Using GPS and GIS Technology in property valuation and real appraisal makes it easy to analyze economic benefits of one location over another or better make a justification to valuation comparable. It makes it easy to generate property maps, identify the spatial distribution of comparable(s) and analyze factors affecting valuation opinions.
GPS can be integrated with modern mapping applications to enable quicker identification of land locations, land area calculation, built-up area analysis and property perimeter measurements – all can be achieved on the computer system, no need for strenuous field work.
To make things simple, I have summarized distinct areas of GPS application in real estate decision making as follow;
GPS can help you pick location coordinate of a subject property. These coordinates can be plotted to satellite mapping application such as Google Earth, this plotting helps you generate a real life locational intelligence model about the property under consideration. visualization helps you determine various physical factors affecting property values in the identified neighborhood, it also helps you analyze proximity of your property to nearby comparable(s), and also equip you with the ability to say much about real estate investment neighborhood.
GPS affords you the ability to measure the proximity of a subject property to a major road, school, fuel station etc. Plotting GPS coordinate to satellite mapping application helps you generate satellite map of subject property – this map can be embedded in real estate appraisal documents or valuation report.
As a real estate broker/agent, you may be interested in identifying the location of properties, especially if the neighborhood under consideration does not have a proper addressing system. You can simply use a GPS receiver to pick the coordinate of a property under consideration. This coordinate can be plotted to mapping application for field navigation guide.
With the support of modern mapping application, you can integrate a GPS to visualize exact location of properties or examine the neighborhood characteristics of a given investment location.
As a real estate development consultant, GPS helps you understand where development projects are concentrated and also helps you visualize real estate development trends over time. It also helps you understand more about the locational intelligence behind real estate project neighborhoods.
If you have properties scattered all around the country and you do not have an idea of their exact addresses, you can use a GPS to pick the coordinate of your properties – these coordinates can be plotted to satellite mapping applications such as Google Earth – this application enables you to visualize
and keep a record of the spatial distribution of your properties around the country.
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