WO2009049356A1

WO2009049356A1 - Property rating and ranking system and method

Info

Publication number: WO2009049356A1
Application number: PCT/AU2008/001515
Authority: WO
Inventors: Malcolm William Latham James
Original assignee: Property Ratings Pty Ltd
Priority date: 2007-10-19
Filing date: 2008-10-14
Publication date: 2009-04-23
Also published as: AU2008314491A1

Abstract

The present invention relates to the field of property or real estate. In one aspect, the invention relates to the rating of property. In another aspect, the present invention relates to the ranking of property based on various inputs into the system and method of the present invention. The rating and/or ranking is determined in accordance with a numerical value. In another aspect of invention, the rating is provided or displayed relative to a control value.

Description

PROPERTY RATING AND RANKING SYSTEM AND METHOD

FIELD OF INVENTION

. The present invention relates to the field of property or real estate. In one form, the invention relates to the rating of property. in another form, the present invention relates to the ranking of property based on various inputs into the system and method of the present invention.

It will be convenient to hereinafter describe the invention in relation to property rating, however it should be appreciated that the present invention is not limited to that use only. BACKGROUND ART

Throughout this specification the use of the word "inventor" in singular form may be taken as reference to one (singular) inventor or more than one (plural) inventor of the present invention. The discussion throughout this specification comes about due to the realisation of the inventors) and/or the identification of certain prior art problems by the inventors.

Property represents a - relatively large proportion of most individuals "wealth" and in the most part a very large part of the worlds "wealth". The inventors have realised that most people buy one or more properties with three reasons in mind:

• to live in, and/or

• to work in, and/or

• to use for investment purposes.

The inventors have realised that most people who sell property do so in a way to maximise their opportunities in the future.

It is considered that, in terms of wealth creation, buyers who do this are ^' commercially better off than people who do not buy one or more properties. It is also considered that buyers and/or sellers who do this well are commercially better off than buyers and/or sellers who do this poorly. It is therefore apparent that tools which are perceived to assist a buyer and/or a seller to make a good decision when buying property are of commercial significance. However, it has been realised by the present inventors that generally, once a buyer is committed to bidding for a particular property, they can become quite emotionally attached to that property. The effect of this can be very evident at auctions where the competitive process and a sense of commitment can lead potential purchasers to bid well beyond their initial range and even beyond their comfort level. Even if the bidder succeeds at the auction, the bidder may face some trepidation about the amount spent. If the bidder does not succeed at the auction, they often feel great disappointment and failure. In short, win or lose, emotion is potentially very significant in property buying. Any discussion of documents, devices, acts or knowledge in this specification is included to explain the context of the invention. It should not be taken as an admission that any of the material forms a part of the prior art base or the common general knowledge in the relevant art in Australia or elsewhere on or before the priority date of the disclosure and claims herein. SUMMARY OF INVENTION

An object of the present invention is to provide an improved property rating method and associated application,

A further object of the present invention is to alleviate at least one disadvantage associated with the prior art. It is an object of the embodiments described herein to overcome or alleviate at least one of the above noted drawbacks of related art systems or to at least provide a useful alternative to related art systems.

In a first aspect of embodiments described herein there is provided an apparatus, application and/or method of calculating a property rating attributable to a property, comprising determining assessment criteria for use in the rating, the assessment criteria including property characteristics, your needs and money value, attributing a first numerical value to at least a portion of the assessment criteria, providing a second numerical value to the at least a portion of assessment criteria, and determining the second numerical value based on property characteristics and money value of the property and providing a third value.

In a second aspect of invention, the application and / or method may further comprise providing a third numerical value to the least a portion of the assessment criteria, and determining the third numerical value based on your needs and providing a fourth value.

In another aspect of embodiments described herein there is provided an apparatus, application and/or method of calculating a range of property ratings attributable to a property, comprising determining a first property rating attributable to the property; determining a first monetary value attributable to the property and equating the first monetary value with the first property rating.

In still another aspect of invention, the apparatus, application and/or the method may further comprise determining a second monetary value attributable to the property, determining a second property rating attributable, to the property, based on the second monetary value and equating the second monetary value with the second property rating.

In yet a further aspect of embodiments described herein there is provided an apparatus adapted to rate a property, said apparatus comprising processor means adapted to operate in accordance with a predetermined instruction set, said apparatus, in conjunction with said instruction set, being adapted to perform the method(s) as disclosed herein.

