Based on the different PropertyRadar reviews online, you may be wondering, “Is it worth getting?”
Like many other real estate apps, PropertyRadar can help a real estate investor calculate estimates as well as analyze a potential property. However not all real estate apps were created equal.
Related: 7 Real Estate Investor Websites to Use
In any case, using a real estate app is beneficial as the price projections and potential rental income of an investment property alone can take months just to collect raw data. Nonetheless, while using a real estate app is always advisable, you will have to choose one that has the features and real estate database software that you need to make an accurate and informed choice. Keep reading to learn about PropertyRadar and how it compares to other real estate apps.
PropertyRadar: What Does It Do?
Many PropertyRadar reviews have raved about the app, but what does the platform do? While you may be thinking that a real estate app simply compiles different listings, apps like PropertyRadar do much more. Anyone who knows how to invest in real estate knows that several factors need to be taken into consideration.
Depending on your real estate investment strategy, whether it be traditional or short-term rentals, the metrics you need will differ. From cap rate, occupancy rates, Airbnb pricing, etc. to mortgages and other fees, multiple things can affect your bottom line. To offer its users the necessary real estate data, PropertyRadar collects information from different real estate database software.
Based on PropertyRadar reviews, Here are some of its functions and features:
1. Person vs Location
While not the most popular feature amongst PropertyRadar reviews, its ability to find potential properties based on its owner or location has been said to be quite useful. With a general search, you can find properties owned by a specific person or company all over the country. To narrow it down, you can also filter the listings by properties owned by a person in a specific location.
Related: The Ultimate Investment Property Search Tool
In addition to finding a property based on its real estate owner, PropertyRadar’s database gives you a summary of owner and property details. This includes things like owners’ contact details, value estimates, equity, sale price, and when the property was acquired. Furthermore, you will also see a full breakdown of the properties history from loans to foreclosure in recent years.
While knowing the property’s comprehensive history is not a common thing to consider amongst investors, it does help give you a better picture of the property. In regards to PropertyRadar, this is a unique feature.
2. Heatmaps and Drive Through Feature
When going through PropertyRadar reviews, you will surely read about its drive-through or drive-by installation. With its drive-through features, you can physically drive through the neighborhood with a moving map to show you all the places for sale and rent as you drive by. If you would rather search for properties at home though, you can do this too through PropertyRadar’s heatmap. After inputting a specific location, PropertyRadar’s heatmap will show you the different properties for sale and rent.
Related: This Heatmap Will Show You Where to Invest in Real Estate
You can also click on the properties to get the data on the selling price, value estimate, owner details, etc. This feature is particularly useful for any real estate agent as they can easily answer client questions regarding the local real estate market in just a few clicks.
3. Property Risk and Demographics
Based on the different PropertyRadar reviews, the app itself can help you gather information like community demographics and property risks quite easily. From things like ethnicity, average income, number of children, and charitable acts, PropertyRadar will help you get a better idea of what type of culture the neighborhood has.
While not a common consideration for most, demographics is one of the key factors that influence the real estate market and can help determine what type of property you should get. If the demographic of the neighborhood seems to have lots of children at home, multi family homes for sale may be a better investment. On the other hand, if the neighborhood consists of single adults, then buying smaller condos for sale may work in your favor.
In addition to this, PropertyRadar also mentions how the real estate app can help inform you on possible risks associated with a property. This includes things like foreclosures, where the property is built on, and other possible risks to your investment.
PropertyRadar’s Recent Expansions
Before 2020, many of PropertyRadar reviews discussed the limited reach of the app, which only accommodates a few states in the country. Building on the real estate app’s database has shown the app’s coverage expansion in the last few years. From only being available in a few states across America in 2020, PropertyRadar now provides real estate information nationwide. While still in its early years as a nationwide app, any real estate broker, owner, and buyer from anywhere in the US can use it now.
Overall, PropertyRadar gets its database from several sources to help you with your investments. Though the app may have some limitations, the different PropertyRadar reviews discussing the features of the app have shown many of its benefits to any investor and regarded it as a useful property owner app. Now that we’ve gone over the PropertyRadar reviews from its site and users, let’s see what other real estate apps you could consider.
Mashvisor Property Marketplace vs PropertyRadar
While other real estate apps offer great features, Mashvisor’s Property Marketplace and other investment tools are currently unmatched by any other app on the market. Again, using any type of app will always be beneficial as long as the data is gathered from credible sources. Even a simple comparison of listing prices can help point you in the right direction. However, to truly be successful in the real estate business, you will need a lot more than just that.
Aside from offering similar features to PropertyRadar, Mashvisor has additional features and data that can give a more in-depth analysis of a property. Here are just some of the things that make Mashvisor a great tool for real estate investors and brokers alike.
1. Reliable and Accurate Data
Before making any decision, any real estate investor should seek the available data regarding its possible investment. To make this easier, multiple companies like PropertyRadar and Mashvisor collect it from multiple sources to make the process easier. However, not all sources provide accurate and up-to-date data. That is why the app you are using must gather its data from reliable sources.
