PlanOmatic has revealed results from its recent survey highlighting how single-family rental (SFR) investors, owners and developers use property data and technology.
Out of a total of 1,893 responses, PlanOmatic found that property data collected onsite was mostly used for property maintenance purposes, which accounted for 24.9% of the total responses. This was followed by portfolio forecasting, which showed a slightly lower contribution at 21.4%; and renovations and acquisitions which represented 19.6% and 17.6%, respectively. The category with the lowest percentage of responses included valuation, accounting for 16.5%.
“The booming SFR market is showing no signs of slowing down as investors bet that demand for suburban homes will continue to support higher rents,” said Kori Covrigaru, Co-Founder and CEO of PlanOmatic. “Investors are looking for ways to gain a competitive advantage, and as such, the focus on how property data and technology solutions aimed at optimizing both investment strategies and property management processes has become even more important.”
When asked which data points SFR investors need to assess a property acquisition and/or determine maintenance, where respondents could select from multiple choices, geographic location ranked the highest with 6.5% of the vote, followed in a second-place tie by “Basement or Crawl Space” and “Exterior General Condition” with 5.7%. With a slightly lower percentage, 5.3%, “Exterior Surface” was the third most important data point needed.
According to PlanOmatic’s survey:
- RenoWalk is the most used software amongst SFR investors and owners for scoping repairs, accounting for 29.3% of the total responses.
- The second most used software is HappyCo, with 28.6% of total responses.
- Facilio ranked third, representing 26.8% of total responses.
- Xactware ranked fourth, representing 14.6% of total responses.
PlanOmatic’s nationwide survey was conducted online, featuring 1,893 respondents comprised of SFR investors, owners, and developers.
“Property data and technology will continue to play an increasingly key role in the SFR space in 2022 and it’s time for investors to take advantage of the benefits to stay ahead of the competition,” said Covrigaru.