MRI Real Estate Solutions, a business unit of Intuit Inc. (Nasdaq:INTU) and Realm Business Solutions, Inc., today announced that the companies have reached an agreement that will provide their clients with a comprehensive, low-cost method for sharing data between critical business applications.
ARGUS for MRI enables the transfer of data from the MRI™ property management system into Realm's industry standard asset valuation application, ARGUS. Under the terms of the agreement, MRI will become a reseller of the product.
"Our job is to build powerful solutions that add value to our client's businesses, whether through our own development or by working with other industry leaders," said MRI president Robert C. Ballou, "Through ARGUS for MRI, we seamlessly transfer data from the MRI property management system to Realm's valuation application. Our clients now benefit from improved workflow processes and increased accuracy by automating the data entry process."
"Helping our clients maximize the effectiveness of their resources is the heart of what we do," commented Realm CEO Don MacKinnon. "More than half of MRI users are manually inputting data into ARGUS models on a regular basis. That represents literally hundreds of work hours that could be spent on more valuable tasks. It only makes sense for us to work together in this important initiative."
Utilizing Realm's CONNECT application, ARGUS for MRI uses the reXML real estate data standard to facilitate the transfer of essential property, commercial tenant and financial data from the MRI property management system into ARGUS, as well as Realm's other financial analysis applications, DYNA and BUDGET. By automating this process, users can cut the time to populate new financial models, or update existing ones, from hours to seconds, while eliminating the errors associated with manual data entry.
"The importance of vendor cooperation to establish data standards cannot be overstated," noted Brent Palmer, director of valuations for Kennedy Associates Real Estate Counsel, one of the nation's leading real estate advisors to public and private pension funds and endowments. "The implementation of data translation and visibility across our accounting, property management and valuation systems is mission critical for Kennedy to manage operations and meet our own high standards as well as our clients' reporting requirements. The fact that MRI and Realm are working together is great progress toward that goal."
Additional information on ARGUS for MRI is available at www.argus4mri.com.
