I just received a personal tour of Padzing.com from Mike Mueller and my first impression is that Padzing.com is to market surveys as Wonder is to sliced bread. If you are a numbers and data junkie, then you will definitely want to check this out. Padzing is a compilation of data from Rent.com and Vaultware. Simply put, the data has been gathered from communities advertising on Rent.com and the users of Vaultware. “We developed it with the idea of going to one website to see what your peers are charging for their apartments,” says Mueller, CEO of Realty Data Trust.
A quick search on Padzing by zip code or city and state provides the user with current vacancy information, average rents, and average rent per square foot by Nationally or by, State, County and where available Zip Code. It also breaks it down by unit type. Graphs provide a snapshot of the history of those numbers so you can follow trends. Mapping options allow you to gather the same date by radius. Reports can be exported into MS Excel. With all of these different options, the number of ways to review the data are countless.
If you decide to use this information you will have to take into account the number of properties that are being used to compile that data. The great thing about it is they disclose that information on every page. So if 5 properties in your Zip Code reporting data isn’t enough, then you can research the other 5 on your own, but your analysis is halfway complete. If your top 3 competitors are listed on Padzing and your analysis is based on them, then a great deal of your information is collected for you already.
While this tool is truly in it’s infancy, with support and cooperation from the industry it can only get better. Enhancements are already being devoloped including a feature that will send an email or a text message if pricing is changed at a community you are following. Take advantage of this tool while it’s still free!
“It’s where the industry is heading,” says Mueller. “Padzing.com puts transparency into pricing. It’s a poor man’s revenue management.”
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