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1
Ryska, J., and A. Valder. "Is valuation of property a real science?" Agricultural Economics (Zemědělská ekonomika) 52, No. 3 (February 17, 2012): 123–27. http://dx.doi.org/10.17221/5004-agricecon.
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The evaluation of property is one of the basic human professions that have accompanied the human race ever since money was first used. At the time of the formation of modern science, this discipline was not included among the economic sciences. The stipulation of the value of property was based not only on theoretical knowledge of the economics, knowledge of goods, technology, agriculture and law, but also practical skills, knowledge of markets and the art of correctly assessing the requirements of customers. This situation continued until the end of the last millennium, when the evaluation of property stood apart from official science and was presented as an activity that links science and art and for this reason it was not possible to include it among the scientific disciplines. There is given analysis of value and valuation of property. On the base of philosophical approach to value and process of valuation, it can be stated that Valuation is a science in terms which in modern science have meaning. This would enable surveyors to participate also in the promotion of their profession on the academic floor and thus have more influence on the general opinion of value and its influence on contemporary society.
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Barańska, Anna Marta. "Correlation Analysis in the Process of Weighting Real Property Attributes." Real Estate Management and Valuation 27, no. 4 (December 1, 2019): 74–84. http://dx.doi.org/10.2478/remav-2019-0037.
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Abstract The key goal of the market analysis carried out for property valuation purposes is to select pricing attributes of real properties and to assign so-called weights to them, which would illustrate their influence on the prices in a given market (Regulation 2004). Correlation analysis is a very useful tool in this respect. However, the fact that it is limited to the use of classical Pearson’s linear correlation coefficients is too much of a simplification due to the frequently occurring heterogeneity of the real estate market. The research paper proposes to use the possibilities offered by the broadly understood correlation analysis which, among linear correlations, takes into account not only Pearson’s correlation but also rank correlations. At the same time, analyses of various non-linear correlations are being carried out where linear relationships are not reliable enough. The aim of this research is the simultaneous verification of the existence of various types of correlative relationships, taking into account the nature of random variables that the analyses relate to, and the nature of relationships between them. This approach makes it possible to adjust the weighting of market attributes, the values of which are improved in a few subsequent steps, in order to eventually approach the optimal result as close as possible.
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Kalandadze, Levan. "The Issues of Real Estate Valuation in the Process of Privatization." Baltic Journal of Real Estate Economics and Construction Management 5, no. 1 (November 27, 2017): 201–8. http://dx.doi.org/10.1515/bjreecm-2017-0015.
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Abstract The process of privatization in our country was characterized and unfortunately is still characterized by very important difficulties. The purpose of the research is to analyze the issues of real estate valuation in the process of privatization. In Georgia, the privatization process began after dissolution of the Soviet system. It should be noted that the process of privatization is of particular importance in terms of activation of investment activities in the country. In this regard, privatization can be considered one of the essential and most important incentives for attracting investments by the state. Currently, thousands of enterprises have already been privatized, but there are still quite many stateowned production facilities and property. Determination of the market value of the items of state-owned property is especially important when selling them at auctions or on competitive basis. In addition, one of the causes for incompetent privatization of the state-owned property at the early stage is disregard of the institute of appraisers of movable and immovable property, who did not participate in determining the market value of the property and in the privatization process. The information assessment, analysis, comparison and generalization, as well as systematic, quantitative, qualitative and logical generalization methods are used in the article.
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Kuraś, Piotr. "DESCRIPTION OF THE PROPERTY VALUATION PROCESS IN POLISH CONDITIONS." Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie 20, no. 3 (September 30, 2019): 61–73. http://dx.doi.org/10.5604/01.3001.0013.7240.
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The study attempts to describe the property valuation process in the context of regulations in force In Poland. For this purpose, to this end, the current legal acts, professional standards of real estate appraisers as well as institutional and economic conditions were analyzed. The study starts with the characterization of the property at the subject of valuation, the types of determined values, then the silhouette of the real estate appraiser as a professional authorized to valuation of the property was presented. The most important part of the study, from the point of view of the study goal, is the description of the process of valuation of real estate in Polish conditions. This paper presents a general valuation model, which the difficult and complex problem of valuation presents in a comprehensive, consistent and logical way. Various research approaches have been used for the purpose of the study. Qualitative approach based on observation, interview, analysis of dispersed sources allowed to formulate research assumptions. Next, methods of scientific inference were used, mainly analysis and synthesis. In the paper, due to the aim, mainly the Polish literature on the subject was used as well as legal acts and other sources of information.
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Rothstein, Mark A., and Laura Rothstein. "How Genetics Might Affect Real Property Rights." Journal of Law, Medicine & Ethics 44, no. 1 (2016): 216–21. http://dx.doi.org/10.1177/1073110516644212.
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New developments in genetics could affect a variety of real property rights. Mortgage lenders, mortgage insurers, real estate sellers, senior living centers, retirement communities, or other parties in residential real estate transactions begin requiring predictive genetic information as part of the application process. One likely use would be by retirement communities to learn an individual's genetic risk for Alzheimer's disease. The federal Fair Housing Act prohibits discrimination based on disability, but it is not clear that it would apply to genetic risk assessments. Only California law explicitly applies to this situation and there have been no reported cases.
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Falkenbach, Heidi. "MARKET SELECTION FOR INTERNATIONAL REAL ESTATE INVESTMENTS." International Journal of Strategic Property Management 13, no. 4 (December 31, 2009): 299–308. http://dx.doi.org/10.3846/1648-715x.2009.13.299-308.
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This paper studies the market selection criteria in international real estate investments. It presents the results of a questionnaire study among internationally investing property investors in Europe. The results indicate that the most important factors for market selection are safety of property rights and title as well as expected return on property investments. Also other factors describing institutional set‐up and market maturity were found to affect the market selection process, whereas the correlation of the property returns was not found to have a large impact on market selection. Santruka Šiame darbe nagrinejami kriterijai, pagal kuriuos pasirenkamos rinkos tarptautinems investicijoms i nekilnojamaji turta. Jame pateikiami Europos nekilnojamojo turto investuotoju, investuojančiu tarptautiniu mastu, apklausos rezultatai. Rezultatai rodo, kad svarbiausi veiksniai, renkantis rinka, yra nuosavybes teisiu saugumas ir laukiama graža iš investiciju i nekilnojamaji turta. Nustatyta, kad rinkos pasirinkimo procese svarbūs ir kiti veiksniai, apibūdinantys institucine saranga ir rinkos branduma, o nekilnojamojo turto gražos koreliacija rinkai pasirinkti reikšmingos itakos neturi.
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Ke, Qiulin, and Karen Sieracki. "Market maturity: China commercial real estate market." Journal of Property Investment & Finance 33, no. 1 (February 2, 2015): 4–18. http://dx.doi.org/10.1108/jpif-08-2013-0047.
