8 Essential Features of Property Valuation Software
Property valuation software can be a very powerful tool for developers and investors, assisting with key performance indicators, modelling scenarios, and generating useful reports. However, not all software is made equal. Use this quick guide to determine the key features to look for when choosing property valuation software.
1. User Friendliness
Ideally, the software should be user friendly, with an intuitive interface that allows quick learning. User friendly software will save users considerable time, allowing investors to generate useful reports and conduct analyses from the first day. If the software is difficult to master, chances are the developers haven’t designed other aspects of the program with the user’s needs in mind.
2. Training and Support
Ongoing training and support allows you to stay connected with the developers and continue to get the most out of the software. While user friendliness helps you get started quickly, more complicated questions may arise as you become accustomed to the software. Good property valuation or real estate development software companies will always provide training and support in some form or another.
3. Ongoing Subscription
Availability of an ongoing subscription package indicates that the developer is in the business for the long term, and that the software is being continuously improved according to industry standards. Ongoing subscription for support and software updates is essential for ensuring that your software continues to generate value to you and match industry standards.
The types of inputs that the software accepts is another factor that can demonstrate the level of complexity in the software. A limited number of inputs indicates reduced modelling capability. Developers and investors will typically need to be able to enter as many inputs as is relevant and sufficient to allow accurate sensitive analysis and accurate modelling.
5. Sensitivity Analysis
For developers and investors alike, sensitivity and probability analysis is an essential facet of working out not just the feasibility of a project but also how to proceed in the context of changing circumstances or variations in inputs. It lends itself to a better analysis of how different elements or inputs relate to each other. This modelling capability allow investors to budget accurately for the future and conduct different scenarios.
Risk Analysis for Different Scenarios
Sensitivity analysis (or allowing users to input and see the results of different variations) is an important part of risk analysis and management. Investors and developers can ascertain how risky a project may be given certain factors in the environment and how they can act to mitigate these risks.
6. Ease of Reporting
Report generation is a very useful facet of any real estate investment software as it helps investors get quick snapshots of projects in one glance. This is particularly useful for larger and complex projects where developers or managers must stay aware of a huge number of variants. Report generation capacity can also help streamline the compliance and reporting process at the end of the financial year.
7. Licensing Options
Different licensing options can make the software more cost-effective for users, whether single or corporate group users. For example, concurrent access licences and floating network licence allows the software to be shared among a number of different users.
It’s very useful for investors and developers to have property investment software that integrates with finance systems or commonly used accounting or data programs. This can reduce input time and eliminate the need to enter data more than once.