How do you figure out the most accurate market prices for rents on your properties?

In this episode of the #DoorGrowShow, property management growth expert Jason Hull sits down with Nathan Jackson from RentFinder.ai to talk about how you can level up your listing game.

You'll Learn

[01:24] The creation of RentFinder.ai

[05:06] An AI tool for finding rent prices

[09:17] Making the switch from one tool to another

[13:00] Customizability and integration

Tweetables

"You come up with something cool and you show it to your friends, then other people are going to want it."

"You can either have it done accurate, cheap, fast, but you can't have all three."

"I think early adopters to it are going to reap a lot of rewards and a lot of benefits financially and otherwise."

"Once the entire world catches up, you know, and adopts these things, then it can be a bit more competitive, a bit more of a challenge."

Resources

DoorGrow and Scale Mastermind

TalkRoute Referral Link

Transcript

[00:00:00] Jason: I think early adopters to it are going to reap a lot of rewards and a lot of benefits financially and otherwise. Once the entire world catches up, you know, and adopts these things, then it can be a bit more competitive, a bit more of a challenge.

[00:00:14] Welcome DoorGrow property managers to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow property manager.

[00:00:32] DoorGrow Property Managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not. Because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow.

[00:01:14] Now let's get into the show. So today I'm hanging out with Nathan Jackson. Welcome Nathan.

[00:01:22] Nathan: Hey, thanks for having me. I really appreciate it.

[00:01:24] Jason: So Nathan, is with RentFinder.ai and so Nathan, before we get into talking about RentFinder, which I think is a super cool tool. I've gotten to take a look at it, play with it a bit.

[00:01:36] I want to get into the audience hearing a little bit about your background. How did you get into playing around with property management related stuff. What's your history here.

[00:01:47] Nathan: Yeah. so my background is really you know, kind of growing up as a kid, technology was kind of my life, the most important thing to me.

[00:01:52] But as I got towards that age for college, I was more interested in the finance side of things. So I went to school to get a degree in finance and investments. I lived in Manhattan for a little while, and then I also ended up starting my workout for a property management firm doing data analytics.

[00:02:07] That was kind of the first thing I started doing. And when I got in the door, it was one of those things where I just slowly started gravitating more towards the data analytics and technology at the same time. And as the company I was with called ONEprop got acquired ultimately by a company that rolled up into HRG, I kept being more on that analyst side role, but then also doing more with automation technology.

[00:02:28] And that entire side of the business you know, obviously the space, even five, six years ago was very immature from a tech side. And so I saw all sorts of opportunities to kind of get into that space. And then after being with the company that was acquired by HRG I came over to a company called Specialized Property Management and that's where I've been for about five years.

[00:02:47] And then I've been leading all of our technology efforts here at Specialized Property Management. So even with the background in finance, I kind of gravitated back towards my roots, which is tech and all that space. So that's what I've been doing here. We've been building software internally, building sort of, integration type stuff and all sorts of cool tools here at Specialized.

[00:03:04] And then RentFinder was born out of Specialized. So it's kind of where we are today.

[00:03:08] Jason: Got it. And so I know Chuck Thompson and he's, is he CEO of Specialized or? Yes. Yeah. He's CEO. Yeah. So He used to be part of the RPM franchise and he was a client of mine and helped him with websites and, you know, some other things early on.

[00:03:28] And he's got some other like former RPM people that are part of his his organization as well. And that are connected to this like Rod Schifferdecker past client as well. So, I mean, it's really cool to see, like, I've got clients creating stuff now that can benefit my clients. Like, that's really awesome.

[00:03:45] Nathan: It's great, great circle of life there. Yeah.

[00:03:47] Jason: Yeah, it's really cool. So, RentFinder.ai was developed to solve what problem? What was the problem that Specialized was having with all the other rental tools? Because there's a bunch of them out there.

[00:03:59] Nathan: Yeah, so fundamentally that's a great question.

[00:04:01] We built this solely as an internal tool to begin with. We had no intention of launching this as a product whatsoever. We were just going to all the different sort of rental evaluation tools that were out there, whether it was a Zillow, whether it was a Rentometer, whether it was a RentRange, a RentFax, there was just fundamental problems with every one of them.

[00:04:18] And with a lot of my work that I've been working on with Specialized, we got really heavy into the, you know, AI statistical modeling and deeper science behind how to do some stuff with data. And I said, Hey, I think I can build a better tool, build a better mousetrap to do this. And it was one of those things where just kind of organically, we started building out internal models to price out for our own agents.

[00:04:37] We started sharing it with some key clients and one day we had a key client say, Hey, you know what? I would love to share this with my investment partner. Can we go ahead and get an account for them set up? And all of a sudden we went from checking five, 10 a day to, you know, within a few months of just building internally, running hundreds and hundreds.

