Parse Document vs Run Underwrite: what's the difference?

Parse Document

Use this when you want to extract data from a rent roll or T12 without generating a full underwrite.

What it does:

• Uploads and parses your file
• Walks you through the mapping review (headers, charges, floor plans, T12 line items)
• Saves the parsed data to the property
• Creates rent and expense comps from the parsed data

What it doesn't do:

• Does NOT generate your Excel model
• Does NOT pull in rent or expense comps from Archer's database
• Does NOT push data into your underwriting template

When to use it:

• You want to upload a new rent roll or T12 for a property you've already underwritten
• You want to add historical comps to your database without doing a full underwrite
• You want to parse documents for your existing portfolio (asset management use case)
• You received an updated T12 and want to compare it against the previous one

Run Underwrite

Use this when you want to do a complete underwrite — parse the documents, pull comps, and generate your Excel model.

What it does:

• Everything Parse Document does, plus:
• Pulls rent comps, expense comps, and sale comps from Archer's database
• Generates your complete Excel model with all parsed data and comps
• Creates a downloadable model file ready for your analysis

When to use it:

• You're evaluating a new deal for the first time
• You want to generate (or regenerate) your full Excel model
• You're doing a complete analysis with comps

After you've already run an underwrite

If you've already run an underwrite and receive updated documents (a new T12, a more recent rent roll), you don't need to run the full underwrite again. Use Parse Document to parse the new files, then go to your existing Excel model and hit Refresh Data on the Archer ribbon. Your model updates with the new data without losing your assumptions.

Can I run an underwrite without a T12?

Yes. You can run an underwrite with just a rent roll — no T12 required. The model will populate with rent roll data, comps, and analytics, but the Financials tab will be empty until you upload a T12. This is useful when you want to do a quick rent comp analysis or initial screening before you have the operating financials.

Uploading multiple years of financials

You can upload up to 4 years of financials (a T48) by uploading multiple T12s for the same property. On the web app, use Parse Document for each additional T12. In your Excel model, use Refresh Data on the Archer ribbon — it pulls in all saved T12s. Don't use the Excel "Upload New T12" button for additional years, as that replaces the current T12 rather than adding alongside it.