Get a ListSource vs. PropStream overview, learn about their advantages and disadvantages, and see whether there’s a third option here.
The US real estate market is growing rapidly, and it’s becoming more challenging for investors to keep up with relevant information.
Table of Contents
- 3 Pros and Cons of Using ListSource
- 3 Pros and Cons of Using PropStream
- ListSource vs PropStream: Is There a Third, Better Option?
With the introduction of real estate investing websites, though, it is now easier and less time-consuming for all parties involved—from real estate investors and agents to homebuyers.
Most buyers actually end up finding their dream home on the Internet. That’s just one of the many reasons why sites for real estate investing are attracting so much attention nowadays.
Speaking of some well-known examples of such platforms, today, we are going to devote our time to a ListSource vs PropStream overview.
To get a full picture of the PropStream vs ListSource comparison and see whether a third option manages to rise above the competition, scroll down.
3 Pros and Cons of Using ListSource
Before listing the major pros and cons of our first candidate, ListSource, let’s familiarize ourselves with the platform itself.
What is ListSource—and, more importantly, how does it serve investors?
ListSource is one of the leading platforms for real estate professionals whose primary goal is building their own local or national marketing prospect lists. It’s worth adding that ListSource is a platform praised by numerous real estate professionals because of its convenience.
As such, it’s an excellent option if you are a real estate investor just stepping into the real estate market, unsure about what approach would best suit your needs.
Advantages of Using ListSource
Now that we’ve cleared that up, let’s look at the good—and the not-so-good—aspects of this platform, shall we?
1. Advanced Property Search Options
The first benefit of ListSource would be the basic and advanced search options it offers. The users of ListSource are provided with updated and accurate data on 134 million+ properties across the US real estate market.
However, the most important thing is that users can use any search criteria to generate data and build their personalized direct marketing lists. Such a feature will be invaluable for real estate entrepreneurs who are focused on acquiring high-quality leads.
They can use the following filters:
- Mortgage data
- Owner purchasing patterns and behavior
- Home equity information
- Owner demographics
- Property data and types
The above method of filtering information is crucial for finding leads. And with several different options to choose from, investors will find it much easier to identify and reach out to their target audience.
Related: How to Find Pre Foreclosure Leads
2. Building Lists Is Easy
ListSource users can build and then download their target lists. The four types of lists they can create on the platform are:
- Property detail report
- Contacts list
- Prospecting list
- List of records
After choosing and creating your preferred list, you can download it in .csv format. Next, you can either add it to your contact manager for easy access or use ListSource’s common label templates, depending on your preferences.
The point is—both options work.
Another advantage of its list-building feature is that ListSource can also check and run the new list with the previous ones to ensure that there are no duplicate records. That way, you won’t need to pay for prospects that are already on your list.
Users can also create labels to help with their direct mail campaigns. It’s especially useful for real estate agents tired of using multiple tools for different direct mail strategies.
3. Downloading Pre-built Lists
Considering that there are always real estate professionals who are still unsure about the list they want to pursue, ListSource’s Quick Lists can be of huge help. The platform can make a recommendation for them, depending on their target leads and goals.
Here are a few types of so-called Quick Lists you can use:
Disadvantages of Using ListSource
In addition to the benefits, here are a few drawbacks of using ListSource:
1. Expensive Leads
As far as pricing is concerned, the platform is not as transparent as some would hope. Users will need to dig a little deeper for that.
That said, the minimum commitment for the Subscription plan is $1,000. And for most real estate agents—especially those who are just starting their investing careers—that can be a bit pricey.
Another thing to note is that ListSource’s pricing can increase as your lists get more targeted and may depend on the type of criteria you use.
2. Tax Data Unavailable
One of the major disadvantages of this platform is related to its search options.
At the moment, ListSource does not offer the option to search by property address or access tax data. Many investors consider such factors in their search. So, you can say that it is a relatively significant shortcoming.
3. Email and Phone Number Unavailable
Getting in touch with others is not as simple here as on other platforms—which is a potential issue. As far as ListSource is concerned, the platform offers only mailing address information.
It simply means that investors looking to get in touch with other professionals will have difficulty reaching them. Usual means of communication between real estate agents, such as emails and phone numbers, are unavailable.
3 Pros and Cons of Using PropStream
And now, let’s move on to PropStream. Before getting into the details, though, let’s familiarize ourselves with what the platform offers:
PropStream gives users access to a wide range of much-needed data regarding the US real estate market. It includes info about mortgage details, the history of each property—and more. Plus, it includes estimated property values and rent prices.
Advantages of Using PropStream
So, bearing in mind the scope of activities that PropStream deals with, let’s see what the platform’s benefits are:
1. Access to Pre-foreclosures and Foreclosures
The first benefit of the PropStream software is that it enables the user to view homes in the pre-foreclosure and foreclosure process. It can come in handy to anyone interested in a quick sale at a discounted price.
To add to it, the platform provides users with a thorough analysis of local foreclosures, which includes the default amount, type of default, and the last update.
2. Information on Liens vs Free and Clear Properties
PropStream allows the user to see exactly what liens are listed on the public record for each property. Such information can come in handy because it saves time when a complete report needs to be done.
The information allows the investors to see the lien type and amount. You can simply click on the address and get into the lien details, such as:
- Creditor name
- Amount of the lien
- Date of recording
- Debtor Name
- Court case number
Users can research free-and-clear properties, as well—those with no liens attached.
You can also perform searches to find homes high in equity, as well as those that are vacant at the moment.
3. Marketing Automation
One of the key features of PropStream—and its main advantage—is marketing-related. With PropStream, investors are able to contact sellers directly in several ways, like email and ringless voicemail.
