Case Study: Forbury X Cromwell
Cromwell gained consistency and reduced risk
Forbury spoke with Lachlan Stewart from Cromwell Property Group about property, valuation software, and how business was progressing since using Forbury Commercial.
The (Forbury) product's ease of use and scalability, using the excel base, allowed for a level of customisation in the outputs that could be easily adapted to the evolving business needs.
LACHLAN STEWART, ASSISTANT FUND MANAGER - CROMWELL PROPERTY GROUP
Like many commercial and retail valuers, Lachlan and his team were looking for a solution that was transferrable within the organisation and a reliable model that integrated into their business seamlessly.
Before working with Forbury, Cromwell used a myriad of Excel documents built in-house by individual valuers. Cromwell began working with Forbury Commercial and Lachlan recalls;
“A focus for us was to have a consistent modelling approach on assets, and between the team, to provide comparable outputs to access new opportunities and the existing portfolio.”
Lachlan undertook thorough research and exploration of options on the market. Forbury took Lachlan through a demo prior to purchase and asked him what made Cromwell Property Group choose Forbury. He said;
“The product's ease of use and scalability, using the excel base, allowed for a level of customisation in the outputs that could be easily adapted to the evolving business needs.”
Forbury is the market leader in APAC, used by around 140 real estate groups completing over 600,000 valuations and feasibility studies a year.
The Forbury suite (Forbury Commercial & Forbury Retail) meant Cromwell could transfer from the models they had built in-house and take the team onto a standard system across the organisation. Excel provided enough familiarity for the Cromwell team to intuitively work with the Forbury system and get up and running easily. Full integration to the Forbury model has reduced the risk within the business because all staff are working on a fully supported and progressive modelling tool. Implementing Forbury enabled Cromwell to remove ‘key person’ risk from the business.
Cromwell has valued Forbury’s focus on innovation and continual development. The Cromwell and Forbury teams work closely together to continually develop the product for Cromwell’s specific needs. Lachlan acknowledged that the engagement with Forbury’s developers is a notable difference. The ability to work closely with Lachlan's industry expertise helps the Forbury team understand the nuanced and bespoke requirements of the Cromwell group.