A serious underwrite takes a competent analyst four to eight hours per deal. Most agents skip it, and most first-time investor clients never ask for one. They read the listing sheet, drive by the block, and make an offer on gut feel.
That worked when rates sat near zero and prices only moved one direction. It stopped working the day the Fed started hiking, and it has not started working again since. The agents who win investor clients now are the ones who can hand over a real model, not just a listing link.
Before this generation of AI agents, the alternative was a half day building the model yourself, or paying an analyst a few hundred dollars per deal. Now one prompt produces the model, the debt schedule, the ten-year cash flow, and the sensitivities in about sixty seconds, with your name on the work.