Other aspects and preferred aspects are disclosed in the specification and/or defined in the appended claims, forming a part of the description of the invention.

In essence, embodiments of the present invention stem from the realization that, in accordance with the 'quite rater¹ system, two assessments are made. One assessment is made from a subjective stand point, the other is made from an objective stand point. The difference between the 'subjective' result and the 'objective' result reflects the worth of a property from the worth of the property to an individual. Other embodiments of the present invention stem from the realisation that, in accordance with the 'price rater¹ system, providing an indication of a property rating, 'your needs' rating, a relative price as weli as a 'control value' can provide a prospective purchaser of a property a useful guide regarding a purchasing decision for that property.

Advantages provided by the present invention comprise the following: • the quick rater provides a property rating and a 'your needs' separately identifiable; • the price rater provides a correlation between a range of property prices as well as ratings of property and / or your needs. This range may provide an indication of a 'good' value buy or not.

• the Price Rater simply and clearly brings the range of property value so directly and visibiy into a scale in respect of price.

• The Price Rater will allow better decisions with less emotion involved and so provide better outcomes for all users.

• The quick rater allows a user to relatively quickly form a preliminary property value judgement but to do so in a structured way. This helps the user to recognise and assess the characteristics of a property with relative objectivity and in a consistent manner as a basis for comparing one property against another or several others. This is a clear means of reducing the emotional aspects involved in a major decision for the user and facilitates better decision making for a prospective purchaser.

• The Price also assists the objectivity of the purchaser's decision but in a different and often more important area. After the purchaser has decided which property suits them and which they want to buy, they next must commit to the cost of buying. Particularly where an auction is involved, value and objectivity can diminish as the competitive process and all its inherent emotion takes over. The Price Rater is a tool to enable the purchaser to compete at an auction or otherwise with a very clear understanding of the cost implications that they may confront and with a degree of rational control of the emotional process that is an auction. Thus a property

. which is a very good buy at certain price may well become poor value at another higher price. Similarly a property marginally suitable at a certain price may be a very good buy at a significantly lower price. • The price rater clearly shows how the cost is being traded off against the value of the property which ensures that subsequent decision making is better informed, more objective and less emotional that is otherwise the case.

Further scope of applicability of the present invention wil! become apparent from the detailed description given hereinafter. However, it should be understood that the detailed description and specific examples, while indicating preferred embodiments of the invention, are given by way of illustration only, since various changes and modifications within the spirit and scope of the invention will become apparent to those skilled in the art from this detailed description. BRIEF DESCRIPTION OF THE DRAWINGS Further disclosure, objects, advantages and aspects of the present application may be better understood by those skilled in the relevant art by reference to the following description of preferred embodiments taken in conjunction with the accompanying drawings, which are given by way of illustration only, and thus are not limitative of the present invention, and in which: Figure 1 illustrates an example of a property rating system as disclosed in

WO2007003402,

Figures 2 and 3 illustrate an example of a quick rater property rating according to a first aspect of invention;

Figure 4 illustrates ^■ an example of comparable properties used in accordance with an embodiment according to a second aspect of invention;

Figure 5 illustrates an example control value calculation in accordance with an embodiment according to a second aspect of invention; and

Figure 6 illustrates an example representation of price rater according to a second aspect of invention. DETAILED DESCRIPTION

In a co-pending patent application PCT/AU2006/001256, published as WO2007003402, (the disclosure of which is incorporated herein by reference), there is disclosed a universal objective rating system for any property, in any location, and that allows multiple properties to be rated and ranked against each other and also according to individual's specific needs and requirements. The invention disclosed in WO2007003402, relates to the rating of property with regards to any one or any combination of the assessment criteria, which can be categorised as: • an individual's needs - YOUR NEEDS RATING, (subjective and flexible)

• various inputs, such as property characteristics and including , inter alia, characteristics of the . property itseif ('property'} and characteristics of the area surrounding the property ('position') -

PROPERTY CHARACTERISTICS RATING (objective and consistent)

• user and other opinions made with regards to purchase price - MONEY RATING (objective and subjective). Upon execution of the invention disclosed in WO2007003402, a numerical value is attributed in response to each assessment criteria (preferably reflected by way of a questionfresponse), within each sub-category within each category. In assigning a numerical value, the importance of the criteria is provided a numerical value. For example, a property's position relative to a train station may be considered by a buyer to be important to them and thus a numerical value of importance of 8 out of a possible value of 10. A numerical value may be of any kind, such as a rating of 1 to 10, or out of 100 or out of 1000 etc.

