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International acceptance of automated modern tools use must-have for sustainable real estate market development

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  • Renigier-Biłozor, Małgorzata
  • Źróbek, Sabina
  • Walacik, Marek
  • Borst, Richard
  • Grover, Richard
  • d’Amato, Maurizio

Abstract

The main aim of the paper is to systematise the terms and methodologies used in the property valuation and market analyses domain (single property or mass valuation). The need for this is justified by different semantic and procedural approaches and legal regulations in countries around the world. The research was carried out using the method of critical analysis of current state-of-art literature of the subject, valuation standards, and opinions of practitioners and experts of real estate markets available on social media. Answers of international respondents were gathered as well by using questionnaires. The paper fulfils the gap in perception and comprehension of specific terms and modern tools by entities connected with real estate domain. The clash of two extreme realities is being dealt with: on the one hand, traditional solutions based on universally accepted methods and techniques as well as faith in the infallibility and objectivity of a human analysing the real estate market dominate; on the other, modern technologies that are boldly entering. The main conclusion of the study is that entities should change perception of different automated solutions (e. g. AVM, CAMA, AAVM) as being operating in contradiction to ingrained methods and use them as an additional tool.

Suggested Citation

  • Renigier-Biłozor, Małgorzata & Źróbek, Sabina & Walacik, Marek & Borst, Richard & Grover, Richard & d’Amato, Maurizio, 2022. "International acceptance of automated modern tools use must-have for sustainable real estate market development," Land Use Policy, Elsevier, vol. 113(C).
    • Handle: RePEc:eee:lauspo:v:113:y:2022:i:c:s0264837721005998
    DOI: 10.1016/j.landusepol.2021.105876
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    2. Francesco Tajani & Felicia Di Liddo & Rossana Ranieri, 2022. "The Effective Use of National Recovery and Resilience Plan Funding: A Methodological Approach for the Optimal Assessment of the Initiative Costs," Land, MDPI, vol. 11(10), pages 1-21, October.
    3. Sisman, S. & Aydinoglu, A.C., 2022. "Improving performance of mass real estate valuation through application of the dataset optimization and Spatially Constrained Multivariate Clustering Analysis," Land Use Policy, Elsevier, vol. 119(C).
    4. Ma. Janice J. Gumasing & Renée Hannah A. Niro, 2023. "Antecedents of Real Estate Investment Intention among Filipino Millennials and Gen Z: An Extended Theory of Planned Behavior," Sustainability, MDPI, vol. 15(18), pages 1-35, September.
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    6. Małgorzata Renigier-Biłozor & Sabina Źróbek & Marek Walacik, 2022. "Modern Technologies in the Real Estate Market—Opponents vs. Proponents of Their Use: Does New Category of Value Solve the Problem?," Sustainability, MDPI, vol. 14(20), pages 1-18, October.
    7. Cheng-Hong Yang & Borcy Lee & Yu-Da Lin, 2022. "Effect of Money Supply, Population, and Rent on Real Estate: A Clustering Analysis in Taiwan," Mathematics, MDPI, vol. 10(7), pages 1-17, April.

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