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Purpose – The purpose of this paper is to explore the evolutionary path to market maturity that China property market has taken over the last few decades. The focus is on the commercial real estate markets in Beijing and Shanghai. It will help international investors understand the market environment, risk and market activity process. Design/methodology/approach – In this research, the authors apply the market maturity framework and its key determinants based on previous work undertaken by Keogh and D’Arcy (1994) and Chin et al. (2006) for the analysis of Chinese commercial property market. Particular focus is on Beijing and Shanghai. The questionnaire is designed to obtain fair and objective views from international property consultancy firms active in Beijing and Shanghai markets. There are not many of these international property consultancies. The reason why this type of business was selected was to insure that the business had an understanding of China’s place in the global commercial real estate market as this market matures from its emerging market status. Findings – The findings reveal that the respondents felt the commercial property markets in Shanghai and Beijing were now moderately mature. However, issues such as poorer level of standard market information, development instability, low transparency of the legal system, high taxes and high government invention still existed in China’s commercial property market, therefore hindering its progress towards greater market maturity. Research limitations/implications – The small same size of the survey is the major limitation of the research. Practical implications – International investors and analysts can benefit from the research findings through a better understanding of the behaviour and trends in this unique market which will be reflected in their decision-making process. Originality/value – An explorative approach was used due to the lack of data to examine the perception of China’s commercial property market’s evolution and maturity. The findings can then be placed in the context of other Southeast Asian cities. The evolutionary process of China’s property market is rarely examined in previous studies of China property market due to the lack of data and transparency.
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Tsapakis, Ioannis, and Cesar Quiroga. "Strategies to Improve or Optimize Practices for Acquisition of Real Property." Transportation Research Record: Journal of the Transportation Research Board 2500, no. 1 (January 2015): 133–41. http://dx.doi.org/10.3141/2500-16.
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Inefficiencies in the process of acquiring and managing real property have a significant impact on transportation agencies' ability to develop and deliver projects effectively. Acquisition of real property is frequently on the critical path of those projects. Delays in acquiring real property are one of the main reasons for project delays and cost overruns. Federal and state agencies are interested in developing strategies for streamlining practices for acquisition of real property. In 2010, NCHRP sponsored a research study to develop improved, integrated real property procedures and business practices within the process of transportation project development and delivery, as well as to develop recommendations for best practices in property management. This paper presents some of the results of that effort and focuses on the improvement and optimization of the current state of practice in acquiring real property by negotiation and condemnation. The analysis resulted in the following research products: (a) an integrated model of the process of transportation project development and delivery, (b) a model for real property acquisition and relocation assistance in accordance with 42 USC 4601 et seq. (not constrained by regulatory encumbrances), and (c) a discussion of issues and challenges affecting project development and delivery that typically involve real property components as well as strategies for addressing those issues and challenges. The discussion includes an analysis of 20 negotiation and condemnation issues and challenges that practitioners identified via a national survey and follow-up interviews as well as 20 corresponding strategies for improvement or optimization.
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Gambe, Tazviona Richman. "Rethinking the tenant eviction process in Harare, Zimbabwe." Property Management 36, no. 3 (June 18, 2018): 252–77. http://dx.doi.org/10.1108/pm-12-2016-0069.
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Purpose The purpose of this paper is to explore the lessee eviction process in Zimbabwe in order to suggest possible ways of improving this process that has become a rutted road characterised by a litany of hiccups. Design/methodology/approach The study is guided by the qualitative methodology. Data were mainly collected from property managers operating in the real property market in Harare using in-depth interviews. Analysis of data was done through content analysis. Findings It emerged from the study that the eviction process in Zimbabwe is fraught with impediments and expenses that are sometimes exasperating to property owners and investors. The current eviction regulations favour the lessees at the expense of lessors thus niggling lessees have aggravated the already protracted process by unnecessary appeals. Research limitations/implications The paper only focuses on residential property management and eviction of legal lessees due to non-payment of rentals. Practical implications The rent regulations should be reviewed in order to create a fair legal system that protects the rights of both the lessors and lessees in Zimbabwe. Originality/value The perpetual decline of the economy in Zimbabwe has crippled lessees’ ability to pay rentals. Yet, it has also become intricate to evict defaulting lessees thereby causing loss of income to rental housing investors. Thus, the paper challenges the protracted eviction processes in the real property industry that have prejudiced property owners and scared away potential rental housing investors that are greatly needed to boost the rental market.
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Tymoshchyk, L. "Property Valuation in the Property Management System: Analysis of Conceptual Problems." Modern Economics 24, no. 1 (December 16, 2020): 194–99. http://dx.doi.org/10.31521/modecon.v24(2020)-31.
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Introduction. Today, significant property assets in the form of real estate and land are in the possession of Ukraine. To make a profit from property requires an effective management system, an important tool of which is the assessment of property value. Purpose. The main purpose of the article is to consider the obstacles to the development of property valuation as one of the tools of property management. The article also explores the peculiarities of the development of Ukrainian legislation in the field of property valuation and management, presents general recommendations for the development of the property procedure. Results. The author identifies eleven conceptual problems of use and development of property valuation in the property management system. Among the most important is the lack of detailed legislative and procedural support of the property valuation procedure, in particular – the lack of a register of state property (both functionally real estate and unfinished), insufficient regulation of land and property legislation. Insufficient guarantees of observance of the rights to possession and use of property (real estate) are considered as obstacles to the growth of the role of small and medium business, and as a negative trend in the lives of people in the temporarily occupied territory. The influence on the development of property valuation of such market characteristics as competitiveness and lack of free competition, which contribute to the determination of the final value of property such factors as monopoly and government decisions, is analyzed. Conclusions. The process of property valuation occupies a significant place in the process of effective property management, but in our country this procedure is still developing. The author emphasizes that a fair and objective assessment requires, above all, respect for constitutional rights and guarantees in the field of property. The second priority area for improvement is the formation of an integrated and complete legal framework in the areas of property management and land law, the creation of a complete register of all state-owned real estate. It is recommended to pay attention to the need to study the impact of the market on the final valuation. Keywords: property valuation; property management valuation; property valuation mechanism; small business; real estate use right.
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Saull, Andrew, Andrew Baum, and Fabian Braesemann. "Can digital technologies speed up real estate transactions?" Journal of Property Investment & Finance 38, no. 4 (May 19, 2020): 349–61. http://dx.doi.org/10.1108/jpif-09-2019-0131.
