: Top 5 Tools Compared
Looking for the best multifamily underwriting software? Here's a quick rundown of the top 5 options:
- redIQ: Full underwriting in 5 minutes, trusted by big investors
- IntellCRE: AI-powered analysis in seconds, real-time market data
- Clik.ai: Streamlined underwriting for small to mid-size properties
- Dealpath: New AI tools (some in beta) for forward-thinking investors
- Docsumo: 99% CRE underwriting accuracy, great for document-heavy work
Quick Comparison:
| Software | Standout Feature | Best For | Weakness |
|---|---|---|---|
| redIQ | 5-minute underwriting | Large portfolios | Might be overkill for small properties |
| IntellCRE | AI market analysis | Quick insights | Limited user reviews |
| Clik.ai | Simple interface | Smaller properties | Limited features |
| Dealpath | AI-powered tools | Tech-savvy teams | Some features still in development |
| Docsumo | Document processing | High-volume paperwork | More document-focused than full underwriting |
Each tool has its strengths. Pick based on your needs, budget, and investment scale. Let's dive into the details of each platform.
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redIQ
redIQ is a game-changer for multifamily real estate underwriting. It turns deal docs into useful info FAST. How fast? You can do a full underwriting in just 5 minutes.
Here's what makes redIQ stand out:
- It standardizes data automatically
- QuickSync plugin fills your Excel models
- valuationIQ gives you pro-level Excel underwriting
In 2023, redIQ users were BUSY. They looked at over 92,000 deals and crunched 515,000 rent rolls. That saved about 170,000 hours. Wow.
But wait, there's more:
- SmartMap+ maps operating statement items for you
- BNOI Support helps with cash flow projections
- You can store up to 3 proformas per deal
People who use redIQ love it:
"I use RedIQ and I love it. I couldn't imagine underwriting a deal without a program like that." - Anonymous Investor, Dallas, TX
The historical data feature is a big hit:
"I like the ability to store rent rolls and comps so that over time and track them across properties so that over time, you can get a good sense of the trends in market rents." - Anonymous Rental Property Investor, Colorado Springs, CO
But it's not perfect. While it's great for rent rolls, it might not give you the full picture on market trends like population and job growth.
| Pros | Cons |
|---|---|
| Lightning-fast underwriting | Might miss some market trend tools |
| Big institutions trust it | Could take time to learn |
| Standardizes data like a champ | Might be pricey for smaller firms |
| Keeps historical data |
redIQ works for all sizes of businesses and offers phone and email support. It's up against tools like Enodo, Dealpath, Quarem, LoopNet, and Reonomy in the multifamily underwriting software world.
2. IntellCRE
IntellCRE is an AI platform that turbocharges multifamily underwriting. It helps you source, evaluate, and close deals faster than traditional methods.
Key features:
- AI rent & expense extractor
- Real-time market data
- Price auto-estimate
In 2023, IntellCRE users slashed underwriting time from hours to minutes.
The platform plays nice with Yardi, Entrata, ResMan, and AMSI.
Cool stuff IntellCRE can do:
- Operating Statement Processor: Standardize data with drag-and-drop
- FirstPass: Quick property value analysis
- valuationIQ: Pro-level underwriting model (10 years in the making)
You can also:
- Model renovation projects
- Collaborate on deals
- Share reports via links or PDFs
Pricing starts at $22/month, with a free version available.
A multifamily investment sales broker said:
"IntellCRE has supercharged my underwriting efficiency, giving me a big edge in my work."
| Pros | Cons |
|---|---|
| Lightning-fast AI data extraction | Learning curve for all features |
| Up-to-the-minute market data | Might pinch small firms' budgets |
| Plays well with multiple PM systems | Needs internet connection |
| Team-friendly features |
IntellCRE aims to democratize multifamily investing by automating time-consuming tasks. It's feature-rich, but newbies might need some time to get up to speed.
3. Clik.ai
Clik.ai is an AI platform that turbocharges multifamily underwriting. It transforms raw financial data into usable models in minutes.
Here's how it works:
- Upload your data
- AI extracts the info
- Download your model
Simple, right?
Since 2017, Clik.ai has helped underwrite over 15,000 deals. It's not just fast - it's smart. The platform churns out cash flow analytics, lease insights, and rent trends.
But what about time savings? Check this out:
| What You Save | What You Get |
|---|---|
| 50% less time on financial spreads | Cash flow summary |
| 15-minute underwriting | Trailing twelve months |
| No more manual number-crunching | TI/LC breakdown |
| Sensitivity analysis |
Real estate pros are loving it:
"Our deal team now makes smarter investment decisions, WAY faster!" - Jeremy Cisneros, Director of Multifamily Acquisitions
"We process more deals and focus more on customers." - Eric Tupta, Director of Digital Transformation at Bellwether Real Estate Capital
Clik.ai isn't a one-trick pony. It works for FannieMae, CMBS, and other product types. Plus, it plays nice with industry-standard classifications.
Want to use your own models? No problem. Clik.ai integrates with existing underwriting setups.
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4. Dealpath
Dealpath is a top deal management software for multifamily investments. It's used by 7 out of 10 leading real estate investment managers.