The value itself, may be altered to reflect the importance of certain assessment criteria, for example in order to bias their importance or to retard their importance in the overall ranking, as may be determined by the user and/or the person undertaking the numerical rating assignment. There may also be a weighting in the numerical value or result to reflect the 'bias' to be attributed to that question, response, sub-category or category.

In one embodiment disclosed in WO2007003402, the 'objective' assessment criteria such as property characteristics and some of the money value characteristics are given a set or fixed value based on established property long term demand and supply characteristics. The 'objective' criteria can be used to provide a comparative assessment between properties in different countries, between different properties, and between different types of properties (such as, for example, between houses and units). The 'subjective' assessment criteria, such as 'your needs' may be given by a user, buyer and/or seller value, based on their views or advice. In an alternate embodiment, the user, buyer and/or seller may set a value each or any of the assessment criteria.

In accordance with the invention disclosed in WO20070Q3402, each value is then summed, being X summed value for 'your needs rating¹ category, Y summed value for 'property characteristics rating' category and Z summed value for the 'money rating' category.

The overall Rating is given as:

R = X + Y + Z equation 1 where X is numerical summed value representing category 'your needs',

Y Is numerical summed value representing category 'property characteristics', Z is numerical summed value representing category 'money¹, and R may be a summation or other numerical and/or indicia representation of the rating taking into account the result of equation 1. R is usually a number. Furthermore, in calculating R, the property characteristics Y may be assessed initially, ^* for example, but if the assessment fails to meet a predetermined threshold, then the remainder of the 'R' calculation may be abandoned, as the property would be deemed to be unsuitable. This may also or alternatively apply to any one or any combination of X, Y or Z in calculating R. There need not be any particular order in assessing X, Y and / or Z.

QUICK RATER

According to .one inventive aspect of the present invention, an alternative rating method is provided. In this alternative method, 'Your needs Characteristics¹ and 'Money Characteristics' (also referred to hereinafter as 'Price') are rated, but with regard to 'Property Characteristics', the 'property' and 'position', whilst also being rated, are numerically separated.

In one embodiment, the 'your, needs',.. 'price', .property' .. and/or 'position' characteristics may be rated according to any known method.

In another embodiment, the 'your needs', 'price¹, property' and/or 'position' characteristics may be rated, apcordiηg to the disclosure of WO2007003402. One advantage of this alternative method of rating is that the rating method is aligned with accepted thinking in the real estate industry, in describing attributes of real estate according to 'price', 'position', and 'property' whilst also ensuring the inclusion of additionally important information such as 'your needs'.

An example of the Quick Rater ratings method is provided in Figures 2 and 3, and is illustrative only. In figure 2, a property rating of (for example) 785 has been for the illustrated property, based on the position, property and price assessment criteria illustrated and summarised in Figure 3. A 'your needs' rating of (for example) 533 is also shown in Figure 2, based on 'your needs' assessment criteria, such as those summarised in Figure 3, namely needs, lifestyle and investment Obviously the assessment criteria can be wide and varied and may differ according to property type, need/purpose, region and / or country and as such an exhaustive listing of assessment criteria is not disclosed herein. The criteria for each characteristic of assessment as disclosed is indicative only and may also include other assessment criteria. One example of assessment criteria may be similar to those disclosed in WO2007003402. In the example provided, the 'quick rate' questions reflect position, property and price questions and rating. The 'your needs' questions are the same or similar to the 'quick rate' questions. The 'quick rate' questions are in the main answered based on objective criteria. Some, if any, of the quick rate questions may be answered based on subjective criteria. The 'your needs' questions, on the other hand, are answered based more on subjective criteria. Thus, although the same or similar questions are answered, the basis for the answers of 'quick rate' and 'your needs' is different. This difference reflects the worth of a property 'objectively' as compared to the worth of the property to an individual or 'subjectively'. . ^. .^, , . ^. In one embodiment, the quick rate system may be provided as a 'cut-down' version of the rating system disclosed in WO2007003402. Obviously, the questions may differ from those disclosed in WO2007003402, and / or any other prior art system or method. . . . .

