CARS USE IN THE LIFECYCLE OF COMMERCIAL REAL ESTATE

User	Process	CARS Engagement	CARS Data Population	CARS Deliverable	CARS Shared With
owner	Owner uses CARS periodically to update commercial values. Owner of commercial asset looking to sell.	Owner or their representative completes evaluation to determine possible pricing.	Owner confirms subject data correct, uploads historical and budget income and expenses, selects sale and rent comparables, provides proforma capitalization analysis.	1.Evaluation 2.Mark-to-Market	Owner keeps their property values updated real-time. Owner shares CARS file with one or multiple brokers to determine which broker is going to represent seller.
Broker	Broker to list property for sale.	Broker completes evaluation to determine possible pricing. Assembles offering memorandum / package.	Broker confirms comparable sales and rents, provides income analysis and projections.	1.Broker Price Opinion 2.Purchase Offer for Buyer 3.Marketing Package 4.Offering Memorandum	Broker shares CARS file with multiple buyers / investors. Buyers / Investors modify CARS and submit revised shared files to broker. Broker and Owner / Seller can then evaluate Buyer / Investors underwriting criteria to determine probable buyer and help Buyer / Investor modify underwriting to be winning bidder.
Buyer / Investor	Prospective buyers / investors looking to purchase commercial property.	Buyer / Investor modifies CARS for buyer’s specific underwriting criteria. Submits to broker modified CARS application as buyer / investor’s offer.	Buyer / Investor modifies comparable selection, modifies income analysis to fit Buyer / Investor’s underwriting requirements.	1.Underwriting 2.Offering Package	Buyer / Investor shares modified CARS file with selling broker. Winning Buyer / Investor shares file with Tax Consultant, Property Manager and/or Portfolio Manager.
Lender	Buyer or owner looking to refinance, shares CARS file with Lender.	Lender underwrites the historical performance of the commercial asset, and can evaluate the 12 month to 10 year proforma projections of that asset.	Lender makes any modifications relative to loan underwriting criteria and can evaluate property projected performance with loan in place.	1.Loan Committee Package 2.Preliminary Underwriting 3.Portfolio Performance / DCF 4.Appraisal Review	Lender shares file with appraisers, analysts and loan committee. After appraiser completes appraisal, lender’s review appraiser uses CARS to complete review.
Appraiser	Appraiser uses CARS to complete appraisal or evaluation.	Appraiser completes appraisal in hours versus weeks.	Appraiser selects sale and rent comparables, provides proforma capitalization analysis and if necessary, discounted cash flow analysis.	1.Market & Feasibility Study 2.Evaluation 3.Appraisal 4.Rent Study	Appraiser sends PDF of appraisal and shares CARS file lender’s review appraiser.
Tax Consultant	Buyer / Investor engages tax consultant to manage future real estate tax liability.	Tax Consultant accesses CARS and provides Uniform & Equal and Appraisal for tax protest purposes.	Tax report preparation completed in less than one hour, versus days in historical applications.	1.Uniform and Equal Report 2.Tax Analysis – New Purchase 3.Appraisal	Tax Consultant shares CARS file with owner, who then sends CARS files to property manager, asset manager and portfolio manager.
Property Manager	Property Manager manages the current and proforma financial modeling of the commercial asset.	Property Manager moves budgets to historical and adds new budget information as new bids for expenses / services are obtained.	Historical and budgets line item income, occupancy and expenses can be compared to other competitive properties. Property Managers can then move efficiencies to decrease expense line items as comparisons are made.	1.Budgets 2.Track Historical Expenses 3.Analyze Competition – Occupancy, Income and Expenses 4.Mark-to-Market / Book Value	Property Manager shares CARS file with owner with shared ‘real-time’ updated access.
Portfolio manager	Portfolio Manager aggregates individual CARS files into a Discounted Cash Flow template aggregating all assets	Portfolio Manager views portfolio performance through roll up of individual assets.	Both income analysis and sales comparison analysis can be rolled up into the portfolio analysis.	1.Predictive Analytics 2.Discounted Cash Flow	Portfolio Manager shares CARS ‘real-time’ values with shareholders and owners.
Cmbs Analyst	Analysts can then quickly update valuations, with efficiencies and confidence.	Analysts can then update property performance and analytics.	Both income analysis and sales comparison analysis are used for updating valuations.	1.Property Contact 2.Sale Comparables 3.Evaluation 4.Predictive Analytics	Analysts shares CARS with senior executives.