A real estate data API can be a tremendous tool for brokers and agents who want to attract property investors.
In fact, it could literally be the perfect tool.
That’s mainly because of this one factor – analysis.
As brokers and agents know, when a couple looks to buy a home, emotion plays big part in the decision.
But when property investors look at a home, it’s all about the numbers.
- Property details
- Maintenance and repair costs
- Cash Flow/Rental income
- Tenant Occupancy Rates
- Return on investment
Those are a few of the equations investors need to calculate during due diligence to see if it is worthwhile for them to commit to a property.
There’s another critical part of the equation – analyzing local real estate market data.
Brokers and agents who embed a real estate data API from data aggregators such as Home Junction will have an enormous advantage in attracting this category of buyer.
And as you know, some of these investors could be the type that will constantly buy or sell properties over a long period of time.
Real estate API is the doorway to a massive database
Savvy investors need to dig deep into every detail about a property that they can. Adding multiple properties to a portfolio can be very risky.
They know the importance of combing through public records and gathering every piece of data that they can.
But if a broker has a real estate data API on their website (or a property API as they commonly referred to), they will already have layers upon layers of public real estate data available to display and analyze.
Data aggregators such as Home Junction can supply:
- Property Details
- Parcel Details
- Recent Home Sales Data
- Trends in Property Prices
- Tax Assessments
- Tax Valuations
- Sales History
- And much more.
Take boundaries. Boundaries are extremely important for tax assessmentsand for schools. Being located inside a municipal boundary can add an extra layer of taxes, which will affect the return on investment formulas for any property.
As we said, investors look hard at the overall picture of a piece of real estate and other factors that influence the value.
- School Data
- School District Boundaries – as we said, boundaries have consequences. A highly-rated school definitely has an effect on home values and also occupancy rates.
- School Attendance Zones – these are also hyper-critical. A property might be located in a great school district, but not located which the zone for a particularly high-rated school.
- Neighborhood Demographics
- Crime Statistics
- Cost of Living Indices
With these feeds from a real estate data API, a broker can go even deeper and feature neighborhood data on their website.
Include a geo-spatial component where you can show the distance of a property compared to popular neighborhood amenities
We know for example, that being located near a park can be a major influence on the price of a house.
(And all of these factors, such as schools, parks and local businesses, can make a property more attractive for renters to keep those occupancy rates high).
Another big chore that investors are engaged in is the process of comparing different properties,
Again, this is where a real estate data API can be a real treasure. Investors can make true apples to apples comparisons with accurate property data that covers several neighborhoods, even different cities or counties.
Use a Property API to show market trends
Trends are also super-valuable.
A smart investor knows not to get excited by national trends in home values that they might read in the press.
As far as they are concerned all business is local – hyper-local.
While property prices might be skyrocketing in That Town Over There, property values might not be doing the same in This Town Here.
Investors will want to review real estate and home sales data by zip code. To be an even better resource, a broker should offer a real estate data API that provides property sales down to the neighborhood and subdivision levels.
There are also real estate market trend tools that can show how a home compares to other homes in the area for certain factors.
Those factors could be:
- Square footage
- Price per square foot
Perhaps Mrs. Ivana Invest finds a nice potential rental property that is in the lower 20% for prices per square foot. That’s a very significant piece of information to know. (And, a major shortcut for them because they don’t have to dig up all that data to figure the ratios themselves).
This is the era of big data. A broker or agent can literally add dozens upon dozens of different property layers to their website.
They don’t have to store all that data on their website. They don’t have to go out and update it. They don’t have to worry about pulling that data to display on their website.
A real estate data API does all that work for them.
All a broker or agent has to do is add a few pieces of code to their website. It’s that simple.
And by the way, all of this data makes the broker and their agents the true local resource with local knowledge when dealing with individual home buyers.
Why let prospects go to the mega-real estate portals for this data when a local broker can supply the same thing? (And keep all of those leads).
Want to be an super valuable resource for property investors? Get a real estate data API working for you right away to attract those buyers.
If you want to see a real estate data API on an actual real estate website visit www.roywheeler.com