Multi-Polygon Searches for finding comparables across similar neighborhoods

Multi-Polygon Searches for finding comparables across similar neighborhoods

One of the pillars of real estate valuation is the Sales Comparison approach which relies on the sale prices of recent comparable properties. If subdivisions or neighborhoods are smaller  it could be challenging to find sufficient numbers of comparable sales. But often appraisers may identify similar neighborhoods across the town to build a comprehensive comp-based property valuation model. Profet.ai supports such scenarios by enabling the appraiser to draw multiple neighborhood polygons for a single search.

Many property data providers that offer comp search tools only allow for either a standard radius option or single polygon. This is a good option for search in a large homogenous neighborhood, such as a gated adult community or condo/townhouse development or perhaps for a densely populated city or zip code, that can result in a large number of comparable properties to work with.

However, if you are trying to find comparable properties in a growing suburban area where the subdivisions may be smaller or might have a mix of property types, you may not find enough comparable results using this approach.

This often requires expanding the radius or redrawing the polygon, which can result in too many properties that are not comparable. Any type of bracketing using beds, baths, GLA, etc. will not help because many neighborhood characteristics are not accounted for in such search filters. All these steps take time and can be very frustrating.

Using Profet.ai appraisers can define multiple neighborhoods for a single comp search

Profet.ai, our flagship valuation platform, allows a user to draw multiple focused polygons on a map or supply them via an API. This lets the user narrow their focus to the properties most likely to to be the best sales or listings for valuations. An example of how you may use the multiple polygons would be where a particular luxury builder, say Toll Brothers, may be developing or has built communities throughout a town, but not necessarily adjacent to one another, with similar or identical home models.
The image shows 4 nearly identical Toll Brothers communities on different sides of the same town. This search returns a set of highly similar sold comps.
If a large radius or polygon was searched to cover all 4 communities, you may need to filter the search which would result in missing valuable comps or return many comps and listings. All this adds more time to your appraisal or evaluation process.

PropMix’s Valuation platform, Profet.ai, provides this powerful Polygon Search capability, allowing appraisers to define multiple polygons and focus on the properties that matter most. Whether using the Profet.ai platform or accessing it through the Profet APIs, appraisers can take advantage of this efficient and effective search feature to streamline their appraisal and evaluation process.

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