Real estate market analysis sound scary, doesn’t it? Surely so. However, if real estate investors take the right approach, real estate market analysis is not so intimidating after all. Even more, it is extremely helpful when either selling or buying an investment property. Let’s not lose time and dig in this real estate topic.
In order to explore what the best real estate tools when conducting such market analysis are, we need to first review what real estate market analysis actually stands for. Additionally, it is important to briefly describe the steps for conducting this type of real estate analysis. The latter will be useful when exploring the benefits of each suggested real estate tool.
Real Estate Market Analysis – What Is That?
Simply put, real estate market analysis represents the gathering of data for a real estate investment property and analyzing it later. Real estate investors use this type of analysis as it gives them a detailed and comprehensive overview not only of the investment property itself, but also of its surroundings and location. Of course, supply and demand as well as some potential future changes on the real estate market are also analyzed.
Real estate investors use real estate market analysis when searching for the best real estate investments. In this way they can really grasp the pros and cons of a real estate property. Furthermore, they can review how the investment property is doing on the real estate market. Real estate market analysis is also useful for real estate investors who are trying to sell their properties. The reason behind this is the fact that they can adjust their real estate strategy as well as properly set the price of the investment property. This is due to the fact that real estate market analysis gives investors an opportunity to explore their competitors and the current situation on the real estate market. Therefore, conducting real estate market analysis can be the key factor for the success of every real estate investor.
Steps to Performing Real Estate Market Analysis
As previously mentioned, if real estate investors want to make money from their business careers, they should really incorporate real estate market analysis in the process. Here are the steps for conducting such analysis:
#1 Conduct Investment Property Analysis
This includes analyzing the real estate property you are willing to buy/sell as well as its location and surroundings. Do not forget to also take into consideration the features of the investment property: number of bathrooms, number of bedroom, any additional characteristics, etc. Real estate investing tools can be extremely helpful here.
#2 Identify Recently Sold Properties and Current Listings
When choosing the best real estate investments for your real estate business or simply willing to make money out of selling your property, always check your competitors. Mashvisor can provide you with data for both recent and current listings.
#3 Do Not Forget About Pending Listings and Expired Listings
Again, you can make some conclusions on seeing which listings are about to be a closed deal as well as these which were not successful.
#4 Set a Price Range
In order to make money as a real estate investor by selling a property or closing a successful deal when buying a property, it is important to identify the price range within which the investment property falls.
#5 Consider the Market Value of the Real Estate Property
The key to having and managing the best real estate investments is the market value. This includes deciding on the selling price of your real estate property in addition to carefully reviewing the asked price for an investment property you are about to buy.
What Are the Best Real Estate Tools for Real Estate Marketing Analysis?
Real estate investing tools can be extremely helpful for your business in general. When it comes to conducting marketing analysis, real estate investing tools can save you a lot of time and effort. Further, they provide you with quicker and more precise results. Let’s check the best real estate tools for this real estate task:
#1 Learning Real Estate Tools
Learning is the basis of every successful real estate investing. Knowledge is probably the most powerful tool in real estate investing, in general, and real estate market analysis, in specific. It is of crucial importance that real estate investors are aware of the current situation in the real estate market. When performing real estate market analysis, it is necessary that you are aware of the steps you need to take. Also, being well prepared for conducting such analysis is always a plus. Nowadays, access to information is quick, easy, and affordable. Mashvisor can provide you with priceless information on various real estate topics in the form of blogs, guides, and tips. Moreover, Mashvisor’s platform offers data which every real estate investor might find useful.
#2 Tools for Finding Real Estate Properties
In the discussion about the steps for conducting real estate market analysis, it was mentioned that it is important to research other properties in order to get an insight about the real estate market and the place of the specific investment property in it. Furthermore, if you are conducting such analysis in search of the best real estate investments, a tool like this can assist you in the task. Mashvisor is one of the best tools in both showing you various listings on the real estate market and helping you in selecting the best real estate property.
#3 The Ultimate Real Estate Tool: The Investment Property Calculator
The investment property calculator is one of the most useful tools in the real estate investing business. Certainly, there are many reasons for this. For example, the investment property calculator provides you with calculations of cash on cash return and cap rate as well as some cash flow analysis. Mashvisor’s investment property calculator takes such analysis to a whole new level. Besides calculating the regular cash on cash return, cap rate, and cash flow, the tool does much more. Mashvisor’s investment property calculator will provide you with data such as comparative and predictive analytics from the similar investments in your area. Mashvisor’s predictive analytics take into consideration the future trends and results on the basis of historic data. Moreover, the tool will provide you with detailed analysis of the specific property as well as its neighborhood.
As you can probably guess, all of the tools described above are very useful when conducting real estate marketing analysis, so go and make use of Mashvisor’s platform and real estate tools.