The platform also automates the list of leads on your behalf. Once you set your parameters, PropStream automatically adds properties to your list based on the filters you choose—and removes any outdated entries, too.
That said, contacting sellers comes with a fee per contact—but more on that later.
Disadvantages of Using PropStream
Here are some drawbacks when you use PropStream:
1. Few Search Options
Unfortunately, the PropStream platform is not intended as a marketing list provider. And so, users will see that there is much less emphasis on various data and segmentation options—which can be a deal-breaker for some.
To be more specific, the PropStream platform only lists about 120 property search and status filters on its website. While it may be a good starting point for beginners, experienced real estate investors might not find the feature helpful for their needs.
2. Costly Option
PropStream’s subscription model means you must pay a baseline fee to utilize the software. In other words, you won’t be able to access any leads until you subscribe. And that can make some investors hesitant about using the platform.
Using PropStream can be costly, considering that the current subscription for the basic plan is $99 per month.
Related: The Beginner’s Guide to Rental Property Analysis
3. Questionable Accuracy
When it comes to investment platforms, one of the most important components is where the information and data used by investors come from. The data presented to investors must be up-to-date—and the platform should be transparent about its sources. And it seems to be something that PropStream struggles with.
One of PropStream’s biggest shortcomings is the lack of transparency about where the data comes from.
ListSource vs PropStream: Is There a Third, Better Option?
We’ve gone through the most notable benefits—and some shortcomings—of PropStream and ListSource. And we can agree that, with their specific purposes, both platforms are quite suitable for investors and real estate professionals.
The question that can stimulate further thinking is whether there is a third, better option.
Mashvisor—which also represents one of the high-quality real estate investing platforms that helps investors in their daily and long-term goals.
What separates Mashvisor from the competition?
To give you an in-depth answer on why the platform should be your top choice, after all, we’ll go through some of its core functions.
But first, a brief overview of Mashvisor:
Essentially, Mashvisor is a real estate website dedicated to assisting investors in finding the right investment property for their needs. And yes, the platform is suitable for beginners and more experienced investors alike.
The platform was founded in 2014, and it’s been helping thousands of real estate investors reach their investment goals over the years.
It provides the investor with the necessary tools and features to help pinpoint real properties, manipulate market data, and calculate their income potential. In short, it offers everything an investor could need to succeed in this industry.
Mashvisor’s Top-Rated Investment Calculator
One of the leading features of Mashvisor is the investment property calculator. The tool is valued mainly because it offers insights into important property metrics. Most importantly, it helps the user decide whether their investment plans are profitable or not.
Mashvisor’s investment property calculator relies on the latest real estate data—and ensures high-quality and accurate results.
On that note, the user gets access to the following data:
- Median Property Price
- Average Price per Square Foot
- Average Long Term and Short Term Rental Income
- Average Long Term and Short Term Cash on Cash Return
- Average Short Term Occupancy Rate
- Optimal Rental Strategy
- Real Estate Comps
It is important to mention that the calculator enables the investor to conduct an analysis of each potential investment property. It sums the process that would last for days into just a couple of minutes—and saves quite a bit of time and effort in the long run.
Real Estate Agent Directory
Investors are well aware—at least, they should be—of the importance of obtaining contact info when trying to implement their strategy and make it as successful as possible.
Real estate investing is still a collaborative process. So, while investment tools are of immense help here, investors also need credible and respected professionals who will be available to them.
Mashvisor is always one step ahead—and the platform goes the extra mile for its users in this regard, too. How?
It collects contact information of real estate professionals throughout the US and makes it available to the user.
So, Mashvisor’s subscribers can take advantage of the convenience and opportunity to get in touch with a real estate agent in any US city whenever they need one.
Related: 7 Signs of a Bad Real Estate Agent
Real Estate Heatmap
The real estate heatmap feature of Mashvisor enables users to get an in-depth overview of the location they may be considering for their new investment opportunity.
They can simply type in the specific location—and the website will automatically take them to a visual map of the neighborhood.
Furthermore, by applying different filters, investors can also view how the different areas are performing according to their cash on cash return, listing price, rental income, occupancy rate, and more. Users can also change the filters to see which areas are performing well at the moment and which are not doing so great.
Mashvisor’s Pricing Range
Regarding pricing, real estate investors will be glad to know that Mashvisor is one of the more budget-friendly investment tools currently available online.
Like its main competitors, it’s divided into several different pricing plans:
- Lite Plan: Also referred to as the Basic Plan, it costs only $17.99 per month.
- Standard Plan: Those interested in the Standard Plan will be charged $49.99 monthly.
- Professional Plan: The monthly price tag of the Professional Plan is $74.99.
What’s even better, though, is that Mashvisor offers interested users a free trial—which is not so common nowadays.
Start your 7-day free trial today.
The Final Verdict
We’ve successfully concluded the ListSource vs PropStream discussion.
Both platforms are well-known among investors and real estate professionals and carry certain benefits and shortcomings. So, let’s go over them once more:
When it comes to ListSource, the site’s primary goal is to help real estate professionals build their own local—or national—marketing prospect lists. Although it is easy to build lists, some search options are limited.
PropStream, on the other hand, centers around providing crucial information for the investor, such as mortgage details, tax history for each property, and much more. The key advantage of the platform is access to pre-foreclosures.
And the biggest disadvantage? It is relatively expensive.
There is a third option for investors, though—Mashvisor.
Mashvisor combines everything that beginners—as well as experienced investors—need.
Our platform assists real estate investors and helps them achieve their investment goals. You can assess and pinpoint properties and calculate the estimated income.
To learn more about how Mashvisor can help you, schedule a demo today. Get in touch with one of our dedicated product specialists for a more informed introduction.
We’re here to answer all your questions.