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10 Things to Look for in Real Estate Investment Software
There are a lot of different ways to approach real estate investing, and having some tools to support you will make your life all the…
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There are a lot of different ways to approach real estate investing, and having some tools to support you will make your life all the easier. You can attempt to go it alone, but at some point knowing there are resources out there to help you streamline your job is always helpful . While you may not need a full staff, or even an office, you will likely want to consider a real estate investment software.
This software, specially tailored for real estate professionals, those who deal with investment properties, is an essential tool that helps with a multitude of real estate investing, depending on the tool and your specific needs It can include planning, analysis, project management, market research reporting, customer relationship management (CRM), lead management, compliance, and property management. A worthwhile software gives you research tools, visibility to market trends, and ultimately, the ability to make informed, profitable decisions. The trick is ensuring that the real estate investment software you are considering installing checks all the pertinent boxes.
1. User-friendly
The last thing you want when dealing with the copious amounts of data required to do your job, is an overwhelming sense of dread from the software designed to organize it all. So a user-friendly interface is crucial. The more intuitive the software, with clear navigation menus and easy to access features, filtering, and tools goes a long way to streamlining your process and quickly and efficiently analyzing potential real estate investment opportunities
In the same breath, look for interactive dashboards with visual KPIs and quick data insights, along with customizable options like portfolio and property dashboard views. These lend heavily to the ease-of-use consideration with real estate software. It’s much easier to be successful when you aren’t bogged down by hard-to-navigate. and confusing software.
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2. Reliable market and property analysis
Getting a bit more specific, it’s apparent that effective real estate investment requires a fair deal of property analysis. Going in blind is never a good strategy. So you’ll want to look for tools that help evaluate potential investments. Things like financial modeling to calculate potential returns, cash flow, and ROI, along with some sort of comparative market analysis (CMA) tool go a long way toward finding reliability in your property analysis.
Plus, in addition to risk assessment tools, many property analysis features include local and even neighborhood-level research tools. Having all these tools at your fingertips within one software program is a great way to analyze potential investment properties properly.
3. Portfolio management
There is a certain level of complexity when it comes to managing multiple properties and investments. The right real estate investment software will help you keep track of all your assets, whether realized or unrealized.
This is done through features such as portfolio tracking and monitoring, detailed reporting on all your investments, and performance metrics for things like occupancy rates, expenses, and naturally, income. Tracking anything that contributes to your portfolio should be monitored in your real estate investing software. From customizable fields to property management integrations, monitoring your assets is necessary to streamline financial success and monitor ongoing cash flow.
4. Financial management and accounting
Another vital puzzle piece of successful real estate investment software is its accounting and financial features. After all, it’s much easier to track and analyze the finances of the potential real estate investment deal when it’s in the same place as its related data points. So things like expense tracking and projections are helpful when positioned right next to a property’s projected annualized return or gross yield. Tracking and understanding the entire picture of a property rather than say, seeing it isolated over in Excel.
Additionally, with good financial management tools, you can dig even further into your income and other revenue sources to determine and track profitability. Financial analysis tools and calculators make it easy to calculate potential earnings, accurately price rentals, and analyze competitors. And of course, when tax season swings around, you have a head start with income and expenses, as well as all the data points that easily translate into deductions.
5. Integration with other tools
Not every piece of real estate investment software offers this, but if they do, it’s a nice thing to have. When your software can integrate with a property management system, financial software, or CRM systems it helps larger businesses keep everything connected. While not all investors have need for CRM tools, or even tenant management systems, you never know where your growth will take you. So having that option for the future is kind of nice.
6. Data security and compliance
You have sensitive financial information and you want to protect it. That’s a top-line expectation of any real estate investment software. As most are based in the cloud these days, you want assurances that your data is protected. So when picking out software ensure that it has data encryption, regular backups to prevent data loss, and user access controls in case you have a hierarchy of who can access what. Your data is your business, and losing it is something that’s extremely hard to recover from.
7. Mobile app
While not a hard and fast requirement of all types of real estate investment software, it’s helpful to have some sort of mobile app, even if it’s a web app you can access with your phone. Because we’re all on our phones constantly, the world in which we do business. When you are at a property and wan some quick analysis, it could really be a deal-breaker if you have to drive back to your PC first.
Not all software comes with a mobile app, but one that is compatible with at least iOS and Android is helpful. If mobile apps are not your thing, look for one with a responsive design so you don’t lose functionality on the go. Again, some software programs don’t have a mobile app, but they have a responsive web app, and your phone has a browser, so that, of course, counts.
8. Customer Support
Reliable customer support can make a significant difference, especially when you encounter issues or need assistance. Along with that, it should be offered across multiple support channels such as phone, email, and live chat. And there better be some comprehensive FAQs because we all learn in different ways. Some of us prefer to troubleshoot problems ourselves. It’s really hard to unplug and plug it back in when it comes to software.
9. Scalability
Software should help you grow. It should provide comprehensive real-time data, connect you with top-tier agents and investors in multiple markets, and offer tools for efficient deal analysis and communication, thereby enhancing your investment and client acquisition strategies.
And as your investment portfolio grows, your software should be able to grow with you. That means flexible pricing plans that meet your needs as you upgrade, scalable features that can handle as many properties and investment transactions you toss at it, and regular software and database updates to keep you updated as well. The last thing you want is a dead piece of software that hasn’t been updated in three years. No use to anyone.
10. Budget
Finally, let’s talk about the budget. This isn’t just the amount of money you may spend on a software package or subscription but also about the value it provides. So yeah, the cheapest option may not be the best option, and the money you spend can easily be balanced against the money you’ll make by streamlining and organizing your data and business needs. Transparent pricing, and user reviews are great places to start to determine the ROI before you buy.
Invest smarter with Privy
With Privy on your side, you get powerful tools to get the full picture of your investments. From tracking every deal from inception to profit, to algorithms finding the most profitable new deals, you’ll have the tools to succeed. Additionally, you’ll get access to a wealth of market data, enabling you to truly analyze investments and minimize your risk.
Plus, with Privy, you don’t need to be an investment expert to utilize its tools. It’s made to be accessible to everyone, no matter your level of experience. There are plenty of tools, tips, and educational materials to ensure your investing success.