#86: What is PropertyRadar?
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Today we welcome Aaron Norris, whose real estate career started at five years old fixie houses his father's split business. After living in New York City for almost a decade he joined the family's hard money business as a mortgage officer and researcher. Today he's the Vice President of market insights for PropertyRadar. He speaks and writes nationally on trends and the power of public records that helps Main Street compete with Wall Street. You'll find his works on forbes.com. Think realty magazine and bigger pockets. We're going to concentrate today on this wonderful software called PropertyRadar. This software allows you to research residential and commercial properties using enhanced public records data. You can connect with owners by phone, email, mail, in person, and online.
In this episode, we’re discussing…
[2:31] How Aaron started in the flipping business in California and then moved to NY
[3:50] History of PropertyRadar beginnings
[4:00] He teaches nationally, Real Estate investors, realtors, and mortgage professionals. Data is not just for Wall Street anymore
[5:12] What PropertyRadar is, and what it contains and how we can use the data for marketing purposes and connections, and how old they are
[9:32] It can work with your CRM or other marketing tools, it has a way to accept the data via as a pure integration, and generate marketing campaigns
[13:51] PropertyRadar is a mobile app?
[14:53] Ibuyer concept, what it means and the advantages above the competition
[18:50] Don’t be scared of the data
[20:07] There are heat maps within PropertyRadar, what you can find, and the advantages if you look up zoning opportunities.
Aaron’s Top Tip’s
“PropertyRadar is a software tool that combines public records into an easy space to research mortgage people and property data. And the way that you stack and refine into your niche is what makes the product so special”
“Being able to stack the people's mortgage and the property data in unique ways allows me to talk to a smaller group of people in smarter ways. Instead of blowing my entire marketing wad on one huge general list one time and doing no follow-up, I'm connecting via phone, social media email door knocking direct mail, in short succession and fire more times for follow up to hopefully land that deal”
The most interesting categories are Home Services, watching people who install garage doors or pools of solar, those big-ticket items that they constantly need a source of leads. It's not as a service business like mowing lawns, because, they're not the heaviest user, where we attract people who need a consistent source of and high volume of leads to keep their pipeline full. “
“It can do some pretty cool thing. So, within the app, yes, like a hard money lender, this is what I was doing every day anybody who flipped a property. I was getting leads sent to my inbox. And then I was taking it into my CRM after I would find out who the owner of the entity was”
“The data meets your criteria, pushing it into a CRM system that triggers a workflow, maybe you're working with a VA, do some research, make sure the phone numbers correct, set up a phone call, connect with them on social media send a piece of direct mail, you create whatever series you want. We even have a partner that sends one-off postcards. You could send a postcard and then follow up a week later by phone, social media, or whatever”
“If you're doing a search, this is a great example, say your realtor driving down the road with a client. And they're like, I really like a house like that. Open the app, and it shows you're able to click the home and say, it's owned by this person, they've owned it for 15 years, that's a pretty good amount. Let's give a call. And you can click from right there, the phone number and call them and just say, you know what? I'm with some clients, they love your property so much. Are you thinking about selling? Or do you know anybody in your neighborhood with a property like yours that's thinking of selling? I mean, who else knows how to do that? That's really cool”
“And let's be honest, if you're a flipper competing against an ibuyer, they're making money in a lot of different ways. If you're not familiar, first of all, with the concept of ibuying. These are cash buyers that offer all cash. But that's not the only game. They're vertically integrating all their services. So, when Zillow does it, they've got mortgage closing, you've got an open door that just went public, and they're talking about expanding that things like insurance. So, they're making money in lots of different places, not just one”.
“Look up zoning opportunities, look at properties that are zoned like our three or triplex where there's only a single-family on-site, where you can build three units, and then additional ad use depending on the state that you're in. That'll be controlled by your local ordinances. But I've got investors that are going from a single house on a project to six. And all of a sudden, you don't have to pay full price for that single-family home, because you're going to do some awesome things with it after you buy it.”
Mike’s Top Tip’s
“It's amazing. Because really, the opportunity, and whether or not you're in regular real estate, or even if you're some of our listeners might be realtors, or they might be handyman that is trying to look for things. It's not just for the investor”
“I've always talked about having your team Having your CPA having your attorneys, having your bookkeepers, having your mentors. This also goes along with not creating too much work for yourself. Another part of your team needs to be software, now we know that part of your team has to be a company, software like PropertyRadar”
Resources from Aaron Norris
Aaron Norris, Vice President of Market Insights at PropertyRadar.
