To be successful in the real estate industry, an informed mind is always a must. The difference between failed and successful investors or agents comes down to how accurate their information and estimation (of the properties they buy or sell) is. And this is where real estate market analysis software comes into play.
Their role in the housing market is undeniable and yet growing. We will closely examine some of the best real estate market analysis software and see how they benefit agents, investors, property managers, and other people in the industry.
Table of Contents
Why Real Estate Market Analysis Matters
It’s all about doing things right, which means going for the right property, paying the right price, and making the deal at the right time. You don’t want to find out, a day after the transaction, that you could have bought the property for a lot less or that the one you sold the other day has already brought a big profit to its new owner.
That’s why analyzing the real estate market is a must, and more so for real estate investors and property managers. But, before proceeding, let’s take a look at the factors that affect the real estate market.
What Factors Affect the Real Estate Market?
There are several reasons why the real estate market may fluctuate. Below, you can read about the most obvious ones.
- When too many people move from or to a region, the housing market in that area changes.
- When there is a sudden change in interest rates, house prices change accordingly.
- Government policies also have a great effect on the real estate market. When, for example, tax legislation favors the owners, more individuals want to become owners.
- At other times, mother nature might show us its ugly face and affect the market. Earthquakes, floods, famines, and volcanic eruptions are some of the force majors that can change the real estate market for several years.
- The time of the year also affects the market. Normally, there are more buyers in the market in spring and summer. Therefore, prices fall a bit and rise again with the arrival of the fall.
Features to Look For in a Real Estate Market Analysis Software
If we’re going to rely on real estate market analysis software and act based on the information they provide, then they should go through a high level of scrutiny. Also, they should be convenient to use. Meaning that they should be compatible with smartphones and computers.
Another feature they must have is accessing trustworthy, up-to-date databases related to the housing market. This includes:
- price changes in recent years, months, or days
- the number of sales in a given region, and
- the demographic information of specific areas.
Best Real Estate Market Analysis Software
With life becoming increasingly technology-oriented, there is software for almost any task we used to do manually. Similarly, there are now a dozen software available to us that we can use to analyze the real estate market.
Regarding the performance value of these software, they differ a great deal. Some are good at value estimation, while others are more suitable for property management. Here are the five best real estate market analysis software that investors, managers, and agents find amazingly helpful.
Dealcheck
Take a moment and think about all the information you’d like to know about a property before you buy it. Unless you wish to learn about the builders’ date of birth or favorite color, everything you need is in Dealcheck.
This software is equipped with various analysis tools that enable users to calculate metrics such as cash flow, investment returns, property tax, operating expenses, etc. Provided that the property is listed, Dealcheck can calculate the best price for renting, buying, or selling the property according to the current market situation.
You can also list your purchase criteria and ask Dealcheck to find you the best deal detailing the lowest and highest price you can offer for buying or renting the property. Last but not least, Dealcheck is highly user-friendly, easy to use, and can be installed on smartphones and computers.
| Website | https://dealcheck.io/ | |||
| Price | $ 20 per month | |||
| Main features | Commercial Calculator | Profit Projections | Side-by-side Property Comparison | Professional Investment Reports |
| Pros | Easy installation | Absolutely affordable | Excellent real estate glossary | Great Customer support |
| Cons | Limited trial version | Some features are rather hard to work with | ||
Zilculator
Another perfect market analysis software that investors adore.
Zilculator has long proven to be a great hand in real estate marketing analysis. It has several property marketing tools that give investors everything they need.
As soon as you give the property’s description, it gives you valuable information such as a location risk analysis report, 10-year- investment analysis report, demographic analysis report, aerial & location report, and sales history.
Additionally, it can generate a monthly loan schedule detailing mortgage interest and maintenance costs. With precise calculations, Zilculator can easily tell the current and future value of the property, taking into account the property’s current condition, mortgage rate, demographic & aerial information, etc.
An amazing feature of Zilculator is its “Rehab Estimates Zilculator.” It can tell you how much exactly is needed to repair different parts of the house as long as the type of breakdown is mentioned in the description.
