After the recent publication of My Top 75 Commercial Real Estate Technology Companies, I was immediately contacted by the COO of Pereview Software Eric Winton to alert me of a platform rapidly gaining awareness. I had not heard of Pereview Software as it is a pretty new software company, but their expertise in the real estate investment space is long and deep. Their founder and CEO Jeff Wilson was the Technology COO of the Archon Group for almost ten years. During his tenure, Jeff and his team developed a high automation model for the front and middle office from Acquisitions through Asset/Portfolio management. They built a custom solution that integrated with Excel/Argus models, their property accounting system, and other off the shelf tools. With this platform, Archon was able to double AUM with only a 10-15% increase in headcount.
As Archon employees have moved on to new firms, they immediately recognized how archaic processes and technology was in comparison to their former environment. In 2011, Jeff engaged with one of his former colleagues at one of these global CRE investment managers. They wanted to double AUM and keep headcount relatively flat. Based on past track record they realized there was no way to do it with current systems/process. When they surveyed the market the realized, there were not commercial platforms available and embarked on building a custom solution. Pereview was developed in parallel with this custom solution to meet the needs of real estate investment firms of all sizes. They designed the application for ease of use with a single menu structure and fully search enabled. Pereview has a unique licensing model based on AUM or gross market value of an owners portfolio that allows their software to start small and grow with their clients.
So while on the phone I asked “what does Pereview do?” Eric replied ” Pereview is a Life of the Asset platform that manages Acquisitions to Dispositions and everything in between.” He also mentioned that Pereview is not is a property or fund accounting system and integrates with those for key financial data. Here is where Pereview manages the real estate asset management process:
Transaction information is entered and tracked from the beginning of a deal. Other departments can then leverage this valuable information during the acquisitions process and after the deal is closed. Weekly Deal pipeline reports are automated, and information about the transaction is made readily available. Pereview supports all property types and both equity and debt transactions (loan originations and loan acquisitions).
Underwriting assumptions drive the investment process and the information used to make investment decisions are needed once the transaction is closed. So why do organizations leave this information in Excel and on a file server? The Pereview Integration Layer connects your Excel model to the Pereview database allowing you to store centrally your underwriting assumptions. Once this information is centralized in Pereview, reporting on underwriting projections vs. actual performance is a click of a mouse.
Most transactions are leveraged, and if you’re going to track the status of a transaction, you should also track the associated financing. Pereview supports acquisition financing, refinancing, fund-level debt, and other financing instruments that are important to your organization. With this information you will know: how many deals you’ve done with a certain lender; your current portfolio’s debt position; how much debt is scheduled to be refinanced in the next year or two, and what the associated terms and assets are.
At closing, all documents and tasks are tracked by investment. Pereview utilizes configurable workflows and closing checklists to automate key closing activities. All closing documents are linked through the Pereview Document Management functionality for the ‘Life of the Asset’.
The Asset Management functionality is comprehensive and brings together property accounting information, statistical information, tenant/lease data, financing, budgets, valuations, key documents and everything else the Asset Manager needs to do their job. With all this information in a central location, reporting becomes a push of a button vs. week(s) long process.
Given that detailed information is tracked at the asset level, portfolio and fund level roll-ups are fully automated. Pereview provides instant access to a gross market value, net equity positions, total portfolio LTV, debt service coverage ratio, geographic dispersion of assets, and much more. The fund and portfolio management functionality provides financing, modeling, business planning, and investor reporting.
When it comes time to harvest the investment, Pereview provides the capability to track the dispositions pipeline, easily transmit key documents to potential buyers to support their underwriting process, and provide a smooth transition to closing.
If you’d like to know more reach out to their team based in Dallas and more information is available on their website at www.pereviewsoftware.com.
Pereview: The Life Of The Asset Solution.
+1 This team is full of some serious hitters playing in THE BIG LEAGUES.
+1+1 Five years from now. (Why did I not get some shares?)