Depending on your investment type, Mashvisor will gather its data from reputable sites known to regularly update their data regarding each neighborhood. Mashvisor also collects directly from the Airbnb site to give you an accurate and reliable breakdown of possible Airbnb investments. With Mashvisor, you are sure to have the most accurate and up-to-date data to ensure that you are making the right decisions regarding your investments.
2. Heatmap
Mashvisor’s heatmap is a great feature that can help you find the best neighborhood and property based on your investment goals. From helping you choose the best neighborhoods based on profitability to breaking down the different metrics of each property, Mashvisor’s heatmap does more than just give you a quick neighborhood overview.
Rather than just showing you which properties are for sale and how many rentals are available, Mashvisor shows you which neighborhoods have the hottest properties and are most likely to have a better return on investment.
Aside from rental income, you can set Mashvisor’s heatmap to highlight areas based on cash on cash return, listing price, and Airbnb occupancy rate.
3. Metric Breakdown for Any Real Estate Investment Strategy
While PropertyRadar and Mashvisor do both share the owners’ contact details, value estimates, equity, sale price, and property history data, Mashvisor goes beyond just these metrics. Using Mashvisor’s Property Marketplace and other investment tools, you will also be able to see the following regarding your possible investments:
- Number of listings (for both traditional and Airbnb rentals)
- Median Property Price
- Price per Square Foot
- Potential Rental Income (for both traditional and Airbnb rentals)
- Price to Rent Ratio
- Cash on Cash Return (for both traditional and Airbnb rentals)
- Airbnb Daily Rate
- Airbnb Occupancy Rate
- Days on The Market
- Walk Score
With all of these data points and information, you can compare real estate strategies more effectively. With its traditional and Airbnb metrics side by side, you’ll be able to better determine if a neighborhood or property is more profitable as a traditional or short-term investment. Overall, this helps you get a clearer idea of the possibilities your investments hold. Get the most up-to-date data on potential properties today and sign up for Mashvisors 7-day free trial.
4. Comparisons to Other Properties
Once you’ve narrowed down your property options with Mashvisor, you can also compare each potential property with each other. Using the vast data found in Mashvisor’s database, you can easily see how a potential investment compares to other real estate properties in the area. You can also take all your potential investments and compare them to each other by exporting the analysis to an Excel sheet based on your specifications. After seeing all of the properties side-by-side on Mashvisor, you can confidently make your investment soon after.
Found in every listing on Mashvisor is a section that shows properties for sale that are similar to the one you are looking at.
Mashvisor’s Best Place to Buy Rental Property
With a comprehensive real estate tool like Mashvisor, you are now ready to make your investments. Whether you are looking for a condo, multi-family home, or a duplex for sale, Mashvisor can point you in the right direction. The right property will also depend on the real estate strategy you choose between traditional and short-term rentals.
Here are some of the best places to buy rental property this 2022 based on the highest rental income for both traditional and Airbnb rental strategies:
California
- Median Price: $1,089,649
- Traditional Rental Income: $3,366
- Traditional Cash on Cash Returns:1.93%
- Price to Rent Ratio: 27
- Airbnb Rental Income: $5,129
- Airbnb Cash on Cash Returns: 3.26%
- Airbnb Occupancy Rate: 65%
Hawaii
- Median Price: $1,100,499
- Traditional Rental Income: $6,428
- Traditional Cash on Cash Returns:1.62%
- Price to Rent Ratio: 42
- Airbnb Rental Income: $5,129
- Airbnb Cash on Cash Returns: 5.04%
- Airbnb Occupancy Rate: 90%
Florida
- Median Price: $680,781
- Traditional Rental Income: $2,183
- Traditional Cash on Cash Returns: 1.88%
- Price to Rent Ratio: 26
- Airbnb Rental Income: $3,780
- Airbnb Cash on Cash Returns: 3.71%
- Airbnb Occupancy Rate: 64%
Tennessee
- Median Price: $694,458
- Traditional Rental Income: $1,442
- Traditional Cash on Cash Returns: 1.30%
- Airbnb Rental Income: $3,957
- Airbnb Cash on Cash Returns: 4.19%
- Airbnb Occupancy Rate: 61%
- Price to Rent Ratio: 40
Connecticut
- Median Price: $585,914
- Traditional Rental Income: $2,341
- Traditional Cash on Cash Returns: 2.11%
- Airbnb Rental Income: $3,968
- Airbnb Cash on Cash Returns: 3.74%
- Airbnb Occupancy Rate: 57%
- Price to Rent Ratio: 21
Getting the Real Estate App for You
Based on the features of PropertyRadar and what has been said on PropertyRadar reviews, the app itself is a great starting point for any investor. However, it does lack a few features and metrics when it comes to giving real estate investors and agents the full picture of a property. Mashvisor, on the other hand, collects data from reliable and up-to-date sources that cover a more comprehensive range for your investments. From the initial selling price to comparing all potential rental properties, Mashvisor simply has the superior tools and features compared to other apps on the market.
At the end of the day, investors should pick the real estate app that can help them during each stage of their investment journey, which Mashvisor can do. If you simply need the basics, then PropertyRadar as well as other real estate apps may suffice. However, if you want an in-depth analysis to base your investment decisions on, Mashvisor is the tool for you. Sign up for a 7-day free trial of Mashvisor.