DealCheck Review (2023): Pricing, Features, & BenefitsNov 03, 2023
Whether you’re a wholesaler, rehabber, or focused on rental properties, your success greatly hinges on the quality of your real estate deals. Identifying lucrative deals requires crunching numbers and analyzing metrics like cash flow, cap rate, rehab costs, and ROI. Manually calculating these metrics isn’t only time-consuming but also mentally taxing. Thankfully, you don’t have to do it manually because technological solutions like DealCheck now exist.
DealCheck automates the deal analysis process and is designed for wholesalers, house flippers, investment property owners, and even home buyers and sellers. Our in-depth DealCheck review explores how this tool simplifies critical steps in real estate investing to help you make the right choice for your real estate business:
- What Is DealCheck?
- How Does DealCheck Work?
- DealCheck Real Estate Features
- What Types of Properties Can DealCheck Analyze?
- DealCheck Advantages & Disadvantages
- DealCheck Pricing & Costs
- DealCheck Vs. Competitors
- Final Thoughts: Is DealCheck Worth It?
What Is DealCheck?
DealCheck is a multi-faceted tool designed to automate and simplify real estate deal analysis. It’s tailor-made for wholesalers, rental property owners, and all real estate investors. The platform’s features are equally beneficial for individual home buyers and sellers. It empowers users with essential property information and data points such as cash flow, cap rate, tax implications, interest rates, and ROI, allowing them to make informed decisions about potential deals.
The beauty of the platform is that it’s highly adaptable and accommodates deal analysis for various property types, including single-family units, rental properties, BRRRR properties, multi-family homes, and more. In essence, DealCheck, as the name implies, is a real estate analysis software that simplifies the intricacies of deal evaluation.
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How Does DealCheck Work?
DealCheck simplifies the property analysis process for real estate investors and other users by offering a streamlined and user-friendly experience. Users can efficiently analyze a wide range of real estate investments with just a few clicks.
To analyze a property, DealCheck users have two options:
- Import property data: Users can quickly search and import relevant data points such as property descriptions, list prices, taxes and photos from the MLS and online listings that integrate with DealCheck, such as Zillow.
- Manually input the data: Alternatively, DealCheck offers a step-by-step wizard for manual data entry if needed.
The platform accommodates different real estate investments, including rental properties, Buy, Rehab, Rent and Refinance (BRRR) investments, flips and wholesale deals, multi-family buildings, VRBOs, and even Airbnb. This versatility significantly simplifies deal analysis for investors with diverse portfolios and empowers them with the information they need to make informed real estate investing decisions.
Read Also: The 10 Best Real Estate Apps In 2023 & 2024
DealCheck Real Estate Features
- Property Analysis
- Financing Analysis
- Buy & Hold Projections
- Property Owner Information
- Customer Relationship Management (CRM)
- Offer Calculator
- Professional Investment Reports
- Property Comparison
Property Analysis Tools
Quality property deals are vital for a successful real estate business. DealCheck’s property analysis tool is expertly designed to ensure that each deal you immerse yourself into is the best. It uses intelligent algorithms to analyze key property details such as the list price, rehab costs, and operating expenses. In return, it generates key metrics like cash flow, potential investment returns, and capitalization rate. This data empowers profitability valuation before committing to a deal.
Additionally, you can access recent sales comps to estimate the property’s after-repair value and decide on the ideal listing price for potential resale investments.
The property analysis results page also features a records & listings option. Here, you can easily keep track of comparable listings and any updates, like price reductions. This feature gives you the insights to identify prime investment opportunities when properties align with your desired returns.
Financing Analysis Tools
Each financing option significantly impacts your investment returns. Financing with cash reduces interest costs and increases equity while acquiring an investment property through a loan allows you to diversify your capital and enjoy tax benefits. With DealCheck's financing tool, you can easily compare the effects of different financing options on your overall returns.
For instance, if you plan to purchase a property using a mortgage, you can input the mortgage amount, interest rate, and down payment into DealCheck's financial analysis tool. It will then provide you with estimates of monthly mortgage installments and applicable interest rates. Additionally, DealCheck offers a nationwide lender directory, enabling you to compare mortgage offers from different lenders and find the most favorable terms.
Buy & Hold Projections
Planning to hold onto an investment property for a while? DealCheck provides a buy-and-hold projections feature that enables you to assess critical financial metrics, including cash flow, capitalization rate, tax deductions, ROI, and equity accumulation, for buy-and-hold properties, such as rentals and flips, spanning from year 1 to year 35.
This data allows you to forecast your cumulative future returns, thus allowing you to make wise investment choices, such as when to sell your rental property or flip project to achieve the most returns.
Property Owner Information
Have a list of promising off-market properties but lack owner information? DealCheck has a solution: the Owner Lookup function. With this feature, you only need to upload your list of off-market properties, choose one, and access the Owner Lookup feature from the menu.
This function generates essential owner details in just a few clicks, including their name, current address, occupancy status, last recorded sale, and even tax information.
This data streamlines lead generation and enhances the effectiveness of your direct mail campaigns since you’ll now know which off-market properties to follow up on and who to reach out to during marketing.
Customer Relationship Management (CRM)
Each property you manually input or import into DealCheck is automatically stored within the platform when you click the “save property” button. This simplifies various tasks, including follow-ups, contract deadline tracking, lead generation, and the creation and distribution of investment reports. This portfolio management function also enables straightforward monitoring of property performance, allowing you to manage risks and maximize profitability effectively.
