Growing an empire focusing on investing in real estate takes a lot of work. These tools could help.
Between managing tenants and contractors, scouting new properties and running your portfolio’s day-to-day needs, growing your real estate investment business can seem like an endless job.
When it comes to the real estate investment industry, the common phrase “work smarter, not harder” has never been more necessary. Savvy investors use real estate investment tools to help simplify day-to-day tasks. Therefore, less time is spent on tasks that can be outsourced or automated, allowing you to work on your to-do items with the greatest impact.
I know there are many tools and technologies to choose from out there, which is why I’ve done research to find the best tools you need to invest in real estate to help your business grow.
HouseCanary provides listing information for properties on the market at the moment, but it offers unique data points that you won’t find on websites such as Zillow. It will provide data that is useful for buying property based on the fact that it is going to be an investment, so it can save you time and money to help you make a good investment decision.
In HouseCanary, you can filter properties by different factors to see which properties would most likely be the most profitable for you. Off-market properties can also be searched to check which areas have the most profitable properties or rentals.
Structurely is real estate software that uses a proprietary chatbot called Aisa Holmes to help you search for leads. Within a minute of contacting you via live chat, Facebook, or a website, Aisa will send you some leads. The chatbot will then ask a few qualifying questions and offer an appointment schedule if and when it is appropriate. You can also keep on top of the leads on the go as Structurely has a mobile app, too.
Additionally, if you want to speak to manual leads, you can pause the chatbot whenever you want to continue the conversation, or allow Asia to finish qualifying the lead. Every month there are three packages that cost between $179 and $499. When deciding whether this fits in with your business and financial planning, you may want to think about how the time you spend talking to leads that don’t pan out can be cut back.
If you’re distracted or helping someone else, Call Porter can help you answer phones. Whatever the reason is, responding to a call from a tenant or a qualifying lead is important. Call Porter is designed to help arrange appointments and assist investors. It uses proprietary software to know who is calling, so anyone on the other end of the phone will receive a personalized experience. You can log in to the software to hear a recording of all the calls for your properties.
Roofstock is a website that lets you invest in rental properties without having to consider finding new tenants for them. You can look for cash-flowing properties without having to interrupt the occupancy of the tenant. In other words, if you want to invest outside of your state, you can buy properties that don’t need a lot of upfront work and one where you can’t manage it on your own.
Do you want to lean more? Find Roofstock review here.
Rently is essentially a platform for real estate agents, but it can be useful to investors. Basically, it helps you to make showings of our rental properties easier without having to have an agent. You or the property manager can use the software to help potential tenants to visit their properties according to their own schedule — no need to arrange times and you will save everyone from a lot of frustrations. You can either use Rently Blue with Bluetooth technology or a standard lock box to use the self-showing software.
Seasoned real estate investors know that bidding against other investors typically drives up the price when buying a property. This is where DealMachine comes in — you can use this app to buy properties that aren’t necessarily on the MLS and nobody else knows they’re for sale. So if there is an off-market property but it looks like a good deal, you could see if you can buy it.
How it works is you take a photo of the property you are interested in, and it will instantly provide the owner’s information. They will also send the photo via mail to the vendor, including the offer to buy it.
Not everyone will answer or accept your offer, of course, but the app will automatically follow up on you until you receive a response.
Even if you have one investment property so far, it’s still important to grow your online presence and build your brand. Carrot is a provider of websites that assists real estate professionals, including investors. You simply pay a monthly service fee and Carrot will help you create a website that is tailored for the seller and buyer leads that you need to collect information. In other words, the design and reproduction of your website are all optimized for you, so you can free up your time to work on other aspects of your real estate business, such as trying to close further sales.
Using a Customer Relationship Management or CRM platform is a great tool to help you create a system to cultivate and establish relationships with prospects and other practitioners in the real estate sector. If you don’t work continuously to build these relationships, finding someone you trust will be hard to help you lease your rental properties or sell your flipped homes. That means when it comes to making deals, without a CRM, it can be difficult or time consuming to do it.
REIPro can take away many of the manual tasks by setting up automated reminders or even doing some of the outreach for you to nurture those relationships. It will also help keep track of people that you are interacting with. Other CRMs have these features but based on what real estate investors need, REIPro does so. You can start for free before committing and give it a try.
With access to hyper-local content, you can use Parkbench as a way to learn more about the neighborhood you want to invest in. You can go to their online platform to look at local events, deals, news and other relevant content designed to attract professionals from the real estate sector. Although technically building a neighborhood page is for real estate agents to appear like neighborhood experts, I’m using that information to decide whether a local area is worth investing in.
When trying to figure out if a piece of property or house is a good deal, there are so many factors to search for, particularly concerning new investors. Of course, even if the purchase is a good deal, after purchasing materials and working with contractors, renovations and repairs can mean you are losing money in the long run.
That is where I use DealCheck. This software for analysis of real estate assists you in forecasting profits for a certain deal, as well as estimating repair costs. Different types of properties can be analysed. To see your monthly cash flow or ROI — within a minute or less, all you need to do is enter details such as purchase price, rental income, and loan terms.
Balancing property management tasks and finding new deals could be fairly simple when you have a small amount of properties under your belt. Most investors struggle if they balance too much, such as full-time work, numerous properties, and other obligations. While tasks such as accounting, leasing, marketing, and tenant communication may not seem like much on their own, when done altogether it can easily be a full time job.
Instead, use AppFolio that can help you address many of these tasks in a matter of minutes. It’s for those who run a full service management of property. AppFolio uses AI technology called the Dynasty to automate tasks such as tenant follow-ups and extension of leases.
These tools are available to help you quickly when you need to expand your real estate investment business — regardless of your pain point. Not only do these services provide information but they ultimately save time, so you can focus on your business in a smarter, more efficient way.