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PurposeThis study presents a structured investigation of the most important causes for delay in commercial real estate transactions. It assesses the potential of digital technologies such as “Blockchain”, “Property Passports” or “Automated Valuation Models” to make transactions faster and cheaper.Design/methodology/approachThe authors conduct a focus group interview to identify the individual steps and the parties involved in real estate transactions. Subsequently, the authors discuss the prospects of digital technologies based on semi-structured interviews with real estate professionals and PropTech executives, and a comprehensive screening of technological solutions offered by PropTech firms.FindingsThe lack of an up-to-date, single pool of standardised property information turns out to be the most critical cause for delay in real estate transactions. However, the most promising technologies to mitigate this problem, in particular digital property passports summarising all relevant building information, face substantial barriers to adoption. The real estate industry has so far not been willing to more openly share data, which is a pre-requiste for the successful introduction of property passports. In addition, the principle of caveat emptor makes a lengthy due diligence process essential for buyers.Practical implicationsThe authors conclude that industry-wide collaborations are necessary to help major efficiency gaining technologies to break through. Insurance products should accompany property data log books to guarantee the quality of data provided.Originality/valueThis study considers the potential impact of technologies in the wider context of the complete real estate transaction process. It identifies the major phases of that process and the associated bottlenecks. The authors gather evidence both from industry experts and PropTech executives and contrast their views regarding the potential of digital technologies to remove those bottlenecks.
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Volchek, R. "DISCUSSION ASPECTS OF PROPERTY VALUATION FOR TAX PURPOSES." Аграрний вісник Причорномор'я, no. 94 (December 25, 2019): 64–75. http://dx.doi.org/10.37000/abbsl.2019.94.11.
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The author's vision on the process of estimating the value of real estate objects for the purposes of taxation is given. It is established, that the current norms of valuation of property for taxation purposes, established by the main regulator of valuation activity in Ukraine − the State Property Fund of Ukraine, deprive transparency the process of valuation of property in our state, and offset personal accounting judgments when assessing real estate. Opacity and distortion of the current norms of normative legal acts regulating the process of valuation of property and property rights in Ukraine, as well as the norms of the International Financial Reporting Standards (further − IFRS) 13 «Fair Value Measurement» during the valuation of real estate objects, consists, according our opinion, representatives of the State Property Fund of Ukraine during the approval of property valuation reports for tax purposes are based on the estimated value of the objects, which should be determined solely on the basis of the prices of real estate offers and solely by means of a comparative approach. But, IFRS 13 «Fair Value Measurement» and National Standard 1 «General Principles of Valuation of Property and Property Rights» demand to determine the value of objects of evaluation in three methods: costly, cost-effective and comparative. Recommendations are introduced, implementation of which will allow to observe the transparency and correctness of determining the value of property for tax purposes.
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Źróbek, Sabina, Ewa Kucharska-Stasiak, and Małgorzata Renigier-Biłozor. "Today's Market Needs Modernized Property Appraisers." Real Estate Management and Valuation 28, no. 4 (December 1, 2020): 93–103. http://dx.doi.org/10.1515/remav-2020-0034.
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AbstractThe article identifies and provides a synthetic overview of various concepts relating to the evolution of the real estate market and property valuation. According to the authors, the processes observed on the real estate market necessitate changes in training programs for property valuers. Real estate appraisers should be able to cope with new consumer expectations and requirements, and they should be well versed in modern technological solutions and analytical tools. The study indicates that, in order to face the challenges of the modern world, the appraisal profession should undergo a paradigm shift to embrace the fact that real estate is a commodity and that globalization is inevitable on the real estate market. Due to the high value of urban areas, a modern specialist determining the value of real estate is particularly needed there. Property valuers should develop new analytical skills, and they should rely on modern data processing tools to collect and process information. Additionally, recent events, including the COVID-19 pandemic, demonstrate that property appraisers should be better prepared for dealing with unprecedented circumstances. The training curricula proposed in this article should increase property valuers’ competencies and effectively support real estate market entities and sustainable urban development.
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Black, Roy T., and Julian Diaz. "The use of information versus asking price in the real property negotiation process." Journal of Property Research 13, no. 4 (December 1996): 287–97. http://dx.doi.org/10.1080/095999196368808.
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Warren, Stephen W., Nancy L. Ranek, and James Hensley. "Development of a process for releasing non-real property under order doe 5400.5." Federal Facilities Environmental Journal 9, no. 1 (1998): 123–33. http://dx.doi.org/10.1002/ffej.3330090111.
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Trembecka, Anna, and Anita Kwartnik-Pruc. "Problems of Real Estate Management with Respect to Claims for Restitution of Expropriated Properties." Real Estate Management and Valuation 26, no. 3 (September 1, 2018): 105–12. http://dx.doi.org/10.2478/remav-2018-0029.
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Abstract This research paper discusses the issue of the influence of claims for restitution of expropriated real properties on the process of managing public property. Owners of expropriated properties in Poland are protected in the real estate management process. It consists in the legislator imposing an obligation on the public legal entity to notify the entitled persons about the possibility to seek restitution of their properties if the intended purpose of expropriation has not been implemented and if the property is planned to be used for other purposes by the executive body. The thesis of this research paper is the statement that current legal regulations, in particular as regards the obligation to notify former owners, bring about problems in the process of the managing real estate owned by the State Treasury and local government units. The objective of this research paper is to identify problems in the process of public property management with respect to the rights of former owners to seek restitution of expropriated properties. Amendments to the regulations on real estate restitution were proposed in order to streamline the processes of rational real estate management, while respecting the principle of protecting property rights.
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Liu, Yi, and Zengliang Gao. "Real-time property prediction for an industrial rubber-mixing process with probabilistic ensemble Gaussian process regression models." Journal of Applied Polymer Science 132, no. 6 (September 15, 2014): n/a. http://dx.doi.org/10.1002/app.41432.
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Tymoshchyk, Liliia. "Assessment of the Property of a Territorial Community: Topical Problems and Ways to Solve them." Modern Economics 25, no. 1 (February 23, 2021): 148–52. http://dx.doi.org/10.31521/modecon.v25(2021)-23.
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Annotation. Introduction. One of the trends in the development of the modern real estate market in Ukraine is the gradual growth of the real estate owners, and, accordingly, the change of the real estate management system, in particular, in the field of municipal management. Real estate, as a strategic asset, needs to be managed at a professional level. Therefore, the mechanism of property valuation of territorial communities is perceived as one of the tools of effective property management. Purpose. The purpose of this article is to find and scientifically substantiate the priority areas for improving the effectiveness of property valuation of territorial communities, and analysis related to the mechanism of evaluation of management aspects – goals, approaches, methods and characteristics. Results. The article analyzes the essence of effective management of municipal property – focuses on management goals, the priority of which is the creation of conditions for normal activities, both for each resident and all in general, analyzes the process of determining the effectiveness of municipal management in various fields and its characteristics, methods of evaluating the effectiveness of management. The main provision that guides real estate activities is that real estate development projects should meet the needs of consumers as much as possible. The views of domestic researcher N. Smentina on approaches to assessing the effectiveness of communal property – economic and social. The article provides a detailed substantive analysis of the concept of “real estate” within the complex development and its spatio-temporal characteristics that affect its value. The importance of the characteristic “optimal use of real estate” is determined. The “optimal use of real estate” reveals the conceptual content of the process of assessing the effectiveness of property use. Conclusions. Summing up, property valuation is especially important in the context of increasing the economic benefits from the sale of communal property, but the mechanism of property valuation of territorial communities in Ukrainian legislation still does not determine some specific aspects of municipal property valuation.. Keywords: property; property management; management efficiency; territorial community.
