We noticed a common theme: real estate professionals needed to quickly and confidently determine the value of commercial real estate assets. We set out to build a cloud-based, intuitive tool with the end-user in mind.
In 2003, we worked closely with the most successful valuers in the business to develop a model based on their exact needs. We worked hand-in-hand with the people on the ground to produce a tool to calculate all the variables at play, and we simplified highly sophisticated calculations to produce the right information. The outputs gave valuers the confidence to report to their clients. Working with valuers who are at the valuations coal face to develop the software is what set Forbury apart. The outputs are on-point, every time, because the original tools were built by valuers, for valuers.
Word spread about a new tool in the market. As these things tend to do in a close-knit Commercial Real Estate (CRE) community, demand for the product grew organically. In 2006, founder Steve Surridge continued to refine and develop the model. Demand inspired the base model to be aggregated and the licensing structure was born. The Forbury team began to form to support the growing client base. The success of the Forbury SaaS today can be credited to the decade-long incubation period in the market.
The success of the product was built on the merits of Excel. Familiarity and fast assimilation were the core strengths of the tool. The outputs, reliability and accuracy cemented the product in the market as the number one valuation tool for commercial valuers in Australia and NZ. In 2016, for the sake of scalability, security and maintenance, we retained the Excel interface and took the model to the cloud.
Our products continue to grow based on demand and user-requirements. Our ability to capture the CRE lifecycle means our products are beneficial for REITs, valuers and agencies. Our core Commercial tool was developed further to provide bespoke tools for Retail, Development and Portfolio real estate valuation. The Forbury product suite is deliberate in its design; the products continue to be developed based on what our customers need.
Our team members have backgrounds in financial modelling, corporate finance and product development. Our passionate group of coders, analysts, support staff and connectors continue to deliver Forbury products best suited to the market. We continue to work alongside real estate professionals to understand what they need, and every day we work hard to deliver it.