PRICE RATER An embodiment of a second aspectof invention is illustrated in Figures 4 to

6. What is referred to as 'Price Rater' may be represented as a scale which provides an indication of the rating of a property relative to its price. This is accomplished by equating the property rating (whether established by various prior art rating systems and/or in accordance with WO2007003402 and/or in accordance with the 'quick rater' rating disclosed above) and/or 'your needs' rating with a relative price. .

In accordance with this aspect of invention, a control value needs to be determined, this control value then being associated with the 'quick rate' and 'your needs' ratings.

In determining a control value, reference may be made to various other properties. In this regard, a search is made of available real estate data or databases to locate a number of properties having 'similar' or 'somewhat similar' property characteristics, such as 'price', property' and/or 'position' characteristics. For example, with reference to Figure 4, four initial criteria (being market, house size, land size and area (for exemplary purposes only, the initial criteria can obviously be any selected or any number of criteria)) must achieve a selected threshold rating in order for the property to be further considered. Once a number of properties have been located, the best 4 (or any selection or selected number) can be used for further determination of the control value. Figure 4 illustrates the use of four selected properties, after an initial criteria determination, for example purposes only. Figure 4 also illustrates how these four properties are further rated. Various assessment criteria are used, and it is important to note that these criteria may be different, there may be any number of criteria and / or the criteria may be selected according to the type of property being rated. It can be seen that various criteria (in this example) of the property are given, as well as assessments according to 'NO', 50/50 and ΥES¹ for the various criteria and for each property. The assessment may be numeric, or some other form of rating. In the further criteria determination, in this example, 'suburb' through to

'negative criteria' are determined.

In this example, based on the assessments of, ¹NO¹, 50/50 and ΥES¹, a 'comparable ranking" is calculated. The criteria may be biased or given a certain 'weighting' of assessment criteria in arriving at the 'comparable ranking'. The comparable ranking may be used as an indication of how relevant the comparable property is, and whether that comparable property should be used in determining the control value. For example, a ranking with a score of less than 0.5 is considered a poor comparable property, a ranking of greater than 0.7 is considered a good comparable, and a ranking of 1.0 is considered an excellent comparable property.

A value indicated as 'Imp $ per sqm' is also provided which indicates the price (an improved price of the property, in dollars) of the comparable property per square meter. For each of the comparable properties with a suitable comparable ranking, the 'Imp $ per sqm' valve is used to calculate a 'target value' associated with each selected comparable property and is shown (in Figure 4) as targetsize x $persqm' according to the equation:

'target value'= (lmp$per sqm (of the comparable property)) x (land area of property being rated) eqn 1

Figure 5 illustrates a graphical representation of a number of pieces of data. The manner in which the data is represented may be varied as desired. The data may not need to be displayed, if desired. The agent's estimation of the property price is shown. For each comparable property, both the sale price and the 'target value¹ (as shown (in Figure 4) as targetsize x $persqm') are shown. The sale price each of the comparable properties is shown, for example in $dollars and the 'target value' is shown, and denoted 501 , 502, 503, 5On. The 'target values' are used, in part, to determine the control value. The control value may be an average or median or some other calculation based on the target values. Various target values may also be biased to accommodate recent trends or other market or buyer perceptions, if needed. It can be seen that in the example illustrated in Figure 5, if the average is used, the control value may be $1,068,710. The control value can then be associated with the 'quick rating' (property, price, position) rating of 785 (according to the example) and the 'your needs' rating of 533 (also according to the example). The $1 ,068,710 price is a control value assessed by others and/or based on an assessment of a number of similar properties selling price with similar characteristics (such as those illustrated in Figure 4 and denoted as 'comparables').

If the comparable property data is not recent, then price and / or other factors in the rating may be adjusted according to average price increases for the area or according to other suitable criteria. In the example shown, the figure of $1 ,068,710 is derived from an average of the 'price sold' of the four comparable properties illustrated. It is to be noted, that if the 'price sold' for comparable properties was based on data that is 1 to 2 years prior to the present calculation) the prices may need to be been biased to reflect today's likely price sold. The figure of $1 ,068,710. may be derived using these biased values. A real estate agents estimate of the likely price the property will sell for may also or alternatively be taken into account in determining the control value price.