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Chen, Bowen, Hicham Chaouki, Donald Picard, Julien Lauzon-Gauthier, Houshang Alamdari, and Mario Fafard. "Physical Property Evolution of the Anode Mixture during the Baking Process." Materials 14, no. 4 (February 15, 2021): 923. http://dx.doi.org/10.3390/ma14040923.
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The Hall-Héroult process uses prebaked carbon anodes as electrodes. The anode’s quality plays a crucial role in the efficiency of the aluminium production process. During the baking process, the anode undergoes complex physicochemical transformations. Thus, the production of high-quality anodes depends, among others, on the efficient control of their baking process. This paper aims to investigate the evolution of some physical properties of the anode paste mixture during the baking process. These properties include the mass loss fraction, real and apparent densities, the ratio of apparent volume, the permeability, and porosities. For this purpose, experiments consisting of thermogravimetric analysis, dilatometry, air permeability, and helium-pycnometric measurements were carried out. The anode permeability at high temperatures was linked to the air permeability through a permeability correlator due to experimental limitations. Moreover, the real density at high temperatures was estimated by combining real densities of the coal tar pitch and coke aggregates. Different porosities, such as the open porosity and the closed porosity related to the pitch binder, were estimated by taking the permeability at high temperatures into account. In this context, the effect of the permeability correlator, which was introduced to link the permeability at high temperatures to the air permeability, was investigated through a sensitivity analysis. These results allow an estimation of the shrinking index, a new variable introduced to reflect the baking level of the anode mixture, which is linked to the volatile that is released in both open and closed pores. Afterwards, the pore pressure inside closed pores in the coal tar pitch was estimated. The obtained results highlight some new insights related to the baking process of the anode mixture. Moreover, they pave the way for better modeling of the thermo-chemo-mechanical behavior of anodes at high temperatures.
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Kłosowski, Sławomir. "The Concept of the Process Approach in Corporate Real Estate Management." Real Estate Management and Valuation 26, no. 4 (December 1, 2018): 5–11. http://dx.doi.org/10.2478/remav-2018-0031.
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Abstract The paper presents the concept of the process approach in corporate real estate management (CREM). Its objective is to identify and attempt to define the corporate in: corporate real estate and the property management process. In its first part, the paper deals with corporate real estate management and the CREM process approach. The second part presents the concept of the process approach, defining the process of CREM in the context of its determinants and objectives. Further research is presented in the conclusion.
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Yang, Wei Guo, and Xing Po Li. "Shape Finding Analysis of Membrane Structures Based on Real Material Property." Advanced Materials Research 287-290 (July 2011): 2207–12. http://dx.doi.org/10.4028/www.scientific.net/amr.287-290.2207.
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In order to obtain a real shape of membrane structure, a new shape finding method was developed based on real material property. The curved shape is first obtained by raising the control points above the projection plane. The convergence was improved using pseudo material properties to get a preliminary shape, and then the real properties to get the final shape. A large number of examples were analyzed to verify the validity and practicality of this method. The results showed that the final curved surface after the second shape finding process was always quite similar to the first one. Moreover the curved surface obtained after the second shape finding process is accurate and will be realized in real.
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RENIGIER-BILOZOR, Malgorzata, Radoslaw WISNIEWSKI, and Andrzej BILOZOR. "RATING ATTRIBUTES TOOLKIT FOR THE RESIDENTIAL PROPERTY MARKET." International Journal of Strategic Property Management 21, no. 3 (July 11, 2017): 307–17. http://dx.doi.org/10.3846/1648715x.2016.1270235.
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The growing significance of the real estate market prompts investors to search for factors and variables which support cohesive analyses of real estate markets, market comparisons based on diverse criteria and determination of market potential. The specificity of the real estate market is determined by the unique attributes of property. The authors assumed that developing real estate market ratings identifies the types of information and factors which affect decision-making on real estate markets. The main objective of real estate market ratings is to create a universal and standardized classification system for evaluating the real estate market. One from the most important problem in this area is collection of appropriate features of real estate market and development dataset. The main problem involves the selection and application of appropriate features, which would be relevant to the specificity of information related to the real estate market and create a kind of coherent system aiding the decision-making process. The main aim of this study is to elaboration set of variables (knowledge platform) that were used to elaborate the real estate market ratings. The results lead to obtain the necessary set of features that constitute essential information which describes the situation on the local real estate market.
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Read, Dustin C., and Andrew Carswell. "Is property management viewed as a value-added service?" Property Management 37, no. 2 (April 15, 2019): 262–74. http://dx.doi.org/10.1108/pm-05-2018-0034.
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PurposeThe purpose of this paper is to examine the perspectives of real estate executives to assess the extent to which property management is viewed as a commodity or as a value-added professional service contributing positively to investment performance and property value maximization.Design/methodology/approachThe qualitative analysis draws on the result of 93 semi-structured interviews conducted with executives employed by some of the largest real estate investment management and service firms across the USA.FindingsThe findings suggest that significant perceptual cleavages exist in the real estate industry, with some executives believing property managers are incredibly important to the value creation process and others believing they play a much more modest role.Practical implicationsThe results highlight the need for the property management industry as whole to continue its efforts to gain recognition as a value-added professional service and for individual property management companies to actively take steps to differentiate themselves from competitors if they hope to avoid commodification and fee compression.Originality/valueThe study is the first to the authors’ knowledge to examine real estate executives’ perspectives about the roles property managers play in the value creation process, as well as their views about whether property managers have the skills and autonomy required to make value accretive decisions.
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Liang Hui Xing. "Debates on the Constitutionality of China"s Real Property Law During Its Legislative Process." KOOKMIN LAW REVIEW 20, no. 1 (August 2007): 243–60. http://dx.doi.org/10.17251/legal.2007.20.1.243.
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Zhu, Xue Li, Shu Xian Zhu, and Sheng Hui Guo. "A Study of Predictive Control of Energy-Saving of Heating Process." Advanced Materials Research 328-330 (September 2011): 1810–13. http://dx.doi.org/10.4028/www.scientific.net/amr.328-330.1810.
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This paper presents a predictive control method of heating system of heating power station. Firstly, the forecast of heating load is introduced using time series analysis, and the obtained result is used as an energy-saving initial value of predictive control system. Secondly, model simplification method is given and immediate control law is derived, the predictive model order is decreased from N to n. Simplification model satisfies the demand of real-time property of the control system. Thirdly, predictive error correction is used to replace error correction to implement the correction of optimum control of the system, which can improve adaptability and robustness of the system. Finally, simulation of heating system of heating power station is conducted and the results prove that the algorithm is effective in ensuring real-time control, improving tracking and robustness property.
