In the ever-evolving landscape of property management in New York City, staying abreast of the latest technologies is a key strategy to stay ahead of the competition. Among these, certain online tools have emerged as particularly useful for property managers and investors. 'Rentometer', 'Who Owns What', and 'PropertyShark' are three such digital tools, each providing unique insights into the real estate market. They offer quick and easy access to property data, rental rates, and ownership details, making them invaluable aids in making informed decisions about property management and investment. These tools can help users understand neighborhood rental rates, identify property owners and their portfolios, and uncover in-depth property data, streamlining the research process and offering a competitive edge in the bustling New York City property market.
In an era where data is the driving force of decision-making, property management is no exception. One such tool that is increasingly becoming a game-changer for property managers and landlords in New York City is Rentometer. This innovative platform offers a quick and easy way to compare rental prices within a specific neighborhood by simply entering the property's address, monthly rent, and the number of bedrooms. Rentometer pulls its data from a variety of sources, including public rental listing data, proprietary rental data surveys, and user-generated input. Its data coverage is national, with the volume of data proportional to the volume of rentals in any given market. Urban areas like New York City, with a high density of rental activity, tend to have more data, making the tool particularly useful for those in the city.
Despite its potential, it's crucial for users to understand Rentometer's limitations. While the free version provides a high-level view of property data, it doesn't account for many factors that can significantly impact property value and rental amounts, such as renovation details, interior and exterior conditions, and proximity to amenities. For a more detailed analysis, the Pro version offers property reports with rental history, sale information, and deed information. However, the most accurate rental data will always come from leveraging a combination of tools like Rentometer and consulting with local experts who have deep knowledge of the market. Nonetheless, Rentometer is a valuable tool for getting a quick overview of the rental price landscape, especially when exploring a new neighborhood or zip code. It can help property managers make informed decisions on crucial matters such as how much money to invest in a renovation, balancing the cost of renovation with rental guidelines, or simply understanding the rental market's dynamics in a specific area1.
Who Owns What
Who Owns What by JustFix.nyc is a free tool designed specifically for the NYC real estate market. It provides valuable information about property owners, their portfolios, and their histories. This tool offers a unique feature that allows you to enter an address and find information about the associated landlord and other properties they own. It also helps identify patterns and trends that might be useful for investment decisions. Its data is primarily derived from public resources, making it a reliable source of information for property investors and managers.
PropertyShark, on the other hand, provides a broad spectrum of property data for locations across the United States, including New York City. It includes property reports, transaction history, title documents, permits, zoning, and more, making it a robust tool for property investment research. PropertyShark collects data from a variety of sources, including public records, providing a detailed view of property details that can assist in making informed investment decisions.
Ok, so now you have these tools, what in the world do you do with them?
Wondering how to price your new units on the market?
Once you've gathered this data you're in a good position to figure out a competitive rent and in line with your location.
A good boasting tool for prospective tenants is advertising your property's HPD stats (given issues are managed in a timely manner). The Who Owns What website is an easy way to give prospective renters an easy look into your performance as a landlord/property management company.