[00:04:53] And it's just sort of been off to the race ever since then scaling the same space. So.

[00:04:57] Jason: I mean, you come up with something cool and you show it to your friends, then other people are going to want it. Yeah, that's true. And so you guys have built the better mousetrap. You guys have built this cool tool.

[00:05:06] So tell everybody, like, what is RentFinder.ai. Let's start there.

[00:05:10] Nathan: So fundamentally, if you know those tools like RentRange or rentometer we're fundamentally providing a very similar service. The key differentiators of what we do specifically versus them is that we are taking in just say a monstrous amount of data, the price out of home.

[00:05:23] You know, we're not looking at just like the recent comp, plus the beds, bathroom square footage. We're looking at hundreds of data points per property, all the little things that you don't necessarily think about on any sort of listing that you see, we're looking at photos of the property. We're doing an analysis of what exactly the inside of the home looks like if we have them as well as a virtual tour scan.

[00:05:41] We're basically trying to look at the nitty gritty about what really makes a home rentable. And when you find what makes a home rentable. You can really hone in on that price because it's pretty easy to look at two homes on paper, a 3, 000 square foot, three, two next to a 3, 000 square foot, three, two and say, Oh, they're the same.

[00:05:56] But we all know that's not the case when you walk in the door, right? One home is a lot prettier and a lot better than the other. And fundamentally that was the aspect that's been missing. So we've added that into our analysis. And we've been able to really hone in on very, you know, precision rents by going that route and just going way beyond the limited amounts of data the other tools use.

[00:06:14] Jason: So you said there's like hundreds of different data points. Can you give us an example of what maybe some of the other tools might not be looking at?

[00:06:22] Nathan: Sure, like, we'll be looking at like, how recently were the new wood floors installed in the kitchen, right? What color are the wood floors? How are the wood floor colors in this area of the neighborhood renting compared to this over here?

[00:06:32] Because we're looking at all the other homes, like little tiny details like that. We're looking at, you know, do you have a pool? If you have a condo, are you facing the north or the south side of the building? Just all the How are you getting all

[00:06:41] Jason: this data though? Where does all this data come from?

[00:06:44] Nathan: So generally, I joke with my team that we're kind of like a data vacuum. We get data from anywhere and everywhere that we can. We buy data from sources. We find data online in publicly available places. And if we can't find it or buy it, we generate it. We do things where we're taking data sources like photos, for example.

[00:06:59] Photos are a very rich source of information. They're just not really normally easily extractable, right? But if you look at photos and analyze them in a smart way, you can get data out of those photos to be able to do an analysis from there. That's kind of what we're doing.

[00:07:12] Jason: And you're leveraging the AI to do this?

[00:07:14] Like AI is looking at photos and going, "Oh, they have hardwood floors."

[00:07:18] Nathan: Yes. Yeah. We have some trained AI models that we've done. You can do visual analysis on the photos and it'll basically take a look at a photo and say, you know, here's the types of floors. Here's what's going on in the kitchen. Here's what we think it was most recently updated.

[00:07:30] How up to spec is it? How is it spec wise compared to the rest of the neighborhood? Things like that.

[00:07:34] Jason: Okay, that's pretty cool. So I know when I was using the tool, I tried it on my property. And so I was curious and then what's cool about your tool is you can chat with the tool, so then I can ask it, like I'm talking to the AI, I can ask it to make some changes.

[00:07:52] Like I told it, I said, "well, some of these in the comps that you've got listed below are don't have a golf course view of the backyard like my property." So I was like, "can you only show ones that have a golf course view," and then it adjusted it, right? And so yeah, so if somebody's like my property special because of whatever or this property special they can ask the ai to just show the properties that like where that criteria fits And then it was like, yeah, no problem.

[00:08:19] I'll do this and then it changed it.

[00:08:20] Nathan: Yeah, I know that's one of the features that we've been baiting right now that we've had a lot of great feedback from our customers is that ability to kind of give the really holistic analysis that we provide to the client, but then give them the interactive ability, whether they want to be changing something on the analysis or asking the question about it, you know, being able to take that data.

[00:08:36] It just makes it much more personal, more real experience to understand how we got to that number. It's not just a black box that you can only see. Here's the number, take it or leave it. You can give your input. You can say, hey, a lot of customers like to say we're going to add in a new bedroom to this home, or we're going to convert the garage, or we're going to change the kitchen over to fully update it.

[00:08:53] How much do you think that'll impact the rents based on everything else in the area? So you can use it as kind of an analysis and evaluation tool to understand, you know, what really is worth doing or not. So we've had a lot of customers that have really enjoyed doing that. Got it.

[00:09:05] Jason: So they can sit there and play around with it and try and figure out, oh, how do we get the most rent?

