MRI Software Expands to Dallas!

MRI Software Expands to Dallas!

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We’re thrilled to share an exciting milestone! Earlier this week, MRI Software celebrated the grand opening of our office in Dallas, Texas. We’re proud to formally establish a flagship office in the region that represents our complete range of solutions.

The new Dallas office signifies yet another achievement on our path of continued momentum and growth. Since acquiring Dallas-based ResidentCheck in February, ResidentCheck services have become an integral part of MRI Software’s prospect and resident engagement capabilities. Our teams have been working hard to transition ResidentCheck screening services into MRI’s products.

Here is a sneak peak at the new home of MRI Software in Dallas:

MRI-Dallas-2MRI-Dallas

We look forward to personally serving our clients in the Dallas-Fort Worth area! The address to our beautiful new digs is:

Pinnacle Tower
5005 Lyndon B Johnson Fwy, Suite 225
Dallas, TX 75244
Phone: (800) 491-2580

If you have questions, please contact info@mrisoftware.com.

Global Real Estate Valuation Software for UK

Global Real Estate Valuation Software for UK

MRI Software’s Global Valuations for real estate continues to gain momentum with firms in the United Kingdom. The software is designed to do much more than value acquisitions, forecast cash flow, and accurately value complex commercial real estate assets. The revolutionary Valuations solution is engineered to simplify business processes, track valuation progress, and facilitate intercompany collaboration through MRI’s secure, web-enabled file sharing technology, MRI ShaRE.

At MRI, we’ve always been committed to providing flexibility and choice, even for commercial real estate valuations. That’s why our Global Valuations software is available in two deployment models depending on what works best for your business.

Desktop

This flexible solution is driven by a superior calculation engine capable of valuing the most simple to the most complex commercial assets over an unlimited time horizon. MRI Global Valuations supports all major geographical valuation standards, including term and reversion, hardcore, discounted cash flow (DCF), capitalization, and equivalent methods. The solution allows for multiple versions per asset, thereby supporting comprehensive side-by-side analysis at a lease, unit, and even account level.

SaaS

Did you know that MRI also provides a SaaS offering of our Global Valuations solution? The SaaS offering features all the same functionality of our desktop solution, plus additional features:

  • Central repository for asset and debt modelling functionality
  • Portfolio reporting and scenario modelling
  • Portfolio attribution analysis
  • Performance reporting (returns, IRR, XIRR, and more)

 

Valuation Advisory Board and UK Readiness

Over the last 18 months, MRI Software have been working with some of the leading UK investment institutions and service providers as part of a Valuations Advisory Board. The feedback from this group has been instrumental in ensuring our Valuations solution fulfills the requirements of the UK market. Collaboration between MRI and members of the Advisory Board has resulted in several key enhancements that are now available in the product today.

Additionally, MRI have been conducting invaluable Valuation Trials with institutions and service providers. The trials have proven the following with regards to MRI’s Global Valuations solution:

  • UK market-ready solution with a robust calculation engine for valuation service providers
  • Comprehensive suite of asset and fund modelling capabilities
  • Seamless integration via MRI ShaRE for browser-based collaboration

What’s in MRI’s latest real estate valuation software release?

We’re pleased to say that MRI’s latest release includes the following functionality:

UK Valuation Cost Schedule

A new Valuations Cost Schedule is available that reflects the costs considered in valuations and ignores costs that are forecasted after the reversion date. It allows users to review the capital costs contributing to valuation results in great detail.

Valuation Pages Redesign

In addition to functinal changes, many UI enhancements have been made to improve the ease of producing the valuation. Based on industry best practices and driven by feedback from the UK Advisory Board, these changes allow UK valuers to see and modify all key data points on one page.

Lease Revenue Costs based on % of ERV or % of Passing Rent

Lease Revenue Costs can now be calculated in the Derived Charges section of a Lease Contract. Start Date and End Date fields have been added for use whenever the calculation mechanism is % of Market or % of Passing, and a Once Only option is also available when no recurrence is required.

