Building-cost data provider Marshall & Swift (M&S) has created Repair Cost Express (RCX), a Web-based repair cost program specifically for use by real estate agents, appraisers, lenders and others in the mortgage servicing industry.
The product helps to estimate repair costs on real estate owned (REO) properties. According to M&S, a lack of standardization for repair costs has created an environment where it is difficult for services to generate reliable estimates in determining value for properties in ‘as is’ condition versus ‘as repaired.’
Lenders and appraisers now rely on square-foot costs or hire contractors to estimate repair work, leading to subjective values that cannot be backed by a nationally recognized source, the company says.
RCX uses the same M&S cost-component database that is used by several national insurance carriers and claims adjusters, and the product provides pricing for more than 23,500 repair operations.
These repair tasks are organized into 13 general operations (e.g., clean, finish, paint, prep, refinish, repair, remove, remove and reset, replace, seal, special (combinations of operations), stain and tear-out) and 70 subcategories, among which are appliances, cabinet, doors, fence, foundation, heat and air, and plumbing.
An administrator's version of RCX can be made available for managers who wish to track agents' work in the field.
SOURCE: Marshall & Swift