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RMLS/CINC Investment Searches

Friday, May 1, 2020   /   by AJ Shepard

RMLS/CINC Investment Searches



Yeah, so today we're going to talk about RMLS/CINC investment searches, the tools that we use to filter through the property. So the first question we got to ask is, why do we care about these search tools? Why do we use them and what's the purpose? The main purpose obviously is to filter out homes/investment properties that will be best for our clients' needs. Almost all the time our clients do have preferences on what they're looking for, and these filters help us filter out the... to get the best homes and the best areas for them.

Speaker 2:

Also, a nice thing about these search tools is that we get to stay informed on the market, and on new properties that come on the market around your clients' search. So having a good idea of price ranges for specific types of properties is always a good thing, and yeah these tools help us get a better understanding of the market in terms of pricing.

Speaker 2:

So I'm going to start out with the RMLS search tool. We're going to start out with the biggest items that you need to make sure that these are the biggest things when clients are looking for properties. First thing is property type, what kind of property they're looking for? Are they looking for a single-family home, multi-family, commercial space getting that out of the way first? And then another big thing is the status of the listing, so obviously the status is a big thing whether it's active, pending, withdrawn, sold, whatever it maybe we need to make sure that we're aware of that status. Obviously price range, our clients usually do have a price ceiling that we like to stay at. Obviously, we're trying to look for deals so we might expand our price search a little bit over that budget because obviously we try to buy or invest in properties at 80% of their market value.

Speaker 2:

Bed and baths that's pretty big. Those kinds of influence the price and obviously the location where they're looking, what side of the river, are they looking to stay in the city, be outside the city, what exactly their location they're looking for. If they're looking for multi-family units, obviously we're looking... what are they looking to buy a duplex, four-plex, 16 Plex whatever it may be, we want to make sure we have that dialed in. Property condition we want to make sure that are they looking for a value add opportunity, are they looking for new construction that they don't want to have to touch at all. Another thing is occupancy, has it been renting? Has it been vacant? Have there been issues with it? We want to make sure we have that dialed in.

Speaker 2:

Navigating CINC searches, CINC has a lot of the things RMLS does in terms of what you can filter in and where you can filter out. Obviously they have the big items in there, so the property type, status of the listing price, bed/bath, and location, you can filter all those to what your clients' needs are. In multi-family CINC only has... If you want multi-family it'll give you a couple of different options like five units or less or 15 units or less, so you don't get to select the exact amount of units you want but that's okay, you can always look for deals and maybe you'll find something that you weren't exactly looking for at the beginning.

Speaker 2:

Property condition obviously that's important, and then CINC does not have an occupancy filter. So they do not have the information on whether it's rented or leased out right now or it's vacant, so that's something that you need to make aware of. So I'm going to start with the RMLS search here. Obviously you got your big property categories at the top left, you want to fill that out definitely, the status of the listings right now we have many different ones here price in your top right if you're doing a CMA you can look for past sold properties go back as far as 36 months, but that is for previously sold or other properties.

Speaker 2:

Bedroom... yeah, your bedrooms here, bathrooms and all your other specifics. If we want to go to the multi-family section, we can select the number of units to say two to four units. If your clients looking for a property that was built before the '80s, they want to get a good deal on it you can go year built and then put 1980 in there at the latest. Some more search criteria here lot size, property condition like I was saying what they're looking to do, garage spaces and what that's all about. Occupancy type like I said this is only an RMLS year you won't be able to click this in CINC, and then terms as well are not on CINC this is something that you can do through RMLS.

Speaker 2:

As we go to this CINC search here, it's mostly the main thing. We have the property categories of property type here you can click it, garage spaces here and then down here we have all the different tags, so if your client's looking for something very specific, make sure you click it on this. Say they're really focused on having a view of the city you got to click city view here or if they're looking for distressed properties click that. And then another thing as far as locations go, you can always type in the city that they might be looking at say Tualatin.

Speaker 2:

You have the Tualatin city here or you can have a couple of subdivisions that automatically bring up the listings in those sub-divisions, or you can go over here and click this button, scroll down a little bit this will bring up a map of... currently of Oregon then go in on it that far [inaudible 00:07:24] and then say your client doesn't want to go east of the river and he wants to stay on the west side of the river, he doesn't really want to go into Portland, not a big downtown guy. So he's going to stay on the west side here. What you can do is you can draw this custom search and the RMLS does have this option too, but you can go here stay outside of that Portland area, he doesn't want to go west to Beaverton. Go down to the Tigard area around through Lake Oswego, come on up and then it'll populate if you have those... Yeah, so if you had the search criteria in there, it'll populate all those addresses and homes and then you can search through them here.

Speaker 2:

So that's a nice thing that CINC has you can custom draw where your clients are looking for. You do that through the same search info right there you click that, and yeah that'll be it. That's how you navigate the search tools.

Speaker 1:

How frequently are you sending new properties that come on the market to your clients?

Speaker 2:

So if you have a saved search for somebody... I always like to keep on top of what my clients are looking for and in the area that they're looking for, but if you go over here to subscriptions you can put on these property alerts, that will automatically send them properties that come on the market that match that safe search that you have in for your client.

Speaker 1:

One other thing is you can CINC and in RMLS you can change the frequency of how often they're being sent?

Speaker 2:

Mm-hmm (affirmative)

Speaker 1:

So once you save a search, you can go up here and choose how often days, bi-weekly, monthly all that stuff. Same thing with RLMS once you've saved all of that.

Speaker 2:

Yeah.

Speaker 3:

Do you have any feedback from clients on which site they prefer to see a property through?

Speaker 2:

Obviously the more user-friendly sites like Realtor, and Zillow and those sites obviously those are more user friendly and more... the client can look at the easiest. So you can get those links to those websites. but CINC is pretty good for info on properties and it's pretty user friendly and it looks pretty captivating.

Speaker 1:

I would say the more user friendly out of these two is definitely CINC.

Speaker 2:

Yeah.

Speaker 4:

Cool. Did CINC get all the RLMS mapped over correctly so that we're able to search what we need?

Speaker 1:

I think the only one that's not here would be the [crosstalk 00:10:48]

Speaker 2:

The two things that they don't have or RMLS has and CINC doesn't have is a [inaudible 00:10:58] occupancy. So like is it vacant or is it leased or is it-

Speaker 1:

Yeah.

Speaker 4:

So they said that they could map those over for us, We just need to contact them.

Speaker 2:

I'll contact them then.

Speaker 1:

Yeah. Alan, can you work with Tanner and contact... what's her name? We had Jennifer, I think we had a meeting with her, she said she could get them over?

Speaker 2:

And then-

Speaker 5:

yeah, sure.

Speaker 2:

Yeah, the five units or less is the only thing you can do for that. So you can do specifically two of those.

Speaker 1:

Yeah, it's probably just getting on there and showing her the RLMS and how we can search there so that we can search here better.

Speaker 4:

All right, cool.

Uptown Properties
Chris Shepard
3526 SW Troy
Portland, OR 97219
503-941-0276
Fairway Independent Mortgage Corporation
Mike Maier
5410 SW Macadam Ave, Ste 100
Portland, OR 97239
503-545-9879

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