[00:09:10] Would it make sense to convert the office into a room or like, yeah. Okay. Got it. That's very cool. So, everybody listening they might already be comfortable cause they've been using some sort of tool like the several that you mentioned they're already using, they're like, it's all, it's already doing an okay job what would you say to them?

[00:09:30] I think the things they would be like concerned about would be price, one of the things that I notice is your tool seems to be a lot more affordable to do a lot more reports than the others, probably because the leverage of AI.

[00:09:42] Nathan: So when we launched the tool, my idea behind it was I wanted to be the best, I wanted to be the most accurate, I wanted to be the cheapest, and I wanted to be the most user friendly. I said, I want to give no one any reason to stick around to the older tools to make it to where it's very easy to switch.

[00:09:55] So from a price perspective, you know, even if you're getting a really sweetheart deal with some of the biggest competitors on the market, we're almost always going to be way cheaper, right? We can get down to, you know, about a dollar per report, depending on the volume that you're doing. And we have packages that kind of range anywhere the highest price you can possibly pay for a report is 3. 50 per report. And that is still way below, you know, like the rent range, for example but they market as well for their advertised price. Okay. And then also the biggest thing that matters most is accuracy. That is why you come to us first and foremost, is that when you look at a large section of a portfolio, when you look at what this home actually rented for, you look at a rent range report, you look at a RentFinder report, you look at a rent fax report and a rentometer.

[00:10:31] We're going to be the closest every single time. We have a lot of data sets to validate this. We work with very large firms that have done large analyses on thousands of properties to say, Hey, you know, definitively RentFinder is the best rental tool for pricing on the market. And so if you want accuracy, that's why people come to us.

[00:10:47] Jason: You know, they usually say it's kind of a joke. You can either have it done accurate, cheap, fast, but you can't have all three or, you know, stuff like this. And you're like, yeah, but we figured it out.

[00:11:00] Nathan: You know what? It's funny you mentioned that. I've said that a few times myself. That's, that was one of our goals.

[00:11:03] I wanted to make it that easy and that quick and it makes it a no brainer, right? When it does meet all those goals, it makes it easy to switch. So you're exactly right.

[00:11:10] Jason: And you know, it's really AI that's kind of allowed all that to happen. Right? Like AI, we're in the middle of this AI revolution right now.

[00:11:17] And I think early adopters to it are going to reap a lot of rewards and a lot of benefits financially and otherwise. Once the entire world catches up, you know, and adopts these things, then it can be a bit more competitive, a bit more of a challenge. But property managers right now that adopt some of these AI tools, like we've had some really cool new tools that are coming to the market like, Vendoroo.

[00:11:40] Which is one of our podcast sponsors. They're doing the maintenance coordination, AI maintenance coordinator, which is just super cool. We've got tools like RentFinder.ai. There's all these different AI tools that are coming out right now. There's Super hiresuper. com I think is the website that does like an AI inbox for property managers.

[00:11:59] Like there's all these tools right now that where there's this innovation that's being able to happen that just. Wasn't possible earlier, and it really cuts the cost down for property managers. And so if you're able to decrease costs and increase output and do things faster and better, then that gives property managers more margin.

[00:12:20] Nathan: Yeah, absolutely. Right. I definitely agree with you. I think the landscape of the AI tools, especially is fascinating. You're able to see a lot of new things come to market that really were not possible before, right? Like you said earlier, you know, we're gonna find, we're gonna find there's only possible because of the AI set of things, right?

[00:12:34] You know, what we would do today. Would not have been possible whatsoever, you know, 10 years ago, by any means. And so I really do think it's interesting when you can get these tools off the ground and into people's hands sooner, it allows PMs to be able to move a lot more quickly. And as I mentioned before, you know, we started, I still am a PM myself, right?

[00:12:50] So I understand the industry very well. And I always, I'm looking for new tools to be able to bring into that side of the business as well. And it's a very interesting landscape right.

[00:12:58] Jason: Now. What else should people know about RentFinder.ai?

[00:13:04] Nathan: So the big thing is that what we do fundamentally is provide that price but we provide you that price in however many ways you need it, right?

[00:13:10] We can connect to you through Zapier. We've got a fully built out rest API for companies that are needing large amounts of reports and have their own technical integrations. We've got systems built out to allow you to do bulk uploads of reports and things from like default Appfolio and property reports.

[00:13:24] We made it very simple. So whatever your workflow, you can fall into what we do for you. You know, we have full white labeling as well. We love people to put their brand and logo and colors on that report. And then also share that really nice interactive report with their end user, whoever that client may be, just to make it to where it's very easy to switch.

[00:13:39] And there is no barrier from going from like a rent range or rentometer and making it to where you can immediately start day one using our tool and integrating it into your current workflow. And a lot of people also love the. Biz dev integration. We've got like the, you know, get my free rental analysis widget that you plug into your website and you can take those leads and pump them right into lead simple right into HubSpot and have them just go directly to your email.

