A Customer Success Story with The Appraisers Group

Webinar Recap
Jeff Weiner

Jeff Weiner

CEO & Co-Founder | Transforming Commercial Real Estate Valuation | B2B SaaS Product Innovator | Creating Amazing Software from Zero to Scale | Longevity Enthusiast

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Realquantum in Action: A Customer Success Story with The Appraisers Group - Webinar Recap

Realquantum is dedicated to helping appraisers advance in their careers day-to-day by delivering essential information on important topics, and relevant news, and providing useful tools to streamline their workflows. 

In this installment of our Highest & Best Use Webinar Series, Jeff Weiner, CEO and Co-founder of Realquantum, was joined by Marcus Johnson, Vice President, Partner at The Appraisers Group (TAG). Whether you want to reduce manual errors, save time and money using fast and reliable tools or simply want to learn more about the power of commercial real estate appraisal solutions, this webinar is a must-watch. You will gain valuable insights into the world of successful software implementation, leaving you with a better understanding of how to overcome common obstacles and achieve your own business goals. Read our recap below and watch the full webinar here.

Below, read more information from Marcus Johnson on:

  • Why TAG used Excel Spreadsheets before switching to Realquantum?
  • What prompted TAG to change its current processes and then select Realquantum?
  • What worked well and what presented difficulties when switching to Realquantum?
  • Ways TAG’s business has evolved since the implementation.
  • What Marcus advises other appraisal firm owners to think about when it comes to selecting or implementing CRE Appraisal Software. 

 

Why TAG used Excel Spreadsheets before Switching to Realquantum?

Marcus describes TAG’s previous system of using an Excel spreadsheet and a Word document to generate reports on comparable rents and sales. Their team would cut and paste data from Excel into Word and integrate output from a database. “…basically, you’re cutting and pasting a lot of data from Excel into Word. And then you’re integrating the output of the database. If you’re looking for comps, it would spit out an Excel-based list, like a summary of those comparables, and spit out a Word-based doc, that is kind of a cell sheet, with the pertinent data and a photo.”

Marcus and his team at TAG also had difficulty maintaining a central database for cap rates and expense comparables. They had to manually update and gather data from various reports, which they found to be an inefficient process.“We also struggled with having a central database for cap rates for expense comparables, which I would end up updating quarterly and maintaining, culling this data from reading through all these reports and putting them into one central place. So you know, it’s not a great way, it’s a very inefficient way, especially in hindsight…”

 

What Prompted TAG to Change its Current Processes and then Select Realquantum?

TAG found the previous process to be inefficient and lacking consistency. They wanted to integrate the report-writing aspect with the comps database and have a central database for cap rates and expense comparables.

Another reason TAG switched to Realquantum was due to not having a consistent-looking appraisal output. “I think having a consistent looking output was important too, because when you have different appraisers with different capabilities and styles, you know, you look at a report and see how this font is different here, or this is bold, etc. This inconsistency in formatting was something that I think we thought about a little bit, but weren’t realizing.” 

 

What worked well and What Presented Difficulties when Switching to Realquantum?

The migration process to Realquantum was slower than expected due to inconsistent data entry in certain fields. TAG migrated to Realquantum incrementally, starting in early 2021 and completing the migration by mid-2021. About half the people were trained within a few months, but some individuals were resistant to the change or had questions. Marcus asserted he finds it more efficient to use Realquantum.

The Realquantum team worked hard and any issues were quickly fixed. Some fields had to be added or cleaned up during the migration, but Marcus mentioned that it was not a big deal and mostly involved adding information that was not previously in their database. Overall, the migration was successful with very few issues. Furthermore, the data post-migration was much cleaner and therefore more useful than before.

Jeff mentions that TAG’s implementation process taught the Realquantum team much about their software, including where to add new fields, automation, and ways to make the transition process smoother for other clients. 

 

Ways TAG’s Business Has Evolved Since the Implementation

It’s been two years since TAG implemented Realquantum, and Marcus mentions that “it’s been a noticeable reduction in how long it takes to do an appraisal.” Now, Marcus and the TAG appraiser team use Realquantum and see advantages in the consistency, availability of a cap rate database, and a well-organized, accessible, and consistent expense-comparable database. “So you know, on top of effectively doing your reports faster than I used to be able to do them, they’re more consistent, and they have better data in them.”

Marcus also mentions the use of Realquantums primary templates to fill in certain fields quickly with prepopulated data and decrease the amount of narrative and text that was found on their valuations prior. “…for example, you might enter something about the landscaping or something about the mechanical systems that you can fill in with, you know, four or five things that come up all the time. And that makes it a lot easier.” 

 

What Marcus Advises Other Appraisal Firm Owners to Think About when it Comes to Selecting or Implementing Realquantum’s CRE Appraisal Software

Marcus acknowledged “While Realquantum is designed to accommodate a lot of different scenarios, can’t expect it to accommodate every single little thing. But I think that overall, we do a lot of different property types for many different users. And we felt that it works pretty well for us.” He also mentions how they easily add their own templates if necessary. Time savings are noticeable after a few months of use, and with proper training, most people can understand it well. 

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