Fixed and Rate PSF Market Lease Revenue Costs

Stated Charges in a Market Lease can now be calculated as a Fixed amount (as opposed to a continuing or market rate), and this can be defined as either a per annum or per square foot amount.

Capital Costs Spread Across Void Periods

A new Spread (Void) calculation type has been added to the Property and Unit Capital Costs page. When a per annum or per square foot amount is entered for the cost, it will be spread evenly across each void period based on the vacant space.

WALE Report Includes Executed Renewals and Monthly Leases

The Weighted Average Lease Expiry (WALE) report now always considers the latest lease with a Lease Status of Executed. A new Include Non-Executed Leases setting will allow it to consider non-executed leases.

Holdover Leases Treated as Known at the Current Date

A new Treat Holdover as Known setting is available on the Weighted Average Lease Expiry (WALE) report and Lease Expiry reports. The setting allows holdover leases to be considered as a “known” leases up to the end of the model’s current date.

Valuation Reports Enhancements

Various changes have been made to improve both the Detailed Valuations and Valuation Summary reports. This includes:

  • New runtime settings to control the Report Date, Model, and Show sections
  • Rows and columns are automatically frozen when only one section is displayed to ensure key cells are always visible when scrolling
  • A new column in the Running Yields section to display Quarterly in Advance yields
  • Links in the Unit Valuations section to open the specific Unit Details page
  • An Event Type column in the Unit Valuations section that displays the primary event that causes the valuation event

Costs Calculated Off Net Say Value

A new option is available to allow Investment Costs to be calculated off the Net Say Value (rounded) instead of the Net Value (unrounded). 

Fixed Fee on Purchaser’s Costs

Purchaser’s costs can now include a Fixed Fee amount in addition to existing fees. The other Purchaser’s Costs are calculated after the Fixed Fee has been applied, and VAT % will be applied to the Fixed Fee, if provided.

Different Fees for Entry and Exit Valuations

A new set of fees is available to provide different costs for entry (current) valuations and exit (future) valuations. These include Agent, Legal, Fixed, and Other fees.

Initial Yield Method

A new Use Initial Yield for Exit Valuations option is available in Capitalisation Groups to switch to the Initial Yield method when calculating future valuations.

If you would like to find out more about any of the above, please contact us.

Workflow Automation for Commercial Real Estate

workflow-automationWorkflow Automation for Commercial Real Estate

Commercial real estate (CRE) firms tend to rely heavily on spreadsheet tools such as Excel to perform complex analysis and financial modeling tasks. The time-consuming process of integrating data from disparate sources, such as an accounting system, legacy systems, and even other spreadsheets, often involves inefficient workflow management. Many CRE firms are seeing significant value from using real estate financial modeling software to improve workflow automation and eliminate manual processes.

Commercial Real Estate Software versus Excel spreadsheets

Overreliance on spreadsheets to manage data aggregation, modeling, and analysis creates risks for the business on multiple levels. Excel perpetuates a siloed, error-prone, highly manual processing environment, and it is not easy to collaborate or perform complex calculations.

Knowledge Sharing – Organizationally, firms that use spreadsheets as a core part of their processes have great difficulty sharing knowledge with others in the company, and there is little opportunity for process improvement. Any insight that the business user gains while analyzing Excel spreadsheets stays with the user, whereas CRE software offers an automated workflow that allows others to access and share insights that have been derived from analysis, without compromising the security of the data.

Version Control – When spreadsheets housed on local workstations are sent to other users, it’s very difficult to maintain version control, and this can greatly increase the risk of mistakes. A real estate modeling solution can serve as a system of record that ensures all users are looking at the most recent information and that the data has been normalized to avoid discrepancies.

