PropStream Review in 2021 : Is the real estate investing tool worth it?

By Chris Wilson


The difference between a good deal and a great deal in real estate is, more often than not, information. With information, a good deal can become great and lucrative.

In the past, information was only accessible if you were well-connected within the real estate industry. Even then, there were glass ceilings and gate keepers who ensured only a small clique had access to the best data. Technology has changed that. Today, information is a lot easier to access if you know where to look.

In this post, we review the popular real estate investment tool PropStream. 

What is PropStream?

PropStream is an investing tool designed by Equimine. The parent company has been in operation since 2006. PropStream, the software, was launched in 2018.

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PropStream is mostly a data aggregator for real estate information. The main utility PropStream provides is finding properties and segmenting them through attributes such as price, estimated value, location, liens, mortgage information, pre-foreclosure details, and market status.

The cost 

You can either use the website, the iOS app, or the Android app to access the service. Although there is a 7-day free trial, the service starts at $99 a month.

There are additional costs associated with the service. Among these costs is the cost associated with building a team. If you already have employees or partners, you might want to add them to your PropStream account for efficiency. 

Each additional team member will cost you $35 a month. An agency with several partners might find this option financially efficient. If you invest as a couple, this option is also great because it can allow you to each run different searches as you hunt down deals. 

The pros

           Rehab estimator

One of the most useful and impressive features of PropStream is the rehabilitation estimator. As an investor, you will want to know what it could cost you to rehabilitate a property you are interested in. PropStream aggregates data from different rehabilitations comparable to the property of interest, among other analytics, to establish an estimate on how much it would cost to bring a house to its full glory.

           Access to nationwide data

Access to nationwide data is not easy in real estate. Before technological interventions such as Zillow, PropStream, or Deal Machine, access to statewide information, let alone nationwide data, was difficult.

To access statewide data, you needed access to a state's multiple listing service (MLS). Without licensure to practice real estate in a state, access to the state's MLS, was nearly impossible.

PropStream changes that; you can access real estate listings from within your state and other states across the country. You do not need licensure in those states or even a real estate agent to give you access to MLS in states of interest.

Built-in marketing

It turns out you don't even have to leave the app to start generating leads! With PropStream, you can find templates for sending out a communication to prospective sellers. The service allows users to send postcards, emails, and ringless voicemails to prospective leads.

With the PropStream service, you can build a list and initiate communication from within the service. Please note that marketing support is charged an additional rate over the subscription rate. Emails are 2 cents each, for example, while postcards will cost you 40 cents per card sent out.

           Skip Tracing

Some of the best properties to get great deals on are distressed sales. A distressed seller needs to move their property fast. Where a seller is actively avoiding creditors, debt collectors, or the tax authorities, communicating with the seller is often quite hard.

Skip tracing is the process of locating or contacting a seller whose contact information associated with a particular property is no longer accurate. Such an individual can no longer be reached through their known contacts, therefore. 

PropStream has a skip tracing feature that allows one to open a communication line with the distressed seller.  That means the service creates a way to access highly motivated sellers, thereby allowing you a significant advantage when negotiating pricing and terms.

Skip tracing in PropStream is an upsold feature that will cost you 12 cents per contact.

Stacking

Generally, the more factors you have working against a property, the better your chances of lowering the price. Sellers want the highest possible selling price while investors want the best opportunities at high margins, which means finding low selling prices.

Similarly, investors can have special interests in certain types of real estate deals. An investor who prefers single-family homes might want data aggregated around single-family dwellings.

PropStream allows stacking. That means you can search for duplexes in the mid-western USA under foreclosure and tax liens, for example. You can stack different factors that force the seller to lower the price.

Cons

           The learning curve

For such robust software, it is natural that the learning curve is significant. It will take time to access full utility from PropStream. The system is intuitive, but some features will take to get used to.

Users who don't allow themselves enough time to learn the software can get overwhelmed by the information. That could lead to decision paralysis, such that the user gets stuck and doesn't expedite their searches or their lead generation activities.

           The font

PropStream presents different data types. The font used might be too small for some users. The combined effect of the software's complexity and the small font used could create a significant intimidation factor.

           Cost

The initial subscription cost for the PropStream service is $99 per month. While the monthly fee is affordable, upsells can make the service expensive. If you decide to send out one thousand postcards, you will have spent the initial $99 plus an additional $40 for the postcards.

Unless you exercise restraint by narrowing down the qualifying prospective leads, using the PropStream service could get expensive.

Comparable Alternatives 

BiggerPockets 

BiggerPockets differs from PropStream in that it is more of a social media site than a lead generation tool. BiggerPockets is a network that sought to digitize networking in real estate. If you are looking to make human connections in the industry, BiggerPockets is a good place to start. 

Please note that BiggerPockets is a premium service that will cost you from $39 a month. Investors looking to find deals through one or a combination of qualifying filters are better served by PropStream, however. 

Zillow

Zillow changed how real estate investing works. As one of the forts technological challengers to the status quo, Zillow remains a respected industry resource. 

Zillow aggregates data and is a great resource for small to medium sized investors who might not have a budget for expensive investing tools. Zillow is more of a marketing space than a research space. Listings in the website are either by owners or by agents selling on behalf of owners.

The difference between Zillow and PropStream, therefore, is that with Zillow you only see what the seller wants you to see while with PropStream you have access to more data. PropStream includes data such as occupancy and liens that sellers might typically want to hide.

DealMachine 

Imagine driving around in a neighborhood looking for good deals, then you see a property that you like. Exciting, right? Your excitement dies down the moment you realize you have no way to contact the owners or even find out more about the property’s status; you don’t know if it is foreclosed, owes taxes, how long it has been on the market, or any of those key details.

DealMachine solves that for you. The mobile app allows you to take a picture of the property and upload it to an image search bar. DealMachine then pulls the information for you.

Unlike PropStream, working using DealMachine requires that you have the property’s photograph. The obvious disadvantage here is time. You can only search for properties one by one, and only where you have their images. 

REIPro

REIPro features data aggregation and analytics, just like PropStream. You will quickly note that REIPro, unlike PropStream, has a simple interface. That is not to mean that REIPro is shallow.

On the contrary, REIPro is quite detailed and offers a wide variety of capabilities to real estate investors. Like PropStream, the service offers access to properties across all states. Further, REIPro features a deal analyzer comparable to what PropStream offers. 

A standard REIPro subscription will cost you $97 a month. Additionally, you will gain access to 90 postcard templates and 20 letters templates for your marketing efforts. REIPro offers the templates free of charge.

The main difference between the two services is device optimization. REIPro is only accessible as a web service. PropStream can be accessed through Android, iOS, and a browser. Additionally, PropStream features more property filters, allowing an investor to narrow down to a near-ideal property when shopping for their next investment. 

Conclusion

In real estate, information is power. A piece of information can change the deal to your favor significantly. Imagine contacting a distressed seller or knowing what it could cost to rehabilitate a home before you even see it in person. PropStream is a power tool.

That stated, there are cons that you need to remain conscious about because the ultimate goal is to find out as much as you can about a property before deciding.  

           

PropStream Review

PropStream is mostly a data aggregator for real estate information. The main utility PropStream provides is finding properties and segmenting them through attributes such as price, estimated value, location, liens, mortgage information, pre-foreclosure details, and market status.

Editor's Rating:
5

Chris Wilson

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