Propstream uses big data to help property investors quickly find and evaluate investment opportunities. Features include instant comps, a rehab estimator, a skip-tracing tool, and an analysis wizard. Read on to learn how this software helps boost your bottom line.
Related: REIPro also helps you evaluate investment opportunities (though we think PropStream is better). Click to read our full review now.
What Is PropStream?
PropStream is a real estate tool designed for real estate agents, brokers, and real estate investors, though we think investors are most likely to use the platform.
It’s focused on helping real estate professionals save time by automating time-consuming tasks associated with generating new seller leads and finding properties across the country.
In a nutshell, PropStream offers:
- Targeted Property Lists
- Nationwide Property Database
- Instant Comps
- Rehab Estimator
- Marketing Tools
- Analysis Wizard
- Lead Nurturing
- HOA Data
- Bankruptcy Records
- Lien Information
The website states that these Propstream software features give you “The entire real estate market at a glance.”
Could it really be this useful and seamless for agents, brokers, and investors?
If you’re seeking an answer, you came to the right place. In this post, we’ll review the PropStream features, pricing, and pros and cons to help you decide.
We like that Propstream only includes features you need so you’re not paying for those you don’t. Some of our favorite stand-out features include:
Targeted Property Lists
PropStream real estate software enables you to generate and view property lists that meet the criteria you’re interested in. You’ll get a notification when a new property matches your criteria.
PropStream uses multiple MLS data that can be sorted and organized with hundreds of filters and criteria. Creating targeted property lists allows you to perform a search for any type of property, even those that aren’t on the market yet:
- Expired listings
- Cash buyers
- Involuntary liens
- High equity
You’ll end up with a dynamic, always-updated marketing list that tells you which seller leads may be highly motivated to sell based on circumstances or listing status.
This can help you find more properties and opportunities that are right for your portfolio.
Nationwide Property Search
Investors and agents that work all over the country want to view more properties than the ones that are in their immediate area. With the ability to do nationwide property searches, you can find detailed information.
This includes things like property, owner, and past transaction details about any property address in the United States. Your location doesn’t matter, and you can perform unlimited searches.
Another benefit is that you can pick a property and search the sales records for cash buyers. That’s right, you can see the contact information of cash buyers. But how?
It’s simple. The software filters for cash sales within a set radius of the subject property. Then, it’ll give you the contact information of that homeowner.
It sounds impossible, but this is the type of functionality that big data brings you. Welcome to the digital age!
Once you’ve located and reached out to new leads, PropStream helps you nurture them long-term with this strategic, automated feature. It takes an average of 8 touches to get a meeting with a new prospect, but many agents give up before then.
With this feature, you can consistently reach out and stay top of mind to convert more leads. You’ll be able to send customized emails to leads and past clients and set the intervals they’re sent in, so no lead is forgotten or given up on too soon.
Staying in touch with leads and past clients is vital for two reasons: It results in more conversions and more referrals. When you first reach out to a lead, they may not be ready to sell or buy right away.
That’s okay. Establishing contact early on and remaining consistent makes you more likely to be the agent they think of when they’re ready to move forward.
In fact, the National Association of Realtors found that 72% of real estate seller clients only interviewed one agent – usually, the first agent that they had contact with.
In the same study, 85% of sellers said they would use their agent again. Still, only 33% reported that they’ve actually used an agent they’ve worked with before. Why the gap?
It’s often a lack of contact after the sale. Without communication, you’re no longer top of mind. That makes you less likely to be selected by a lead as an agent, earn referrals, or get repeat business.
The ability to automatically nurture your leads long-term with features like this could help you increase your chances of success.
PropStream’s Instant Comps feature can help you instantly determine the overall value of a property by showing you the average values of similar homes nearby.
It uses the most current data from multiple MLS’ paired with county recordings to give you the ability to run your own comparable market analysis.
You can change and toggle options like:
- Date range
- Square footage
- Distance from the subject property
- Number of bedrooms
- Number of bathrooms
- Last sale date
If you think a specific property is throwing the analysis off, you can select or deselect any property from the list to instantly change the results.
Going into the rehab process blind always costs more than expected and rarely ends well. The Rehab Estimator tool offers a solution to help you avoid costly miscalculations in real estate investing.
This tool uses real-time data to help you estimate the ARV (After Repair Value). It also enables you to evaluate the actual rehab costs on an investment property will be before you’re in too deep.
Every type of repair and improvement is included: Flooring, roofing, plumbing, electrical, and more. Local labor and materials costs from your area are used to develop two estimates.
The first, your DIY rehab estimate, tells you what you’ll pay if you decide to tackle the repairs yourself. The second, your Contractor estimate, tells you what you can expect to fairly pay a contractor in your area to get the job done.
With this tool, you can make better-informed decisions about your real estate investments and repairs.
PropStream’s marketing tools cover a lot of areas, but all are focused on helping you find and connect with more prospects.
