According to Parsons, real estate forecasters have used unitary models that treat all markets equally.
RICHARDSON, TX – RealPage Inc. launched RealPage Market Analytics, a lease-based market research platform that is reported to provide 100% visibility into the performance data that is critical to making investment decisions. The platform will be unveiled today at the company's RealWorld conference in Orlando.
The next generation platform was developed by the RealPage Asset Optimization team. The analysis platform combines RealPage Axiometrics and MPF Research and is based on RealPage's 13 million transaction data units.
Justin Alanis, senior vice president of asset optimization at RealPage, says traditional research methods are based on publicly available quoted rents and occupancy data and lag behind indicators of market movement, which show less than 5% of a property's actual performance. This new platform offers 100% transparency by capturing rental yield, sales and any leading indicators that affect performance, including new leases, renewals, retention, average vacancy days, lease-over-lease trade-out, and lease terms. he explains.
“RealPage Market Analytics is the beginning of a new era. We don't just drive market research. We're re-imagining it, "said Alanis. "For the first time, you get 100% insight into the actual performance of submarkets. And that's just the beginning."
Announced by the team as the first in the industry, RealPage Market Analytics shows several new features that increase customer value, all on one customizable interface:
Data on exclusive leasing transactions: The ability to track submarket lease trades, renewals, resident retention, profit margin, and other key sales metrics sourced from 13+ million real-time data units in 400+ markets.
AI-infused forecasts: More accurate forecasts that allow for a glimpse into the future by taking into account the unique drivers at the market, sub-market, and asset level.
Rent Comps: Insights from decades of tracing real estate in the same store at the floor plan level and extensive details on unit mixes, managers, owners, asset classifications, construction dates and real-world compensation.
Real Capital Analytics Sales Comps data: Access to records of sales transactions, credit details, cap rates and capital trends through RealPage's partnership with RCA.
Asset snapshot: Get instant and deeper insights into any property through configurable, downloadable answers about an asset's estimated value, forecast, actual rental and sales figures, and construction pipeline information.
Direct data feeds and ad hoc analyzes: Intuitive analysis and extraction tools that save customers time finding, downloading and reformatting accurate data.
“Property forecasters have always relied on standard models that treat all markets equally. But it never made sense intuitively. Markets perform differently because they are different, and investors target specific markets based on those differences, ”Jay Parsons, vice president of wealth optimization and assistant chief economist at RealPage, told GlobeSt.com. "RealPage's innovative AI forecasting solves this problem by identifying the unique performance drivers in each market and allowing us to more accurately predict market movements."
RealPage uses machine learning tools to do this.
"And we have a team of multi-family analysts and consultants who regularly work with the industry to improve market knowledge and provide the optimal mix of art and science in forecasting," explains Parsons.