Creating A Useful IP Assesment Application?

Hi everyone,

I was wondering in general, whether the users of Somersoft would be interested in an application. There are plenty of information on this forum, and i'm sure there are some basic calculations where we all have our own different formulas.

Basically, I don't want to create another calculator, but rather a wizard that estimates the value of a property based on pure facts like location(distance from CBD)/land size/rent potential.

I'm happy to program this application as a gift/ my contribution to the somersoft forums, but as I mentioned I lack the knowledge. I did see a thread not too long ago who had a similar idea about assessing the value of property based on facts.

If we can come up with a few different formulas on this thread, I can start developing and challenging myself by developing via Adobe Air.

What do you guys think?
 
You haven't purchased many properties, have you vahsi000? :confused:

.........but rather a wizard that estimates the value of a property based on pure facts like location(distance from CBD)/land size/rent potential.
Property values are mostly arrived at by using the "comparable sales" method. If that fails then they fall back on the "summation" method.

There is no point saying something like "it will work out what it is worth to you" because 'who cares?' The prices are what the market will pay which is often driven by sentiment (emotion) not facts (logic).

I'm happy to program this application as a gift/ my contribution to the somersoft forums, but as I mentioned I lack the knowledge.
That is very kind-hearted of you but you are re-inventing the wheel already created by minds who do have the knowledge and experience, such as:
Residex
RP Data
PDS Live and others............all searching for the holy grail of pushing a button and coming up with a number.

I did see a thread not too long ago who had a similar idea about assessing the value of property based on facts.
"The facts" have got nothing to do with it.
A couple of examples:
2brm unit in Summer Hill today that should be worth $430-450K based on the facts was sold under the hammer for $502K
3brm terrace with a leaky roof in Enmore that the agent was quoting in the high $500Ks and I estimated to be possible mid $600Ks was sold at auction today for $750K
 
Yes, unfortunately I have limited knowledge and experience in the IP industry. I don't want to create another calculator but rather a wizard of the most useful calculators combined all-in-one sort of system.

I understand that property property is driven more emotinally rather than for factual reasons (ofcourse this once again depends on the area). I don't want to re-invent the wheel, nor do I want to force a solution where there is no problem. I simply am looking for a way to contribute to the somersoft forums.
 
Yes, unfortunately I have limited knowledge and experience in the IP industry. I don't want to create another calculator but rather a wizard of the most useful calculators combined all-in-one sort of system.

But how would you know what's useful if you don't understand IPs? What you're suggesting is already available on services like rpdata.

I understand that property property is driven more emotinally rather than for factual reasons (ofcourse this once again depends on the area).

Not really. The property market is dominated by owner occupiers, and they're all pretty emotional.

I don't want to re-invent the wheel, nor do I want to force a solution where there is no problem. I simply am looking for a way to contribute to the somersoft forums.

I just think you're trying to fit the wrong sized wheel on a car.

You could just buy a place and share your experiences.
Alex
 
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