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Trembecka, Anna. "Analysis of geodetic and legal documentation in the process of expropriation for roads. Krakow case study." Geodesy and Cartography 62, no. 1 (June 1, 2013): 67–84. http://dx.doi.org/10.2478/geocart-2013-0004.
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Abstract Amendment to the Act on special rules of preparation and implementation of investment in public roads resulted in an accelerated mode of acquisition of land for the development of roads. The decision to authorize the execution of road investment issued on its basis has several effects, i.e. determines the location of a road, approves surveying division, approves construction design and also results in acquisition of a real property by virtue of law by the State Treasury or local government unit, among others. The conducted study revealed that over 3 years, in this mode, the city of Krakow has acquired 31 hectares of land intended for the implementation of road investments. Compensation is determined in separate proceedings based on an appraisal study estimating property value, often at a distant time after the loss of land by the owner. One reason for the lengthy compensation proceedings is challenging the proposed amount of compensation, unregulated legal status of the property as well as imprecise legislation. It is important to properly develop geodetic and legal documentation which accompanies the application for issuance of the decision and is also used in compensation proceedings.
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D’AMATO, Maurizio. "INCOME APPROACH AND PROPERTY MARKET CYCLE." International Journal of Strategic Property Management 19, no. 3 (October 9, 2015): 207–19. http://dx.doi.org/10.3846/1648715x.2015.1048762.
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This paper is focused on a proposed valuation method including real estate market cycle analysis in real estate valuation process. Starting from early works on this field (d'Amato 2003) the work highlight the dangerous gap between academic research on property market cycles and professional practice of property valuation. The danger of this gap comes from the fact that in spite it is well documented that the property market has a “natural” cyclical behaviour, the opinions of value based on income approaches still relies on assumption of a stable or perpetually growing (or decreasing) income. This may be one generating factors of the real estate bubble and the subsequent financial markets crisis experienced recently. This paper offers a general introduction on cyclical capitalization as a further family of valuation methodologies based on income approach. This method includes in the traditional Dividend Discount Model more than one g-factor in order to plot property market cycle. An empirical application of Cyclical Capitalization is offered to the office market of the Eastern London.
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Adnan Diwan, Sinan. "Proposed study on evaluating and forecasting the resident property value based on specific determinants by case base reasoning and artificial neural network approach." Indonesian Journal of Electrical Engineering and Computer Science 17, no. 3 (March 1, 2020): 1467. http://dx.doi.org/10.11591/ijeecs.v17.i3.pp1467-1473.
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<p>Real estate forecasting has become an integral part of the larger process of business planning and strategic management in real estate sector. This study covers residential estate markets and concentrates on property types, while previous studies that have considered country wide house price indices. There is a gap identified in the literature which need to study correlations between property types within a region or a city and whether they will provide diversification benefits for real estate investors such as risk reduction per unit of returns. This aim of the paper is to propose and develop a computer assisted real estate property price forecasting model. This proposed framework will examine the current uses of artificial intelligence, particularly combining case base reasoning and artificial neural network, in the business-forecasting field and considers suitable applications in real estate. The methodology consists of five phases: 1) Data gathering b) Data cleaning c) ANN Training d) CBR (Case Base Reasoning) similarity retrieval e) Result retrieval. This research will investigate the influence of residential real estate property characteristics on property values (prices) in global context, it revealed a high positive linear correlation between property characteristics and the property market values; an indication that these characteristics reasonably predict property market values. The results of the study will enable Real Estate Professionals to make fair estimates of the market values of residential real estate properties given the features/characteristics of such housing units.</p>
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Konowalczuk, Jan, and Tomasz Ramian. "The Value Of Cre In The Formulation And Implementation Process Of Real Estate Strategies In A Company." Real Estate Management and Valuation 22, no. 1 (March 1, 2014): 58–68. http://dx.doi.org/10.2478/remav-2014-0008.
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Abstract One of the fundamental ways in which an advantage over competitors can be gained in business is to develop real estate portfolios in such a way that will lead to an increase in market share and value for shareholders. This serves as justification for the formulation and implementation of specific real estate strategies regarding the best manner in which to use CRE, make decisions regarding restructuring, and carry out necessary development projects, taking into account the criteria of: location, time, and procurement options. This paper presents the formulation and realization of real estate strategies, focusing on the use of the category of property value. Moreover, the authors formulate a possible classification of CRE, which is useful from the perspective of real estate strategies, in addition to identifying and evaluating different types of property values which can be used for real estate strategies. For the majority of operational properties, these categories differ from market value. The last part of the publication provides a reference of selected valuation methods used to determine the value of CRE in the context of formulating and implementing real estate strategies.
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Renigier-Bilozor, Malgorzata, Artur Janowski, and Marek Walacik. "Geoscience Methods in Real Estate Market Analyses Subjectivity Decrease." Geosciences 9, no. 3 (March 16, 2019): 130. http://dx.doi.org/10.3390/geosciences9030130.
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Real estate management, including real estate market analysis, is part of a so-called geosystem. In recent years, the popularity of creating various types of systems and automatic solutions in real estate management, including those related to property classification and valuation, has been growing in the world, mainly to reduce the impact of human subjectivity, to increase the scope of analyses and reduce research time. A very important fact that should be underlined is that properties are strongly related to geolocation (space) and strongly determine it. Authors proposed in the paper solutions that highlight implementation of geoscience and “geo-approach” combined with fuzzy logic methods that allow to decrease subjectivity in property analyses and diminish uncertainty in decision making process. The proposed methodology involves three main problematic components of decision support system in property investment analyses development with the use of geo-technologies such as: determination of the database model; elaboration geo-property-zones with geoprocessing activities; identification of homogeneous group of properties transactions. The influence of spatial decision factor determined in the study lead to objective and precise calculation of value differentiation from 22 to 43% depending on the property’s remoteness to the sea.
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Tucker, Matthew, and Mohd Rayme Anang Masuri. "The rationale to integrate facilities management into the development process." Property Management 34, no. 4 (August 15, 2016): 332–44. http://dx.doi.org/10.1108/pm-08-2015-0040.
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Purpose – The purpose of this paper is to justify the need to integrate facilities management (FM) into the development process (DP) and establish a framework that potentially serves as a guide to optimise the value of FM in the property development industry. Design/methodology/approach – This study looks at the relevant literature to identify the factors that are hindering FM to effectively integrate in the DP. Subsequently, the authors intend to carry out interviews with various professionals in the property development industry in the UK to identify the best practices. This research uses qualitative and quantitative methods in order to establish an FM-DP integration framework. Findings – The literature suggested that contribution of FM towards the property development industry is unquestionable. Surprisingly, in a real world FM has been given a low priority in the property development industry, resulting in Facilities Managers being inadequately integrated into the DP. There is currently no suitable generic mechanism that is practical in all stages of the DP to guide Facilities Managers and/or other professionals to integrate FM into the DP. Originality/value – This study is to provide evidence that the property development industry needs a framework that potentially serves as a guide to optimise the value of FM in the DP.
