Are you contemplating utilizing an API to your rental property analyses? Mike Lapsley, President of Rentometer, discusses and offers an illustration of Rentometer’s API function.
What’s an API?
An software programming interface, or API, permits two techniques to robotically move data and knowledge back-and-forth. It removes the necessity for an individual to manually work together with the system. APIs are highly effective as a result of they get rid of the guide interplay and enhance effectivity whereas being on-demand 24/7, and there’s no lag from when the info is requested and when it’s fulfilled.
Rentometer has a brand new API Integration accessible for all Professional subscribers. Let’s stroll via how our API works.
Rentometer has an internet interface (often known as www.rentometer.com). Whenever you want rental knowledge, you may enter your topic property into the search bar and get the rental knowledge you want in report format from our web site. To additional analyze the info, you could must take some knowledge from the report and enter it right into a spreadsheet or one other one in every of your techniques.
With the Rentometer API, you may bypass the net interface by having one in every of your techniques ship a direct request to our system. Our API will then return the outcomes again to your system with out having to manually enter any data on both finish.
Learn how to Set Up an API
The difficult half with an API is that they’re pretty technical and normally require an engineer to implement. How will you use an API for those who don’t have engineering sources accessible? Utilizing a service, corresponding to Zapier, that facilitates the API connections between two completely different techniques is an efficient method to implement an API with no need engineering help. Along with our personal API, we’ve constructed a Zapier connection in order that prospects don’t have to make use of engineering time to benefit from all the advantages of utilizing the Rentometer API.
Utilizing an API & Rentometer API Demo with Zapier Connection
Let’s say you’ve an inventory of on the market rental properties that you just’re evaluating for an funding. You want a fast methodology to determine the very best alternatives on the record, those you need to spend probably the most time additional analyzing. For the preliminary move on the offers, let’s evaluate gross sales value to an estimated rental worth utilizing the 1% rule.
Whenever you name on our API knowledge utilizing the Zapier interface, you’re capable of pull common and median lease costs, amongst different knowledge. When you request lease statistics from our API and your “output” worksheet is full of rental knowledge from our system, you’re ready to make use of the 1% rule to create an funding threshold. If you happen to’re not acquainted, the 1% rule states that your estimated month-to-month rental earnings ought to be at least 1% of your all-in price of the rental property.
For instance, an all-in funding of $100,000 would require at least $1,000 per thirty days in rental earnings to make it a viable funding. It’s a rule of thumb, however in no way the one issue to contemplate when investing determination.
After getting outcomes from the Rentometer API and making use of the 1% rule, you’re capable of determine which property is value contemplating as a possible funding.
Did we miss any questions you could have in regards to the API? E mail [email protected]
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