[00:14:01] And then your client can get that nice report while you also get that this dev side of the things as well. So all of our clients that have integrated that have had very great success and it's something that people really like.

[00:14:11] Jason: Yeah, I like the rent analysis website, which that's cool. So, you mentioned api for those that are not as nerdy as maybe you and they can't figure out what to do with an API, but they like things connecting.

[00:14:26] Do you guys have in the works, is that Zapier connection or make or anything like this?

[00:14:31] Nathan: Yep. We do have a Zapier connections invite only right now, but if anyone is interested if you sign ,up we can invite you to be able to start using it. Make you something as well that we're also in the works with.

[00:14:40] I've been working with them pretty closely to get that online. And then if you don't have any one of those that you want to go down, Our API is very simple. We try to make it to where it's very plug and play to where you can just start up with, you get your API key and you can just submit just the single line address and we'll do everything in the background.

[00:14:56] You don't need to give us 12 other data points to determine what property your property is. You can just very quickly, one button, one address, and then it'll work via the API. So very quick and easy.

[00:15:06] Jason: That, yeah, that is really cool. This is largely for long term. Could this also apply to short term?

[00:15:12] Nathan: Right now, we don't do short term. We focus solely on long term SFR as well as basically we don't price apartment homes, right? We don't price large. 400 unit apartments. We'll price condos, townhomes, mobile homes, basically needs to be SFR of some sort. And you're like, even like a 10 or 20 spot apartment complex will price, but there be honest with you that there are better tools in the market for the large apartment pricing, that's just not what we do.

[00:15:34] So yeah, we're SFR focused. Got it. All right, that's largely our target audience that of this podcast.

[00:15:42] Jason: So very cool. Well, I thought the tool was really cool. I love that. It's cheap and that it shows you all the properties that are connected to that particular report. I mean, it makes it really easy to show to your potential client or your existing client.

[00:15:59] Hey, this is what your property probably could easily or should rent for and with some serious accuracy and at a level that the other tools just wouldn't be able to do. Yeah, so very cool. How can people, Nathan, get in touch with or find RentFinder and what's the best way?

[00:16:19] Nathan: Yeah, sure.

[00:16:20] So if you go on Google and search RentFinder.ai, you can type that in and you'll see, we'll be the first result on Google, or you can visit us at home. RentFinder.ai directly and just click the login or sign up button. And if you click that, you'll get free reports just to start out and play with the tool.

[00:16:34] You know, I like to put my money where my mouth is. You don't have to give us a credit card or anything just to start trying it. You can go in right now. Start running reports for free to see how you like us compared to what you're doing today. And so you can do that and just see how you like it. And then from when you're in there, you can hit the contact us button and reach out to me, or you can email me directly by you'll see my contact information on our page as well.

[00:16:53] Reach out there. But most of it's all very self service. You should be able to just get using it today right away. And we've worked out a deal with you and your team for those who want a discount, if you use the code DOORGROW15, DoorGrow one five, you can get 15 percent discount off the publish rates.

[00:17:09] Jason: So, yeah. So check that out. Really excited about this. So Nathan, appreciate you coming and hanging out here on the DoorGrow show. And I hope you guys have a lot of success with this.

[00:17:21] Nathan: I really appreciate it. No, thanks for having me. It's been a great time talking to you. All right. Awesome. We'll let you go.

[00:17:26] Jason: All right. So if you are a property management entrepreneur that wants to add doors, you're struggling, you're finding things difficult or maybe you're just struggling with the operational side. You're like, I can add doors, but adding more doors is not making my life better anymore right now. It's making my life more stressed.

[00:17:42] Then you need a really good operating system in your business and that's something DoorGrow can help you with as well to make your business what I call infinitely scalable. You just need to get that Super S ystem of systems in place. And so reach out to us at DoorGrow. We would love to help your bdms scale and grow your business. We would love to help you as a business owner function like a bdm and scale and grow your business. And we would love to help you be able to you Have the ops and the backend and the support that you need in order to comfortably scale your business without it making your life worse.

[00:18:13] So reach out to us, check us out at doorgrow.Com and you can learn more about us there, or make sure if you're a fan of the podcast, you're enjoying this, join our free community for the podcast, which is our Facebook group, the DoorGrow club. It is the best property management Facebook group, hands down.

[00:18:32] We reject 60 to 70 percent of the people that apply to join this group. We only let in property management business owners. Check out this group. It's an awesome group. Great resource. If you are wanting to be around others that are growth minded, that are crushing it and be more connected to DoorGrow, go to DoorGrow club. com and until next time, to our mutual growth. Bye everyone.

[00:18:55] you just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow!

[00:19:22] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

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