Do you still sketch your ideas on the back of a napkin? Most developers we speak to use rules of thumb to do the math on sites in their heads - and then sketch the idea on a piece of paper. Giraffe combines your rules of thumb and your quick sketches to help you understand a sites feasibility.
Summit Real Estate Group approaches project development and building renovation with a systematic, process-driven methodology. They know from years of experience that following a refined development and acquisition process helps ensure that a project is delivered on time and on budget.
Before Giraffe, deals were assessed predominantly by first reviewing the rules of thumb in an excel spreadsheet, then passing to the design team for a test fit in CAD - then by bringing in an Architect & engineer to review the work that had been done.
While methodical & accurate - the process was slow & expensive due to a high dependance on external consultants. All that changed when they were introduced to Giraffe through a family friend. Jack Ross, VP of Development shared with us how Giraffe is being used at Summit;
Giraffe has helped us tremendously reduce our time and cost evaluating prospective development deals. Particularly for multifamily, we can now quickly calculate a rough estimated number of units. Prior to Giraffe, we would have hired an architect to do a simple mockup which would be a multi-day or week turn around costing us thousands of dollars. Now Summit can evaluate it in real time and Giraffe has saved us thousands per year.
'I was surprised how accurate the financial calculator was' - says Jack Ross. 'Andrew (Designer) and I work in tandem - I enter our cost assumptions and modelling into the usage editor - and Andrew does the test fits. Together we have nearly completely replaced our need for external consultants for most feasibilities'
Projects that survive these early stage filters get there much quicker & projects that don't survive have had much less invested in them. All that extra time and saved capital can be invested into projects that are far more likely to reach development. By doing more analysis on projects prior to development, Summit can make decisions with much more confidence and less risk - critical at this time of uncertainty.
Having a 3D model equipped with accurate data has helped in other ways too - giving the team incredibly high quality assets to communicate with investors much earlier in the process.
Giraffe has also helped us show our investors visual representation of development projects to give them a better understanding earlier in the process, which has proven to be valuable countless times. We are extremely happy and surprised to see how much Giraffe has helped our company.
While still early days at Summit, Giraffe is transforming the way development projects are pursued. Building on the culture of collaboration that CEO John Ross has built - Giraffe is accelerating what is already a clear competitive edge from an impressive outfit.
“Giraffe turned a potentially hours long sketching session and day of back and forth with architects into a 30 minute review of concepts I created using the app.”
Project Analyst, Gulf Coast Housing