Efficiency and Agility – The typical model running in Excel requires so much data wrangling, cleansing, and manipulation that precious little time remains to perform the actual analysis on the data. When the preparation work takes up to 85% of the total time and effort required, the value of the resulting analysis is greatly reduced, and the outcome may no longer be relevant or timely. A CRE solution allows staff to create financial models significantly faster, which provides more accurate information that real estate executives can then use to make decisions.

Automate Commercial Real Estate Workflow

To drive the most value, a software solution designed specifically for the industry is the only way to make the transition from thousands of spreadsheets and reduce the mammoth manual effort currently in use at many CRE companies.

Dedicated software for financial modeling and portfolio management pays for itself within months by:

  • Reducing the non-value hours of staff
  • Improving the value of solid decision support
  • Delivering real profit-enhancing value

A flexible CRE financial modeling software can easily integrate with other systems, such as external accounting or property management systems. The ability to leverage multiple systems gives CRE firms expanded functionality to achieve business goals, while presenting a seamless experience for system users.

Increase Value and Productivity

Implementing a CRE solution often results in a paradigm shift for the organization. Employees that previously spent too much time on manual processes now feel that their efforts add more value to the business. This results in increased productivity and improved employee morale, almost without exception. Personnel can focus their attention on value-add opportunities for the business, such as:

  • Maximizing capital utilization
  • Minimizing tax burdens
  • Anticipating events such as interest rate increases
  • Identifying new business opportunities

Becoming more analysis-driven is transformative for CRE firms. As more people devote time and effort to analysis work, more innovation and new ideas are generated. Data sharing across departments fosters the development of new ideas, and opportunities, threats, and general trends are identified sooner with better tools and refined processes.

Learn how your firm can automate workflow and eliminate manual processes with commercial real estate modeling solutions.

Derwent London Case Study

Case Study: Derwent London plc

Derwent London plc increases agility with MRI Investment Modeling

Derwent Case Study

As a real estate investment trust (REIT) in the UK, Derwent London plc owns and manages a £5 billion portfolio compromising 6 million square feet. Primarily located in London’s West End, the portfolio includes approximately 100 properties and 900 units with a mix of tenants across different industries. The company is listed on the London Stock Exchange and is a member of the FTSE 250.

Business Challenge

As a result of a merger in 2007 between Derwent Valley Holdings plc and London Merchant Securities plc to form Derwent London plc, the company’s portfolio doubled overnight. The previous analytical tools were no longer sufficient to support the larger-sized portfolio. Derwent London was using two different systems to analyse the portfolio and to carry out financial forecasts with no direct integration with the accounting system, which led to inefficient flow of data and restricted analytical ability. In addition, there was a requirement to be able to model the impact of multiple scenarios in a timelier manner. Derwent London saw this as an opportunity to review the reporting and asset management tools within the organisation with the aim of achieving further efficiencies and improvements in analytical capabilities…

To read the rest of the case study, download the pdf below:

Derwent Case Study

Derwent Case Study (A4 size)

In Case You Missed It: MIPIM 2017

In Case You Missed It: MIPIM 2017

MIPIM-2017

If you weren’t one of the lucky 23,000 that attended MIPIM 2017 in beautiful, sunny Cannes, France, don’t worry! We’ve got you covered on the main highlights of the event. The four-day real estate conference was full of some of the most influential people in the industry and offered attendees the opportunity to gain insight on news and trends in real estate, property and investment management.

Innovation Forum 

On Day 1, the Innovation Forum showcased all the incredible solutions that have popped up on the market. These innovations reached across all categories from smart city sustainability to data analytics and building materials. Over 60 companies showed off their latest and greatest products and services, while those who attended were able to check out new solutions and identify opportunities for their own business. We sat in on some informative and exciting sessions about technology disruption, energy efficiency, and 3D mapping.

