Savvy investors know that you don’t make your profit when you sell … you make it when you buy. Sure, the sale is your cash-out, but you lock that cash-out in by buying right. Find the right deal, and you have a high probability of making at least some money … and more likely, a lot of money.
So how do you buy right, especially if you are a beginner with no network and responsible for sourcing your own deals?
As with most business models in the digital age, the deals are hiding in the data. With access to the right data, investors can spot a great deal and act quickly to lock it down.
How to get this data? Investors used to get it by knocking on doors, stalking county courthouses, licking stamps, and haunting outdated government websites, hoping to spot the telltale signs of a motivated seller or “don’t-wanter” willing to sell below market.
PropStream aims to take the legwork out of that data gathering. This paid web app collects data relevant to real estate investors, compiles it under one platform, and distills it down to actionable insights about millions of properties in every state.
Combine that with a suite of marketing tools, and you have a compelling resource for beginning, mid-tier, and even advanced investors, especially wholesalers and beginner investors who have to source their own deals.
PropStream offers a seven-day free trial so you can sample the software before you commit. If you want to continue your membership after the trial ends, PropStream will cost you $99/month. (sign up here for $2/mo discount)
PropStream also offers several add-ons that investors might find interesting, including:
List Automator. Offers daily list monitoring for up to 2,000 properties, with automated list imports and append capabilities. Starts at $27/month.
Team Member. Access to PropStream for team members with managed permissions and tiered access. Up to five team members can access one PropStream account, starting at $20/month per team member.
PropStream’s Marketing Tools include a la carte services, including:
PropStream offers the following features with its basic membership:
Nationwide Property Database
For less than the cost of MLS membership in a single market, PropStream offers a property database with actionable data that puts Zillow, Trulia, and the MLS to shame. Key insights into each property include:
Personal data and contact info for the owners, sourced from public records and skip-trace searches.
Estimated remaining loan balance.
Past transaction details.
Targeted Property Search
PropStream can generate lists of properties based on a wide variety of vectors that other property-search platforms cannot—vectors of key interest in locating motivated sellers. PropStream lets you filter for:
Foreclosure or pre-foreclosure status.
Seasoned investors know to smell a deal when one of these factors comes into play. PropStream puts that data at their fingertips on a national level.
Homes rely on nearby comparable sales to determine their value. PropStream’s “Instant Comparables” feature generates a list of recent comps culled from local MLS data. You can massage your comps along a variety of vectors, including:
Number of bedrooms and bathrooms.
Distance from the subject property.
The quality of a fix-and-flip deal (or even a “buy-and-hold”) can often depend on the rehab. You’ve probably heard the time-honored formula that house-flippers must pay 70% of the ARV, minus rehab costs. Comps can tell you the ARV, but they can’t tell how much the rehab will cost.
PropStream’s Rehab Estimator uses the same formula that insurance companies use, making it one of the most accurate computational rehab estimators on the market. It can even generate two separate estimates based on local material and labor costs.
PropStream doesn’t just help you find the deal—Marketing Tools aim to help you win the deal. In doing so, PropStream makes a bid to be an “all-in-one” platform for a certain kind of real estate investor. Sourcing plus marketing is pretty much the whole ballgame.
The marketing tools available from PropStream include automated email campaigns, postcard campaigns, ringless voicemails, custom landing pages, and skip-traces to find missing owners. Note that each of these marketing materials cost extra on a per-unit basis. See the section on “PropStream Pricing” for more details.
Note that designing a winning postcard campaign or a converting landing page are high-level skills in and of themselves. A done-for-you service can get you started, but results may vary. Expect a lot of trial and error, and don’t expect an app-generated solution to solve problems that have vexed professional marketers for decades.
To determine how profitable a deal might or might not be, PropStream offers a Deal Analyzer, an online calculation tool that lets you plug in variables and get estimates on critical variables like:
Projected rental income.
Projected cash flow.
Tax estimates and deductions.
Local price trends.
General market performance.
These are data-generated estimates and should be corroborated. But at worst, the Deal Analyzer should give you an at-a-glance sense if a deal is worth pursuing further.
PropStream is about as user-friendly as such a feature-rich platform can be. Each tool will require a learning curve, and it helps to know what you are looking for. In other words, if you have never looked at a sales comp or done a rehab estimate, this might constitute a barrier to entry.
PropStream comes with a rich library of tutorial videos to get you started. It shouldn’t be too hard to master the tools … if you can devote the time it takes to beat the learning curve.
Considering it compiles nationwide data in an easy-to-process, investor-friendly manner, PropStream seems like an excellent deal at $99 per month. Investors should be careful, though—whether compiled by hand or from an app, data is a guideline. It helps you identify what might be a good deal. It’s no substitute for due diligence, and it can’t do your negotiating for you.
Still, for wholesalers, house flippers, and landlords who source their own deals, PropStream has obvious advantages over traditional data searches. Investors looking for a “one-and-done” solution for this kind of analysis should definitely take advantage of the free trial period and see if PropStream is the solution for them.
PropStream’s 153 million property records offer an untapped resource of information for real estate professionals and investors. It provides powerful tools like lead generation, running comps, creating marketing lists, automating mailings and even estimating renovation costs – just to name a few!