+ Read the transcript
Mike Stohler What if you could be doing something smarter with your money that creates income. Now, if you're wanting to get ahead financially, and enjoy greater freedom of choice, if you want a comfortable retirement, and you know you'll have more choices, if you can do more with your money. Now, if you've wondered who else is creating ways to make their money work for them, and you want actionable ideas, with honest pros and cons, and Bill flow. Welcome to the richer geek podcast. We're here helping people find creative ways to build wealth and financial freedom. I'm Mike Stohler, and in this podcast, you'll hear from others who are already doing these things, and learn how you can too.
Welcome back to another exciting episode of the richer geek. Today we welcome Aaron Norris, whose real estate career started at five years old fixie houses his father split business. After living in New York City for almost a decade he joined the family's hard money business as a mortgage officer and researcher. Today he's the Vice President of market insights for property radar. He speaks and writes nationally on trends and the power of public records that helps Main Street compete with Wall Street. You'll find his works on forbes.com. Think realty magazine and bigger pockets. We're going to concentrate today on this wonderful software called property radar. This software allows you to research residential and commercial properties using enhanced public records data. You can connect with owners by phone, email, mail, in person, and online. All right, welcome back to another episode of the Richer geek. I am very excited to have Aaron Norris, who's the Vice President of market insights for property radar. How're you doing?
Aaron Norris I'm doing good. Thanks for having me.
Mike Stohler
Yeah, I'm excited to get property radar has saved me a lot of time and money. And you know, some believe what's you know, thank you for having this type of company work for this company. So, tell me a little bit about before we dive into property radar, tell everybody about yourself. What have you done? What have you? What are you doing?
Aaron Norris
Well, I started in the flipping business at five working with my dad doing flips in California. I say for peanut butter and jelly sandwiches didn't pay me much. But I got free bowling balls and lots of great stories to tell. I moved to New York City when I was 19. I was a professional artist touring the world having great fun. In between gigs. I fell into Wall Street doing merger and acquisition presentations for an investment banking firm and sort of found myself really enjoying data marketing, public relations. Long story short, came back to California ended up back in the family business of hard money, real estate investing, and started using property radar. I met Sean O'Toole at an event that I did with the Norris group called I survived real estate. He was Shawn created foreclosure radar back in 2007 during the foreclosure crisis, and he was the most sought after guests on our panel because of his insights and technology trends, foreclosures and just as a really smart real estate investor. So last year I got brought on as property radar went nationwide. So as a longtime user, I was begging him to go to Florida because I build to rent in Florida and have rentals out there as well. So I am super excited. I get to work with media almost every day pulling data for stories. And then I also teach nationally, real estate investors, realtors, mortgage professionals, Home Services, how to use public records to find more deals, because data is not just for wall street anymore. We got to get better.
Mike Stohler Yeah, I agree. It's, it's like where were you guys 20 years ago when I get started.
Aaron Norris
It's funny you say that 5in my presentation like I've been doing data for so long, I parked in the 90s in my in my family garage with micro fish that actually bought a micro fish machine. And my job was looking at micro fish and transcribing data from the microfiche into itself. So data has changed once upon a time when you if you were in the foreclosure game, you were spending 1000s of dollars every month on just one county. And then you have property radar that comes along and democratizes data to where it's under $100 a month nationwide. I mean, it's it's pretty silly.
Mike Stohler
So let's talk about and yes, you know, back in the day, I'd go to the courthouse and the Hall of Records. And I'd be sitting there it's like okay, you know, who's who's getting foreclosed on? Where's the shorts? Oh, you know, you just spent hours and hours and hours and hours and hours. So for everyone that you doesn't know. Tell us? I know there's a lot of segments, you know, the commercial and real estate and other professions. What is property radar? What are we talking about?
Aaron Norris
property radar is a software tool that combines public records into an easy, easy space to research mortgage people and property data. And the way that you stack and refine into your niche is what makes the product so special. We pre append emails and phone numbers. So you can write down your marketing. So right audience right time, right channel, right message, it's about allowing Main Street to get a lot more sophisticated in their marketing.