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Babic, Jovan. "Property - a philosophical analysis: Argument." Filozofija i drustvo 27, no. 1 (2016): 203–24. http://dx.doi.org/10.2298/fid1601203b.
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After a short historical survey of philosophical views on property, the article contains an analysis of the argument which justifies property by referring to the universal respect due to anyone?s right to use any thing for any purpose. Usage of things for the realization of set ends (or goals) is among the conditions of action/ agency. The capacity of freedom as a specific causal power in real world is dependent on the possibility of using things as means. However, without a real prospect to finish the process of realization of set goals, this causal power would not be real. Property is a scheme within which this prospect becomes a real possibility. Property is thus a condition of effective successful purposeful agency. In property the normative position of all others, besides the owner, has been changed, as they do not have the right to use things possessed for their ends, although they have a right to use any non-possessed thing as a means for whichever end they might set. As a right, property entails, first, the obligation to respect the fact of any established possession, and, second, an obligation to accept and recognize the established possession as ownership, which does not depend on the fact of factual physical control of the property. Ownership is therefore a guarantee of future possession. For this to be established there is a need for an explicit recognition from all others; however this recognition is normatively necessary for everybody, as no-one has a right to withdraw the recognition of a legitimate right to property. This comes from the ontological and axiological difference between persons and things: persons have a right to use and possess unpossessed things as means for realization of ends they set.
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Yakovlev, A. "ADMINISTRATION MECHANISM OF REAL ESTATE PROPERTY OF THE MINISTRY OF DEFENSE OF THE RUSSIAN FEDERATION." Vestnik Universiteta, no. 1 (March 15, 2019): 34–39. http://dx.doi.org/10.26425/1816-4277-2019-1-34-39.
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The structure and functioning of the real estate administration system located in the Ministry of Defense of the Russian Federation have been considered. In Russia the possession, use and disposal of military property costs mansions in comparison with other federal property. The property administration of the Russian Ministry of Defense is inherent in a number of signs, including the autonomy of the military and the closeness of the administration process. Today only in the Central Federal District there are about 57 000 objects of military real estate.
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KOPONEN, ANTTI, HANNU ELORANTA, ARI JASBERG, MARKUS HONKANEN, and HARRI KIISKINEN. "Real-time monitoring of bubble size distribution in a foam forming process." August 2019 18, no. 8 (September 1, 2019): 487–94. http://dx.doi.org/10.32964/tj18.8.487.
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Foam forming is an intricate option to lessen fiber flocculation and to get better energy and water efficiency when making fiber-based products. Developed during the 1970s, this approach has recently received renewed attention, mainly because it also offers possibilities to widen the fiber-based product portfolios with novel and more valuable products. In addition to air content, bubble size is the most important property of foam. Foam quality control is essential for building real-world foam forming processes. In this work, we show how bubble size can be monitored with direct optical imaging in real time in real process conditions, and how such analysis helps adjust foam quality and discover process faults in foam forming.
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Barreca, Alice, Rocco Curto, and Diana Rolando. "Housing Vulnerability and Property Prices: Spatial Analyses in the Turin Real Estate Market." Sustainability 10, no. 9 (August 28, 2018): 3068. http://dx.doi.org/10.3390/su10093068.
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In the literature, several vulnerability/resilience indicators and indexes are based and assessed by taking into account and combining different dimensions. Housing vulnerability is one of these dimensions and is strictly related to the buildings’ physical features and to the socio-economic condition of their occupants. This research aims to study housing vulnerability in relation to the real estate market by identifying possible indicators and spatially analyzing their influence on property prices. Assuming the city of Turin and its territorial segmentation as a case study, spatial analyses were performed to take into account the presence of spatial dependence and to identify the variables that significantly influence the process of property price determination. The results of this study highlighted the fact that two housing vulnerability indicators, representative of fragile buildings’ physical features, were spatially correlated with property prices and had a significant and negative influence on them. In addition, their comparison with two social vulnerability indicators demonstrated that the presence of economical buildings and council houses was spatially correlated with the presence of people with a low education level. The results of the spatial regression model also confirmed that one of the social vulnerability indicators had the highest and most negative explanatory power in the property price determination process.
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Morena, Marzia, Genny Cia, Alessandra Migliore, and Stefano Mantella. "Exploring Tools for Public Real Estate Enhancement in Italy: From Criteria to Decisions." Sustainability 13, no. 2 (January 11, 2021): 622. http://dx.doi.org/10.3390/su13020622.
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The debate on public real estate enhancement is prominent and requires innovative strategies to assure economic and social sustainability. This article aims at systematizing the currently available methods and tools of public property enhancement in Italy, proposing a system of criteria to support the public administration (PA) in the decision-making process when managing public real estate enhancement oriented towards public utility. Namely, this article considers and assesses consolidated and innovative public real estate enhancement methods and tools currently available to the Italian PA according to the “endogenous criteria” of the real estate tools and “criteria of purpose” of the public administration promoting the enhancement process. The final aim is to support the decision-making process of PAs and help both public and private actors in grasping and managing the complexity of public real estate enhancement. An overview of the literature and of reference laws on public property enhancement builds the research framework, together with a path of research, dialogues, and fieldworks with the Italian State Property Agency (Agenzia del Demanio). The decision-making process of PAs for selecting a suitable enhancement strategy or tool should rest on endogenous criteria and criteria of purpose. Specifically: (i) the distinct technical features of each public asset; (ii) the public utility aim that the public entity intends to pursue; (iii) the needs of the community (i.e., the demand); (iv) the skills available within the PA that promotes the strategy.
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Nieto Bernal, Edith Liliana. "Right of property with respect to wasteland properties." Revista Cathedra, no. 6 (June 26, 2017): 9–25. http://dx.doi.org/10.37594/cathedra.n6.118.
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The property is a right governed byArticle 58 of the Constitution and our civil laws have understood as a real right that is of tangible and intangible things. ln view of the above, this article aims to conduct a study on the right of private ownership of property when there is no title transferring ownership and therefore no registration of public instruments, a situat¡on that hinders the negotiability such goods. ln these events the Colombian legislation has indicated a process called membersh¡p a¡med at granting the domain of th¡ngs by acquisitive prescription in events that meet the requirements set forth in the law. However, a difficulty arises and when a person has possessed the good in a spirit of lord and master, for the term required, but when you start the process of membership is evidenced in the Certificate of Freedom and Tradition that it lacks holder of real rights, event in which the Constitutional Court has presumed that property is vacant and therefore imprescriptible.
