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Geo Pricing Option
How It Will Work
Our geo pricing option is a simple checkbox on both the export Download Options page and the List Upload page. If selected, we will use the baseline pricing displayed or set on the results page. During the export and scrubbing process, we will find the closest for sale and sold comps to each owner record, and using Machine Learning techniques, adjust the pricing based on the prices of the closest comps.
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The Steps In Geo Pricing
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Step 1: Locating the Owner Record
The first step of our geo pricing process involves locating the owner record. This is the easiest step, as we simply extract the latitude and longitude of the owner record.
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Step 2: Locating the Nearest Comps
The next step of our process involves pinpointing the closest for sale and sold comps to the owner record. The goal is to find a balance of both, within an acceptable acreage range similar to that of our owner record.
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Step 3: Filtering for the correct comps
Before sending the comps to our geo pricing model, we must first validate that they are valuable and are not outlier properties. During this step, we run every comp through our statistical analysis engine to determine the pricing quality of the comp. The goal is to remove terms deals, overpriced land, or mislabeled vacant land that has property on it.
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Step 4: Extracting Nearest Comp Pricing
The fourth step of geo pricing is perhaps the most crucial, in that we now extract the comp price data and along with the owner record data, feed it to our geo pricing model for calculation.
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Step 5: Update Owner record pricing and repeat
The final step is simply to take the model's outputted value for suggested market price, and apply that differential to our offer pricing. Once that's complete, we move on to the next owner record!
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Help: Revert the Geo-Pricing
What happens if you see the geo pricing and you'd like to revert to the original price? It's very easy, as all of the needed numbers are in your scrubbed file!
Copy and paste the formula below, and replace the following variables:
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X = Offer Price Cell
Y = Pricing Source Cell
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=X/(1+ VALUE(RIGHT(Y,LEN(Y) - MIN(SEARCH({0,1,2,3,4,5,6,7,8,9}, Y&"0123456789")) +2)))
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