Functional requirements of Property Valuation System with non-functional
Projects Inventory
Functional Requirements
User Management:
Registration & Authentication: Allow users (appraisers, real estate agents, clients, and administrators) to create accounts, log in, and manage passwords. Support multi-factor authentication for added security.
Role-Based Access: Provide different roles with specific permissions (e.g., Admin, Appraiser, Client) and functionalities based on their responsibilities.
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Property Management:
Property Data Entry: Enable users to enter and manage property details, including address, type, size, age, and features (e.g., number of bedrooms, bathrooms, garage).
Property History: Maintain records of property history, including previous valuations, ownership changes, and transaction history.
Valuation Methods:
Automated Valuation Models (AVM): Implement automated valuation models based on algorithms and historical data to provide initial property estimates.
Comparative Market Analysis (CMA): Allow users to perform CMA by comparing the property with similar properties recently sold in the area.
Income Approach: Support valuation based on the potential income the property can generate, useful for rental and investment properties.
Cost Approach: Enable valuation based on the cost to replace or reproduce the property, minus depreciation.
Data Integration:
Market Data: Integrate with external databases and sources for market data, including recent sales, property listings, and economic indicators.
Geospatial Data: Incorporate geospatial data such as maps, zoning information, and neighborhood statistics to enhance valuation accuracy.
Reporting and Documentation:
Valuation Reports: Generate comprehensive valuation reports that include property details, valuation methods used, comparable properties, and final valuation.
Customizable Reports: Allow users to customize reports based on specific needs or formats required by clients or regulatory bodies.
Client and Agent Interaction:
Client Portal: Provide a portal for clients to request valuations, track the progress, and receive completed reports.
Agent Portal: Allow real estate agents to manage valuation requests, view reports, and interact with clients and appraisers.
Analytics and Insights:
Market Trends: Provide insights into market trends, property value fluctuations, and economic factors affecting property values.
Historical Analysis: Offer historical data analysis for tracking changes in property values over time.
Admin and Configuration:
System Configuration: Allow administrators to configure system settings, including valuation parameters, user roles, and integration settings.
Audit Trails: Maintain logs of user activities and system changes for accountability and auditing purposes.
Non-Functional Requirements
Performance:
Scalability: Ensure the system can handle increasing volumes of property data, valuation requests, and user interactions efficiently.
Response Time: Maintain quick response times for data retrieval, valuation calculations, and report generation.
Reliability:
High Availability: Achieve high availability with minimal downtime to ensure continuous access to the system.
Fault Tolerance: Implement mechanisms to handle system failures and ensure uninterrupted service.
Security:
Data Encryption: Ensure encryption of sensitive data, including property details, valuation data, and user information, both in transit and at rest.
Access Control: Use robust authentication and authorization mechanisms to protect user accounts and data.
Compliance: Adhere to relevant data protection regulations (e.g., GDPR, CCPA) and industry standards to ensure privacy and security.
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Usability:
User Interface: Design an intuitive and user-friendly interface for easy navigation, data entry, and report generation.
Training and Support: Provide training materials and support to help users understand and effectively use the system.
Maintainability:
Code Quality: Maintain high code quality and follow best practices to facilitate system updates and maintenance.
Documentation: Provide comprehensive documentation for users and administrators, including user manuals, system guides, and API documentation.
Support:
Customer Service: Offer timely and effective support through various channels, such as live chat, email, and phone.
Help Center: Maintain a knowledge base or help center with FAQs, guides, and troubleshooting information.
Compatibility:
Cross-Browser Support: Ensure compatibility with major web browsers (e.g., Chrome, Firefox, Safari).
Mobile Responsiveness: Design the system to be fully functional on mobile devices, providing a seamless experience across platforms.
Backup and Recovery:
Regular Backups: Implement regular backups of data, including property details, valuation records, and user information, to prevent loss.
Recovery Procedures: Establish procedures for data recovery and system restoration to handle data loss or corruption.
Integration:
Interoperability: Ensure the system can integrate seamlessly with other real estate tools, financial systems, and government databases.
API Flexibility: Provide flexible APIs to accommodate various integration needs with external systems and applications.
Data Quality:
Accuracy: Ensure the accuracy and reliability of property data, valuation calculations, and reporting.
Timeliness: Provide timely updates to reflect current property values, market conditions, and system performance.