DataComp vs Narrative1 vs Datappraise vs Valcre

[ML2021]

We are exploring new software at our 5-person commercial firm and are considering DataComp, Narrative1, Datappraise and Valcre.

Which has worked for you? Are there any that you have tried and had to switch? If so, for what reason(s)?

We are currently using Wordperfect and do not have a comp database. How much time per report would you estimate that you saved moving to a database and/or writing software?

Thanks in advance!

 

[Terrel L. Shields]

We are currently using Wordperfect and do not have a comp database. How much time per report would you estimate that you saved moving to a database and/or writing software?

I make my own templates in WP. Have done so since WP 4.2 DOS. I tried Narrative 1. I despise Word and its horrible 'frames' as well as not being able to create a spreadsheet table within the document like I can with WP. So it took me roughly 2 to 3 hours longer with N 1 and with my own formats. And I eliminate about half the pages that are mostly white space. I did a retro (2005) 2 days ago took less than 6 hours including the inspection. It was in a nearby town, and I had my old WP write ups for comps from 2004-5, and my reports are 3 part. My exhibits template takes very little time to fill out. The approaches in this case was a single SA, and the summary and intro section is a Keyboard merge file... type as you go. Wouldn't trade it for all the above you mentioned.

 

[ML2021]

I make my own templates in WP. Have done so since WP 4.2 DOS. I tried Narrative 1. I despise Word and its horrible 'frames' as well as not being able to create a spreadsheet table within the document like I can with WP. So it took me roughly 2 to 3 hours longer with N 1 and with my own formats. And I eliminate about half the pages that are mostly white space. I did a retro (2005) 2 days ago took less than 6 hours including the inspection. It was in a nearby town, and I had my old WP write ups for comps from 2004-5, and my reports are 3 part. My exhibits template takes very little time to fill out. The approaches in this case was a single SA, and the summary and intro section is a Keyboard merge file... type as you go. Wouldn't trade it for all the above you mentioned.

Thanks for the reply, Terrel.

Do you have some sort of system/database where you store your comps or do you copy and paste them from previous reports based on recollection? As for Narrative1, how long did you use the software before switching back to WordPerfect?

The primary reason why we are considering, at a minimum, a database is because there are five of us and we would like to have a central location to store all of our comps that can be shared and accessed by all. As you can imagine, we sometimes unknowingly rewrite comps that someone else has already written, which can be a time suck and leaves room for error and inconsistencies.

We have considered using a database only, such as Datacomp, but we are being told that such databases don't integrate well with WordPerfect. This being the case, switching to Word appears to be inevitable if we go the database route. If we switch to Word, it's probably worth exploring different writing software options, most of which are Word-based and come with a database.

 

[RCA]

Many should keep in mind that the big commercial outfits use good old MS Word, Excel plus Argus.

"Must be proficient in Argus, MS Word and MS Excel. " (CBRE add for appraiser, 2021)

Yes, MS Word is a pain in the butt sometimes, but if you work with it enough ....

Typically the large appraisal outfits have large complex Excel templates set up for different property types, along with MS Word templates that integrate the values from the Excel templates. The key here, is that you have a great deal of flexibility in creating templates for specific types of apprraisals - and improving them over time.

Personally, I prefer Adobe InDesign because of its stability for large complex documents. Large documents, called "books" break up into separate files, one for each chapter. It doesn't automate things to the extent that MS Word does. You have much more control of the details. Also, I like InDesigns treatment of variables. Variables are stored by chapter and you can create and alter their value on the fly. You have to get used to synching between chapters. [ In which case, you specify a chapter to copy from and the other chapters to copy to. And you learn quickly to keep things in synch as you go, - but that's another story.] But InDesign has maybe a bit more of a learning curve and you might as well spend $52/month for the whole Adobe Create Suite (Photoshop, Premier, Illustrator and a ton of other products) -- which many would not be interested in. So, Adobe InDesign is only for less than 1% of appraisers; especially for those who get irritated with MS Word messing up things for no reason and also get tired of trying to figure out what is wrong (some hidden something or another).

