Let's face it: Many investors, real estate brokers, and agents shy away from data.
Today, so much data exists that you may not know where to turn for current and reliable information on where to invest, which flips are the best deals, and what areas may be the next hot regions for investments. Even the term "big data" can sound overwhelming. This concept emerged in the early 2000s, as a way to organize the increasing volume, variability, and veracity of information and to allow business owners to see trends and make informed decisions.
It would be easy to spend hours collecting data from various sources and build giant spreadsheets to help you with your decision-making. But a better option is using a cloud-based SaaS (software-as-a-service) solution to quickly sift through the data and put it to work for your business.
What Is a Real Estate Cloud-Based SaaS Solution?
That may sound complicated and high-tech, but it's really quite simple. Think of it as an online "place" that aggregates reliable and current data and enables you to hone in on exactly the information you want so that you can make the best investment decisions.
Big data is designed to save you hours of work by compiling the latest information with smart filters and sorting tools to meet your business outcomes. Available 24/7, a cloud-based solution like PropStream can also give you a leg up on other investors because you can spot trends and off-market deals before your competitors.
A Wide Range of Data (and Insights) at Your Fingertips
There are millions of properties nationwide, and each property has hundreds of data points and dozens of different statuses. With PropStream, you're able to quickly filter and sort all this data instantly to find the best deals, including things like:
- Hot investment markets: You can clearly and easily see MLS/county sales and MLS rental history, combining this with research trends in specific geographies, and read short and engaging analyses about why certain markets are booming by searching our blog. For inspiration, we recently covered trends in resort communities.
- Comps in specific areas: Pulling data instantly from surrounding properties off your targeted property lead in PropStream, you can have a virtually immediate sense of sale prices in areas you're considering.
- Costs of flipping: As an investor, you know the costs of rehab can vary widely. When considering a property for a flip, you need an accurate and immediate estimate of those costs. A reliable rehab estimator can save you hours of phone calls, online searches, and (most important) misestimated projects.
How Big Data Can Help You Source New Deals
When you're looking for certain types of investment properties, you need precision and accuracy. Having a system that enables you to target a particular type of property easily will save you time, effort, and marketing dollars. To help make your search quicker and easier, you can start with our chosen pre-filtered quick lists, which are:
- On-market listings
- Failed listings
- Pre-foreclosure filings and public auctions
- Foreclosed properties and bank-owned properties
- Vacant properties
- Tax liens
- HOA & mechanic’s liens
- Cash buyers
- High equity
- Free-and-clear properties
- Non-owner-occupied properties
- Bankruptcy filings
- Divorce filings
- Pre-probate (deceased data)
- Zombie properties
- Senior owners
Once you gain more experience and fine-tune your investing strategy, you might like to start using some of our 120-plus filters to tailor to your real estate business needs. You can see this for yourself in our 7-day free trial.
Take the First Small Steps and Gain More Experience
Even if you don't consider yourself a tech expert, you can benefit from big data. We recently introduced a free Academy to help real estate investors, brokers, and agents get more comfortable using real estate big data to meet their challenges. The first course we have launched is Introduction to Wholesaling.