How Can Enodo Fit Into Your Workflow?

There are so many real estate software products available today that it can be difficult to make sure you're getting the most out of your subscription dollars. How many products have you paid for, only to find out later that you rarely, if ever, make use of them?

We certainly do not want Enodo to fall into this group of underutilized products, so we’ve outlined some of the specific ways Enodo can integrate with your current workflows to support your business objectives. 

Acquisitions Director

Increase your deal flow

Have you ever missed out on a deal because you simply didn't have the time to analyze it? How many deals can your team conceivably underwrite in a week?

If you're in the business of acquiring multifamily properties, you are probably inundated with dozens of new opportunities every week. We've found that the average analyst takes approximately 4.25 hours to initially underwrite a property and its surrounding market. This involves looking at nearby properties and identifying rent comps, analyzing rent growth and demographic trends in the market, quantifying any value-add potential (whether through physical or operational improvements), and distilling everything into a concise summary to discuss with management. The truth is, even if you work 60 hours a week doing absolutely nothing but analyzing deals, you'd only be able to analyze about 14 opportunities at most. Of those opportunities, you may only end up pursuing a few deals a year. That's a lot of wasted time and energy looking at bad deals!

Enodo lets you quickly perform your initial analysis by automatically calculating the potential market rent, quantifying the incremental impact of value-add amenities, and instantly identifying and pulling data on your most relevant rent comps. In addition, our operating expense benchmarks help you quickly identify opportunities to reduce certain budget line items and increase net operating income. This ‘desktop underwriting’ ultimately enables you to look at more deals, in more detail, to quickly determine the best opportunities to pursue with more diligence.

Some of our higher volume accounts have indicated that Enodo allows their analysts to look at 3-4 times as many deals as they did before - this means many, many more opportunities to find the best possible deals.

 Acquisitions Analyst

Do a sanity check on your boss (don't read this if you're the acquisitions director!)

How many times have you been pushed by upper management to make more and more aggressive assumptions to win a deal?

When you sincerely feel you're getting overly aggressive with your figures, but you don't want to be the one raining on everyone's parade, Enodo can come in handy. Our predictions are determined using solid market data and irrefutable data science - Enodo can't be swayed by an aggressive leader. Let Enodo be the arbiter of truth. We'll fight that battle for you.

The same ‘gut check’ you'd perform on leadership is very valuable when you discuss deals with external groups - have you ever argued with a broker about their comp choices? Enodo delivers the most statistically similar rent comps for any property, in any market, and provides a breakdown of the similarity score for each comp across various dimensions. When you argue your comp choices using Enodo, you can be sure you'll win that argument.

Our analyst users have told us they've already started using Enodo to win arguments with both team members and brokers. When you let us be the bad guy, you win.

Developer

Fire your market analysis consultant

For every new development you pursue, when you go to raise financing and equity, do you hire a market analysis consultant to backup your assumptions? How much do you pay your market analysis consultant for essentially the same analysis you do? $5,000? $10,000!? $20,000?!?!

With Enodo, you can create a hypothetical development complete with unit mix, square footage and amenities packages for each floor plan in a matter of minutes, and Enodo will instantly compute what your market rent will be for each unit type and what your closest comps are. You can then export the analysis with all supporting data and send to your lender. No 60 page PDF. No exorbitantly high fees. Pay $3,600 a year and do all the deals you want

Broker

Stop taking bad listings

Have you ever been pushed by a client to take a listing at a price you knew was way above market? How long did it take you to sell that listing (if you sold it at all)?

It's bad for both the client and the agent when a deal is taken to market at the wrong price. You end up wasting a ton of time and energy marketing the property, and you hurt your relationship with the client at the end of the day because they think you didn't try hard enough to sell their property. At the same time, though, it's really tough to tell a potential client they're wrong.

With Enodo, you don't have to tell your client they're wrong. Our market rent and operating expense calculations will make the argument for you. Enodo can be the objective third party that helps you make your case. Then further in the deal, when you approach closing, you can use our figures to negotiate effectively with the buyer. Our algorithms don't care who's right or wrong; they just objectively show what the market is. Period.

Our broker customers have told us Enodo's valuations have literally helped push deals over the goal line when they couldn't get a buyer and seller to agree. Sometimes all the negotiating skill in the world can't beat cold, hard facts.

Asset Manager

Reel in your acquisitions team

How many times have you disagreed with your acquisitions team on the feasibility of rent projections?

Of course, it can be tough to argue against overly aggressive underwriting assumptions when you're an acquisitions analyst fighting your boss... but it's significantly tougher when you're an asset manager fighting your acquisitions team. How much value will those kitchen renovations really create? Do residents really care about a dog run? Are we really going to be able to boost rents as much as they claim?

Again, let Enodo set the stage for constructive debate. Asset management shouldn't be blamed for losing a deal for being overly conservative - we're happy to break the news that those rents will never be achieved. Just log in, input the renovation program acquisitions has proposed, and instantly see what's truly achievable for that particular asset.

Whether you are an acquisitions analyst, developer, broker, or asset manager, Enodo is a product worthy of your subscription dollars. To learn more about the platform, schedule a demo to see exactly how Enodo can integrate with your current workflows to support your business objectives.