This wired world gives us instantaneous access to what seems like unlimited information, but we’re still stuck with what to do with it after we get it. As a real estate investor, you know how important time is. Not only does it affect your productivity, it can also affect your profitability.
Software apps written especially for real estate professionals and investors solve the issues related to the instant and sometimes massive amounts of data available in this field. These apps can help you manage your portfolio and discover the best times to acquire or sell properties to maximize the return from your time and money.
If you use a professional management company for your rentals, it’s a good idea to learn what software they use to manage their data. The major spreadsheet and database applications often have their software available in mobile formats. Signing up for access to their software via the cloud or otherwise will simplify using the files they provide regarding your property.
Useful Software for Real Estate Investors
RealBench
This affordable app works for anyone who owns real estate and wants to stay abreast of their investments. It quickly calculates the financial indicators that investors rely on for a quick look at where they stand. Users can aggregate the data into reports to send to accountants and tax advisors. RealBench operates on Android and iOS systems.
Excel Based Applications and RealData
Whether you buy one tailored for real estate investors or put together your own, Excel spreadsheets are a powerhouse for investors. Besides doing instant calculations based on built-in formulas, you can build charts and paste or import the worksheets into Word and PowerPoint files. You can also save them as .csv files, which are universally read by other financial and tax applications.
Excel is available as a cloud application and it also works on iOS and Android systems, as well as all PC computers. You can use it for things as simple as mailing list management and as complex as immediate to long-term financial management and analysis. RealData is an app that uses Excel as its platform and it’s available in differing levels of detail and priced accordingly.
ProAPOD
ProAPOD has two modules that run 60 different calculations for you. The iCalculator is the most affordable, and the Executive 10 gives you a complete suite of software tools for high level analysis regarding tax shelters and time value.
Property Tracker
Staying on top of local market conditions is as important as knowing how your investment properties are performing. Property Tracker does just that. It will display current data like the vacancy and appreciation rates. It also keeps track of monthly income and expenses. It’s one of the few software apps written for Macintosh computers, as well as working with iPads and iPhones.
DocuSign
How many times have you had to rush to the office or home to sign papers for a transaction? DocuSign makes it easy to do it from anywhere and it’s instant.
Zillow and Realtor.com
Both of these websites use multiple listing service data to help you find properties by zip code or city. They’re indispensable for finding comparable properties, pricing, and tracking pricing history. They also list plenty of rentals as comparables.
Nearly every listing has ample photographs, some feature videos, a detailed list of home and property amenities, and full addresses. Zillow lets you search by foreclosure and pre-foreclosure status, a handy feature if you’re looking for a new property at a bargain. They also provide a spectrum of statistics for submarkets within larger cities for rental and for-sale properties.
JWB has over 10 years experience managing turnkey rental property investments. We have a consistent approach that delivers steady cash flow from our clients investment properties. Curious what your cash flow could be from one of our rental properties? Try our cash flow calculator or contact us to learn more.
