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Decision Support Web-Based System for Real Estate

Decision Support Web-Based System for Real Estate. A.Kaklauskas , A. Gulbinas, L. Gargasaite Vilnius Gediminas Technical University, Lithuania , . Property Directories on the Internet.

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Decision Support Web-Based System for Real Estate

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  1. Decision Support Web-Based System for Real Estate A.Kaklauskas, A. Gulbinas, L. GargasaiteVilnius Gediminas Technical University, Lithuania,

  2. Property Directories on the Internet

  3. HomeBuilder.com It features new-home data for more than 60 markets and over 7,000 participating builders with a database of more than 100,000 new homes, models and plans.

  4. Realtor.com They advertise that info on over 1,000,000 homes can be found here with roughly 300 participating Multiple Listing Services.

  5. HomeSeekers.com

  6. NewHomeNetwork.comIf you are looking for information on newly constructed homes in a number of popular markets, this site has it. Information available here includes the number of bathrooms, bedrooms, prices, square footages and even photographs of thousands of new homes.

  7. Real estate agents perform a number of functions: • advising sellers on how to make the house more marketable, • assessing current market conditions, • assisting with paperwork, • negotiating the sale price, • steering their clients through the array of tasks that must be done before settlement. • For providing these services to buyers and sellers, real estate agents typically charge a commission on the sale, which by custom averages around 6 percent.

  8. Under the traditional system, the real estate agent offers a package of services: • showing homes, • providing information about home values and neighborhoods, • matching buyers and sellers, • negotiating and signing the contract, • arranging for inspections, • assisting with closings, and so on.

  9. Technology can disaggregate those services: • Internet searches for listings, • databases displaying home values, • smart software for boilerplate contract language, • personalized websites that manage the complicated transaction, and so on—and allow consumers to pay for only those that they want.

  10. Research directions: • Search of real estate. • Finding out of alternatives and making of comparative tables. • Providing information about real estate, their values and neighbourhoods. • Matching buyers and sellers. • Negotiating the sale price. • Assistance with real estate selection. • Lender selection • Alternatives multiple criteria analysis (calculation of market value, etc.). • The after-purchase evaluation stage.

  11. Web-Based Decision Support System for Real Estate (DSS-RE) Based on the analysis of existing information, neural networks, expert and decision support systems and in order to determine best practice of real estate and to prepare recommendations for countries under consideration DSS-RE consisting of a database, database management system, model-base, model-base management system and user interface was developed. The developed DSS-RE includes models enabling a decision maker to make a comprehensive analysis of the real estate variants that are available and then make the best choice for interested parties under consideration.

  12. Database • The presentation of information needed for decision-making in the DSS-REmay be in a conceptual form (i.e. digital/numerical, textual, graphical, diagrams, graphs and drawing, etc.), photographic, sound, video and quantitative forms. • The presentation of quantitative information involves criteria systems and subsystems, units of measurement, values and initial weights that fully define the provided variants. Conceptual information means a conceptual description of the alternative solutions, the criteria and ways of determining their values and the weights, etc. • In this way, the DSS-RE enables the decision-maker to receive various conceptual and quantitative information on real estate from a database and a model-base allowing him/her to analyse the above factors and to form an efficient solution.

  13. Model-Base and Models The efficiency of a sustainable urban development variant is often determined by taking into account many factors. The model-base of a decision support system should include models that enable a decision-maker to do a comprehensive analysis of the available variants and to make a proper choice.

  14. Models-Base According to the user’s needs, various models may be provided by a model management system. When a certain model (i.e. search for real estate alternatives) is used the results obtained become the initial data for some other models (i.e. a model for multiple criteria analysis and setting the priorities). The results of the latter, in turn, may be taken as the initial data for some other models (i.e. determination of utility degree of real estate).

  15. Models TThe following multiple criteria analysis methods and models as developed by the authors are used by the DSS-RE in the analysis of the real estate alternatives: - A new method and model of complex determination of the weight of the criteria taking into account their quantitative and qualitative characteristics was developed. - A new method and model of multiple criteria complex proportional evaluation of projects enabling the user to obtain a reduced criterion determining the complex (overall) efficiency of the project was suggested. -  In order to find what price will make a valuated project competitive on the market a method and model for determining the utility degree and market value of projects based on the complex analysis of all their benefits and drawbacks was suggested. - A new method and model of multiple criteria multi-variant design of a project’s life cycle enabling the user to make computer-aided design of up to 100,000 alternative project versions was developed.

  16. Practical capabilities of the Web-Based DSS for Real Estate Web-Based DSS for Real Estate (DSS-RE) can create value in next important ways: ·       Help customers assess their needs. ·       Identify suitable real estate to fulfill needs. ·       Compare and evaluate real estate. ·    Help customers evaluate the usefulness of the real estate in the after-purchase evaluation stage. At present moment the developed DSS-RE allows performance of functions as follows: ·       Search of real estate. ·       Finding out of alternatives and making of comparative tables. ·       Alternatives multiple criteria analysis stage. ·       The after-purchase evaluation stage, etc. Further brief examination of these stages is given.

  17. A consumer may perform a search of alternatives from databases of different brokers A consumer may perform a search of alternatives from databases of different brokers. It is possible since the forms of data submission are standardized in a specific level. Such standardization creates the conditions to use the special intelligent agents performing search of the required real estate in various databases, and gathering information about them.

  18. FINDING OUT OF ALTERNATIVES AND MAKING OF COMPARATIVE TABLES Consumers specify requirements and constraints and the system queries the information of a specific real estate from a number of online brokers. The system performs the tedious, time-consuming, and repetitive tasks of searching databases, retrieving and filtering information, and delivering it back to the user. Results of search of a specific real estate are submitted in tables, which may include direct links to a Web page of a brokers. By submission such a display, the multiple criteria comparisons can become more effectively supported.

  19. Alternatives multiple criteria analysis stage.

  20. Different Alternatives of Refurbishment of Buildings

  21. Different Alternatives of Refurbishment of Buildings • Renovation project based on small investments • Renovation project based on medium investments • Renovation project based on large investments • Renovation project based on “basic” investments • Demolition of building and construction of new apartments building • Demolition of building and construction of new retail building • ……….. • Demolition of building and construction of new bureaus building

  22. Different Alternatives of Refurbishment of Buildings – Data Base of Best Practice

  23. Conclusions The analysis of information, expert and decision support systems, neural networks used in real estate that were developed by researchers from various countries assisted the authors to create of their own Web-Based Decision Support System for Real Estate (DSS-RE). The initial database of a real estate was developed providing a comprehensive assessment of alternative versions from the economic, infrastructure, environmental, technical, legal/regulatory and other perspectives. Based on the above initial database, the developed DSS-RE enables the user to analyse alternatives quantitatively (i.e. a system and subsystems of criteria, units of measure, values and weights) and conceptually (i.e. the text, formula, schemes, graphs, diagrams and videotapes).

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