In the realm of real estate appraisals, precision, and adaptability are paramount, especially when it comes to multi-family properties. Realquantum, the visionary force in real estate technology, has not only recognized this need but has also taken significant strides to address it. With an unwavering commitment to innovation, Realquantum has ushered in a new era of multi-family property appraisal with its groundbreaking features tailored to both regular multi-family and agency multi-family requirements.
We sat down with Dan Craig, Co-founder and COO of Realquantum, to delve into the intricacies of these cutting-edge features and how they are redefining the efficiency and workflow of appraisers. Here are his thoughts:
Complexities when Appraising Multi-Family Properties
Realquantum has adopted a comprehensive approach to appraising multi-family properties, catering to both regular multi-family and agency multi-family requirements. For instance, we incorporate detailed zoning descriptions that surpass typical standards, particularly crucial for agency multi-family evaluations.
Our focus on multi-family features is twofold. Firstly, we enable the tracking of unit breakdowns over time, accommodating transitions such as a property evolving from 40 one-bedroom units to 20 two-bedroom units. This functionality extends to capturing associated rent changes, addressing a limitation found in some older competitors’ systems.
Secondly, Realquantum empowers users with flexibility in expense analysis. Whether examining expenses at category or subcategory levels, we offer the freedom to delve into utilities on a granular basis. This feature extends to breaking down utilities like water, sewer, and gas, allowing for comprehensive analysis tailored to specific needs. Our approach to multi-family property valuation encompasses both intricate features and adaptable expense analysis.
Realquantum’s Agency Multi-Family Features
Realquantum’s Agency Multi-Family Features efficiently cater to the needs of government agency appraisers. For the vast majority, we’ve streamlined the process with new tables that distill comps into summaries by bedroom count. This eliminates complexities for most users, while a small percentage requiring in-depth analysis can still integrate their spreadsheets.
To further expedite the process, we’ve harnessed the power of our Software as a Service (SaaS) platform. This has been particularly beneficial for non-revenue units, where previously laborious manual entries have been replaced with a highly automated “non-revenue table”. This table leverages information already input into the rent roll with minium additonal entry required for rent discount and cateogory of the tenant. The results of this table can flow directly into the pro forma.
We recognize the significance of revenue trends in appraisals, and to simplify this aspect, we’ve introduced a feature that allows quick entry text. This feature saves time by providing pre-input text options that eliminate the need for repetitive typing. Appraisers can access an unlimited number of these pre-input text options, tailoring them to their specific needs.
Additionally, our content library stands as a testament to our commitment to efficiency. The library is robust, featuring the capability to create summaries enriched with charts and graphs. This is a dynamic tool that ensures consistency across a group of appraisers, as templates are controlled and updated centrally. This ensures that everyone has access to the most current and accurate descriptions.
Realquantum also offers a selection of starting templates, including those for apartments and general commercial properties. However, the customization doesn’t stop there. We’ve integrated content modules that allow for the reduction of template variations, which is especially valuable when dealing with different geographic locations and property types. This enables appraisers to tailor their approach while maintaining efficiency.
See these features in action with a free live demo.