Here's what makes Dealpath stand out:
- Smart pipeline tracking
- Centralized data for better team communication
- Real-time portfolio reporting
- New AI features:
- AI-Powered Search (live)
- AI-Powered Offering Memorandum Abstraction (beta)
- AI-Powered Investment Summary & Memo Generation (coming soon)
These tools make the investment process smoother, from screening deals to IC reporting.
Industry pros love it:
"Dealpath lets us use all kinds of acquisition data efficiently across our real estate business." - Jacob Werner, Senior Managing Director, Real Estate
"It's easy to track project status and organize details. Our team gets up-to-date info, boosting efficiency and transparency." - Joseph Weishaar, Vice President, L+M Workforce Housing Fund
The numbers are impressive:
| Metric | Value |
|---|---|
| Global transactions | Over $10 trillion |
| Top investors using Dealpath | 7 out of 10 |
Mike Sroka, Dealpath's CEO, points out a big industry problem:
"Real estate investment management lacks standardized data and workflows."
Dealpath tackles this head-on, offering a platform that standardizes data and streamlines multifamily underwriting workflows.
5. Docsumo
Docsumo turns messy documents into usable data. It's a game-changer for multifamily underwriting.
Here's what Docsumo brings to the table:
- Smart OCR that actually works
- Automated document processing
- Real-time loan modeling
- Handles pretty much any document format
The best part? It's FAST. Docsumo can do Commercial Real Estate (CRE) underwriting with over 99% accuracy, slashing processing time.
For multifamily investors, Docsumo is like having a super-powered assistant:
| What it does | Why you'll love it |
|---|---|
| Grabs data automatically | No more typos from manual entry |
| Models loans in real-time | Make decisions faster |
| Works with any document | No headaches with weird file types |
| Crazy accurate | Data you can trust |
Big names are already on board:
"Northern Trust cut processing time and boosted accuracy."
"AXA now breezes through mountains of unstructured docs."
"Accenture cleared their document backlog and saved a ton of cash."
Bottom line: Docsumo handles the heavy lifting of multifamily underwriting, making it a top pick in the software market.
Strengths and Weaknesses
Let's break down the pros and cons of each multifamily underwriting software:
| Software | Strengths | Weaknesses |
|---|---|---|
| redIQ | - 5-minute raw file to full underwriting - 10+ years trusted by top teams - Standardizes raw documents - Offers valuationIQ and QuickSync Excel plugin |
- Might be too much for small properties - No public pricing |
| IntellCRE | - AI analysis in seconds - Real-time market data - Customizable criteria - Instant underwriting and sharing |
- Newer than competitors - Few user reviews |
| Clik.ai | - Streamlines underwriting - Multifamily focus |
- Limited features - Access issues - Only imports RR and T12 |
| Dealpath | - New AI solutions - AI-Powered Search - AI Offering Memo Abstraction (beta) - AI Investment Summary & Memo Generation (coming soon) |
- Some features in development - Learning curve for AI tools |
| Docsumo | - 99% CRE underwriting accuracy - Handles various document formats - Real-time loan modeling - G2 Leader with 4.7/5 score |
- More document-focused than full underwriting |
Key points:
redIQ is efficient. One user said:
"I couldn't imagine underwriting a deal without a program like that"
Its rent roll handling makes it a top pick.
IntellCRE uses AI for quick analysis but lacks user reviews.
Clik.ai has some issues. A San Diego user noted:
"My team would love to be able to use an automated underwriting tool that worked consistently and is available at an affordable price point."
Dealpath is adding new AI features, but some are still in the works.
Docsumo is great at processing documents. Michael Rudman, Co-founder & CTO of Jones, said:
"With Docsumo, we are now able to process thousands of ACORD Forms in a day."
Choose based on your needs, budget, and investment scale. Each platform has its strengths, so pick what fits you best.
Summary
Picking the right multifamily underwriting software boils down to your needs and investment size. Here's a quick look at the top options:
| Software | Standout Feature | Ideal For |
|---|---|---|
| redIQ | Full underwriting in 5 minutes | Big investors |
| IntellCRE | AI analysis in seconds | Quick market insights |
| Clik.ai | Streamlined underwriting | Small to mid-size properties |
| Dealpath | New AI tools (some in beta) | Forward-thinking investors |
| Docsumo | 99% CRE underwriting accuracy | Document-heavy work |
redIQ shines for its speed, backed by top teams for over 10 years. It's a go-to for pros who deal with lots of rent rolls.
IntellCRE offers fast AI analysis but doesn't have many user reviews yet.
Clik.ai keeps things simple, but it's not perfect. A San Diego user said:
"My team would love to be able to use an automated underwriting tool that worked consistently and is available at an affordable price point."
Dealpath is rolling out new AI features, like AI-Powered Search and AI Offering Memo Abstraction (in beta). But some features are still cooking.
Docsumo nails document processing. Michael Rudman, Co-founder & CTO of Jones, put it this way:
"With Docsumo, we are now able to process thousands of ACORD Forms in a day."
When choosing, think about your budget, investment scale, and must-have features. Each tool has its strong points, so pick what fits your workflow best.
