ExactBid launched our Platform Integration initiative in Spring 2017 seamlessly integrating three of our solutions - RIMS, RIMSCentral and Narrative1. A new concept for our industry - Platform Integration signals a long overdue restructuring of the CRE due diligence process.
What is important to know is that with Platform Integration the due diligence steps between lender and appraiser remain the same. All that changes is that previously manual tasks are now completely automated leading to unprecedented efficiencies for lenders and commercial appraisers.
Even though the appraisal process remains the same, this is an extremely important step forward for the commercial real estate industry because for too long we have accepted operating with manual processes and the lack of a data standard. Platform Integration is the first ever integration of a commercial real estate appraisal management and appraisal software platforms, improving the way lenders and appraisers collaborate.
If you’re a lender, imagine receiving a full and complete data set where you can report off CAP rates, NOI and EGI with the touch of a button to analyze trends and risk across your portfolio…
Subject property data now flows automatically between lender and appraiser further simplifying the commercial appraisal process and providing increased efficiencies to all parties. Sounds simple enough, right? And it is, but there are some crucial points we want to make to help the CRE industry better understand what Platform Integration means for lenders and appraisers. Here are three things we want you to know about Platform Integration…
1. Platform Integration is not a product for sale.
Let’s clear this up once and for all – you do not need to purchase Platform Integration. It is a initiative introduced by ExactBid and not a standalone product. Platform Integration is a feature built into RIMS, RIMSCentral and Narrative1. It is not an “add on” feature that customers need to purchase either.
Does this mean if you’re a RIMS customer you need to purchase Narrative1? Absolutely not! RIMS customers who want take advantage of Platform Integration and its many benefits DO NOT NEED to purchase Narrative1. If you’re a new RIMS customer (purchased RIMS after April 18th 2017) there is absolutely nothing you need to do take advantage of this feature. This feature is already enabled for you. You’re ready to go!
But what if you’ve been a RIMS customer since before April 18th 2017? There is one tiny step you need to take to enable Platform Integration. Contact RIMS customer support to get your Lender Profile Setting turned on. Done!
The same applies for Narrative1* customers. Commercial appraisers using Narrative1 DO NOT need to purchase RIMS (or RIMSCentral) to take advantage of Platform Integration. If you are a new Narrative1 customer (purchased Narrative1 AFTER April 18th) there are no additional steps you need to take. You are all set to take advantage of Platform Integration.
If you are a commercial appraiser and have been using Narrative1 since BEFORE April 18th 2017 there is one small step you need to take. Contact Narrative1 support to get Platform Integration enabled for your Narrative1 subscription.
If you have any questions on the above information, I encourage you visit the ExactBid Support Page on our website and contact RIMS or Narrative1 support (depending on which solution you use).
The most important point is that there is no purchase necessary to take advantage of Platform Integration if you are a current customer of RIMS or Narrative1.
2. Platform Integration improves data accuracy and provides a complete and accurate data set across all appraisals.
The commercial real estate industry has managed for too long with extremely unstructured and manual due diligence processes. Commercial lenders and appraisers have operated in a fragmented community in which no one data standard has emerged. Because of this, lenders and appraisers regularly encounter data quality errors and incomplete information increasing friction in the workflow and market.
What our Platform Integration initiative does is automate the flow of subject property data between lender and appraiser preventing input error on both the lending and appraisal side. Lengthy appraisal reports are no longer manually entered reducing errors and improving data quality. Lenders and appraisers do not have to worry about keystroke errors or receiving incomplete appraisal reports anymore.
Lenders using RIMS and appraisers using Narrative1 will receive a complete and accurate data set across all appraisals.
3. Platform Integration gives commercial appraisers a new marketing opportunity.
Commercial appraisers are constantly competing for business and looking for ways to set themselves apart from the rest.
Speed-to-market has never been more critical and unfortunately it is not enough to have a prior business relationship with a bank.
Appraisers are competing with dozens of other appraisers on any given banks’ vendor panel – all offering the same price and promise. To a bank trying to close more business, most appraisers look the same. Lenders want a high quality, compliant report in the shortest amount of time. It is becoming increasingly difficult for commercial appraisers to market themselves to lenders without spending money on advertising or wasting time cold calling.
With Platform Integration, a commercial appraiser using Narrative1 has a unique opportunity to market themselves to RIMS lenders. A commercial appraiser using Narrative1 will appear with a “Data Set Certified” Icon next to their name in RIMSCentral and in RIMS.
What this means is that a lender searching for a commercial appraiser will immediately recognize the Narrative1 user by the above icon and therefore know that by doing business with that commercial appraiser they will receive a more accurate appraisal report and they could save between 30 to 45 minutes per appraisal. When up against all the other appraisers on a panel who do you think the lender will choose? The commercial appraiser who is going to save them time and provide a more accurate report? Or the other one? And who do you think they will continue to give business to?
Platform Integration provides a simple way for commercial appraisers to increase their visibility in the marketplace to set themselves apart from everyone else.
Time savings and greater efficiency for both appraisers and lenders are critical benefits of Platform Integration. Banks can look forward to higher levels of data accuracy and complete data sets. Appraisers save significant writing time per appraisal report. Ultimately, Platform Integration's smart, collaborative features simplify the due diligence process and enable easier risk assessment.
If you retain just three pieces of information about Platform Integration, let them these...
1. Platform Integration is a feature connecting three ExactBid solutions.
2. Platform Integration improves data accuracies for all parties in the CRE due diligence process.
3. Platform Integration gives commercial appraisers using Narrative1 a competitive advantage.
Contact ExactBid today to learn more about Platform Integration and how you can transform your appraisal process to access more accurate data and save significant time.
*Platform Integration is only available for customers on the N1Web Platform. If you are a Narrative1 Classic customer, contact Narrative1 Support to discuss your options for migrating to N1Web.
**Image from Shutterstock.com