OwnAmerica is now providing an online service for institutional and retail investors to estimate the value of performing, tenanted rental houses, and analyze their asset quality, according to a recent announcement from the company.
"This is part of a movement to create a market for investor-to-investor sales of rental homes, so buyer and seller have an economic gain, while tenants have the stability of being able to remain after the property sells," says Greg Rand, CEO and Founder of OwnAmerica. "Tens of thousands of renters are given notice every month that they have to vacate their house because the owner wants to sell. That makes no sense."
The company reports that the new, free service, called Portfolio Visualizer provides investors institutional-level data and analysis including automated property valuations, rental data, yield and ROI calculations, wealth projections and portfolio mapping. In addition, the service also provides localized, portfolio-specific market information including population trends, migration patterns and employment statistics, according to the statement. OwnAmerica shares that to use the service, investors simply need to upload addresses of performing SFR properties to the Portfolio Visualizer.
"There are 16 million single family rental homes in the US sheltering 12.5% of the households. This is a massive asset class," says Rand. "But the owners of these rental homes have been forgotten by the industries that would serve them. The residential brokerage companies are focused exclusively on home buyers and sellers, not investors. It's the same with the big real estate web portals."
The release notes that the service also offers unique listings for sale of performing, occupied rental homes in markets nationwide and investors can locate performing rental properties. OwnAmerica states that this enables them to invest without the costs associated with rehabbing empty houses and losing rental income while finding qualified tenants.
The company says that the listings are generally not available through MLS systems thus allowing investors to work directly with other professional investors. Additionally, it is noted that keeping the listings off of the MLS also keeps tenants from learning of potential sales and affecting a properties' performance.
"As an example, when a rental property owner wants to sell his portfolio, the local real estate agents usually recommend vacating the homes and marketing them to home buyers. So a cash flowing investment property is vacated,” says Rand. “The owner loses income, and the tenants have to find a new place to live. No one wins."
The release says that the new site is hosted through OwnAmerica.com.