BiggerPockets needs your ideas on future data-focused products!

32 Replies

Hi everyone, I am a Senior Business Analyst here at BiggerPockets. My team is currently working to bring new features to the BiggerPockets community, many of which will focus on using broad real estate investing market data to provide all of you important insights in your real estate endeavors!

For that purpose, we are extremely interested in learning about your needs and what types of specific data and insights you would love to see us incorporate!

If you don't mind taking a few minutes of your time to brainstorm ideas and fill out this form, it would help us out a ton and we would really appreciate it: https://forms.gle/adcEridFA8Q3...

@Rushi Bhalani thanks for collecting feedback from the group Rushi. One thing that I find cool is the rent estimator tool, i was wondering is there any opportunity to create a one stop shop for data analysis through the following:

1) Under Rent estimator, create a a sub-section for airbnb / STRs? in regards averages within the area and level of activity  (Occupancy vs Vacancy)?
2) Create a hierarchy table that breaks down level of activity and increases / decrease (KPIs would be population growth, rent prices, homes prices, inventory etc. (e.g.  State level FL --> City --> zip codes vs us putting the specific zip codes)

            - I think the advantage here would be the ability to guide people to areas they didnt think of or thought it was a decreasing area when data shows in fact it isnt.
  

@Rushi Bhalani - I would love to see Biggerpockets set up a more formal mastermind program. I know you offered a mastermind group with the intention journal but from my experience, there was not enough buy-in from the participants to get the group going consistently. Imagine Tinder (or pick any dating website if you are biased) for real estate investors with the goal of connecting investors into successful mastermind groups. I think it'll really bring some investors to the next level. As we all know, you are the average of the 5 people you associate yourself with. Maybe offer a facilitator type service initially for a fee. There are a million ways to market and create a profitable price structure with this program. 

@Moustafa Ahmed - Great ideas, I love the idea of creating an index geographically of good vs. bad areas to invest in based on data. Perhaps BP can create some sort of index taking into population growth, variety of employers, poverty rate, etc and allow you to easily search cities / towns based on this index.

Originally posted by @Andrew Freed :

@Moustafa Ahmed - Great ideas, I love the idea of creating an index geographically of good vs. bad areas to invest in based on data. Perhaps BP can create some sort of index taking into population growth, variety of employers, poverty rate, etc and allow you to easily search cities / towns based on this index.

 Yes, something that helps us determine A, B, C and D neighborhoods for those of us that invest out of state would be helpful. I keep seeing talk about the grades, easy to understand, but where do we analyze this and find this information?

Add masterminds under the education or networking tabs.  I need a good mastermind group in north Orlando.  It would be nice to see a list of potential groups

@Rushi Bhalani I could give so many insightful ideas in exchange for a pro conference ticket. I'd be glad to share info on my portfolio or anything else. I've bought SFH, multifamily(small scale), commercial and agricultural. I also have some small time building/developing experience. Would love to link up!

I spoke with Mr. Meyers before one of the workshops at BP Con about having a totalitarian value metric similar the sabermetric baseball stat WAR. Instead of determining a player’s value relative to its team (wins above replacement) can there be a singular numerical value that contains pertinent market data (appreciation rates, population growth rates, etc) applied to a specific properties intrinsic metrics, compared relatively  to a predetermined market size…bundled up in a singular value metric? Maybe BP can brand the metric.

Maybe incorporating zoning laws restrictions into the data some how. Things like areas where adus are allowed, lot division, residence status. Interested in sub dividing lots how that could be incorporated. Another one I can think of that may help but probably has been done is number of living residences vs str.

Originally posted by @Michael Becze :

I spoke with Mr. Meyers before one of the workshops at BP Con about having a totalitarian value metric similar the sabermetric baseball stat WAR. Instead of determining a player’s value relative to its team (wins above replacement) can there be a singular numerical value that contains pertinent market data (appreciation rates, population growth rates, etc) applied to a specific properties intrinsic metrics, compared relatively  to a predetermined market size…bundled up in a singular value metric? Maybe BP can brand the metric.

Yes! You and @Moustafa can get together to create the data sources and single metric! 

Commercial real estate has a class system - why can’t we apply this to residential real estate and locations 

Originally posted by @Moustafa Ahmed :


2) Create a hierarchy table that breaks down level of activity and increases / decrease (KPIs would be population growth, rent prices, homes prices, inventory etc. (e.g.  State level FL --> City --> zip codes vs us putting the specific zip codes)

            - I think the advantage here would be the ability to guide people to areas they didnt think of or thought it was a decreasing area when data shows in fact it isnt.

I love this idea! It's great for those of us looking in new markets or for rookies trying to narrow down their options.

Maybe find out what the average monthly rent in an area and correlate that with average weekly income. I'm curious as to what is the nationwide average cost spent on housing out of ones paycheck?

I think it would be helpful to have some kind of assessment tool to evaluate larger cities' markets based on inventory, average time of properties on the market, appreciation rates, etc on a yearly or quarterly basis. With the amount of volatility we are experiencing, this could help determine if certain areas have become over valued and are in a bubble at risk of bursting. Additionally, showing the average capitalization rates in an area could serve as a useful benchmark to compare potential investments against.