Getting a clear picture of the lifecycle returns of build-to-hold commercial real estate projects can be tough. Thankfully, things have changed.
Armed with Forbury Develop commercial developers will be able to ditch the complex and unwieldy spreadsheets many currently rely on to generate valuation estimates. Error prone and and with workflow inefficiencies, such spreadsheets have long been recognised as a risky option.
In many cases, developers have also been relying on assessment tools that were initially designed for residential projects. They had then been forced to tweak them to take into account the much more complex world of commercial developments.
The end result? The estimates being produced often missed the mark, causing potentially significant budgetary problems. That's not good when projects are running into the millions of dollars in costs.
"We started by undertaking a deep analysis to gain an understanding of what our customers required to overcome these challenges. Armed with this insight, we released multiple versions of the new platform and showed them to our technical and product teams. Their feedback was then used to guide further development."
Ruth Hitter, Product Manager
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Are professional valuers set to find themselves superseded by machines? At this stage, the answer is both 'yes' and 'no'.