DealCheck has an offer calculator for all supported property types. Whether you’re a rental property investor or a wholesaler, this tool enables you to precisely and effortlessly work out the maximum price you can offer for a potential investment property to safeguard your profitability.
Professional Investment Reports
Whether you use DealCheck to perform a property or financial analysis, the platform offers a valuable feature: the ability to create professional-quality PDF reports. These report templates are also fully customizable, meaning you can incorporate your branding and logo to enhance the professional touch.
DealCheck’s investment property reports are ideal for sharing with your partners', or if you’re taking out a mortgage, you can share it with lenders to enhance your chances of loan approval. If you’re a wholesaler, you may email them to your buyer’s list to speed up closing.
Property Comparison Tools
Every decision you make in real estate investing directly impacts returns on investment, cash flow, and overall profitability. For instance, choosing between two investment properties can yield different financial outcomes.
Similarly, purchasing a property with cash instead of taking out a loan offers perks such as reduced interest costs, faster acquisition, and greater equity. However, it also comes with disadvantages, such as reduced liquidity and potentially lower ROI. Thus, it’s essential to perform due diligence before you invest in one property over another or make certain investment decisions, such as buying with cash over a loan.
DealCheck’s property comparison tool simplifies this decision-making process. With this tool, you can juxtapose two or more properties, making it easier to identify which makes for a better investment.
Once you identify which of the two makes a better investment, you can also use the property comparison tool to compare how various investment decisions, such as acquisition strategies, affect your cash flow, ROI, and overall profitability, thus making choices that result in the best outcomes.
What Types of Properties Can DealCheck Analyze?
DealCheck accommodates deal analysis for an extensive range of properties including:
- Rental Properties
- Vacation and short-term rental properties
- BRRRR (Buy, Rehab, Rent, Refinance, & Repeat) projects
- Fix-and-flip properties
- Residential properties
- Mixed-use units
- Commercial buildings
- Single-family and multi-family buildings
- Wholesaling projects
- Time-saving property analysis
- Flexible financing comparison
- Long-term investment projections
- Efficient property owner lookup
- Simplified portfolio management
- Effectively allows users to calculate optimal offer prices
- Generate customizable PDF property reports
- Smart property comparison for informed investment decisions
- Has a mobile app for Android and IoS
- Here are some drawbacks of using DealCheck
- Most of the property data is US-based, making DealCheck more suited for USA-based investors
- Limited integrations
- Although DealCheck has an import feature for property analysis, you have to manually input data using most of its tools.
DealCheck Pricing & Costs
DealCheck offers three subscription plans: Starter, Plus, and Pro.
The Starter plan is free for life. Plus, subscribers pay $10, while Pro subscribers part with $20 per month. Both premium plans feature a free version lasting 14 days and are billed annually.
DealCheck Vs. Competitors
With several competitive options for real estate investors, Real Estate Skills wants to make sure to make the right call for your business.
Here’s how DealCheck fares against these other competitive real estate software:
- RealPage IMS
DealCheck Vs. BiggerPockets
While BiggerPockets offers a property analysis feature for a wide range of properties and a deal calculator, DealCheck emerges as a better option for its long list of features unavailable in BiggerPockets. These include investment reports, buy & hold projections, rental comps, property comparison, and CRM. BiggerPockets is a great platform to consider if your goal is networking, but as far as property analysis features and affordability are concerned, DealCheck is the best option.
DealCheck Vs. RealPage IMS
DealCheck offers a free trial for its premium versions and has a free version for users looking to test the waters. RealPage, on the other hand, has no clear pricing information. While DealCheck is geared towards the real estate market, RealPage caters to nearly all investors, including student and military property markets. This makes DealCheck a better option for real estate investors as it has features specifically dedicated to helping them improve their success. However, RealPage has features unavailable on DealCheck, such as benchmarking, compliance tracking, and fund management. So, which one is better? Both platforms offer robust capabilities, and the decision ultimately depends on your needs and how well they align with each platform’s features.
DealCheck Vs. Stessa
DealCheck offers different subscription options, while Stessa offers a flat rate for its features. Regarding functionality, DealCheck is geared towards all real estate investors, while Stessa is for rental property owners looking to ease property management. As a result, these platforms cater to different markets, and choosing one over the other depends on your niche.
Final Thoughts: Is DealCheck Worth It?
DealCheck is a versatile real estate analysis tool that simplifies analysis for many investors. Its user-friendly interface and powerful features facilitate efficient deal evaluation, making it a valuable tool for all real estate investors. It accommodates a long list of property types and is consequently adaptable to diverse portfolios.
The pricing plans offer flexibility and is available as a mobile app, making property analysis something you can do while on the go. However, it’s primarily focused on US properties, which may limit its efficiency if you target properties in other regions. But in a nutshell, it empowers real estate investors to make informed decisions and enhance their success.
Yet, remember that while tools like DealCheck can assist in your real estate endeavors, they aren't the sole key to success. You don't need to spend on software to uncover great real estate deals.
Our FREE training course on real estate investing provides an in-depth strategy to discover profitable deals without any cost! Dive in, learn the ropes, and leverage our tried-and-true methods to grow your real estate portfolio without spending a dime on tools.
*Disclosure: Real Estate Skills is not responsible for the information provided by DealCheck or on its respective website. DealCheck is an independent company which provides real estate services to investors. Real Estate Skills trains on using DealCheck and the benefits of using the service but is not responsible for the content it provides.