Orlando, FL, April 22, 2016 --(PR.com
)-- Homequant, Inc. is pleased to announce the launch of its CRE-Office, a revolutionary Office Valuation App. Its internal algorithm can be applied to a lone property or en masse to produce excellent “Quick Look” values – from Trophy to Class A, B or C office classes – without having to enter any accounting data leading to the Net Operating Income or Cap Rates. All one needs to know is the sub-market the property is located in, an approximate rentable area and a few general characteristics that can easily be gathered by looking at the property online.
The introduction of Homequant’s CRE-Office App makes it now possible to value an entire skyline of any major city in the world in matter of days. Of course, the App does more than just city skylines; it’s equally equipped to value CBD peripheries and immediate suburbs.
They also understand that all Class-A, B and C Offices even in a given sub-market are not monolithic; instead, each class is highly diverse within its own universe causing wide variations in valuations. Consequently, they break down each Office Class into three sub-classes: Max, Mid and Min. The users are, therefore, required to specify if their subject is the Best in Class (Max), Mid-range (Mid) or Lower-end of the Class (Min), thus helping define each property more precisely, resulting in more accurate and uniform values. Additionally, nine property characteristics variables are provided to further fine-tune all subject values.
In short, their invention first helps specify the subject at the Sub-market and Office sub-class level, leading to the property-specific Rentable SF as well as the aforesaid nine property characteristics, thereby producing a highly accurate value at the property level.
Even if all nine characteristics questions are unknown to a user, s/he will be able to value the subject as long as the sub-market, office sub-class and rentable area are supplied. Of course, their system will produce more accurate values if more characteristics questions are meaningfully answered. Obviously, someone who answers all nine questions will receive more reliable and accurate values than someone answering only three characteristics questions randomly. For example, since mid and high-rise buildings in CBDs are often more valuable with retail components at the ground level than their counterparts without the retail, simply specifying the proper answer to the ‘Retail’ question would produce more realistic value.
No doubt, the fact that the user-inputted subject data and the resulting valuations are not stored anywhere in their system will provide high level of confidence and relief to the users in the sense that their activities are not being watched, nor are their values secretly warehoused.
The efficiency lies in the uniform implementation of their underlying valuation algorithm. In fact, their tests show an Office property – whether Trophy or A or B or C, with the aforesaid data available – can be valued in less than 60 seconds, making it the greatest “Quick Look” individual and mass office valuation system ever.
Their app is currently available in Android (in Google Play, select Apps and then search CRE Office) and soon in Apple iOS. A total of 46 major US and Canada Office markets (as of this release), including Manhattan, Boston, Chicago, Cleveland, Dallas, DC, Los Angeles, Miami, Minneapolis, Portland, San Francisco, Seattle, Toronto and Vancouver are currently being covered and many more markets around the world will soon be covered. In fact, any major market with a skyline is their perfect target market.
Needless to say, their invention is productive to users, either way – whether one needs to value a single subject property on-the-go or one who needs to value a group of similar or dissimilar properties quickly on desktop.
Their invention will immensely help potential investors – who are evaluating competing properties – get quick values from their system, thus narrowing their choices down to the finalist’s requiring professional appraisals. It will help commercial researchers, portfolio managers, appraisers and assessors to sample portfolio pricing, without having to resort to full work-ups and/or outside appraisals. It will help the commercial real estate attorneys representing clients on assessment-related grievances as they can quickly evaluate the merit of each case, a priori. Last but not least, since their invention works uniformly across all major markets, national investors, attorneys, hedge funds, REITs and appraisal houses will increasingly depend on their system as the go-to quick and first-look valuation system due to its speed, consistency, accuracy and uniformity. In a nutshell, their invention will revolutionize the office valuation market by adding the “Quick Look” valuation piece hitherto missing.
The President of Homequant recently explained this addition to their product suite: “With the launch of the Office Valuation App, we are proving our commitment to the property valuation industry as a whole. We continue to show the valuation world how to achieve more with less. For instance, unlike the competition, we do not store the subject population; instead, we let our users simulate their subjects considering they know their subjects the best. Anyway, as we add more international markets to our repertoire, I have no doubt that professionals around the world will be depending on our system as the go-to first-look valuation system.”
If you’d like more information about their websites, or to schedule an interview, please email them at: Homequant@gmail.com.