Global Connectivity 

Keynote speaker Dr. Parag Khanna was passionate about the fact that he believes we are “in the midst of an accelerating global connectivity revolution.” He focuses on the infrastructure of connectivity and breaking down walls, and he credits the expansion of trade relations around the world for the so-called revolution. Megacities are on his radar, and he believes up to 10% of the world’s population will reside in one of them in the next 15 years. The success of these megacities is all due to the fact that they have invested in connectivity. Khanna says that investment in infrastructure is of the utmost importance and he’s optimistic about that prospect.

Battle of the Startups

In its second year, the MIPIM Startup Competition featured finalists that showed the most promise in their contributions to the real estate industry. This is always an exciting competition, as it gives us a look into the future of real estate technology. The competition was divided into three categories: Building, City, and Transaction. Out of 150 entries, five finalists were selected to present on stage. Urbismart, a logistics company, was voted “most disruptive” by the audience, but the overall winners across each category were Envelope, Ravti, and Storefront. Congratulations to all of the winners!

The Next Big Thing in Science and Technology

In a panel hosted by Addleshaw Goddard, MIPIM attendees learned that the Cheshire Science Corridor has all of the fundamentals in place to become the next hub of science and technology in the North West of England. The businesses that make up the Corridor contribute to a wealth of sectors, including life sciences, nuclear research, energy, green tech, and advanced manufacturing. The area was awarded Enterprise Zoning status last year, and potential future developments could generate 200,000 new jobs over the next 25 years. The Cheshire Science Corridor is set to rival the London-Cambridge-Oxford Golden Triangle.

As usual, the MIPIM conference was a great event and provided many valuable takeaways. Until next time!

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For a full rundown of the entire event, check out MIPIM News.

Managing Data Integrity in Spreadsheets

data-integrity-spreadsheetsManaging Data Integrity in Spreadsheets

Does your firm rely heavily on spreadsheets to share and manage data? If so, you’ve probably experienced loss of data, or worse still, aren’t aware of it.

Many commercial real estate firms that rely on spreadsheets for data analysis suffer from process bottlenecks and diminished data quality. So, what’s the best way to maintain data integrity in spreadsheets to prevent data loss, particularly when worksheets are shared or accessed by multiple users?

Data integrity in the real estate industry

A typical real estate firm uses hundreds, if not thousands of spreadsheets, which lack the structure and process to enforce data integrity and uniformity. When data is transferred from one stage to the next, data quality and detail can suffer. For example, if you are a property manager that receives an annual or quarterly snapshot of the latest rent roll and general ledger information, the data is likely already out of date and lacks much of the original source detail.

Data management in Excel

When property managers send their budget spreadsheets to the asset managers, additional time and details are lost, and the cycle continues until the data finally makes its way to fund, portfolio and risk management. But at this point, the data lacks the supporting detail required to mitigate risk, make decisions, and define strategies. The problem is exacerbated when organizations share information with outside parties.

At each point of the data exchange, we see manual re-keying of information, or at best a drastically reduced subset of information electronically transferred, with either scenario resulting in a significant reduction in the level of detail available to the next party in the chain.

Financial modeling for commercial real estate

To reduce the dependency on spreadsheets and maintain data integrity, real estate firms are turning to financial modeling solutions that establish a single point of entry for data. With all users generating reports from the same database, there’s never a question about how to manage the data or whether it is accurate or complete.

A financial modeling solution designed specifically for real estate investors and managers offers a more secure, user friendly and robust way to capture, analyze, and preserve real estate data. It also empowers the real estate professional by streamlining the collection and aggregation of information from internal and external parties for the purposes of budgeting, portfolio management, and analytics.

Real estate firm should be driven by analysis and strategy, not spreadsheets. Learn how a financial modeling solution can transform your business.

MRI Software Receives Healthy Worksite Award

MRI Software Receives Healthy Worksite Award

Gold-Winner-logo-2016At MRI Software, we take health and wellness pretty seriously. We believe that our wellness philosophy helps us achieve higher morale, and a happier, healthier employee population. Through the wellness initiatives that we offer onsite, as well as online through our wellness portal, MRI has put together a balanced program that is economically sound and promotes employee engagement and interaction.