Mike Stohler
Yeah, and it's great, because, you know, for all the new investors out there, and people that want to get involved in either fix and flips or buy and hold, what property radar, I mean, you're not only discovering the properties, and who owns them. But all the data that is within there, I mean, you're getting that list, instead of calling whoever you know, the title companies, are you trying to get these lists than you have to see how old they are, you know, but
Aaron Norris
showing up to your title agent being like, hey, I want a list of absentee owners. And you know, the title agent rolls their eyes, because they're know you're going to be back in a quarter and have to completely redo it. And it's outdated as soon as you get it. Or you go to a list provider and do the same thing. The last time I did that in Florida, I spent $3,000 to buy a list that I did a few mailers on, but then it was outdated within the first quarter. So you know, the data is fun when it's dynamic and actionable. So I'll give you a quick few examples. So let's take that list of absentee owners. And let's say, hey, in the where, Michael, where are you located out of right now?
Mike Stohler
Scottsdale,
Aaron Norris
Scottsdale, let's only talk to landlords that have owned for over 10 years that are over the age of 65. That own three bedroom, two bathroom single family homes that were built after 1970. So a lot of people don't even know that that demographic and property information can be stacked that way. Now, let's say I only want to talk to you if you have 50% equity, because I want to maybe talk to you about creative things like seller financing. Or maybe we can only talk to the people who own more than five, I want to go after their entire portfolio, let's just go big. So being able to stack the people mortgage and the property data in unique ways allows me to talk to a smaller group of people in smarter ways. So instead of blowing my entire marketing wad on one huge general list one time and doing no follow up, I'm connecting via phone, social media email door knocking direct mail, in short succession and fire more times for follow up to hopefully land that deal.
Mike Stohler
And and how powerful is that? And that number one, it gets you in front of your competition, you have reputable and in the list, it's just amazing. You know how I use it. I even go into hotspots. I want this neighborhood or I want this zip code. Because I know that the rents in this area are so I you know I you sit there on what, four bedroom, two bath one story, this neighborhood, and you can just whittle it down to where it's like, oh, you know, and it's, it's amazing. Because really let you know, the opportunity, you know, and whether or not you're in regular real estate, or even if you're some of our listeners might be realtors, you know, or they might be handyman that are trying to look for things. It's not just for the investor. It's not you know,
Aaron Norris
I think one of the most interesting categories is Home Services, watching people who install garage doors or pools of solar, those big ticket items that they constantly need a source of leads. It's not like a service business like mowing lawns, because, you know, they're they're not the heaviest user, where we attract people who need a consistent source of and high volume of leads to keep their pipeline full.
Mike Stohler And you take it another step where you can actually generate marketing campaigns and property talking about that. I mean, it's amazing.
Aaron Norris Well, property radar stays relatively technology agnostic, meaning we feed that whatever tools you bring to the table. So a lot of what people don't know is that we integrate with Zapier. So if your CRM system or other marketing tools or even the marketing company that you're working with, has a way to accept that data via as a pure integration. It can do some pretty cool thing. So within the app, yes, as a hard money lender, this is what I was doing every day anybody who flipped a property. I was getting leads sent to my inbox. And then I was taking it into my CRM after I would find out who the owner of the entity was. And I was going, I had leased a machine that does handwriting postcards. And I was able to say, you know, you know, hey, Michael saw your flipped on Smith Street. Wow, what a great job. You know, I was figuring out ways to automate it. But it was triggered one at a time, instead of me having to buy this huge list that was outdated. As they were coming in, I was probably the first one there while my competition was dealing with the outdated list. Very cool. So that that concept of dynamic data as soon as somebody ages in or they do some kind of deal that triggers some notification to me. Now, one of the things I'm I want to play more with is that integration concept. So the data meets your criteria, pushing it into a CRM system that then triggers a workflow, maybe you're working with a VA, like, hey, do some research, make sure the phone numbers correct, set up a phone call, connect with them on social media send a piece of direct mail, and you know, you create whatever series you want. We even have a partner that sends one off postcards. So you could send a postcard and then follow up a week later by phone, social media or whatever. So I think what's so great about this industry is that everybody brings something special and their own unique skill set. So I have people that use a product that does nothing but calls, they don't send direct mail, they don't send emails, all they do is call people because they give amazing phone. So if that's what you're good at, and I have other people that are complete introverts and hate life, when I talk about things like door knocking, they like inside a little bit. Yes. So they get excited about talking about things like accessory dwelling units, or lot split, something that's far more engineer focused and less about people and more about process and procedure. So this business has room for you. If you tell me the strategy of what gets you excited in the in the day, I'll meet you with the data.
Mike Stohler
Yeah, that's fantastic. You know, I was laughing it when you talk about door knocking, one of my mentors made me door knock. I am not an introvert. But I'm not either. I'm not either. I am a type eight. But I don't like to bug people. Because I don't like to be bugged. He made me go through the entire day knocking and I was like, please don't be home, please don't be. You know, you have to know what your unique ability is. I'm with you.
