These Three Analyst Annoyances are a Thing of the Past with FirstPass
These Three Analyst Annoyances are a Thing of the Past with FirstPass
Every multifamily analyst faces annoyances during underwriting, whether as an investor, a broker, or a lender. redIQ’s suite of multifamily analysis tools aims to trim that list of complaints, reducing the time, difficulty, and stress involved with getting an understanding of a property’s value.
With that in mind, redIQ has released our latest feature, FirstPass. This robust, back-of-the-envelope underwriting solution syncs your property data from redIQ, then factors in your assumptions to generate an instant valuation of the property. It means less time spent on deals that don’t pan out, a built-in sanity check, and an easy-to-understand interactive model.
No More Wasting Time on Bad Deals
No analyst has all the time they need. There’s deal intake, emails to write, and presentations to finalize, all happening in parallel. Moving away from a promising deal to do initial analysis on weak assets can be more than just disappointing. It can mean the difference between a productive day and working late into the night.
FirstPass means no more trade-offs between deal intake and getting a perfect deal over the line. It delivers the ability to decide whether an asset deserves a deeper look as soon as standardized deal documents exist in redIQ. Once it delivers an initial idea of the property’s value, it’s as simple as deciding whether to pursue it or return to a preexisting deal.
A Built-In Sanity Check
No one wants to realize they’ve made a simple Excel mistake in the middle of a pipeline presentation. Maybe an assumption was off, or critical work wasn’t saved properly, but whatever it was, it always feels terrible. The consequences can become worse than embarrassment. If no one catches a mistake, a bad investment can ruin a quarter or cause investors to lose confidence.
That’s why analysts check their work again and again … and again … using Excel, pen and paper, or whatever makes them feel confident they can sign off on their work. With FirstPass, redIQ offers a new and simple sanity check, built right into the underwriting process. If something seems off in FirstPass, it’s an alert to double–check assumptions and make sure deal documents are up to date. Once that’s finished, anyone who needs to access a deal can do so with the confidence that the analysis accurately reflects the latest data.
Better Manager Management
Every analyst knows the type: a VP or manager who does not have an analyst’s background. They might have a strong instinct that helps when designing portfolio strategy, but when it comes to the nitty–gritty of real estate underwriting, they’re not always up to speed.
Of course, VPs and managers have more skin in the game as their capital is on the line. While they might not have enough experience to get under the hood in a full model, FirstPass provides a robust but intuitive way for them to gain a deeper understanding of a deal, letting them kick the tires for themselves. Just point anyone who needs more details about a given deal to the pipeline manager and FirstPass will take care of the rest.
FirstPass: redIQ’s Latest Underwriting Solution
With FirstPass, anyone analyzing multifamily properties no longer needs to spend hours on bad deals. Trust FirstPass to deliver an accurate assessment of a property’s value based on standardized deal documents and customizable, user-input assumptions. With no additional work, analysts get time back, a built-in verification of their calculations, and an easy-to-understand model to share with all team members.
Beyond FirstPass, the redIQ platform allows multifamily professionals to extract and standardize data from rent rolls and operating statements instantaneously, gain insights into every property, and generate a comprehensive underwriting, whether with our model or their own. Our robust set of features includes floor plan summaries, cash flow analysis, data-driven, hyperlocal comp sets, preset assumptions, easy deal sharing, and more. redIQ will always provide our users, which include Blackstone, Greystar, and CBRE with better insights and faster underwriting, empowering them to make smarter investment decisions.
Sign up below for a look at FirstPass and the entire redIQ platform.
Request A Demo
See FirstPass in action and learn how redIQ can transform the way you analyze and underwrite multifamily transactions.