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Tymoshchyk, Liliia. "Classification of Factors Influencing the Valuation of Real Estate During its Sale." Modern Economics 23, no. 1 (October 27, 2020): 215–19. http://dx.doi.org/10.31521/modecon.v23(2020)-34.
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Annotation. Introduction. The mechanism of property valuation in Ukraine at the present stage of its development deals with the formation of a database on the state and dynamics of changes in the real estate market and the development of methodological tools for property valuation. This article is devoted to the study of such a category of tools as factors influencing the valuation of real estate when selling it in Ukraine. Purpose. The purpose of this article is to consider the factors that affect the valuation of real estate when selling it, and their classification. Results. The task of property valuation depends on its purpose. Properly defined purpose of the assessment establishes the cost base (or its type). Depending on the goal, a number of factors have been formed, which are taken into account in the evaluation process and affect its size, and the approach to their interpretation. The article considers four groups of factors. Physical factors take into account the condition of the property, its location and the characteristics of the stage of the life cycle of the territory. Analysis of this group allows you to determine the prospects of the object in accordance with the general condition of the area in which it is located. Economic factors have been determined by the demand in the local real estate market, risks, construction costs and related factors related to its course, taxes, proximity to roads and utilities. Considerable attention is paid in the article to the assessment of the value of enterprises and such specific factors of influence as liquidity of assets and the nature of corporate governance. Social factors consist of changes in the number and employment of the population in the territory, gender and age characteristics of the population, income level and so on. For enterprises, this group of factors includes the social composition of employees. The last group of factors, administrative (political), has a global character – it is determined by the nature of public policy in the area related to real estate or construction. Conclusions. Drawing conclusions in the article, the author emphasizes the constant nature of changes in factors – both the emergence of new and reassessment of others. It can change even depending on who is conducting it, so the evaluation should be independent, and a number of recommendations should be implemented to improve its transparency. Keywords: property; property management; management efficiency; territorial community.
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TOKUNO, KOICHI, TATSUYA NAGATA, and SHIGERU YAMADA. "STOCHASTIC SOFTWARE PERFORMABILITY EVALUATION BASED ON NHPP RELIABILITY GROWTH MODEL." International Journal of Reliability, Quality and Safety Engineering 18, no. 05 (October 2011): 431–44. http://dx.doi.org/10.1142/s0218539311004172.
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In this paper, we discuss the software performability evaluation considering the real-time property; this is defined as the attribute that the system can complete the task within the stipulated response time limit. The dynamic software reliability growth process is described by the nonhomogeneous Poisson process (NHPP). Assuming that the software system can process multiple tasks simultaneously and that the arrival process of the tasks also follows an NHPP, we analyze the distribution of the number of tasks whose processes can be completed within the processing time limit with the infinite-server queuing model. We derive several software performability measures considering the real-time property. Finally, we illustrate several numerical examples of the measures and discuss the software performability analysis.
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Albu, Svetlana. "Technical Assessment of Constructions in Real Estate Appraisal." Advanced Engineering Forum 21 (March 2017): 639–46. http://dx.doi.org/10.4028/www.scientific.net/aef.21.639.
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One of the modern society priorities is the tendency towards sustainable social and economic development. Sustainable development is possible through the preservation and efficient use of the values created by our ancestors and the ability to meet current needs so as not to endanger the ability of future generations to meet their own needs. Real estate appraisal activity evaluates the changes in property value over time. Physical or legal actions on the property are justified only if the future value is not affected.Theory and practice of appraisal activity quantifies three approaches to value:The Sales Comparison Approach – value is examined in terms of current market preferences;The Income Approach – determine the income the property is expected to generate over time as a result of the most probable use;The Cost Approach – value is perceived in terms of replacement cost of real estate with one with comparable utility.Technical assessment of constructions is applied as a rule mainly in the cost approach, and has a major impact on the estimate of market value. The role of technical assessment is reduced, even ignored and not taken into account in other approaches.The present research examined the role of technical assessment of constructions in the process of real estate appraisal and the impact of inspection on the real estate value.
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Gdakowicz, Anna, Ewa Putek-Szeląg, and Wojciech Kuźmiński. "Examination of the effects of non-measurable explanatory variables on the value of real estate in the process of mass valuation of land." Przegląd Statystyczny 66, no. 3 (March 17, 2020): 214–27. http://dx.doi.org/10.5604/01.3001.0013.9130.
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The paper proposes a solution to the problem of how to introduce non- -measurable features (attributes) of a property that significantly affect its value to the process of its valuation. The authors adopt two measures enabling them to study the influence of order features on the value of property, the Spearman rank coefficients and standardized ßk coefficients, and proceed to check their efficiency, applying an algorithm of mass property valuation (SAMWN) to the sample of 567 plots of land in Szczecin designated for housing purposes. The results thus obtained are then compared with the valuations of these plots of land performed by property appraisers. The study demonstrates that lower valuation errors are obtained when using standardized ßk coefficients than the Spearman rank coefficients.
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Tong, Guo Xiang, Fang Fang Lv, and Jian Tan. "Research of Noise Reduction Algorithm Based on Real Time." Applied Mechanics and Materials 532 (February 2014): 157–61. http://dx.doi.org/10.4028/www.scientific.net/amm.532.157.
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This Paper Mainly Summarized the Filtering Effect of Modified LMS Algorithms. Modified LMS Algorithms could Deal with the Noisy Speech at Real Time by Using the Correlated Property of Useful Signal and Uncorrelated Property of Noise to Strengthen the Relevant Part and Weaken the Irrelevant Part. the Modified Algorithms could be Compared by the SNR (Signal Noise Ratio) of Output Signal, MSE (Mean Square Error) and Misalignment with the Help of MATLAB Simulation so that the Advantages and Disadvantages of each Algorithm can be Summed up. Finally, in Order to get Faster Processing Speed, a New Idea that Combined the Modified LMS Algorithms with RNS (Residue Number System) was Proposed. the Combined System could Process the Signal in Parallel Instead of Serial so that Greatly Improved the Processing Speed and Guaranteed the Effectiveness of Real Time Processing.
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Ogunbayo, Oyeronke Toyin, Adedayo Ayodeji Odebode, Joseph Bamidele Oyedele, and Oluwafemi Timothy Ayodele. "The significance of real estate development process analysis to residential property investment appraisal in Abuja, Nigeria." International Journal of Construction Management 19, no. 3 (January 24, 2018): 270–79. http://dx.doi.org/10.1080/15623599.2017.1423164.
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Ji, Cheng, Shimin Deng, Rui Guan, and Miaoyong Zhu. "Real‐Time Heat Transfer Model Based on Distributed Thermophysical Property Calculation for the Continuous Casting Process." steel research international 90, no. 5 (December 11, 2018): 1800476. http://dx.doi.org/10.1002/srin.201800476.
