Every job requires its own set of specialized tools in order to complete specific tasks and to process the work more efficiently. Plumbers have wrenches and drain snakes. A carpenter might have a nail gun and tape measure. But what about real estate investors?
As a real estate investor, it’s important to have your own custom toolkit to help streamline your operations and make your work more efficient. Having the right data and resources at your fingertips is crucial to getting the best return on your investments.
The best part is that a lot of the tools that you need can all be obtained and managed right from your smartphone device. There are several applications that will make it easier to market, sell, and even manage your real estate holdings. If you have a specific need in managing your for-profit rental business, as the saying goes, “there’s an app for that?”
Over the years Marda Management has curated a list of distinguishable apps that can help any real estate investor or property owner manage their portfolios. While nothing beats the quality and expertise of a full-service property management company, here are a few apps that you should have in your toolkit.
1 - DealCheck
Streamline your property analysis with just a few quick clicks using proprietary software through DealCheck. DealCheck makes it easy to import multifaceted data points to create customized reports and projections based on your set parameters.1
Offered in desktop, android, and iOS versions, this app takes care of crunching the numbers, so you don’t have too.1 It calculates cash flows, cap rates, and a variety of other important metrics to provide key insights on whether a deal is worth pursuing.1
You can also look up sales data and pull rental comparables so you can see how your deal stacks up to the competition1. Not only does DealCheck provide you with powerful analytical capabilities, but it’s also easy to use, boasting over 200,000 trusted professionals worldwide.1
2 - Homesnap
This top-rated real estate app has generated a lot of buzz over the last few years by becoming one of the premier platforms to search for homes and connect with realtors, all using real-time data.
For the real estate investor on the go, Homesnap can be extremely versatile. First, it can be a tool to help you search for that next great investment. You can set alerts on listings and price changes to make sure you are always informed so that you don’t miss out on any lucrative opportunities.2
Additionally, Homesnap has an in-app messaging feature, which can save you time and money by allowing you to directly message your investing partners or realtors, keeping all parties informed of prospective deals.2
Homesnap is also completely free to use, which is a great option for those just getting into real estate investing or who are looking to reduce overhead.2
3 - Realeflow
If you want to clear the clutter from your phone, Realeflow is an all-in-one real estate investing app that can take you through the entire investing process with a swipe of your thumb.
Compared to other real estate apps, Realeflow certainly has an advantage because when you sign up, you get instant access to real property leads in your area before other sellers become privy to those hot deals.3 Other apps require you physically search for new deals which can cost you time and money.
Another nice feature is that you don’t have to export lead info into another program or application. Instead, Realeflow allows you to analyze the deal and make an offer all through the app.3 You can even choose to fund the deal using private financing from vetted providers if you don’t already have a go to lender.3
Once you close and your property is ready to sell or rent, leverage Realeflow’s network to find the perfect buyer or renter so you can start leveraging your proceeds or cash flows right away.3
The Digital Renaissance for Real Estate Investors
Real estate markets have traditionally been slow to adopt new technologies, however the recent pandemic was like pouring gasoline onto an open flame. Now more than ever, real estate is starting to behave more like a digital asset.
Real estate is headed in the direction of becoming exclusively digital, meaning you can buy, sell, and trade real estate all electronically. The industry has already seen a quick adoption of applications that allow consumers to execute paperwork and payments electronically.
As a real estate investor, it’s important that you are an early adopter of digital tools and technologies so that you can reduce costs and more efficiently invest in new opportunities. It also helps eliminate certain elements of human error, allowing you to focus on real, accurate data.
Furthermore, not adopting these crucial resources leaves you vulnerable against competitors who do use these tools, giving them a distinct competitive advantage. It’s also important to note that buyers and renters are becoming increasingly tech savvy and will also demand a more digitized experience when working with you.
Sources
1 DealCheck. (2021, December 6). DealCheck – The Leading Real Estate Analysis Software & Calculator. Retrieved February 24, 2022, from https://dealcheck.io/
2 Homesnap. (n.d.). Homesnap. Retrieved February 24, 2022, from https://www.homesnap.com/
3 Realeflow. (2019, November 10). Real Estate Investing Software. Retrieved February 24, 2022, from https://realeflow.com/
