Unlike residential real estate which has seen tons of innovation and new platforms emerge over the years, the multifamily sector has been quite a bit behind. Sites like Zillow and Redfin made the consumers more knowledgeable about their markets and changed the relationship between the real estate agent and owner. Instead of relying on the real estate agent for information about the local markets they now had somewhere to go to see the information themselves.
At first, the residential real estate agents were a bit worried that the owners were now armed with all of this data and didn't want their jobs to be replaced by "tech." However, after seeing things develop over the last few years, it seems that it is still imperative to have a real estate professional guide you through the buying and selling process. The effect of these platforms has not replaced the real estate professionals but it has changed some of the processes... for the better. It's created a healthier environment in which now the owners and agents can access the same information and make better-informed decisions on how these homes should be priced, renovations that could add value to the property, and full transparency with one another. There is no more "hidden agendas" when it comes to residential real estate. Yes, people still try to get away with certain things but almost anything can now be back checked by simply going to one of these sites.
Multifamily real estate is not the same. Currently, agents and brokerages are forced to spend high monthly fees to access information about apartment buildings which then can be presented to their clients (owners). What's the problem with this? Well, in a commission driven environment it can lead to agents presenting only a picture that works for them. An owner might receive valuations that range 100's of thousands of dollars apart and there is nowhere for them to backcheck any information! On the flip side, owners might think their buildings are worth millions of dollars more then what they are actually worth because it is very hard for them to access any information about the current market. It's a lose-lose situation for everyone involved. No one trusts anyone. Why is it like this? Apartment buildings are mostly based off of their incomes and their incomes aren't public information. The few companies that focus on gathering multifamily data have massive research teams who call the agents who represent the buyers and sellers on these transactions and try to get the information from them. This can be a bit annoying if you have to spend 100's of dollars a month and in return, you get phone calls all the time asking to cough up information about the last sale you did! Seems a bit one-sided...
Enter PadMint. PadMint brings transparency to multifamily real estate. Now owners, agents, appraisers, and property management companies can easily access accurate multifamily information on their own time. PadMint was created to be a transparent middle ground for everyone in the multifamily sector. A place to collaborate about these investment properties and feel safe about what is actually going on in the market. Agents involved in apartment sales can submit their transactions to the platform in return for free exposure on the site for their brand. They should get credit for their transactions and the rest of the multifamily sector should see this information. Anyone interested in the multifamily space can go on and easily get property valuations, share reports, and track their properties as the market changes. We hope that people find this platform to be valuable and hopefully the transparency will open the door for healthier relationships and smoother transactions in the space.