Business Analysis for a Real Estate Price Prediction Application

Problem

The real estate market in Switzerland is highly regulated and complex, making accurate property valuation challenging for real estate vendors. There was a need for an advanced solution that could automate the pricing process by encapsulating the deep market knowledge and pricing methodologies specific to the Swiss real estate market.

Solution

Over two months, I collaborated closely with a renowned real estate expert to distill and document extensive knowledge and insights about property valuation in Switzerland. The solution involved the following key components:

1. Knowledge Capture and Documentation: Conducting intensive sessions with the real estate expert to capture the nuanced understanding of property valuation, including market trends, regulatory impacts, and valuation methods specific to different types of properties in Switzerland. This involved establishing data dictionaries of both first and third-party data to ensure a comprehensive understanding of the datasets used in the valuation process.

2. Development of Formulae and Algorithms: Synthesizing the expert knowledge into practical, actionable formulae, algorithms, and pricing methods tailored for each distinct type of real estate property in Switzerland. Algorithm specifications of pricing methods for Swiss realty properties were meticulously crafted to ensure accuracy and relevance. This step included data pipeline modelling with input/output layer streams to streamline the flow of data and optimize the valuation process.

3. Collaboration with Developers: Providing the detailed report, including the pricing algorithms and methodologies, to the development team. This report served as the foundation for the creation of a sophisticated real estate marketing platform. Additionally, a draft technical requirements report was drafted to outline the specifications and functionalities required for the development of the platform, ensuring seamless integration of the pricing algorithms and methodologies.

Tools Used:

1. Business Analysis Tools: Utilized advanced business analysis tools and techniques for documenting the expert knowledge, developing pricing formulae, and ensuring the information was structured and accessible for the development team.

2. Collaboration Platforms: Leveraged collaboration platforms to facilitate seamless communication and knowledge transfer between the real estate expert, the business analyst (myself), and the development team.

Outcome

The project successfully culminated in the creation of a comprehensive report that encapsulated the deep market knowledge and pricing methodologies for real estate properties in Switzerland. This report was instrumental in guiding the development of a cutting-edge real estate marketing platform. The platform is capable of automatically determining property prices, thereby empowering real estate vendors to accurately price and effectively market their properties to appropriate buyers, streamlining the real estate selling process in the Swiss market.