From creating custom website landing pages to sending automated emails and ringless voicemails, these tools are meant to help you quickly reach out to prospects and stay top of mind.
- Find property owner information
- Create, schedule, and send automated emails
- Send customized postcards to prospects
- Send ringless voicemails
- In-browser online advertising
- Create website landing pages
Creating custom website landing pages can help you capture and convert more leads. With these landing pages, you can target and speak directly to each of your niches instead of sending every lead to the same page or website.
Customized postcards and online ads can help you stand out and be remembered by prospects. Email drip campaigns enable you to nurture leads and stay in touch with your prospects regularly.
The step-by-step Analysis Wizard offers a simple way to get detailed information on every aspect of the transaction and investment process. Use it to calculate every figure related to a property: The total purchase price, mortgage amount, projected rental income, and property expenses.
You can use the Analysis Wizard to get market overviews, including nearby property sale prices, local rental price trends, general market performance in the area, and sought-after home features and trends.
The Analysis Wizard can help you determine and manage:
- Cash flow
- Detailed mortgage analysis
- Expense analysis
- Rental analysis
- Tax information and deductions
- Property sale reports
- Billions of document images like assessor’s maps
At its core, skip tracing is simply tracking down a property owner’s information. While this is a cumbersome process, PropStream makes it easy. How?
In the property search, it’ll aggregate all public information including names, emails, phone numbers, mailing addresses, court records, and others. Then, it’ll give you the opportunity to automatically call the prospect.
Now, there are strict robocalling laws in place. But don’t worry, PropStream has thought of this too. What they’ll do is send the call straight to voicemail. Let’s face it — the markets for direct mail and bandit signs are extremely saturated, which means they’re highly ineffective.
However, with this service, you can still reach the owners without needing to spend unnecessary funds on direct mail. These are the types of features that make this product stand out from the rest.
PropStream offers a 7 day free trial for new subscribers. Once the trial period is over, you will automatically begin a monthly subscription unless you cancel before the trial ends.
There appears to be only one monthly subscription option. Still, without detailed pricing information displayed on the website, it’s unclear how many plans the company offers.
PropStream Subscription: $99/month
What the monthly subscription includes:
- 7-day free trial
- Nationwide property search (up to 100 saved searches)
- Targeted property lists
- Marketing and lead nurture tools
- Analysis Wizard
- Rehab Estimator
- Instant Comps
Plans are offered every month, and you can cancel at any time. In comparison to other similar real estate software products for agents, brokers, and investors, PropStream is reasonably priced at $99 per month.
Propstream Pros and Cons
Pros (What they do well)
- Pricing is lower than major competitors
- The ability to target seller leads anywhere in the country and send emails, postcards, and voicemails to them is really beneficial for investors and real estate agents.
- The Analysis Wizard feature bundles many of a transaction’s complex calculations into a simple, step-by-step format that could be great for beginning agents and investors.
- Using the Rehab Estimator feature to get real-time, local pricing, and cost estimates for property repairs and improvements can save a lot of time and provide an accurate working budget.
Cons (What need improvement)
- No pricing information is actually listed on the website. You have to sign up for a 7-day trial to view pricing information. We were able to locate monthly pricing information only by reading the company’s terms and conditions. Additional fees and setup costs are not mentioned but might apply.
- You’re limited in how many searches you can save. If you go over the limit (100 searches/month), PropStream may terminate your plan or ask you to upgrade to a larger subscription package. No information is available online about their other subscription packages and how much they might cost.
- Online reviews for PropStream aren’t great, but many are more than 10 years old. Some reviews stated that the property owner and seller lead information is outdated and, in some cases, more than 18 months old.
Overall, we think PropStream offers great value for the price. Its platform is straight-forward and offers only the features you need. We think property investors would benefit from using this tool.
User Review( votes)
Overall, we love PropStream. The platform is well-designed, pricing is reasonable, and it has a bunch of useful features without the ones you don’t need.
As with any product that sources public information, the data may be slightly outdated. But that’s nothing a seasoned property investor can’t work around.
My only gripe is that I reached out to them 5 times and I never heard back from anyone at the company. This is extremely alarming for me, and I think you should be mindful that while their product is awesome, their service stinks.
Final Thoughts on PropStream
So, does PropStream really give you an accurate overview real estate market at a glance? That depends.
If you’re a new real estate agent, being able to locate new seller leads before another agent contacts them, run your own comps, and do essential calculations in the software may help build your book of business.
However, this platform is meant for investors, not agents. And it does not disappoint. If you’re a real estate investor who purchases and sells properties across the nation, this tool could be incredibly useful.
The standout features include an accurate rehab calculator, integrated skip tracing tools, ringless voicemails, and many others. I think any serious investor should have this weapon in their war chest.
Have you used PropStream? Would you recommend it to others? We’d love to hear about your experiences.