In this post you will discover why I think PropStream is the best real estate tool for agents and investors. I don’t typically do endorsements, so that is a bold statement coming from me. This can be an indispensable tool for you and make a huge impact in your real estate investing or agency business.
I was sceptical when the owner of PropStream contacted me suggesting that I try his software. He thought it might be useful to me and my apprentices. After looking into it a bit, I realized his software was different from every other system I had seen. It is aggregating data from every major data compiler that’s available for real estate. So, I agreed to a free trial to test it out for a month.
After three days of using it, I was sold and had to call him to tell him how fantastic it was. For the first time in my investing career, I have a complete and instantaneous picture of every property I’m looking up.
3 Reasons Why PropStream is the Greatest Real Estate Tool Ever
1. PropStream is a Data Aggregator
A data aggregator brings together all kinds of information from different places and there are other data aggregators available. What sets PropStream apart is it brings together all the different data aggregators, gathering the records for all residential property in the United States together in one place.
When you type in an address of a property, up pops all the information that you need, including the owner, mortgage information, tax records, and any liens against the property. It also includes HOA information and divorce and bankruptcy court records. It even pulls together the MLS data.
That makes a significant difference for investors and agents. Being able to find out so much more about a property enables you can make better investing decisions and gives you the advantage of knowing more about the property than the seller or any other investor. The more data you have, the better you can negotiate.
2. PropStream Has the Best Rehab Calculator
I have a video called 7 Things to Never Say to Contractors. In it I make the point that it’s hard to determine what something should cost to get fixed or renovated. PropStream’s rehab calculator is integrated into the software and is the same as what insurance companies use to ensure contractors aren’t taking advantage of them when doing repairs.
Obviously, having a rehab calculator is going to be a great help to you. It’s very detailed and enables you to adjust labor costs depending on your area and whether you’re using high-or-low-end quality materials. I consider this to be the best calculator for rehab costs.
3. PropStream Has Great Search Functions and Skip Tracing
Given that PropStream aggregates all that data, you can search all U.S. residential properties to find which properties are going into pre-foreclosure. This is helpful however Zillow can do that for free.
What is special about this software is it syncs the owner’s name and address with any available emails and phone numbers that exist. Another benefit is the Skip Tracing Feature, which allows you to generate a pre-foreclosure list. This saves you from knocking on doors or sending direct mail, which has about a 2% response rate. Instead you can email and call blast them and to avoid robocalling, it directs the call straight to voicemail. This saves you time and gives you an advantage on reaching those kinds of list.
The Impact on Wholesaling
This software could potentially change the way wholesaling is done. It allows you to search by cash buyers or non-owner occupants. That means you can search all the cash buyers within a 10-mile radius around a property that you want to wholesale. Then you can send a voicemail or email for the deal you’re trying to flip to all those buyers. Now you may not have to rely on the MLS, or on bandit signs, or the dreaded experience of building a buyers list. This is ground-breaking for this industry.
Is it Effective?
Our tests show that
the accuracy varies depending on the list. For instance not all email addresses
are going to be valid and some might go to spam. Also, some voicemails may not
get through for various reasons. However, if we speculate that you get 10%
effectiveness, that is literally five times better than direct mail.
I have a YouTube video you can watch where I demonstrate how the software works. In it I will highlight:
- Property Details
- Mortgage Information
- Estimated Value
- HOA Details
- Pre-foreclosure Details
- Market Status
- MLS Data
- Tax Information
- Transaction History
- Mortgage Balance
- Rent Calculator
- Features of the Rehab Calculator
- Creating Specific Searches
I am convinced that this software is the greatest tool for real estate investors. I’m ensuring that all my apprentices have access to PropStream because it makes all the difference in the world in making better decisions. These are the kind of tools that we’re using to be able to get a leg up when doing deals.
Click the link for a seven-day free trial/$97 per month. That’s how I dipped my toe in the water, and I can’t live without it anymore.
Disclaimer: The owner is giving me an affiliate commission when you join. So yes, I do make money, but I hope you’re not upset about it because I do think it will make a significant impact in your real estate investing or agency work!