Top 3 Software We Use to Analyze Your Property

For a detailed comparative market analysis, here are three software we use to analyze your property so you can make informed decisions about your next investment.

 

 

Comparative Market Analysis (CMA), what we call “rental comps” for short, allows real estate investors to determine the value of a property compared to similar properties in the market.

It helps them make strategic investment plans based on those comparisons. So in my case, I create a spreadsheet. This spreadsheet will give you an understanding of the properties that are either on the market or rented.

Now they say the true value of anything is not what it’s on sale for but what it’s purchased for. So we will look both at what you are competing against currently and what was rented. You want to try to make it as close as possible.

We will always look up the actual property’s specs. And I’m going to be able to actually take a look at the public records of it.

Within the public records, we will find the exact unit number and its inclusions (such as parking, heating, etc.) And then we are going to start doing our comps.

 

Top 3 Software for a Comparative Marketing Analysis

We use three major tools for our CMAs.

With the following software we use to analyze your property for renewal or marketing, we help determine the best price to maximize your revenue.

 

1. Rentometer

 

The most generic one, or the one that gives us the highest overview, is this software that we pay for and use called Rentometer.

All we have to do is type in the address, the beds, and the baths, then determine the look back and the radius that we want.

We can create these reports and then send them to you, the landlord. We don’t know specifically the quality and condition of the other units. But you can say that, for example, the unit at 328 Broadway with two beds has a rent of about 2500.

There are other things that get done as well, and it’s really cool because we are able to actually show you the property details with it as well as a comparison.

And we give you this report on a high level, and you will be able to say, “alright, the average is between 23-2400.”

 

2. YGL

 

Our next step within this is to use another software called YGL, a rental database only that allows you to go in and search within certain zip codes and the type of beds. Anything else that you might want to include, and available when.

We are just going to get a high-level overview of all the different units that are available. Also, we take a 3D tour of every single unit of ours. Our marketing team and our staff can provide it.

We just want to make sure that they know what it looks like when pricing it out against the competition. But it depends on the market and how quickly we want to rent it.

We also have to consider things such as move-in fees, parking, or what type of heat. If heat is included in some of these, that rent might be higher.

 

3. MLS

 

The third software we use is MLS, primarily for sales. But there are rentals on it as well. Not everybody uses YGL, so we will take a look and ensure that we are not missing any other comparative markets.

We will look at anything that’s sold, rented, or on the market. It is our unit and another unit that’s in comparison. We can decide on a price as a result of being right in the middle of those knowing that a unit is nicer and it should get rented pretty quickly. 

 

Getting the Comparative Market Analysis Results

After using Rentometer, YGL, and MLS, we will put the spreadsheet together for you. We can tell you the rent, the parking, and any notes about it.

 

 

It will be a full write-up of what’s on the market and the rented units in the spreadsheet. Most importantly, we will provide an understanding of why we came up with our decision.

We include all those CMAs that we did for you previously. And then you will be able to help make that decision with us. We aim to rent out this unit as soon as possible if it is vacant for you.

However, if we do have time to market, we might start a bit on the higher end and then work our way down should it not get renewed.

But, again, we do our renewal nine months in advance, so it is very rare for any vacancy. We just want to ensure that we price it right while maximizing returns.

 

Our commitment

If you or anyone else you know is looking for a proactive property manager that goes to the detail that we do to make sure that your property is priced correctly compared to what’s on the market and what’s rented, please think of Green Ocean Property Management: where you get more than a property manager, you get peace of mind.