ResiModel: An Update
As described in our earlier review, ResiModel was a site created to cut down the ridiculous amount the work being done in the underwriting process for multi-family properties involved non-value add responsibilities, such as data entry.
In case you missed our previous review, ResiModel seeks to simplify the lives of brokers and buyers by accomplishing the following:
- Make the buyer’s job easier - Cut the buyer’s underwriting time by 50 percent by sharing property data in a standardized, electronic format
- Improve underwriting – Use ResiModel’s underwriting model to ensure consistent, accurate cash-flow projections firm-wide
- Demonstrate market knowledge - Build your own database of operating comps and inform your clients about the best practices
- Justify higher NOI projections – Provide per unit costs for comparable properties to substantiate potential cost savings
- Quicker, more accurate underwriting – Spending your time improving the quality of your assumptions, rather than managing models
- Place more successful bids – Compare operating data across similar properties to identify upside potential
- Receive deals in a standardized format – Cut underwriting time by 50 percent, enabling your team to analyze and evaluate a greater number of deals
- Eliminate the risk of human error – Prevent errors from accidentally being introduced by automatically generating each model from scratch
They have no plans on slowing down yet either, having recently announced a series of system updates that are meant to build upon ResiModel’s existing foundation, creating a site that not only makes the underwriting process more efficient, but an established platform for the facilitation of more multi-family transactions as well. Some of these recent updates include:
- A rent roll functionality now capable of identifying rent trends based on floor plans and renovation status. The new analytics should also aid users in distinguishing between rents for market rate and non-market rate rental units
- ResiModel’s modeling software has now been updated in include a new Excel “dashboard” ribbon that displays selected output and return metrics. Additionally, the model now includes an option that allows users to brand the models they create with their company logos
- Clients can now automatically incorporate newly received rent roll and historical operating data directly into their models with the click of a button, allowing them to spend time capitalizing on data instead of just compiling it
More information about pricing and setting up a demo for ResiModel can be found in our earlier review.
Interested in staying up to date with all of ResiModel’s latest news? Aside from checking this site for any updates with regards to new features, you can also follow their Company News Channel on The News Funnel.