Situations and Challenges: Automatically estimate the closing price of real estate

The real estate portal, Zillow, described on the previous page, automates real estate price estimates. By posting the estimated price on the website, they attract customers to their website. In this tutorial, you will see how these price estimates are achieved by predictive analytics. The example is the price estimate of a house. The goal is to automatically estimate the closing price of a single house that has not been closed yet. Predictive analytics enables you to estimate closing prices by learning from past closing cases (See next page).

Using Predictive Analytics: Data-based Closing Price Prediction

• Prepare closing performance data (You will use sample datasets in the tutorial.)
• Using Easy Predictive Analytics, create a model that predicts prices from actual data
• Prepare the data of the property you want to predict and predict the closing price

Expected Effect: Automatic price prediction for large numbers of properties

• Once the property data is available, the closing price can be automatically estimated.
• You will be able to calculate the estimated price for the number of properties for which it was impossible for people to estimate the price.

Let’s do a price prediction with Easy Predictive Analytics!