Aaron Norris
I'm an extrovert as a former performer, and I love people. But I do not enjoy door knocking. So I'm in your camp,
Mike Stohler send a postcard and email all day long. So let's talk about some other unique, you know, I was looking on the website and I didn't know this. I saw something about skip tracing, even.
Aaron Norris
And there's skip tracing is really built in with we pre append, which is something that we make very different. So if if an owner and by the way, we have a lot of different data, whether it's mobile homes, commercial, agriculture, residential, we've got it all. In the realm of public records, we've got it in advanced types, which is really fun. But when possible, we pre append it with the phone number and email of the person as well. So it's already there. So if you're doing a search it, this is a great example, say your realtor driving down the road with a client. And they're like, you know what, I really like a house like that. You swing over to the side of the road, pull up, open the app, and you've got GIS. And the app shows you're able to click the home and say, Oh, it's owned by this person, you know what, they've owned it for 15 years, that's a pretty good amount. Let's give a call. And you can click from right there, the phone number and call them and just say, You know what? I'm with some clients, they love your property. So much. Like, I know, this is a lot to ask, Are you thinking about selling? Or do you know anybody in your neighborhood with a property like yours that's thinking of selling? I mean, who else knows how to do that? That's really cool.
Mike Stohler
Yeah. So and this is something that I actually did not do. So Rob, property radar, is mobile. Correct?
Aaron Norris
Yeah, there's an app. And some people actually use it. Because they do things like driving for dollars, you can take pictures and upload them into the app and add things to list. So, you know, speaking of buying lists, how about creating a list nobody else even knows about. So let's say you're willing to spend, you know, 15 to 30 minutes extra driving to and from work every day. And you've used property radar to highlight specific areas because of the price point or you've identified a list that you're going to drive. And you drive by the property because you want to see what kind of condition is is you're really looking for deferred maintenance, maybe a landlord that's tired of tenants toilets and trash and is likely sitting on a huge repair bill, when that tenant moves out. You know, you're saying yes, this one is definitely I'm going to add to my list and I'll follow up with later. That's the list that nobody else even has and you've got pictures and you've identified them, and you're going to really hit up that property owner later.
Mike Stohler
Well, yeah, it's, you know, everyone is listening. You know, I've always talked about having your team Having your CPA having your attorneys, having your your bookkeepers, having your mentors. This also goes along with not creating too much work for yourself. Another part of your team needs to be software. And you know, a great CRM, but also something like can you imagine all of you people probably banging your head right now that have been pounding the pavement and wondering, how am I going to find properties? How am I going to find deals? Well, now we know that part of your team has to be a company a software like property radar. It's just amazing. So you know, tell me something else that I don't know. That is very cool.
Aaron Norris
A thing I talked to media a lot about lately as ibuyers. So ibuyers has access to this data. So as a property owner in Florida, in California, I get a lot of their direct mail and I visit their website so I get a lot of their beautiful digital ads. They spend an enormous amount of money. Zillow, former creator rascoff has come out and said he wants to take offerpad public. These guys are here to stay religie announced last month that they're going to be partnering with home partners of America, which is backed by BlackRock. So these institutional Wall Street prop tech companies are here to stay and they are using data and their buybox changes very differently depending on what market you're in. So California where I live in Riverside, California, which is the Inland Empire, it's very different. I'll watch Redfin, buy a property all cash of $4 million, and a condo in Santa Monica. But you know, an hour inland by my neck of the woods, they won't touch condos at all. So be careful, as when I speak with realtor and different investor clubs, I typically cover what they're buying in that area, because you have a decision to make, you can either try to compete with them in those red waters. And let's be honest, if you're a flipper competing against a ibuyer, they're making money in a lot of different ways. If you're not familiar, first of all, with the concept of ibuying. These are cash buyers that offer all cash. But that's not the only game. They're vertically integrating all their services. So when Zillow does it, they've got mortgage closing, you've got open door that just went public, and they're talking about expanding that the things like insurance. So they're making money in lots of different places, not just one. So as a real estate investor, I have to decide to compete with them in the buy box that they're in, leverage them, I have plenty of investors wholesaling deals to them. Because these Wall Street companies do not want people or property problems, or completely work around them in a category. They're not wanting to touch. I'm okay, just make a decision.
