By Joshua Burd
An appraisal software platform has added Otteau Group Inc. and Pyramid Real Estate Advisors to its growing list of New Jersey-based clients.
The startup, Valcre, said its technology aims to provide faster turnaround times, increased access to property research and comps and professional reporting capabilities that enable valuation professionals to complete the greatest variety of appraisal. The teams at Matawan-based Otteau Group and Somerville-based Pyramid are now among more than 60 valuation professionals statewide that use the platform.
“As we head into recessionary economic conditions for commercial real estate, appraisal and valuation professionals are adapting to the changing environment by diversifying their services to generate revenue,” said Lucas Rotter, Valcre’s co-founder and CEO. “With demand for transaction-related services on the decline, we expect to see a substantial increase in demand for property tax appeal and loan monitoring services in the foreseeable future.
“We are really excited to be working with leading regional firms like Otteau Group Inc. and Pyramid Real Estate Advisors who are dedicated to improving efficiencies and delivering higher quality appraisals in less time. The surging demand we’re experiencing from valuation professionals in the New Jersey market is a true testament to the product and satisfaction of our users.”
In a news release, Valcre said its software is used to deliver more than 50,000 commercial real estate appraisals on an annual basis. Other New Jersey-based clients include Meehan Valuation, Wade Appraisal and Ard Appraisal.
“Valcre has dynamically changed the way we do business,” said Chris Otteau, managing partner and chief appraiser at Otteau Group. “Its software has allowed us to better harness and utilize our own data, and saves us valuable time through the automation and collection of property research for our reporting. Valcre has made us even more efficient in the services we offer clients and we feel well-equipped to weather any economic situation due to the diverse property types Valcre supports.”
The newly added clients come at a time of rapid team growth and product innovation for Valcre, the news release said, thanks in part to its recently announced $12.7 million in Series A funding.
“The decision to incorporate Valcre’s platform into our operation was an easy one,” said Dallas Whitaker, managing director at Pyramid Real Estate Advisors. “The platform will help us streamline our processes and make our business more efficient. This allows us to be prepared for any shifts in the real estate market this year due to economic headwinds. The Valcre team has done a great job of helping us through the setup, training and adoption processes.”
