OPERATIONS
SINGLE FAMILY
PlanOmatic SurveyReveals How Single-FamilyRental Investors and Owners Utilize PropertyData NEARLY 25% OF RESPONDENTS USE DATA COLLECTED ON-SITE FOR PROPERTY MAINTENANCE; 21.4% USE DATA FOR PORTFOLIO FORECASTING.
by Kori Covrigaru
lanOmatic, a provider of property insights and mar- keting services for the single-family rental (SFR)
P
The booming SFR market is showing no signs of slowing down as investors bet that demand for suburban homes will continue to support higher rents.
industry nationwide has released the results from its November 2021 survey highlighting how SFR investors, owners, and developers use property data and technology. SFR investors collect and use property data for various reasons, but surprisingly, many do not take advantage of the full gamut of benefits. PlanOmatic found that out of a total of 1,893 responses, property data collected on-site was mostly used for property maintenance purposes, which accounted for 24.9% of the total responses. This was followed by portfolio forecasting, which showed a slightly lower contribution at 21.4%. Renovations and acquisitions represented 19.6% and 17.6%, respectively. In stark contrast, the category with the lowest percentage of responses included valuation, accounting for 16.5%. When respondents were asked which data points SFR investors need to assess a property acquisition and/or determine maintenance, and where respondents could select from multiple choices, Geographic Location (busy street, commercial district) ranked the highest with 6.5% of the vote. There was a second-place tie between Base- ment or Crawl Space and Exterior General Condition, with each response receiving 5.7%. Exterior Surface ranked as the third most important data point needed, with 5.3% of the vote. Scoping repairs for SFR properties is crucial for inves- tors in order to thoughtfully plan for renovation costs and turn estimate time. According to PlanOmatic’s survey, RenoWalk is the most used software among SFR inves- tors and owners for scoping repairs, accounting for 29.3% of the total responses. The second most used software is HappyCo with 28.6% of total responses. Facilio and Xactware are ranked third and fourth, representing 26.8% and 14.6% respectively.
The nationwide survey, conducted by PlanOmatic, Nov. 2-4, consisted of an online survey of 1,893 respondents comprised of SFR investors, owners, and developers. The booming SFR market is showing no signs of slow- ing down as investors bet that demand for suburban homes will continue to support higher rents. Investors are looking for ways to gain a competitive advantage, and as such, the focus on how property data and tech- nology solutions aimed at optimizing both investment strategies and property management processes has become even more important. Property data and technology will continue to play an increasingly key role in the SFR space in 2022, and it’s time for investors to take advantage of the benefits to stay ahead of the competition. • Kori Covrigaru is the co-founder and CEO of PlanOmatic, a provider of Property Insights, 3D tours, photography, and floor plans for real estate nationwide. The company’s full suite of property insights and marketing services allow SFR investors, owners, and operators to make fast, accurate and well-informed decisions throughout the property life cycle, including acquisition, renovation, and leasing. With a vetted network of professional contractors across the country, PlanOmatic ensures SFR investors, owners, and operators receive all orders within 48 hours. For more information, visit www.PlanOmatic.com.
68 | think realty magazine :: march – april 2022
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