Faster CRE Appraisals
Some appraisers have completed 50+ narrative appraisals monthly on a consistent basis using this revolutionary software connected to data. Increase the profit margin of your appraisal firm from 5 to 10% to 30% or higher.
National CRE Database
Why is it so much faster? Simple, you start by pulling in subject information. Virtually all sales comps are in the system; use those selected with artificial intelligence or make your owner selection.
Used By Expert CRE Appraisers
Over 7,000 commercial appraisals were completed on CARS during the first year. Users include both appraisers new to the field (not many of those) and highly experienced appraisers, who were initially skeptical.
Commercial Real Estate Software and Data for Valuation
Free Trial Available – No credit card required
Reduce the cost to generate commercial real estate valuations, including narrative appraisals, by 50 to 80%. Reduce the time to complete narrative appraisals from one week to part of a day.
Some appraisers have completed 50+ narrative appraisals monthly on a consistent basis using this revolutionary software connected to data.
Increase the profit margin of your appraisal firm from 5 to 10% to 30% or higher. The owners of Enriched Data are all licensed appraisers with 25+ years of experience, including commercial and residential. Mike Miller, MAI and Pat O’Connor, MAI both have 20+ years’ experience running appraisal departments. We know the real margins for real appraisal companies (after a fair salary for the owner).
Commercial Assessment Reporting System (CARS) is unique. Mike Miller, MAI, Pat O’Connor, MAI and Ryan Lin, MAI worked on developing the CARS system; three highly experienced and designated appraisers.
CARS is only appraisal online-software linked to a national commercial real estate database; over 27 million commercial properties.
Why is it so much faster? Simple, you start by pulling in subject information. Virtually all sales comps are in the system; use those selected with artificial intelligence or make your owner selection. You do not need to type the sales comps. Same for land sales and rent comps.
Over 7,000 commercial appraisals were completed on CARS during the first year. Users include both appraisers new to the field (not many of those) and highly experienced appraisers, who were initially skeptical. Reduce time by 50%+? It sounds preposterous. But it’s true. And a trial is FREE. No credit card required.
Case Study: O’Connor
O’Connor is a large property tax consulting firm handling over 200,000 property tax appeals in 24 states annually. Their practice includes coordinating over 4,000 judicial appeals (lawsuits in district court). O’Connor engages outside experts who use CARS to prepare narrative appraisals for about two-thirds of these cases.
The experts retained by O’Connor use CARS (Commercial Assessment Report System) to complete reports for litigation, signed by an appraiser with the Appraisal Institute designation (i.e. Ryan Mill, MAI) for a cost below $500 per narrative appraisal. This is perhaps 20% of the typical pricing for a bank narrative appraisal, which requires a lower level of diligence than an appraisal for litigation. The average time to complete an appraisal is less than 4 hours; a dramatic time savings compared to the traditional method of using and Word and Excel combination.
The ability to obtain expert reports at 20% of what our competitors pay (or less) empowers O’Connor to coordinate judicial appeals for more property owners. For example, the average value of a property the subject of a Texas judicial appeal was $13,436,335 (for accounts settled in 2018).
Because of the cost efficiencies of appraisals and other factors, O’Connor is able to coordinate judicial appeals for commercial properties with a value in excess of $750,000, only 5.6% of the assessed value of the average judicial appeal. O’Connor’s competitors typically consider judicial appeals for properties starting at $5,000,000 to $10,000,000. The efficiencies of CARS are an important factor in allowing O’Connor to more aggressively represent their clients by challenging more accounts through the entire appeal process.
