rSquared CEO Sal Caldarone had heard the same complaints dozens if not hundreds of times.
“I don’t like our valuation software. It’s old, slow and hard to work with. Someone should come up with a better tool. We’d be able to work a lot faster and with fewer errors.”
This time the comments were coming from one of the commercial real estate analysts at Realogic Analytics, the CRE consulting firm Caldarone had co-founded back in 1992.
But Caldarone had been hearing the same or similar grievances for years from many of Realogic’s clients, which included some of the largest, most recognizable names in commercial real estate, as well as other Realogic staffers.
By that point, it had become pretty clear to Caldarone, as well as rSquared CTO Sean Fitzpatrick and rSquared COO John Brosnan, that although the commercial real estate industry had been evolving, growing increasingly sophisticated and moving faster for years, commercial real estate technology—and valuation and underwriting software in particular- hadn’t kept pace.
“All of us had been hearing it for years,” says Caldarone. “The available technology, especially for valuation and underwriting, had serious flaws or was lacking. It seemed that everyone we worked with was frustrated.”
But, whereas most in the commercial real estate industry had little recourse and were forced to continue working with the old, outdated software tools of the past, the group from Realogic was in a prime position to do something about it.
Including the development team, the group had over 200 combined years of experience in commercial real estate and software development and had spent over 400,000 hours modeling commercial properties. Furthermore, the tech team at Realogic had already developed and were supporting three very successful and popular CRE SaaS software products: a budgeting and forecasting tool, now called rBudget; a lease abstraction and administration solution, now known as rAbstract; and an advanced underwriting workbook.
This underwriting workbook has been integrated into rDCF, rSquared’s flagship valuation and underwriting solution, and is now rDCF’s underwriting workbook, one of the key features that sets rDCF apart and makes it superior to all other valuation and underwriting software. rDCF’s underwriting workbook facilitates advanced and sophisticated analytics, generates critical property and portfolio data and produces professional, presentation-ready reports.
The team members are commercial real estate experts. They knew how to successfully design, build, launch and support CRE software products. And they understood exactly where the available commercial real estate valuation and underwriting software was falling short.
They also saw they had an opportunity to not only impact their own business, but to help the entire commercial real estate industry by providing the modern, dynamic, advanced software that the industry was missing and craving.
So, they spun off the software team and products from Realogic and formed a new commercial real estate technology company called rSquared CRE. From the very beginning, rSquared’s mission, or why, was clear: to design, build, develop and support powerful, innovative software solutions that empowered the entire CRE industry to work faster, easier and more efficiently and profitably.