Having control value being based, for example on information derived from a number of similar properties provides advantages in that, rather than a valuation which has limited relevance in many market situations, the control value allows a far great degree of flexibility with regards to price and the control value removes a lot of 'heat' or dependence from one figure. E.g. a valuer may estimate a property at say $1.2M. At present people argue the rights and wrongs of that $1.2M figure. The control value 40 (Figure 6) thus represents an informed estimate of the point at which there is a match between the rating given to a property by being assessed though a rating system and the actual (likely) price of that property based on historical or other informed information.

The Your Needs part of the rater is also an integral part as for some people on restricted budgets, for example, In use, the your needs figure may drop away very quickly for some people while for other people the your needs figure may remain almost constant as price changes and the community or characteristics property rating alters.

The Price Rater also provides an indication that the value of a property can increase or decrease depending on the price that is attached to it. For example, with reference to Figure 6, a price range of ± 20% is illustrated, as indicative only. The manner in which the price rater can be displayed may be varied according to suit a particular reader or audience. . The price range may be predetermined, and/or user defined. If the price falls to value 42 (to the left) of the control value 40, the property rating overall can be re-evaluated to show a quick rater value of 832 and a your needs value of 623, both of. which can be seen as increasingly attractive to a purchaser. If the price rises above the control point 40 to a value 43 (to its right), the property rating and your needs rating can be re-evaluated to 721 and 487 (respectively) and the attraction of the property could be regarded as decreasing.

With the present control value and also the price range given by the price rater, it is possible to show that $855,000 equates to 832 points, $1 ,068,710 equates to 785 points and $1 ,282,000 equates to 721 points (as illustrated in

Figure 6), giving users a lot more flexibility in their, discussions and decision making process while still giving boundaries or parameters. If the valuation of

$1.2m is rejected and the vendor decides to ask $1.5m for the property, the price rater gives a prospective purchaser some guidelines for better decision making. It may be considered then that -$1.5M is far too much for this property, given the control value, based on comparable properties is around $1.07M.

The price rater also includes an indication 41 (denoted in the example of

Figure 6 as a sliding point provided in the scale of price relative to the price range displayed in the price rater) of a likely selling price relative to the control value and the likely selling price is generally based on the agent's estimate and relevant market knowledge at the time, but is generally not a valuation as such.

The price rater and/or the quick rater may be displayed, for example as illustrated in the accompanying figures.

Advantageously, in accordance with the present aspect of invention, a purchaser may recognise that a highly rated property may become less attractive

(as evidenced by the lower rating values illustrated in Figure 6 of 721 and 487, relative to the control value) as its price increases. In an auction environment, for example, or in any purchasing environment, the Price Rater provides a very visible indication of the diminishing value that increased price may actually represent.

The Price Rater allows the user to minimise their emotional commitment to a potential purchase by being readily able to see the scale of the diminishing value of a rising price. Equally as price falls below the central control value, the increasing value to the purchaser is apparent as illustrated in Figure 6 with values 832 and 623, relative to the control value). . . .

From a commercial perspective, the Price Rater focuses attention on the relative merits of any given property. Thus an excellent purchase at one price may become even a more poor purchase at some higher price. The Price Rater puts value (shown by the rating of the property characteristics and your needs characteristics) and price very visibly together so that any user may easily recognise and^' respond to the price movement process without (or with much iess) emotion. For example, a relatively highly rated property may still be a good buy as its price goes over the 'control value' shown in the price rater associated with that property whereas if the property had a lower property rating, it may not be a good buy as the price goes over the control value. As for the reverse, a low rated property may not become much more attractive as price drops, because the property surfers from some underlying faults according to the property rating and the user's 'your needs'.

In accordance with another aspect of invention, if the property being rated is sold, the sale price actually achieved may be associated with the control value and the property rating for future ratings of other properties. The sold property may also be used as a 'comparable property¹ for rating of other properties.

The present invention may be advantageously used by an agent, seller or buyer of property as it assists in creating realistic expectations for all users.

While this invention has been described in connection with specific embodiments thereof, it will be understood that it is capable of further modification(s). This application is intended to cover any variations uses or adaptations of the invention following in general, the principles of the invention and including such departures from the present disclosure as come within known or customary practice within the art to which the invention pertains and as may be applied to the essential features hereinbefore set forth. As the present invention may be embodied in several forms without departing from the spirit of the essential characteristics of the invention, it should be understood that the above described embodiments are not to limit the present invention unless otherwise specified, but rather should be construed broadly within the spirit and scope of the invention as defined in the appended claims. The described embodiments are to be considered in all respects as illustrative only and not restrictive.

