About the Project

Every day, hundreds of real estate appraisals are carried out for various purposes, sales, auctions, financing, etc. The predominant approach to the market value of real estate is the comparative one, which requires reliable comparative data from real transactions. Real estate sales prices listed in contracts do not always reflect reality.

As a result, most of the assessments, from which the wealth of citizens as well as the liquidity of businesses are judged, are made with comparative data from websites that present inaccurate and in several cases misleading data. It is not rare that the same property appears in different publications, with different surfaces and different prices and location (by the owner and the more than one brokers to whom he has assigned it) altering the statistical image of the areas.

It is known that the only ones who know the real price and the conditions of completion of transactions are Real Estate Agents. The sale price of a specific property is personal data and cannot be made public.

Flexice PC has Certified Trainers from the Center for Specialized REALTOR® Education of the NATIONAL ASSOCIATION OF REALTORS® and is the Statutory Education Provider of EPPA (Association of Certified Real Estate Agents of Greece).

Since 2013, it has trained according to BPOR (Broker Price Opinion Report) Standards more than 300 Real Estate Brokers who cover all the prefectures and almost all the cities of Greece.

As part of the investment plan, the Company in collaboration with the Aristotle University of Thessaloniki Research Organization, – Special Account for Research Funds / Photogrammetry and Remote Sensing Laboratory of the Department of Agronomists and Topographical Engineers (AUTH-Perslab) will design and implement a business intelligence platform in order to provides online services and tools to appraisers, real estate consultants and all types of industry professionals.

The main component of this platform will be the creation of a single Data Base of Comparative property sale and rental data which will be enriched by real data from users of the real estate industry. It will be designed in such a way as to integrate new technologies with the aim of securing personal data (Blockchain), creating algorithms for calculating value models (through Machine Learning technologies) and enriching the information with socio-economic elements of the areas of interest.

Realtors-feeders of the comparative data system will be registered after they are Certified.

Comparative data will be entered anonymously by the Certified users of the system and will be included in the Trusted List after being approved for correctness either by accredited appraisers or by a certain percentage or a certain number of certified members. Once the properties are approved to be included in the list they will be reduced to the reference property (Newly built & 1st floor instead of 3rd floor & 1978 etc.) through a special algorithm with the help of predefined weighting factors, and a token will be offered in return to the user who he added. All comparators that will pass through this approval and “anonymization” process will be the source of information for the creation of the spatio-temporal price model.

This information of the model will be available to potential third parties and in combination with the possibility of enrichment by Socio-economic characteristics will constitute the final product to be exploited. For their part, Banks, Funds, Appraisers and other third parties are the ones who as potential customers will use the business intelligence tools that the platform will provide.

In the field of real estate appraisals and exploitation, hundreds of real estate appraisals are carried out for various purposes, buying and selling, auctions, financing, etc. The predominant approach to the market value of real estate is the comparative one, which requires reliable comparative data from real transactions. Real estate sales prices listed in contracts do not reflect reality and cannot convey the truth.

As a result, most of the assessments, from which the wealth of citizens as well as the liquidity of businesses are judged, are made with comparative data from websites that present inaccurate and in several cases misleading data. It is not rare that the same property appears in different publications, with different surfaces and different prices (from the owner and the, more than one, brokers to whom he has assigned it) altering the statistical image of the areas. The address of the property is rarely published.

The platform that will be developed will be a tool for all those involved in the processes of real estate valuation and exploitation and will be designed to integrate new technologies with the aim of securing personal data (through blockchain technology), creating algorithms for calculating price models and enriching the information with socio-economic elements of the areas of interest.. The creation of such a business intelligence tool for the real estate sector will increase transparency and strengthen the tendency to create an “open” real estate market, and may be the initial practical example to be followed in terms of the benefits of sharing information following all the principles of Personal Data Protection.

The investment plan implementation process requires a methodological approach that covers the important planning and development pillars of such a project. Therefore, the methodological approach that will be applied must cover at least the following work units:

• EE1: Project Management
• EE2: Analysis, determination of technical specifications and design of the brokerage information management platform
• EE3: Detailed design and development of the “Real Estate Advisor Business Intelligence Network” platform with pilot data
• EE4: Integrating the information into the management platform – Pilot operation
• EE5: Publicity and dissemination of results

Then there is a detailed description of the Work Units, the Tasks, the Deliverables as well as the important milestones in each unit.