For commercial real estate (CRE) professionals, finding a way to combine property financials with other appraisal data without painstaking manual data entry has been challenging. In what it called a first-of-its-kind agreement, FUEL Enterprises and Enriched Data announced a data integration partnership that makes that ideal a reality.
The agreement creates a two-way exchange of valuation and appraisal data from FUEL Valuation, the industry-leading CRE valuation platform, and Enriched Data, the country’s largest provider of CRE data, the companies stated.
As a result of the integration, users of the FUEL Valuation and Enriched Data platforms will gain unprecedented access to complete valuation and appraisal information without the need for multiple separate databases and manual data entry.
In the traditional transaction process, brokers, lenders, owners, investors and other parties involved in commercial investment property sales wait weeks — or longer — for valuation and appraisal reports to be completed through the tedious manual manipulation of spreadsheet data from multiple sources. Groundbreaking cloud-based software platforms such as FUEL Valuation and Enriched Data are bringing automation, real-time data and more accurate reporting to the business of buying and selling commercial properties.
“Our data integration partnership with FUEL is a game-changer for the appraisal industry,” Enriched Data Executive Managing Director Michael L. Miller said in the release. “For the first time, commercial property appraisal professionals will be able to combine discounted cash flow data and other real-time valuation data using the single platform of Enriched Data with data from FUEL Enterprises. We’re transforming commercial property investment sales and financing by taking labor-intensive data entry out of the process and cutting weeks out of the transaction lifecycle.”
Miller added that FUEL Enterprises was the logical data partner for Enriched Data because of the quality and accuracy of the FUEL Valuation platform.
“FUEL offers not only real-time data to complement our database, but also a user interface and toolset that is superior to other options in the marketplace. Our users now will be able to more quickly and efficiently assign workflows and share information to accelerate deal-making,” he said.
FUEL Valuation users will benefit as well, gaining access to Enriched Data’s information pertaining to 45 million commercial properties nationwide.
“This integration is another major milestone by our team to eradicate manual labor, disconnected software, and other inefficiencies inherent in CRE,” FUEL Enterprises CEO Christopher Perry III said. “By accessing Enriched Data’s 45-plus million records through FUEL, transaction professionals now have more time to make deals and cultivate relationships because we’ve fixed the heavy lifting of underwriting.”
The Enriched Data agreement follows numerous integration partnerships between FUEL Enterprises and other providers of CRE-related software.