ApartmentIQ has expanded its database to include floor-plan only properties. This means that properties without unit-level availability data will now be available to be configured as a subject property, in My Properties (Market Surveys), as an owned or managed asset, or added within your comp set, making it easier to benchmark and analyze a broader range of properties in your market.
In this article we will discuss:
Overview and Impact
These updates sound incredible - but what exactly does this mean for my business? Glad you asked!
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Floor Plan-Only Properties as a Subject: You can now include floor plan only properties as your subject property within My Properties, your owned and/or managed assets.
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Floor Plan-Only Properties as Comps: You can now include properties with floor plan-only data in your comp set. These will be clearly marked throughout the platform, and we will provide additional explanations to indicate when certain metrics are unavailable or have potential considerations.
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Build-to-Rent Properties (BTR): You will see an increase in the number of available properties, especially for scattered single-family homes.
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Smaller Buildings (10-100 Units): This feature will help grow your inventory, providing you with a larger inventory of properties to compare.
- Comprehensive Market Coverage: Our inventory is now extremely robust, giving you access to a broader range of properties for market analysis.
Considerations
Floor Plan Properties vs. Landlord Properties
Floor plan only properties will display floor plan-only data, meaning that while they show available floor plans, they will not provide unit-level data (e.g., availability, occupancy, etc.).
Metric Considerations
While we can detect pricing data for floor plan only properties, other metrics are not publicly available or do not meet our quality thresholds. The following metrics will be hidden by default in the application in order to differentiate them from unit level data:
- Advertised Occupancy %
- Leased %
- Exposure %
- Available Units
- Vacant Units
- Applications
- Leases (Last 30 Days)
- New Available Units (Last 30 Days)
- ... and more.
Getting Started
Floor Plan-Only Properties as a Subject within My Properties
If you are interested in adding a Floor Plan Only Property as a subject within your account, within My Properties, please reach out to your Customer Success Manager for purchase.
Floor Plan-Only Properties as a Comp within My Properties or Research
You are able to add floor-plan only properties as comps just like before by using the Edit Comps function within your Market Survey.
To add a floor-plan only comp to your Market Survey:
- Select a Market Survey
- Click Edit Comps in the top right hand corner
- Review suggested properties and add from this list, or add from the map view.
- Additionally, should you need to search for a comp by name or address, click Add Comp to accomplish this.
FAQ
1. How do I know if a property is showing only floor plan data?
Look for these signs:
- The floor plan name and unit name are likely the same.
- You will not find specific unit-level information.
2. How long does it take for a floor plan-only property to appear in my comp set after enabling the feature?
If it exists in our database already, it will be added instantly.
If you need to request the property be built in our system, It can take 1-3 business days for the property to become available to be added to your comp set.
3. Will the missing metrics affect my ability to compare properties effectively?
While some metrics will not be available for floor plan-only properties, this should not significantly impact your ability to create meaningful comparisons.
4. I noticed that some of the comps I am tracking have “Limited Data” listed for various metrics. What does this mean?
To help you make informed decisions, ApartmentIQ will flag instances where data may be incomplete and/or when the accuracy of certain metrics falls below our standard. If a property is not showcasing unit level data, ApartmentIQ may only be displaying floor plan level data. In this case, some metrics may not be available due to incomplete data, and therefore market with a “limited data” tag.