The redIQ model is built in Excel and functions as a regular Excel file. However it can be synced with the online redIQ platform by using the Sync with Cloud button in the redIQ tab of the Ribbon.
There are three options when syncing with the cloud. All three are selected by default, but any of the options can be unselected by clicking on the corresponding check box. After selecting which action(s) you'd like to perform, enter your redIQ username and password and click Log In to Sync and the model will sync with the cloud. A detailed description of each option is below.
Save & Upload Underwriting: This option will save the underwriting assumptions entered on the Input tabs of the model to your redIQ account. That means that the next time you or one of your colleagues generates a model from this deal, it will not be a blank model like the first time it was generated but it will have all the Input tabs populated according to the last time the model was synced. This will only save the assumptions entered on the Input tabs and will not save any customizations made to the Output or Calculation tabs. The benefit of taking this action is that the underwriting is saved to the online platform creating a database alongside the operating data. We recommend that you also continue to save your models on a local/shared drive just as you would save any other underwriting in Excel. This will ensure that you never lose any of your work as you're entering assumptions in the Excel file, can easily access the file (as opposed to downloading from redIQ every time), and save multiple versions if needed.
Download & Update Floor Plan Summary and/or Historical Statements: These options will take the most recent operating data in the deal on redIQ and populate it into the model. This will maintain all of the assumptions on the Input tabs, but update the underlying data that these assumptions are based on. For example, let's say you're growing the year 1 pro forma personnel expense 3% over the T12. If new historical data is downloaded into the model that 3% assumption will stay the same, but the T12 numbers will update leading to a new year 1 pro forma expense. The benefit of this option is that you can continue working in the same model and it will automatically incorporate updated operating data after it has been uploaded to redIQ. The Floor Plan Summary option will download and update the most recent rent roll data into the model and the Historical Statements option will do the same for the Historicals.