Various modifications and equivalent arrangements are intended to be included within the spirit and scope of the invention and appended claims. Therefore, the specific embodiments are to be understood to be illustrative of the many ways in which the principles of the present inventiøn may be practiced. In the following claims, means-plus-function clauses are intended to cover structures as performing the defined function and not only structural equivalents, but also equivalent structures. For example, although a nail and a screw may not be structural equivalents in that a nail employs a cylindrical surface to secure wooden parts together, whereas a screw employs a helical surface to secure wooden parts together, in the environment of fastening wooden parts, a nail and a screw are equivalent structures. It should be noted that where the terms "server", "secure server" or similar terms are used herein, a communication device is described that may be used in a communication system, unless the context otherwise requires, and should not be construed to limit the present invention to any particular communication device type. Thus, a communication device may include, without limitation, a bridge, router, bridge-router (router), switch, node, or other communication device, which may or may not be secure.

It should also be noted that where a flowchart is used herein to demonstrate various aspects of the invention, it should not be construed to limit the present invention to any particular logic flow or logic implementation. The described logic may be partitioned into different logic blocks (e.g., programs, modules, functions, or subroutines) without changing the overall results or otherwise departing from the true scope of the invention. Often, logic elements may be added, modified, omitted, performed in a different order, or implemented using different logic constructs (e.g., logic gates, looping primitives, conditional logic, and other logic constructs) without changing the overall results or otherwise departing from the true scope of the invention.

Various embodiments of the invention may be embodied in many different forms, including computer program logic for use with a processor (e.g., a microprocessor, microcontroller, digital signal processor, or general purpose computer), programmable logic for use with a programmable logic device (e.g., a Field Programmable Gate Array (FPGA) or other PLD), discrete components, integrated circuitry (e.g., an Application Specific Integrated Circuit (ASIC)), or any other means including any combination thereof. In an exemplary embodiment of the present invention, predominantly all of the communication between users and the server is implemented as a set of computer program instructions that is converted into a computer executable form, stored as such in a computer readable medium, and executed by a microprocessor under the control of an operating system.

Computer program logic implementing all or part of the functionality where described herein may be embodied in various forms, including a source code form, a computer executable form, and various intermediate forms (e.g., forms generated by an assembler, compiler, linker, or locator). Source code may include a series of computer program instructions implemented in any of various programming languages (e.g., an object code, an assembly language, or a high- level language such as Fortran, C, C++, JAVA, or HTML) for use with various operating systems or operating environments. The source code may define and use various data structures and communication messages. The source code may be in a computer executable form (e.g., via an interpreter), or the source code may be converted (e.g., via a translator, assembler, or compiler) into a computer executable form.

The computer program may be fixed in any form (e.g., source code form, computer executable form, or an intermediate form) either permanently or transitorily in a tangible storage medium, such as a semiconductor memory device (e.g, a RAM, ROM, PROM, EEPROM, or Flash-Programmable RAM), a magnetic memory device (e.g., a diskette or fixed disk), an optical memory device (e.g., a CD-ROM or DVD-ROM), a PC card (e.g., PCMCIA card), or other memory device. The computer program may be fixed in any form in a signal that is transmittable to a computer using any of various communication technologies, including, but in no way limited to, analog technologies, digital technologies, optical technologies, wireless technologies (e.g., Bluetooth), networking technologies, and inter-networking technologies. The computer program may be distributed in any form as a removable storage medium with accompanying printed or electronic documentation (e.g., shrink wrapped software), preloaded with a computer system (e.g., on system ROM or fixed disk), or distributed from a server or electronic bulletin board over the communication system (e.g., the Internet or World Wide Web). Hardware logic (including programmable logic for use with a programmable logic device) implementing all or part of the functionality where described herein may be designed using traditional manual methods, or may be designed, captured, simulated, or documented electronically using various tools, such as Computer Aided Design (CAD), a hardware description language (e.g., VHDL or AHDL), or a PLD programming language (e.g., PALASM, ABEL, or CUPL).

