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Leveraging Data in Dr. Phillips Real Estate

Dr. Phillips Real Estate Investor Reviewing Data on a LaptopA successful Dr. Phillips rental real estate investor is one who knows how to collect and use relevant data. There are many ways investors use data, but most use it for real estate markets and potential properties comparisons. The right data can help make the identification of growing real estate markets and profitable rental houses much easier Your investing strategy will bring you closer to your business goals through effective data analysis. You would benefit greatly if you learn how to leverage data into greater profits.

The systematic use of data is very effective. Many successful rental real estate investors use the Automated Valuation Method to estimate current home values. Zillow can create algorithms that give you a calculation of the “suggested price” of different properties. However, you don’t have to be a real estate giant to be able to use the data they make available to the public. With platforms like Trulia and Realtor, you can get data about individual property histories as well as neighborhood trends and more. There are even tools like mortgage payment calculators to allow more accurate number-crunching.

Foreclosure reports also provide valuable data for you to study. Not only will you be able to get useful information about property values in a specific area or for an individual house, but you can also look at foreclosure reports for market patterns. If recent reports show a sudden increase in foreclosures, that could mean brewing economic trouble in that area.

Foreclosure reports are also helpful in identifying growing markets just as they are beginning to emerge, which could lead to accelerated appreciation as the market strengthens. You must still remember, though, that foreclosure reports are more reflective of past market conditions instead of current ones. Even if it gives valuable information, it may not always be the best option for up-to-date market data.

With these limitations of foreclosure reports, it will be to your advantage to look at a variety of sources during your data collection process. Along with government sources like the U.S. Census Bureau and U.S. Department of Labor, you should also keep a close eye on local newspapers, county registers, and similar data sources. As a whole, data from these sources can give you a more complete picture of the market situation.

When you have all those data, you can then narrow down your search to specific parameters of your choice. If you don’t, you run the risk of wasting valuable time searching for properties that won’t guarantee profits or are in markets that are in decline.

With the information you can gather from websites, reports, the MLS, and local sources, identifying properties for further analysis can become more efficient. You can use this data as a tactical tool to advance your investing ventures similar to how big investors do it. Given all of that, you may find that leveraging data appropriately can help you achieve even more than what you initially planned.

If all that would seem to take too much of your time, Real Property Management South Orlando offers a free market rent analysis to get you started on your investment journey. Contact us online or call us at 407-982-2000.

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