No. 1 Selling Comp
Database Software
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Additional Services Available
Too busy to create your own templates? We're here to help.
We now offer services to create your custom templates for use with our appraisal generating software, EDGE©.
Interested? Please contact Sarah Razai at (813) 221-0703. She will be happy to help. |
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Are You Current?
Please make sure you are running the current 5.2.11 version of DataComp©.
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DataComp©
Additional Services Available
Need more custom fields in DataComp© but don't have the time to set them up? We now offer service to set up your Custom Tabs for you. The price varies depending on how many fields you want configured.
Don't forget...you can also contact us about setting up your DataComp© custom outputs for both Word and Excel.
Interested? Please contact Sarah Razai at (813) 221-0703. She will be happy to help. |
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For more information on realwired!© Products and Services, please call
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APPRAISAL BEST PRACTICES
by Jeff Hicks, President,
The Dohring Group/realwired!©
We have been gathering best practice tips for over ten years from the best appraisers in the country and now we'd like to share them with you. |
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Appraisers Rock
What? I bet you've never seen those two words together. But think about it, who comes to mind as the most knowledgeable commercial real estate professionals? You probably think of top-tier brokers, mortgage bankers, REIT managers, lenders, etc.
Appraisers are probably the most knowledgeable of anyone in this vertical market, yet often times they are not in the spot light. Arguably, most appraisers do not capture headlines or close big deals. Some get quoted in trade journals or newspapers, but that's a minority.
For example let's say you have an anchored shopping center in the suburbs. Here is a brief list of questions that an appraisers might bring to someone's due diligence:
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Do the local tenants plan a middle of the night exodus due to onerous CAM charges?
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If the anchor space goes dark, do the local tenant's leases allow them to walk?
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Are there any planned road widening projects that might affect the center's access?
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What affect does the quality of the tenant base have on the cap rate?
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Are the lease stipulated rent increases and CAM calculations being charged and collected consistently?
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What is the probabililty of renewals for the important or larger tenants at rollover?
While these questions are not particularly novel, most commercial real estate professionals never think to ask. Asking questions, lots of questions, are one of appraisers best traits. Analyzing a property to the 10th degree can be overkill for some, but truly insightful for many involved in the commercial real estate process. I recommend hiring the top appraiser in your area for due diligence, mortgage work, consulting, tax appeal, property repositioning and a slew of other helpful things.
If you have an appraisal "best practice" you would like to share, please forward to Sunda@realwired.com. If your best practice is selected, your name and company will be showcased. |
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DataComp© Tip
Margaret Thatcher once said, "Being powerful is like being a lady. If you have to tell people you are, you aren't." You may be wondering what this has to do with DataComp. I am not sure either.
I think it might have something to do with how many software firms exaggerate their product as the best in the world, best of breed, enterprise class and other meaningless jingo.
DataComp is a great product in our opinion. But let's face it; DataComp could be viewed as a "meat and potatoes" application that allows commercial appraisers to input, arguably, their most valuable data...their comparables. Not a lot of glitz or glamour, but intuitive business logic and consistency of design. It does one thing, and we think it does it well...comp management.
There are other products on the market that in addition to comp management, provide report writing, invoicing and report tracking systems. Nothing wrong with this one-stop shopping approach. However, sometimes you can be like those cheesy 4-in-1 inkjet printers...you know the kind that fax, copy, print and scan. Maybe it's just me, but irrespective of the brand, I've found these devices to be problematic with poor driver support and numerous random problems. In the end I felt bad throwing them into the landfill, but I got too frustrated trying to get all four of my features, much less one of them, to work.
So if you're looking for a database to manage your comps, including direct printing your comps into Word, your adjustment grids in Excel and creating comp maps in Delorme Street Atlas USA or Microsoft Streets, consider DataComp.
Software claims are fun to read in a trade magazine but listen to what other appraisers are saying about DataComp. We would like to say DataComp is the best comp management software in the world, but what would Ms. "Iron Lady" Thatcher think? |
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INSIGHTS
Fact: The quality of any product is what the client says it is. Do you know what your clients are saying about your appraisals? Many appraisers don't. Some feel that they are impartial purveyors of the art of appraising and independent of having clients.
The smart money is on those appraisal firms that recognize that they do indeed have clients. These are the folks that focus much of their efforts on continued and incremental improvement of their appraisal product.
One great way to achieve that goal is consistent appraisal product with report writing software that facilitates professional presentation, excellent analysis and freedom from typos. These are just one of the many benefits of automating your appraisals.
Our commercial appraisal report writing software EDGE is super easy to setup and use. That is not to say that EDGE is perfect. It is not. No software is. However, I can't tell you how many appraisers I have talked to that use NO report automation at all, not even basic stuff like Word bookmarks and Excel macros.
I think 2009 is the year that you should throw the "copy and paste" methodology out the window. The perfect application will never come and quite frankly, too many bells and whistles with every feature conceivable to man will end up on your shelf - guaranteed. Waiting for this celestial coalescing of the perfect code married with infallible business logic is unreasonable and does not do a thing for your clients...you know, the people that give you money. | |
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