Transcript: In our Rentometer Quickview tutorial, we ran through several scenarios using Quickview before running the Pro report. We ran the Quickview to save time, conserve report credits, and not clutter my reports folder.
Now we're ready to run the Pro report, but before doing that, I want to point out a couple of things:
- First, you can see your Pro report credit balance right here below the view Pro report button.
- Second Pro reports are saved as PDFs in my reports folder, and QuickViews are saved.
I have the address and Quickview already loaded. I'll click the view Pro report button and will be presented with the Pro report. The first section of the report includes the address and filters we set for the search, the street view image, and the summary statistics.
Having the data, we input on the screen is handy as a reference but also in case we want to run a variation of this report. For example, if we decide to change any of the filters, it will not run the full report. It will take you back to Quickview, and you can choose to run another full report.
Also, you can toggle between street view and our Rentometer gauge by clicking the toggle gauge link. The Rentometer gauge will highlight the average rent.
Now let's move on to the summary stats, which are included in the Quickview report as well. To quickly review, the average rent is the sum of all the rents in the area divided by the number of samples.
- The median rent is the middle value in the list of rents, and half the rents are above the median and half are below the median.
- The 25th percentile represents the lower end of prices in the area, and 25 percent of the rents are below this threshold.
- The 75th percentile represents the higher end of prices in the area, and 75 of the rents are below this threshold.
Percentiles can come in handy when evaluating a Property or a market. For example, you can test your all-in cost assumptions in an investment property.
Let's say you are evaluating a Property near 404 North Curtis Ave.
The current condition of the property places it in the lower end of the market. So you can use the 25th percentile and apply the 1 rule to estimate your all-in cost should be no more than 185 to 186,000.
Suppose you want to reposition the property by including renovations to move into the higher end of the market. In that case, you can use the 75th percentile to estimate your all-in cost should be no more than 233 to 234,000, again applying the 1 rule.
The historical trend line provides historical context for the current rents. The blue line of the chart plots the average rent on the first day of each quarter, going back to January 1st, 2017. The average rent on July 1st, 2018, was 2005 dollars. You can see the median and the standard deviation in the sample size as of July 1st, 2018.
The orange line of the chart plots the rolling or moving for quarter average rent. It is meant to smooth out changes that could be attributed to the time of year and or seasonality.
So you can see the rents in the area of 404 North Curtis Ave. have fluctuated over the last three or four years, with the last year and a half proving some sharp increases in rents.
The average rent by bedroom type chart provides content for one to two-bedroom units. You can quickly compare your bedroom type with other bedroom types, and you don't have to process another report.
The chart also provides one year ago rents on all the bedroom types to provide a quick snapshot of the direction of rents in the last year across the bedroom types.
The summary stats table provides more in-depth information about the data sample and the statistical calculations.
Right next to it is the rent distribution chart. This is a histogram that provides an approximate visual representation of the distribution of the data samples.
For example, for 404 North Curtis Ave. there are 16 rents that are between 1710 and 1926, and that's the tallest bucket of data on this histogram.
The map and sample list are designed with visual cues to help you digest the information as quickly as possible.
The map and sample lists are also loaded with handy tools and links so you can perform additional research and analysis as you need it.
Let's dive in and start reviewing all the great features:
- The blue shaded circle is the radius and the area covered by the analysis.
- The small orange house icon represents the address being searched.
- The sample list is represented by pin drops on the map, and each pin drop is assigned a letter and a color.
The letter assignment is based upon the distance from the subject property, with the letter A being assigned to the property closest to the address being searched.
In addition to the alpha coding, each pin is color-coded. The rent legend identifies and defines the color-coding.
- The green pins are the lower rent or the bottom 25 percent of the rents.
The blue pins are the moderate or middle rents. Rents that are between the 25th and 75th percentiles
- The red pins are the higher rents or the top 25 percent of the rents.
The pin drops are interactive, so you can click on them to get more information about the address, the rent, the date we last saw the listing, and link to street view.
Moving from the map to the sample list, the default sort order of the sample list is the distance from the subject Property with the closest listings at the top.
- You can sort the list by other variables, for example, the last seen date.
- You could always go back to the default sort order by sorting by distance.
- You can download the sample list to a CSV. File for further analysis.
- You can activate a google search by clicking on the g icon.
- You can activate a street view for a particular address by clicking on the little person icon.
You can get more Property details on each sample address by clicking on the Property Details button. The Property details report is a compilation of publicly available data presented in an easy-to-read format.
The tax, the sale, and other Property information are Provided so you can utilize as many details as needed for your analysis. For example, knowing the year built can help you assess the overall condition amenities and potential maintenance costs of a Property.
That's a deep overview of the Pro report. Now you're ready to fully take advantage of what this amazing Rentometer feature has to offer.
You're welcome to reach out to us via email at feedbacktometer.com
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