Programmable logic may be fixed either permanently or transitorily in a tangible storage medium, such as a semiconductor memory device (e.g., a RAM, ROM, PROM, EEPROM, or Flash-Programmable RAM), a magnetic memory device (e.g., a diskette or fixed disk), an optical memory device (e.g., a CD-ROM or DVD-ROM), or other memory device. The programmable logic may be fixed in a signal that is transmittable to a computer using any of various communication technologies, including, but in no way limited to, analog technologies, digital technologies, optical technologies, wireless technologies (e.g., Bluetooth), networking technologies, and internetworking technologies. The programmable iogic may be distributed as a removable storage medium with accompanying printed or electronic documentation (e.g., shrink wrapped software), preloaded with a computer system (e.g., on system ROM or fixed disk), or distributed from a server or electronic bulletin board over the communication system (e.g., the internet or World Wide Web).

"Comprises/comprising" when used in this specification is taken to specify the presence of stated features, integers, steps or components but does not preclude the presence or addition of one or more other features, integers, steps, components or groups thereof." Thus, unless the context clearly requires otherwise, throughout the description and the claims, the words 'comprise', 'comprising', and the like are to be construed in an inclusive sense as opposed to an exclusive or exhaustive sense; that is to say, in the sense of "including, but not limited to".

Claims

THE CLAIMS DEFINING THE INVENTION ARE AS FOLLOWS:

1. A method of calculating a property rating attributable to a property, the method comprising the steps of: determining assessment criteria for use in the rating, the assessment criteria including property characteristics, your needs and money value, attributing a first numerical value to at least a portion of the assessment criteria, providing a second numerical value to the at least a portion of assessment criteria, determining the second numerical value based on property characteristics and money value of the property and providing a third value.

2. A method as claimed in claim 1 , further comprising the steps of: providing a third numerical value to the least a portion of the assessment criteria, determining the third numerical value based on your needs and providing a fourth value.

3. A method as claimed in claim 1 or 2, wherein the first value is a maximum value attributable to the assessment criteria.

4. A method as claimed in claim 3, wherein the first value is a set value attributable to at least one assessment criteria.

5. A method as claimed in claim 3, wherein the first value is a user definable value attributable to at least one assessment criteria.

6. A method as claimed in any one of claims 1 to 5, wherein the second value is less than or equal to the first value.

7. A method as claimed in any one of claims 1 to 6, wherein the second value is attributed as a response to a question.

8. A method as claimed in any one of claims 1. to 7, wherein the third value is less than or equal to the first value,

9. A method as claimed in any one of claims 1 to 8, wherein the third value is attributed as a response to a question.

10. A method as claimed In any one of claims 1 to 7, wherein the step of determination has a selected bias.

11. A method as claimed in claim 10, wherein the bias is user selectable.

12. A method as claimed in any one of claims 1 to 11 , wherein the assessment criteria comprises objective criteria.

13. A method as claimed in any one of claims 1 to 12, wherein the assessment criteria comprises subjective criteria.

14. A method of calculating a range of property ratings attributable to a property, the method comprising the steps of: determining a first property rating attributable to the property; determining a first monetary value attributable to the property equating the first monetary value with the first property rating.

15. A method as claimed in claim 14, further comprising the steps of: determining a second monetary value attributable to the property determining a second property rating attributable to the property, based on the second monetary value; equating the second monetary value with the second property rating.

16. A method as claimed in claim 14 or 15, wherein at least one property rating is determined in accordance with the method as claimed in any one of claims 1 to 10.

17. A method as claimed in any one of claims 14 to 16, wherein the first property rating is based on property characteristics and money value.

18. A method as claimed in any one of claims 14 to 17, wherein the first property rating is based on your needs.

19. A method as claimed in any one of claims 15 to 18, wherein the second property rating is based on property characteristics and money value.

20. A method as claimed in any one of claims 15 to 19, wherein the second property rating is based on your needs.

21. A method as claimed in any one of claims 14 to 20, wherein rating characteristics and/or criteria are those disclosed in WO2007003402.

22. A method as claimed in any one of claims 14 to 21, wherein the first monetary value is a control value and the first property rating is associated with the control value.

23. A method as claimed in claim 22, wherein the control value is based on historical data of similar properties and / or at least one target value.

