How to use Propstream
What is Propstream?
Propstream is a large data aggregator that functions like the MLS.
Sure, there are free options like Trulia, Zillow, and Realtor.
I am sure you have also heard a myriad of jokes about how inaccurate the Zestimate is.
In fact, Spencer Rascoff, the CEO of Zillow sold his home in Seattle for $1.05 million on February 29, 2018. That would not be so bad, except that the Zestimate for this property was $1.75 million!
That is right; the CEO of Zillow sold his home for 40% less than the Zestimate for his home. (source)
If that does not confirm that Zillow’s algorithm for determining home values is a little flawed, I do not know what to tell you.
That being said, these free options can be handy from time to time, but Propstream provides a lot more value!
Seriously, Propstream has been awesome to me, and I can’t believe I wasn’t using this tool earlier!
What Does Propstream Offer?
Propstream offers a ton of great features to help you analyze properties more thoroughly, to include:
- Mortgage details
- Tax info
- Tax history
- Estimated property values
- Recent sales in your market
- Rent prices
- Transaction history
There is all sorts of information available on Propstream in order to help you analyze potential purchases more thoroughly!
The Propstream layout also looks much more high speed, low drag, than most online platforms for reviewing real estate data online. Many platforms look archaic, but Propstream actually looks like it belongs in the 21st century.
There are tons of incredible features that Propstream has to offer.
Unbelievably, the great Comparable Market Assessment data and other reports it provides are not even the best features it has.
My favorite Propstream features are the niche List-pulling options. You can utilize Propstream to pull very targeted lists for marketing such as:
- vacant homes
- liens (including details about the lien)
- free & clear properties!
There is even a way to save the property address to your saved properties, and use Bluehammer to estimate rehab costs – Though I still personally recommend that you conduct a walkthrough with your contractor.
Propstream allows you to send out marketing campaigns with these lists as well, which is super convenient. You can send out postcards, email blasts, ringless voicemails, etc. via their system – be aware some of these may carry additional costs though.
I like the idea of having the ability to send marketing directly from the platform you are researching properties on!
Can You Skip Trace with Propstream
As if all of the Propstream features we have discussed so far isn’t enough, you can also skip trace on the platform!
Propstream Skip Tracing costs just $0.12 to pull phone numbers, email addresses, or both phones/emails for a list of names that you wish to market to.
I don’t know about you, but $120 to get the phone numbers and email addresses of 1,000 potential sellers doesn’t sound too bad to me!
Although (insert Ryan Dossey recommended skip tracing tool) does this at X price
Is Propstream Worth the Money?
MLS access costs around $200-$300/year per state. That is less than the $99/month Propstream costs, but you need to have your real estate license to gain access to the MLS, and you would have to pay for each individual state.
I personally believe Propstream is absolutely worth the money, and plan to continue using it indefinitely!