Last Updated: September 2023
Even the brick-and-mortar rental real estate industry is not immune to the ever increasing permeability of data and software. Savvy investors, owners, and managers all utilize various online real estate solutions that provide data to help make better decisions. These can include checking ownership records to make an off-market purchase offer or checking rent price comps in a particular market.
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Top 15+ List of Real Estate Data Software
Professional real estate investors, mom-and-pop property owners and property managers all use various forms of real estate data software. Below we take a look at some of the most popular real estate data software solutions:
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What is Real Estate Data Software?
Real estate data software is any digital platform that is used to generate and provide actionable information on real estate properties such as market pricing, property history, ownership records, and more.
What is the Best Real Estate Data Software?
Best Rent Comparison Tool
Rentometer
Why We Like Rentometer – For multifamily rental property owners, this is a must have tool. Rentometer provides surprisingly accurate rental rates for various markets of multifamily housing rentals across the United States. The monthly subscription is also very reasonable.
Best Market Research Tool
Costar
Why We Like Costar – The high price tag of this software has been a controversial love-hate relationship for commercial real estate professionals. Nevertheless, Costar is still our favorite, as well as the commercial real estate industry’s go-to tool for property owner research, recent sales and leasing data.
Real Estate Data Collection and Integration
In the rapidly evolving world of real estate, the ability to access and analyze pertinent data is pivotal. Data plays a crucial role in informing decisions, understanding market dynamics, and providing insights that can give professionals a competitive edge. To harness the full potential of this data, it’s essential to understand its sources, the methods of collection, and the intricacies of integration. This section delves into the details of these facets, offering a comprehensive look at the landscape of real estate data.
Sources of Real Estate Data
Central to the real estate industry is a diverse range of data sources that offer a wealth of information. Multiple Listing Services (MLS) databases, for instance, are rich repositories of properties available for sale, often updated in real-time by brokers. Public records, maintained by local governmental bodies, provide invaluable details about property ownership, tax assessments, and more. Additionally, commercial data providers and platforms like Zillow or Redfin aggregate and offer a vast array of property-related insights.
Methods and Technologies for Data Collection
The sophistication of data collection in real estate has grown exponentially with advancements in technology. Traditional methods, such as manual input from brokers into MLS systems, have been complemented by automated data scraping tools that can retrieve information from various online sources swiftly. Additionally, technologies like drones and 3D scanners are revolutionizing property surveys, capturing intricate details and offering virtual views of properties. Integrating IoT (Internet of Things) devices, like smart meters, further contributes to the data reservoir by providing real-time usage statistics and property conditions.
Integrating Different Data Sets and Sources
With the plethora of data available, its utility is magnified when appropriately integrated. Data integration tools and software solutions enable the merging of information from diverse sources into cohesive, centralized systems, allowing for easier analysis and accessibility. These integrative processes often require normalization and cleaning, ensuring that discrepancies between datasets don’t lead to inaccuracies. Ultimately, this consolidation aids professionals in gaining a holistic view of the market, making data-driven decisions more seamless and informed.
About the Author
Ryan Nelson
I’m an investor, real estate developer, and property manager with hands-on experience in all types of real estate from single family homes up to hundreds of thousands of square feet of commercial real estate. RentalRealEstate is my mission to create the ultimate real estate investor platform for expert resources, reviews and tools. Learn more about my story.