Find Potential Leads With Customized Search (100+ Filters)
PropStream’s customized search feature offers fast, relevant results when searching for foreclosures, pre-foreclosures, cash buyers or non-owner occupants. Filter results by address, assessor parcel number (APN), or geographical markers and the map will display properties matching your criteria on a vibrant map with markers.
Run Comps or “Comparables” Using MLS Data and Public Records
PropStream offers users a wealth of property data, as well as accurate comps – homes that recently sold nearby. These are essential for assessing a property’s worth and can help investors make an informed decision when assessing leads.
Create Marketing Lists and Send Postcards With Built-In Campaign Features
PropStream offers investors powerful marketing tools to construct targeted mailing campaigns tailored to the owner’s interests. Users can generate postcards, create email campaigns, set up auto-voicemails and online advertisement campaigns with ease.
The platform also includes a mobile app that enables users to save properties of interest while driving for dollars, making it simple to stay focused on leads while on-the-go. You can utilize it for saving property details, getting comps and ownership information, filter results by location or other filters – all within an intuitive mobile interface compatible with iPhones and Android devices.
What is PropStream Used For?
PropStream collects data from multiple sources, such as MLS records, county records and private sources. With over 153 million properties in its database that can be searched through various filters; users can find off-market property data, past transaction details and mortgage history – plus much more – through this platform.
Real estate investors use PropStream for generating leads, monitoring marketing statistics and creating automated lists. It also has an estimating tool for renovation projects.
Real estate professionals who spend a great deal of time on the go can benefit from a mobile app that gives them access to all the features available in their desktop version of PropStream. This makes them more efficient while out in the field and allows them to save properties of interest while they’re out exploring.
Market Trends and Analytics – PropStream excels here too, offering reports and analytics that can help you identify hotspots in your local real estate market, giving you an edge to be first to the table.
Comps and Calculators – This category of PropStream offers tools that you can use to assess the value of a property by looking at nearby homes. These calculations are powered by MLS and public records data, with some even including rehab calculators for renovation projects.
List Automation – This add-on keeps you abreast of new property leads that meet your desired search criteria, with updates sent directly to your inbox. You can even create different lists to target specific types of homebuyers or homeowners in your region.
How to get PropStream for free?
PropStream offers new customers a 7 day free trial so they can experience the software first hand before committing to a monthly subscription.
Is PropStream good for realtors?
PropStream is an invaluable tool for real estate investors, agents and brokers. It provides them with data, investment tools and marketing solutions to make informed decisions. Recently acquired by Stewart Information Services, PropStream has become one of the nation’s premier providers of comprehensive real estate data.
The app allows users to search property data from anywhere in the US, access MLSs, county records and public record sources. Additionally, there are various tools included for analysis, rehab estimates, comps and more.
Create targeted leads and marketing lists with 120+ filters and statuses by selecting your desired combination. These lists are ideal for finding motivated sellers and cash buyers alike.
Create lists quickly and efficiently by creating filters based on timeframe, number of properties, type of properties and more. Once your list is created, export it for prospecting or marketing use.
PropStream’s skip tracing tool is an invaluable asset, enabling users to quickly locate pre-foreclosures and distressed property owners. Additionally, the application provides contact information such as the owner’s email and phone number so you can reach out directly.
Utilizing these tools, you can identify property owners willing to sell their homes below market value. These homes may be vacant and costing their owners money; thus making them ideal targets for off-market deals.
This software is perfect for investors and real estate agents who require access to a vast amount of property data. With its expansive database of 153 million properties, you’ll have all the data you need to make informed investment decisions with confidence.
What is better than PropStream?
The real estate investing world is complex, offering many tools to help you succeed. From list generation and CRM systems to market analysis and beyond – there are plenty of choices available for those in the know.
PropStream is an advanced online marketing platform with postcard generators, email marketing systems and skip tracing capabilities. It keeps your lists current, scrubs them for accuracy and automatically updates them.
Other alternatives to PropStream are as follows:
PropertyRadar – is a real estate investor software that lets users quickly look up owners by name, email address or phone number and connect with them online, by phone, email or in person.
Pipedrive – is an excellent alternative to PropStream and a CRM tool designed to organize leads, monitor calls, take notes, record conversations on-the-go and more. Plus, it provides you with a platform for creating pipelines for properties and investors alike.
DealMachine – is an ideal alternative to PropStream that helps manage and recruit drivers, monitor their driving history and evaluate performance. Plus, its built-in global search function lets you locate leads quickly across desktop and mobile devices – which is extremely helpful!
For investors seeking an optimal rental income strategy, Mashvisor is a great option. It provides comprehensive traditional and Airbnb data analysis to help investors optimize their rental income strategy. It features a heat map that displays the top investment properties based on listing price, traditional cash-on-cash return, rental income generated and Airbnb occupancy rate.
JR Medrano is a real estate investor who specializes in wholesaling inherited homes. He has been wholesaling real estate in the Corpus Christi, TX area for the past 7 years. If you would like some honest advise about wholesaling houses. Feel free to contact him at anytime.