The Cost module lets you run a cost approach analysis on a property directly in Valcre Online, using data pulled automatically from the linked property record and powered by the Marshall & Swift API. This guide covers creating and setting up a Cost record.
Step 3: A new Cost record is created and automatically linked to that property.
Cost records will also appear in the property's Related tab.
Link the Cost record to a job using the Add icon
More information is in the Linking Cost Record to Job section below.
Section Setup
Step 1: When opening or creating the Cost record, you will begin on the Section Setup tab.
Step 2: Select Cost data edition
Step 3: Review each building
A Cost record can hold multiple buildings, and each building can have multiple sections.
The buildings on the linked Property record are listed here. To add a new building, go to the Property record.
Step 4: To add a new section to a building, select the + Add Section icon.
Step 5: For each section, enter:
Section Name
Section Type
Story Height
Section Stories
Section GBA
Section Perimeter
Occupancy Category and Type
Construction Class
Quality
Shape
Setting Section Type to Basement adds two additional fields:
Basement Type
Linked Section: the non-basement section in the same building that this basement belongs to.
You can create a Basement section before any other section exists in the building, but you won't be able to proceed to the Costs tab until Linked Section is completed, which requires at least one non-basement section to already exist.
Changing Section Type after components have been added will prompt a confirmation:
This applies to any change between the three Section Type options (Building, Non-building, Basement), not just changes involving Basement.
The General section fields, along with Building Fields: Building Stories and Building GBA, will pull from the linked Property record.
To pull current Marshall & Swift figures for your buildings and sections, select Fetch Costs or move on to the Costs tab.
Selecting Fetch Costs automatically takes you to the Costs tab
You will not be able to move on to the Costs tab until completing the section setup.
Costs
Direct Building Costs
Valcre calculates your Direct Building Cost by applying the Marshall & Swift API base cost and component costs against Local Area, Current Cost, Story Height, Number of Stories, and Floor Area/Perimeter multipliers.
This produces a Final $/SF and a Direct Building Cost Total, shown per section, per building, and combined.
Step 1: Select Add Component
Step 2: Select the Section you will be adding the component to
Step 3: Select the category to populate the component list.
Pro-tip: If you know the code for the component, enter it in the search bar after selecting your category.
Step 4: Enter the required fields for the component and select Update
Some components will allow you to enter either a % or the actual square footage. Enter one, but not both.
Step 5: Repeat for additional components and sections
Step 6: Review the Cost Multipliers
Cost Multiplier data will populate from the Marshall & Swift API.
Step 7: For costs outside the standard Marshall & Swift calculation, add them under Additions. These roll into the Direct Building Cost Total.
Building Configuration Warning
If the GBA entered across a building's sections doesn't add up to the building's total GBA, a warning icon appears next to the building total.
To resolve it:
Edit the section-level GBA values so they sum to the building's total GBA, or
Edit the building's GBA on the linked Property record, then use Refresh Data to pull the corrected value into this Cost record.
Editing Marshall & Swift API sourced values manually
If you need to override a value that normally comes from Marshall & Swift API:
Step 1: Turn on Manual Override on the Costs tab.
Step 2: Select Yes, Override to confirm
Step 3: Edit the field.
This change is saved only within this Cost record. It does not change the source property or Marshall & Swift API data.
You will see the original value populated from the Marshall & Swift API on the left, with a strikethrough.
Use the Revert icon to quickly revert to the value populated from the Marshall & Swift API.
Manual Override does not affect fields you enter yourself, such as those in Indirect Costs. Those are always editable.
Indirect Costs and review your RCN
Step 1: Go to the Indirect Building Costs Section.
Step 2: Enter your supported market range (high and low) and your concluded percentage.
Only your concluded percentage will be considered for the Indirect Building Costs Total.
Step 3: Valcre combines this with your Direct Building Cost Total and any Additions to produce a Replacement Cost New Total.
Insurable Replacement Cost
Step 1: Go to the Insurable Cost tab.
Step 2: Valcre layers the following onto your Direct Building Cost Total:
Indirect Costs
Entrepreneurial Profit
Demolition
Replacement Cost Exclusion
Step 3: This produces an Insurable Replacement Cost Total, a rounded value, and a $/SF figure.
Keeping your data current: Refresh Data
If the linked property or Marshall & Swift API data has changed since you set up your Cost record, use Refresh Data:
Step 1: Click the Refresh Data icon in the top right corner of the Cost record
Step 2: Click Refresh Data to confirm, or Cancel to back out
After confirming, building changes (additions, deletions, name changes, GBA updates) appear in Section Setup and flow through to the Costs tab. A newly added building starts with one blank default section that you'll need to set up manually. Buildings that haven't changed are left as-is.
Step 3: Hover over Refresh Data to see when it was last run (e.g., "Last Refreshed today").
Linking your Cost Record to a Job
From the Cost record:
Select Add from the Subject Job field.
This will populate a list of jobs with the same property linked as the subject.
Select the job you would like to link the Cost record to.
From the Job record:
Select Add from the Subject Cost field.
This will populate a list of Cost records linked to the same subject property.
Select the Cost you would like to link the Job record to.
Additional Questions? Valcre Support is ready to help with all your Valcre product questions! You can connect to us via phone, email, or chat!
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