If you’re stuck between two options and don’t know which property you should buy, Zilculator can be of great help. Considering the properties’ condition and customers’ tastes, Zilculator can tell you which property you should go for to make a better deal.
| Website | https://www.zilculator.com/ | |||
| Price | $ 23.20 per month | |||
| Main features | Saved Properties | Rental Property Analysis | MLS Listing Loader | Wholesale Analysis |
| Pros | Easy to use | professionally generated report | Precise calculation | simple to understand |
| Cons | Costlier than similar software | Only accessible for computers | limited free trial | |
The Analystpro
If you’re looking for real estate market analysis software that is highly accurate and works well on smartphones, tablets, and computers, Analystpro is what you need. It is literally one of the most practical market analysis software that is accessible all the time, everywhere.
Accessing property websites and using rich data, Analystpro is another trustworthy analysis software that real estate investors can rely on. Sales History, Internal Rate of return (IRR), Expense Ratio, and Gross Operating Income (GOI) are just some essential data that you can obtain from Analystpro in the blink of an eye.
By using Analystpro, you can access accurate investment calculators, detailed property reports, marketing reports, and precise analysis reports.
| Website | https://www.theanalystpro.com/ | |||
| Price | $ 69.99 per month | |||
| Main features | Location Risk Analysis | Lease vs. own analysis | Time value of Money | Infographics |
| Pros | Detailed, inclusive reports | Highly accurate calculating system | Has a built-in database | |
| Cons | A bit sophisticated | difficult to work with in the beginning | Costly | |
RealData
There are many things you may want to do with a property after buying it. You may want to rent it, sell it, keep it vacant for a better market, or renew it before doing anything with it. To do the right thing, you need some sort of assessment that must be accurate and inclusive.
When it comes to assessing the true value of properties and how to approach them, Realdata should always be among your first choices. Using this software, you can easily decide whether you should buy the property or not and what to do with it if you decide to buy it.
Just give this magical tool some information about the property, and it will tell you everything about it.
What information does it need? Well, just let it know about the age of the property, in which area it is built, how big/small it is, what specific features it has, whether it is commercial or residential, etc. You can learn these things by investigating the property or simply asking the owner.
In a matter of seconds, Realdata will provide you with a body of information such as:
- Sensitivity analysis
- Projected future value
- Vacancy and credit loss
- Lease vs. buy analysis
- Rate of return on your investment
- Monthly cash flow analysis,
- Etc.
Like any other real estate market analysis software, Realdata may look a little sophisticated at first. However, if you work with it for a while, you’ll notice how practical and user-friendly it is.
| Website | https://www.realdata.com/ | |||
| Price | $ 229 – 1599 | |||
| Main features | Investment Analysis | Comparison Analysis | Comparative Lease Analysis | Commercial Development |
| Pros | multiple cash-based factors | accurate property value assessment | Fine-tuning construction timeline | Great Customer support |
| Cons | A little costly | short and limited free-trial | Not available for smartphones | |
Buildium
Buildium may not be the best choice for you if you want to learn about a property’s sales history or location risk analysis, but it certainly is the perfect choice when property management is your primary concern.
Buildium is great at handling financial matters. No matter how many properties you have, you can use Buildium to handle payments, debts, and due checks. Recording deposits and process fees, as well as performing refunds, are among other things that Buildium does.
True, Buildium may not be called a complete real estate market analysis tool, but it is arguably a priceless accounting tool when it comes to maintaining and managing properties.
| Website | https://www.buildium.com/ | |||
| Price | $52 -479 per month | |||
| Main features | Property Accounting | Tenant Screening | collecting rent online | online leasing |
| Pros | Performs accounting | Online payments | Property inspections | Website and leasing syndication |
| Cons | poor customer service | Lack of training on how to use certain features | ||
Final Considerations
Real estate managers, agents, and investors often find themselves too busy or confused as they have to handle several projects at the same time. That’s why real estate market analysis software is more than necessary for them.
These software have multiple applications such as obtaining property sales history, assessing the value of properties, estimating their short and long-term cash on cash return, etc.
Dealcheck, Zilculator, Analystpro, Realdata, and Buildium are currently the best real estate market analysis software that you can rely on and benefit from.
FAQ
Market analysis software can help you decide whether or not you should make the deal. However, it’s always nice to learn from an experienced person too. Use both sources of information and get the most out of every single deal you make.
