Development of Decision Support System for House Evaluation and Purchasing

Authors: Chia-Yu Hsu, Julaimin Goh, Pei-Chann Chang

Abstract:

Home is important for Chinese people. Because the information regarding the house attributes and surrounding environments is incomplete in most real estate agency, most house buyers are difficult to consider the overall factors effectively and only can search candidates by sorting-based approach. This study aims to develop a decision support system for housing purchasing, in which surrounding facilities of each house are quantified. Then, all considered house factors and customer preferences are incorporated into Simple Multi-Attribute Ranking Technique (SMART) to support the housing evaluation. To evaluate the validity of proposed approach, an empirical study was conducted from a real estate agency. Based on the customer requirement and preferences, the proposed approach can identify better candidate house with consider the overall house attributes and surrounding facilities.

Keywords: decision support system, real estate, decision analysis, housing evaluation, SMART

Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1079256

References:

[1] L. Y. Lin, and C. H. Huang, "An Integrated Information System for Real Estate Agency Based on Service-Oriented Architecture," IEEE International Symposium on Service-Oriented System Engineering, pp. 184-189, Dec. 2008.
[2] Q. Z. Thomas, and Q. M. Zhou, "Optimal Spatial Decision Making Using GIS: a Prototype of a Real Estate Geographical Information System (REGIS)," International Journal of Geographical Information Science, vol. 15, pp. 307-321, Jun. 2001.
[3] M. L. Chou, and C. O. Chang, "Influential Factors of Home Buyers- Search Duration," Management Rev., vol. 24, pp. 133-150, 2004.
[4] R. W. Sinnott, "Virtues of the Haversine," Sky and Telescope, vol. 68, no. 2, pp. 159, 1984.
[5] Y. M. Wang, and C. Parkan, "Multiple Attribute Decision Making Based on Fuzzy Preference Information on Alternatives: Ranking and Weighting," Fuzzy Sets and Syst., vol. 153, pp.331-346, Aug. 2005.
[6] F. H. Barron, and B. E. Barrett, "The Efficacy of SMARTER-Simple Multi-Attribute Rating Technique Extended to Ranking," Acta Psychologica, vol. 93, pp. 23-36, 1996.
[7] W. Edwards," How to use Multiattribute Utility Theory for Social Decision Making," IEEE Trans. on Systems, Man, and Cybern., vol. 7, pp. 326-340, 1997.
[8] C. F. Chien, Decision Analysis and Management (Book style), Taiwan: Yeh Yeh Book, 2005, pp. 179-219.
[9] P. Kim, "Development of Spatial Decision Support Systems for Residential Real Estate," Journal of Housing Research, vol.9, pp. 135-136, 1998.
[10] S. K. Chung, and G. Tor, "Selecting DSS Evaluation Methods," Journal of Information Technology Management, vol. 3, pp. 29-37, 1992.
[11] E. K. Zavadskas, A. Kaklauskas, and A. Banaitis, "Real Estate-s Knowledge and Device- Based Decision Support System," International Journal of Strategic Property Management, vol. 14, pp. 271-282, 2010.
[12] G. Shi, and K. Barker, "Thematic Data Extraction from Web for GIS and Applications," Spatial Data Mining and Geographical Knowledge Services, pp. 273-278, 2011.
[13] S. R. Ahmed, "Applications of Data Mining in Retail Business," Int. Conf. Information Technology: Coding and Computing, vol.2, pp. 455-459, Apr. 2004.
[14] Q. P. Xiao, M. C. Fu, G. J. Wang, and J. J. Zhang, "House Site Selection Decision Support System Based on ArcGIS," Int. Conf. Management and Service Science, pp. 1-4, Sept. 2009.