24. A method as claimed in claim 23, wherein the target value is based on the formula: 'target value'= (lmp$per sqm (of the comparable property)) x (land area of property being rated),

where 'lmp$ρer sqm' is the price of the comparable property divided by the land size of the comparable property.

25. A method as claimed in any one of claims 14 to 24, further comprising determining a likely selling price of the property.

26. A method as claimed in any one of claims 14 to 25, wherein at least two of the ratings are displayed on a linear scale, ^■

27. A method as claimed in claim 26, further comprising displaying a property, price, position characteristic(s) evaluation relative to each rating.

28. A method as claimed in claim 26 or 27, further comprising displaying a your needs characteristic evaluation relative to each rating.

29. An application adapted to calculate a property rating attributable to a property, comprising: first selection means adapted to determine assessment criteria for use in the rating, the assessment criteria including property characteristics, your needs and money value, and being adapted to attribute a first numerical value to at ieast a portion of the assessment criteria, second selection means adapted to provide a second numerical value to the at least a portion of assessment criteria, logic means adapted to provide a third value based on the second numerical value.

30. An application as claimed in claim 29, further comprising: third selection means adapted to provide a fourth numerical value to the least a portion of the assessment criteria, the logic means being further adapted to provide a fifth value based on the fourth value.

31. An application as claimed in claim 29 or 30, wherein the assessment criteria are predetermined.

32. An application as claimed in claim 29, 30 or 31, wherein the second numerical value is based on property characteristics and money value of the property.

33. An application as claimed in any one of claims 29 to 32, wherein the fourth numerical value based on your needs relative to the property.

34. An application as claimed in any one of claims 29 to 33, wherein there is a selected bias applied to the assessment criteria, the third and/or the fifth value.

35. An application as claimed in claim 34, wherein the bias is user selectable.

36. An application as claimed in any one of claims 29 to 35, wherein the assessment criteria comprises objective criteria.

37. An application as claimed in any one of claims 29 to 36, wherein the assessment criteria comprises subjective criteria.

38. An application adapted to calculate a range of property ratings attributable to a property, comprising: logic means adapted to determine a first property rating attributable to the property; first selection means adapted to determine a first monetary value attributable to the property the logic means being adapted to equate the first monetary value with the first property rating.

39. An application as claimed in claim 38, further comprising: . the logic means being adapted to determine a second monetary value attributable to the property based on a second selection means the logic means being further adapted to determine a second property rating attributable to the property, based on the second monetary value and equating the second monetary value with the second property rating.

40. An application as claimed in claim 38 or 39, wherein at least one property rating is determined in accordance with the method as claimed in any one of claims 1 to 24.

41. An application as claimed in any one of claims 38 to 40, wherein the first property rating is based on property characteristics and money value.

42. An application as claimed in any one of claims 38 to 41, wherein the first property rating is based on your needs.

43. An application as claimed in any one of claims 38 to 42, wherein the second property rating is based on property characteristics and money value.

44. An application as claimed in any one of claims 38 to 43, wherein the second property rating is based on your needs.

45. An application as claimed in any one of claims 29 to 44, wherein rating characteristics and/or criteria are those disclosed in WO2007003402.

46. An application as claimed in any one of claims 38 to 45, wherein the first monetary value is a control value and the first property rating is associated with the control value.

47. An application as claimed in claim 46, wherein the control value is based on historical data of similar properties.

48. An application as claimed in any one of claims 38 to 47, further comprising determining a likely selling price of the property.

49. An application as claimed in any one of claims 38 to 48, wherein at least two of the ratings are displayed on a linear scale.

50. An application as claimed in claim 49, further comprising displaying a property, price, position characteristic evaluation relative to each rating.

51. An application as claimed in claim 49 or 50, further comprising displaying a your needs characteristic evaluation relative to each rating.

52. Apparatus adapted to rate a property, said apparatus including: - processor means adapted to operate in accordance with a predetermined instruction set, said apparatus, in conjunction with said instruction set, being adapted to perform the method as claimed in any one of claims 1 to 28.

53. A computer program product including: a computer usable medium having computer readable program code and computer readable system code embodied on said medium for operating in conjunction with a data processing system, said computer program product including: computer readable code within said computer usable medium for enabling operation of a method as claimed in any one of claims 1 to 28.

54. A method as herein disclosed.

55. An apparatus, application and/or device as herein disclosed.