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Tafoya, Rebecca R., Adam W. Cook, Bryan Kaehr, Julia R. Downing, Mark C. Hersam, and Ethan B. Secor. "Real‐Time Optical Process Monitoring for Structure and Property Control of Aerosol Jet Printed Functional Materials." Advanced Materials Technologies 5, no. 12 (November 9, 2020): 2000781. http://dx.doi.org/10.1002/admt.202000781.
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Lu, Chiuling, and Raymond W. So. "Price Discovery in the Taipei Residential Real Estate Market." Review of Pacific Basin Financial Markets and Policies 02, no. 04 (December 1999): 459–70. http://dx.doi.org/10.1142/s0219091599000254.
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The price discovery process of the Taipei residential real estate market is examined. Using data from the Ta-An District of Taipei City, empirical evidence indicates that there exists a causal relationship between rental rates and property prices. Results here suggest that the two real estate markets are linked together; hence investors and end users can use price information in one market to predict future movements of the other market.
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Manukhina, Lyubov, and Larisa Prykina. "Strategy for the achievement of an effective life cycle of real property erection and operation." E3S Web of Conferences 164 (2020): 10044. http://dx.doi.org/10.1051/e3sconf/202016410044.
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Strategic management of construction systems is a process of making decisions that combine goals setting, determination of long-term milestones and their improvement, determination of activity models, redistribution of external and internal resources of construction organizations to achieve the maximum effects of the life cycle of real property erection and operation [1]. Experts from various industries simultaneously participate in the strategic management of the real property life cycle: engineers, financial industry experts, economists, politicians and other participants in investment and construction activities capable of achieving goals and meeting requirements at all stages of real property erection and operation. A special role is played by indicators of the degree of project risks that arise in the course of external changes and can have a negative impact in the form of possible losses on the final results of project implementation. Risks in one form or another are manifested as changes in financial, technical, organizational and other aspects. Therefore, in the process of construction systems strategic management special attention should be paid to the state of risks.
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Wilkinson, Sara J., and Julie R. Jupp. "Exploring the value of BIM for corporate real estate." Journal of Corporate Real Estate 18, no. 4 (November 14, 2016): 254–69. http://dx.doi.org/10.1108/jcre-11-2015-0040.
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Purpose Building information modelling (BIM) offers rich opportunities for property professionals to use information throughout the property life cycle. However, the benefits of BIM for property professionals are largely untapped. BIM was developed by the architecture, engineering and construction (AEC) sector to assist in managing design and construction data. As these technologies mature and evolve, so does the opportunity for other professional groups to use data within, or linked to, BIM models. This paper aims to explore the potential for corporate real estate managers (CREM) and investment surveyors to use data contained in BIM models and building management systems, which could help these professionals with strategic planning, portfolio rationalisation and acquisitions. Design/methodology/approach This is a scoping study to explore the potential to expand the scope of BIM to other professional activities. As such, the research adopted a Delphi approach with a series of workshops with experienced stakeholders in Australia and England. Qualitative research is inductive and hypothesis-generating. That is, as the researcher assimilates knowledge and information contained in the literature, ideas and questions are formed, which are put to research participants, and, from this process, conclusions are drawn. Findings It is technologically feasible for some property professionals, such as CREM, to use some data contained within BIM, and linked building management systems. The types of data used by property professionals were identified and ranked in importance. Needs are varied, both in the range of data and the points in the property life cycle when they are required. The benefits identified include potentially accessing and using more reliable and accurate data in professional tasks; however, challenges exist around the fidelity of the data and assurances that it is current. Research limitations/implications The key limitations of the research were that the views expressed are those of a select group of experienced practitioners and may not represent the consensus view of the professions and industry as a whole. The limitations and criticisms of focus group data collection are that individuals holding strong views may dominate the sessions. Practical implications The findings show that expanding access to BIM could enable some property professionals, including CREM, to utilise relevant data that could improve the quality and accuracy of their professional services. A simple initial system could be trialled to ascertain the value of the data. Over time, the availability of data could be extended to allow more professionals access. Furthermore, there is potential to link BIM to other digitised property data in the future. Originality/value To date, no one has considered the practicality or potential utility of expanding the access to data contained in 3D BIM models to property professionals, nor has anyone considered which data would be useful to them. The value of using BIM data is that, as more property stock is delivered and maintained via BIM-enabled processes, it will be possible for a wider range of professionals such as CREM and investment surveyors to offer more accurate advice and services to clients.
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Meszek, Wiesław. "PROPERTY VALUATION UNDER UNCERTAINTY. SIMULATION VS STRATEGIC MODEL." International Journal of Strategic Property Management 17, no. 1 (April 3, 2013): 79–92. http://dx.doi.org/10.3846/1648715x.2013.782165.
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Uncertainty is a real and universal phenomenon in property valuation. The sources of uncertainty premises originate in the market's specific character, particularly in its informative inefficiency. The degree of uncertainty will vary according to the level of market activity. The result of this uncertainty for the process of property valuation is the impossibility of the measurement of the market value weights and unknown reliability of the real estate transaction prices. In practice, the market value of each property is based on prices under the assumption that the market is efficient; however in reality, prices do not fully reflect the available information. The reasons are, among others, low transparency of the market and confidentiality of transactions let alone the market imperfections. In terms of information inefficiency of the real estate market, statistical methods are ineffective for property valuation, therefore there is a need to use methods and models taking uncertainty into consideration. This paper looks at the way in which uncertainty can be incorporated into the explicit model of sales comparison approach (pairwise comparison method). One model focuses on the application of the Monte-Carlo simulation and the other on the game theory.
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Kelkar, A. S., R. L. Mahajan, and R. L. Sani. "Real-Time Physiconeural Solutions for MOCVD." Journal of Heat Transfer 118, no. 4 (November 1, 1996): 814–21. http://dx.doi.org/10.1115/1.2822575.
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This paper presents an integrated physiconeural network approach for the modeling and optimization of a vertical MOCVD reactor. The basic concept is to utilize the solutions obtained from a physical model to build an accurate neural network (NN) model The resulting model has the attractive features of self-adaptiveness and speed of prediction and is an ideal starting tool for process optimization and control. Following this approach, a first-principles physical model for the reactor was solved numerically using the Fluid Dynamics Analysis Package (FIDAP). This transient model included property variation and thermodiffusion effects. Using software developed in house, neural networks were then trained using FIDAP simulations for combinations of process parameters determined by the statistical Design of Experiments (DOE) methodology. The outputs were the average and local deposition rates. It is shown that the trained NN model predicts the behavior of the reactor accurately. Optimum process conditions to obtain a uniform thickness of the deposited film were determined and tested using the physical model. The results demonstrate the power and robustness of NNs for obtaining fast responses to changing input conditions. A procedure for developing equipment models based on physiconeural network models is also described.