LOS ANGELES, Oct. 18 /PRNewswire/ -- Marshall & Swift ("M&S") has signed contracts with a top 5 U.S. bank and two of the largest property preservation valuation and repair companies to use M&S's on-line Repair Cost Estimating Program ("RCX"). This innovative cost estimating program is designed to estimate repair and maintenance costs necessary to help state and federal government entities understand restoration expense for foreclosed properties as well as prepare Federal Home Administration ("FHA") foreclosed properties for sale. Significant time and money will be saved by ensuring that contractors always receive only fair prices for the repair and maintenance services that they provide.
To date, the real estate industry has faced a lack of standardization in estimating repair costs and has found it difficult to generate values for properties in "as-is" versus "as-repaired" condition. M&S is the only source of independently researched, comprehensive, component building cost and repair data. RCX uses the same component cost database relied upon by insurance carriers and claims adjusters who must also account for all possible types of residential damage scenarios.
RCX makes it simple to generate standard, accurate pricing for more than 23,500 repair types. These repair types are currently organized into 13 general operations (clean, finish, paint, prep, refinish, repair, remove, remove and re-set, replace, seal, special combinations of operations, stain, and tear-out) and 70 sub-categories among which are appliances, cabinets, doors, fences, foundations, heat, air, and plumbing.
Repair data localized to the 5 digit zip-code allows larger organizations to manage repair costs across any geographic footprint.
RCX users pay an annual license fee and can generate on-line reports for low, per transaction fees. Managers who want to track work in the field can use the administrative service within RCX.
About Marshall & Swift
Marshall & Swift ("M&S"), an MDA company, is the leading supplier of local building cost information, residential and commercial property valuation technology and services in the United States and Canada.
SOURCE Marshall & Swift