I still use MS Word. It's good for equations. Or you can do some initial work in Word and then pull it into InDesign.

WordPerfect is OK if you already know it. But I understand it has problems with corrupting files. It is an old product and one might question how much longer it is going to be around. But, who knows. You could say that for about any product, except MS Word, which will surely be around forever. And the Office 365 Business Suite is pretty cheap on a monthly basis - and you get a lot of programs plus 1T of cloud storage.

 

[Zephyr999]

Narrative1 is good...
Valcre is equal if not better. It has a front end portal for tracking assignments/appraisers assigned/deadlines and invoicing...complete system.
Last I knew N1 lacks the front office part Valcre offers.
The comps database for either is great once loaded...we are two years into building up from start-up.
There is a learning curve...like with all new software. If cost is same my vote would be Valcre.

 

[Thomas Holding]

I use MS Word in combination with DataPrompter by Wordsite. It is a Word add-on which means it automatically starts when you start Word. It has its own menu on the ribbon. It allows you to make incredibly intricate and complex templates and is linked to Excel as well. It's great because it opens a quick fill menu which prompts you to input your specific data. You make templates for each report type, or report section. These templates have predefined fields which can be linked to dropdowns, radio buttons, multiple choice, or excel cells. When you select your report sections and combine them into one report, it will input your information throughout the report as long as the field name and type are the same. It's a great program and it's $359. That which might seem high but it allows you build and write reports literally in a few minutes if your templates and Excel tools are made properly and linked together. It's well supported and without a doubt one of the most useful tools in my software arsenal.

 

[Stone]

Nobody is going to confuse me with a real commercial appraiser...That said, I use MS Word along with some excel for what I do. I have my templates broken up and when I'm done with a report I combine them using Adobe. Downside to my setup is that there is nothing in terms of autofill, but the math I use is typically quite basic so it isn't such a big deal.

Again, I generally just do land and seldom deal with cap rates, etc., so take it for what it is worth.

 

[NachoPerito]

We use Narrative1/N1web - Annual Cost increased to $1,000 per user this year. I believe it is still substantially cheaper than Valcre

If prices were equal Valcre would be better I am sure, but they aren't

The narrative1 excel/Word templates are fine and they have helped us create better reports, the time savings hasn't been significant.

N1web is a very good resource. It has a lot of issues, but you can learn to work around them. In the end you have the ability to search a large database for sales and leases that you have compiled. This has made it much easier for us to find the best comps and is great for organization. They should be some time savings in selecting comps because you can be confident that most all the data can be found in one place.

If you are a 5-person shop I would highly recommend you make the jump to something.

 

[NachoPerito]

Please let us know what you have found out so far

 

[Deleted member 152047]

*Repost as this was a discussion a while ago:

Narrative1 seems to be the "go to" for independent shops, but it is a full report writing software suite. It has its own quirks, but it is definitely a time-saver.

If you are only looking for database software, Datacomp is probably the way to go. It is inexpensive and bullet-proof. Their report writing software is called EDGE and I believe it is also inexpensive. I found that the linking between excel, word, and datacomp was a bit clunky compared to Narrative1, but the software was much more reliable.

In either case, you will need to build your templates, which can take months.

If you do go with Datacomp, spend the time up front to lock down property types and sub-types, cities, MSA's, states (and any other standard information or dropdowns). This will make it much easier to search your database in the long run. One of the nice things about Datacomp is you can set user privileges (if you have others that can mess up your DB), so others can't go in and mis-spell counties, cities, states, property types, sub-types, etc.

Finally, there is a program called Valcre, which is the most impressive report writing software and database that I have ever seen. However, it is inordinately expensive, IMO you would need to have a couple of trainees and generate a substantial amount of revenue to make it work.