DealCheck is a tool designed to help people easily analyze rental properties or flips and estimate cash flow. As someone working in the real estate industry, I recognize it as a tool that fills a huge gap, particularly for first time investors. Curious to know more? Read on below.
What is DealCheck?
DealCheck is a real estate analysis tool available via the website DealCheck.io and as an app for your smartphone via the App Store and Google Play. The tool allows you to import property data, either from public records or manually, include exact details as it pertains to your deal, and view detailed financial analysis and projections about the property.
You can use DealCheck for free for up to 10 properties, or can register for paid plans to unlock more features ($7 a month for up to 30 properties or $15 a month for an unlimited number of properties).
Who is DealCheck for?
DealCheck is absolutely key for real estate investors, whether looking at potential rental properties or property flips. As both an investor and an agent, it has been awesome to find something in the market that addresses the gap for investors. When looking at financials for a property, real estate agents, accountants, property managers, and banking professionals can help you, but unless you run a full-on company, a lot of the heavy lifting when it comes to determining the profitability of a property is left up to you.
DealCheck addresses this gap by providing you with a one-stop shop to instantly determine a property’s cash flow, cap rate, ROI, IPR, profit from sale, acquisition costs, and more. Within minutes (if not seconds), investors can even explore long-term cash flow projects, profit projections, calculate the highest price you can offer on a property to make a deal work for you, and more.
DealCheck is also great for realtors. Looking for a way to differentiate yourself in the market? Use DealCheck to generate detailed profitability reports for your clients. They won’t have to know how easy it is. You can provide them with a service that they would otherwise have to do on their own.
DealCheck is accurate
DealCheck is a fantastic tool to consolidate what was previously done through numerous spreadsheets/paperwork into one convenient place for every property. It also allows you to input the numbers/data yourself and see how the numbers are affected. This makes it not only a great learning tool, but a great tool to have if you want to see the numbers yourself rather than rely on third-party information or advice
DealCheck saves time
Have you ever tried to manually calculate a property’s cap rate yourself? How about its ROI? How about forecasting its profitability over a number of years? I personally am awful at math. These things take me a long time. If I were better at math, perhaps it would be faster and less painful. I can only speak for my own experience though, and I am so happy to have found a tool that reduces the amount of time and headache it takes me to crunch these numbers
DealCheck is easy to use
I was able to figure DealCheck out within minutes after setting up a free account. Even for those who are not so tech savvy, DealCheck has page-by-page, step-by-step tips and tutorials. Not sure how easy it can be? Try it out for yourself!
DealCheck is available in multiple formats
Not only is DealCheck available via its website at DealCheck.io, it’s also available as an app on iPhones and Androids through the App Store and Google Play. That means that you can sync your data across all devices so that your analysis is available wherever you are. If you’re like me and prefer working on a PC when needing to input a number of details, you will enjoy this flexibility. Especially if you also like your info available on the go later on
DealCheck allows you to generate professional reports
As mentioned above, this feature is particularly great for realtors looking to differentiate themselves in the market. In an industry with literally tens of thousands of professionals working in the field within each state/province, it’s fantastic to have a little extra something to set yourself apart. Realtors can do so by generating professional profitability reports for investor clients – a feature unlocked with a paid account and well worth the investment to drum up more business
DealCheck works best for Americans
This point is the most disappointing for me personally, being a realtor based out of Canada. DealCheck is even more fantastic for Americans because it allows you to import and search public records and active listings in the United States to more efficiently generate reports. Unfortunately, as a Canadian, DealCheck is a heck of a lot more manual for me than my American brothers and sisters. Hopefully DealCheck’s automation capabilities expand as the tool becomes more popular across the border.
DealCheck requires quite a bit of data entry
This con relates slightly to the one I mentioned above about it being more automated for US users. However, to truly get the most out of DealCheck, you want to ensure your stats are custom to you. This can mean a lot of data entry at times (especially if you want to break down renos and updates required for properties that need to be flipped or greatly improved). It also requires data entry when it comes to your financials.
DealCheck has a lot of pop ups
This is a small, nitpicky detail, but DealCheck uses Intercom to help people via live chat. However, with every new page you navigate to, Intercom pops up. This may be helpful for those who want step-by-step handholding as they learn to use the system. Unfortunately for me, it felt a bit intrusive as I had to close the Intercom popup every step of the way. This experience certainly isn’t the same with the app, but it can be distracting and off-putting for first time users via web.
Is It Worth It?
YES. DealCheck is absolutely worth it. So much can be accessed using the free account alone that investors and realtors would be crazy not to check it out. For those who are regular real estate investors or realtors working a lot with investing clients, a paid version of DealCheck is absolutely worth the money for the time and headache it will save alone.
Interested? Readers of Pre-Construction GTA can use the special discount code “VIP25OFF” at checkout as well for 25% off your DealCheck subscription. Click here to check DealCheck out for yourself.