Abstract:
Multidimensional attributes related to a real estate property interfere with
the cognitive ability of potential real estate property user to process all available
information in order to determine the real rental market rate and make
a fully informed decision. Although there are various web platforms for
property leasing, it is difficult for a potential user to find two equivalent real
estate properties and thus make relevant comparisons. This paper proposes
a potential solution for the rental price estimate of a property to be leased, as
well as scaling and comparison of its overestimated or underestimated value
to all other available properties. This example is developed on the basis of
real estate market in Sarajevo. Random Forest algorithm was used for the
development of regression model. The principle aim of this paper is to offer
an applicative module, based on Data Science methodology, for automatic
scaling and the comparison of property overestimated or underestimated
rental rates to other residential buildings and taking in consideration multidimensionality
of their physical and geolocation attributes.
CITATION:
IEEE format
M. Mijatović, “An Algorithm for the Multidimensional Analysis of the Overestimate and Underestimate of Property Rental Value,” in Sinteza 2020 - International Scientific Conference on Information Technology and Data Related Research, Belgrade, Singidunum University, Serbia, 2020, pp. 268-274. doi:10.15308/Sinteza-2020-268-274
APA format
Mijatović, M. (2020). An Algorithm for the Multidimensional Analysis of the Overestimate and Underestimate of Property Rental Value. Paper presented at Sinteza 2020 - International Scientific Conference on Information Technology and Data Related Research. doi:10.15308/Sinteza-2020-268-274