Mike Stohler
Yeah, it's time is money. And especially in today's hot market. It's I don't know how it is an inland empire here in Scottsdale and Phoenix. Oh, Phoenix guys. It's I mean, it's 30,000 above market, you know if you can get it, and that is the ones that are on and you know, that are actually listed in the MLS and on market. So and everybody watches TV, TV, you know, everybody's doing the investing, everyone's wanting to be investor, you have to have a way to beat the competition to stay ahead of the competition. Usually something like property radar, is that's, that's the Delta that is that that is the difference, and how you go about creating and importing that CRM. It's been amazing. I appreciate that. anything, any last words? Before we take off,
Aaron Norris
The only thing I'll say is don't be scared of the data. I think where a lot of newbies get lost is thinking that they have to be something that they're not in order to get into the business. So you and I have sort of skirted around the issue but a lot of times it's it's it's just people don't realize they can bring themselves to the party. And they're just and focus on a strategy that's unique to their personality and skill set. That's one of my favorite parts and and property radar we talked about the difference between chocolate and peanut butter chocolate is what you bring to the table when you get very clear on that I can find the data for you so it combines and makes the peanut butter cup so bring you it's okay to be authentically you whether an introvert extrovert have money don't have money experience no experience. It's just don't get lost.
Mike Stohler
Yeah, and you know, when I first found property radar, it was it was almost like a fun game. You know, I was like, you know, well, what if I search for this or you know, hey, well, what if I did the you know, and then I learned what I liked and what neighborhoods because you played with it? Yeah, no, I just kind of played around and all of a sudden just like became this fun game of Wow. I didn't even know that little pocket and This neighborhood existed. So it was really, really good. You get that heat map going?
Aaron Norris
Yes, I was gonna say that heat maps are one of the coolest things you can, there's these heat maps within property radar where you can look at estimated equity, the kind of ownership and the kind of ownership is not just absentee, you can find out if these people are out of the county, or out of the state. So, you know, if you're in California, and you're looking at a property that needs a lot of repairs, and it's an out of state landlord, that's, you know, older, he, that landlord probably has no idea the kind of crazy things that are going on in California. So you may end up being a really great resource if you can find a strategic way to reach out to them. So yeah, it's, it's that hyper localized insight on top of the data is where you find unique opportunity. So I've been teaching a lot on accessory dwelling. And it's to I saw you guys had quite a few episodes dedicated to ATMs. And there's a lot of really unique opportunities for you introverts out there that just can't control themselves and want to build and, you know, do interesting things. Look at up zoning opportunities, look at a look at properties that are zoned like our three or triplex where there's only a single family on site, where you can build three units, and then additional ad use depending on the state that you're in. That'll be controlled by your local ordinances. But I've got investors that are going from a single house on a project to six. And all of a sudden, you don't have to you can pay full price for that single family homes, because you're gonna do some awesome things with it. After you buy it.
Mike Stohler
Yeah, and remember, you know, everybody, Aaron hit on something really important. Don't get stuck on price. Okay, I will pay full price all day long. If it cash flow, if it pencils out if I can do something, because I don't care if it's a $2,000 a month mortgage, or 2500. If I'm getting $3,000 in rent, it does, it doesn't matter. Oh, so don't get stuck. And for all the geeks out there that are our listeners that you know, I say it all the time the analysis paralysis. It's, it's real. Believe me, we've all been through it. Aaron, I've really appreciate it. I've had a great time. It's a absolutely fantastic software. And we wish you luck. Oh, and how can people I know property radar calm.
Aaron Norris
What are the authorities, there's a there's a free three day trial. And I just highly suggest if you do the free three day trial to set up a one on one with a support team. Or if you go to community that property radar calm and you're having a problem dreaming about data. Just because you don't know what exists. There's over 200 criteria in the software, it's easy to get lost. But if you go to community property radar calm, that's the community that I run. I'll be glad to beat up strategy with you and give you some ideas. Sounds great.
Mike Stohler
Thank you very much
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ABOUT AARON NORRIS
Aaron’s real estate career started at five years old fixing houses in his father’s flip business. After living in NYC for almost a decade, he joined the family hard money business as a mortgage officer and researcher, producing numerous market timing reports and award-winning resources for the real estate community. As VP of Market Insights for PropertyRadar, he speaks and writes nationally on trends & the power of public records that help Main Street compete with Wall Street.
You’ll find his works on Forbes.com, Think Realty Magazine, and BiggerPockets.com. He’s also been directly involved in raising over $2 million dollars for charities since 2008.