That’s why Healthy Ohio awarded MRI Software with the Healthy Worksite Award – Gold Level. This award recognizes workplaces in Ohio that demonstrate a commitment to employee health by incorporating comprehensive wellness programs. MRI was acknowledged at the highest level for its efforts to facilitate and encourage employee health, enhance productivity, and ensure a healthy work environment.

Recipe for a successful employee wellness program at MRI

Used by oveUnknown-3r 80% of the MRI staff, our wellness program is based around an interactive wellness portal called Vitality. Through the portal, employees have access to health risk assessments, personalized wellness goals, educational programs, health calculators, fi tness trackers, and more. All of these activities earn points for the participants, with can be exchanged for things like Fitbits, Amazon gift cards, and groceries.

While the online portal is loved by many, staff members at the global headquarters in Solon, Ohio also have access to the beloved onsite fitness center and indoor basketball court. Employees can be found taking fitness classes together, like Boot Camp, yoga, T25 and Tapout, or holding friendly competitions like the Biggest Loser Weight Loss challenge and indoor basketball and soccer leagues.

Staying active is only part of our wellness mission. MRI Software helps employees live their healthiest lives by providing opportunities like Wellness Lunch and Learns, onsite biometric screenings, massages, smoking cessation programs, weight loss management solutions, and meditation.

The mental and physical wellness of our team members is as important as any other initiative here at MRI, and we are pleased to be recognized for it. A healthy workforce is a happy workforce, and at MRI Software, you’re sure to find just that.

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Looking for a workplace that values your wellbeing? Check out our career opportunities.

We’ve remodeled our brand – Come take a look!

We’ve remodeled our brand – Come take a look!

When you’ve been around as long as we have, sometimes you need to reevaluate your sense of style.

MRI Software was founded in 1971, and while we may have felt hip back then as we hula-hooped to disco music, those fads have faded away like pet rocks. Over the years, we’ve outlasted every trend – from acid wash jeans to grunge to that tuxedo t-shirt phase your friends still tease you about.

To kick off 2017, we decided it’s time to give ourselves a makeover to better reflect who we are today as a company. While we believe our property and investment management solutions are well positioned to move our clients forward, it’s time for our brand to catch up.

That’s why we’ve upgraded our wardrobe to a new look that better reflects who we are and what we promise.  As part of this process, we asked ourselves some fundamental questions about how we truly provide value to our clients. We came up with three core tenants that we believe are reflected in our new brand identity:

Comprehensive and Flexible Technology

Our comprehensive real estate technology platform is flexible enough to meet the unique needs of real estate owners, operators, occupiers, and investors. From leasing, accounting, and financial solutions to optimizing the performance of deployed capital, MRI Software addresses all aspects of property and investment management.

An Open and Connected Ecosystem

We understand that every business is unique. That’s why we partner with more than 80 technology and services providers to enable you to tailor the solution that’s right for your business. This ecosystem of complementary products offers a level of flexibility not possible with single-stack and point solution providers.

Our comprehensive yet open technology, along with our connected ecosystem, frees our clients to fulfill their potential and take their business where they want to go—and succeed on their terms. No compromises.

Dedicated to Client Satisfaction

From responsive global support to comprehensive professional consulting, we’re proud of our 98.6% client satisfaction rating—a reflection of our client-first approach.

Our Promise

At MRI Software, we strive to give real estate companies the freedom to elevate their business through innovative applications and hosted solutions. Our updated brand reflects the open, connected experience and flexible technology that we provide, so you — our clients and partners — can build toward your vision of the future. Because we believe your vision should be unlimited.

And unlike most fashion trends, MRI Software will be around to help you succeed for a long time to come.

Come on in and take a look — we’d like to show you around!