessed conditions include damage and repairs.
16. The method of claim 1 wherein the image recognition algorithm compares one or more internal images of the first property against one or more internal images of each of the plurality of the other properties.
17. The method of claim 1 wherein the image recognition algorithm compares one or more external images of the first property against one or more external images of each of the plurality of the other properties.
18. The method of claim 1 wherein the image recognition algorithm compares one or more internal images of the first property and one or more external images of the first property against one or more internal images of each of the plurality of the other properties and one or more external images of each of the plurality of the other properties.
19. The method of claim 1 in which one or more of the images are automatically collected from existing image databases.
20. The method of claim 1 in which one or more of the images are manually collected by a user capturing images on premise.