redIQ Introduces SmartMap+: Expedited Mapping of Operating Statements
redIQ Introduces SmartMap+
Expedited Mapping of Operating Statements
redIQ has released SmartMap+, a significant upgrade to its operating statement uploading process. SmartMap+ allows multifamily investors, brokers, and lenders to upload operating statements without manually mapping account codes to their chart of accounts.
By automating the mapping of operating statements, SmartMap+ saves time and reduces the possibility of human error. With color-coded confidence ratings assigned to each mapping, users can conduct a quick visual review to determine if a given upload requires further attention. When receiving operating statements from new sellers, deal teams can quickly view and correct anomalies and errors and move on to the rest of the underwriting process. More than 600 firms rely on redIQ to run their analysis of multifamily properties daily. SmartMap+ users receive deeper value from redIQ features that rely on accurately mapped operating statement data. These features include Comps, support for below net operating income line items, and proforma vs. actual comparison functionality.
The improvements delivered by SmartMap+ have consistently been a top request from redIQ clients. “SmartMap+ is designed to greatly improve efficiency in the underwriting process, and we were successful in accomplishing that goal,” said redIQ’s Director of Product Management, Howard Berends. “The feature works extremely well and has already made my underwriting process much more efficient,” said Sean Hoffman, a Financial Analyst at Berkadia Real Estate Advisors in Philadelphia. Brad Biddle, an Associate Director of Mortgage Banking in Berkadia’s Portland office, has begun to rely on the feature and stated: “I’ve been very impressed by the accuracy of SmartMap+. Another great update from redIQ!”.
The real estate industry has traditionally lagged others in adopting technological solutions. That behavior has evolved, with firms increasingly reliant on digital solutions for everything from deal sourcing to deal management in an effort to gain a competitive edge. redIQ differentiates itself from competitors as the system allows multifamily professionals to conduct their financial due diligence in less time from the earliest stages of the acquisition process through the hold period, all in one place.
If you are a redIQ user and you would like to learn more about this feature and uploading operating statements in redIQ, you can read our SmartMap+ FAQs or contact your Customer Success Manager. Not a redIQ user yet? Use the form below to sign up for a demo of the platform today.
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For over ten years, redIQ has provided a comprehensive and dependable underwriting service for multifamily acquisition teams, brokers, and lenders focused on mid and large-size assets. redIQ’s solutions lead the industry and support the full underwriting process, from standardizing financial documents to producing a final valuation. With our system, analysis takes less time and decision makers can move forward with greater confidence. redIQ users can close more deals, produce better returns, and spend less time worrying about downside.