The Development of a Fully Integrated Information Technology Solution to the Residential Valuation Process

Abstract

The objective of this research is to provide assistance to the beleagured residential valuation surveyor by helping to facilitate the development of an information technology product to support the valuation process. After first explaining the reasons for the need for such a product the research investigates three areas.The first area investigated is the Direct Capital Comparison method of valuation as applied to residential properties. This is a much under researched field given the vast number of valuations for mortgage that are completed each year. The thesis will provide a summary of the best practice to be adopted, including a recommendation for the key attributes to be used. This will be drawing from academic texts, practical experiences and knowledge elicited from practising valuers.The second area then considers and evaluates the possibilities offered by statistical methods of comparable analysis (artificial neural networks, genetic algorithms, multiple regression analysis, expert systems) and information technology applications that can aid the valuation process such as geographic information systems. Proposals will be made for the optimum solution.These first two areas of research are in essence a follow up to, and were prompted by, the experiences of the writer as a result of his involvement in the development of a computerised property inspection module. The third part of this thesis evaluates this development work from inception through to prototype production and field testing.To the best knowledge of the writer there does not yet exist a specification (detailed or draft) for the production of a fully integrated information technology solution to the residential valuation process. This thesis will provide a draft specification together with guidance on software and hardware considerations. In this respect it is considered to be unique