DataQuick, a provider of advanced real estate information solutions powered by data, analytics and decisioning, and RentRange, a provider of rental market intelligence, have partnered to offer REO-to-Rental and rental valuation intelligence to lenders, servicers and investors. REO-to-Rental has become a viable option to keep foreclosure properties occupied, offering renters a home; lenders and servicers a return on investment; and investors an understanding of property and portfolio value. The key to successful REO-to-Rental or REO purchases, like any real estate decision, is to know the fair market value of a property.
“When evaluating the suitability of a REO to purchase as a rental, the income potential of the property, vacancy rate and local market characteristics are all key metrics to be considered,” said Walter Charnoff, founder and CEO of RentRange. “Our unique dataset provides authoritative, granular and timely rental market intelligence necessary for REO-to-Rental assessment.”
DataQuick customers will be able to access RentRange data as part of a DataQuick National Property Database file license. The company also expects to include RentRange content as part of its RiskFinder suite of portfolio management solutions.
“History shows us that recovery from every economic downturn our country has faced has been led by the housing market,” said John Walsh, president of DataQuick. “A more traditional recovery stemming from a robust purchase market has not come about as quickly as most would have liked, so alternatives are critical. Maximizing the rental and occupation of REOs serves to benefit renters, lenders, servicers and investors and is a viable, attractive alternative.”