There will always be a place for rental compensation data for PMCs (Property Management Companies), but rental transaction data is essential for more detailed information about the housing industry.
According to Natalie Long, manager of Client Success for Market Analytics at RealPage in Texas.
She long outlined her concerns, opinions, and data on the subject on a RealPage blog. She also discussed the matter at length with GlobeSt.com.
"The key takeaway from the rental pay data is that it will always have a place in the industry," Long said. “However, call-arounds and websites are no longer enough today. Now our PMCs need more up-to-date and accurate data based on executed rental agreements (which residents sign the rental agreement for) so that they can minimize their risk. "
Many in the field use rental pay data, Long said, as "a good guide to get a feel for what's going on in the market."
But, Long said, when you combine rental compensation data with lease transaction data, "you get a complete picture that is really very powerful."
According to the Blog Long writes, “Are you misleading Rent Comp data?”: “Market research is vital in times of uncertainty like COVID-19. PMCs only outperform competitors by using accurate real-time data to advance operational strategies while their competitors remain reactive. Transactional data is a must. It's the gold standard. "
Lange continues: “Data from websites and phone calls show less than 5% of a property's actual performance. Market analyzes show the remaining 95%. It provides executed rent roll data from over 15 million units to evaluate actual performance metrics in real time. "
Transactional data, Long told GlobeSt.com, enables individuals and businesses "to make smarter decisions to maximize their return on investment."
Due to COVID-19, Long said, “The market is moving fast. Our residents and customers want a lot more data because of COVID. They look for deep insights and try to keep their finger on the pulse. "
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