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Dynamic approach to real estate ratings

Author

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  • Martin Schnauss
  • Patrick Spieler

Abstract

Holistic real estate strategies have to fulfill different interests and demands. Not only do qualitative and quantitative goals have to be reconciled, but also conflicting goals have to be resolved. This paper investigates how to create a real estate rating that captures the dynamic developments of real estate over its life cycle. A proprietary model is presented that is based on a dynamically evolving utility analysis and takes into account both changes in condition and the changing requirements of user groups. This dynamic model for a real estate rating therefore not only offers the possibility of depicting future developments of a property, but also has the potential to derive correspondingly comprehensible and needs-based real estate strategies. A dynamized utility analysis, especially in combination with a system dynamic modeling, offers the potential to develop needs-based real estate strategies over the entire life cycle of real estate. The developed model is applied to a simulation and evaluated by experts from the real estate industry. As a result, a needs-based real estate strategy is derived.

Suggested Citation

  • Martin Schnauss & Patrick Spieler, 2023. "Dynamic approach to real estate ratings," ERES eres2023_92, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2023_92
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    More about this item

    Keywords

    Dynamic; Rating; real estate; Simulation;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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