By: Michael Nadeau, Director of Ecosystem Strategy
I can remember the old way of doing a Commercial Real Estate appraisal.
It’s one of the reasons I’m now a “recovering accountant.”
The old way required several meetings and calls with the appraiser. On the owner/manager side, the accountants were involved. As were the property managers, asset managers, and portfolio managers.
An endless list of documents would be shared with the appraiser/valuation agent. The appraiser would then push this structured and unstructured data from disparate sources to junior staff who would compile and format it so that high-level analytical work could be completed.
There was lots of back and forth with the appraiser. First drafts would be completed and all the stakeholders would flip through 150-page documents to get comfortable with the inputs and outputs.
More back and forth.
Final drafts would be issued. More meetings. More flipping through long reports to find the underlying inputs. This was a months-long process.
What if we could automate elements of the data collection process? And what if we could use AI to extract unstructured data from disparate sources into a format for high-level, value add analysis right off the bat?
What if every number on the final valuation summary report could be easily clicked through to find the underlying source data?
The accountants, property managers, asset managers, and appraisers would probably be pretty happy.
They might even want to do it monthly instead of annually and change the liquidity profile of the asset.
Watch as Rob Skinner from Cushman & Wakefield explains the new way to appraise a Commercial Real Estate asset and how the Inveniam platform helps appraisers become more efficient while dealing with staffing challenges.