Investing in real estate can become quite an involved business to run. Between recording your sales, managing your taxes, and handling rental properties, there’s a lot of data to track. Whether you’re investing in residential property, commercial buildings, or you’re just buying raw land, here are 5 software applications that will make your investment pursuits easier.
1. An application to manage your documentation
Documentation is vital in real estate. Your documentation (leases, contracts, lease amendments, etc.) can help you mitigate legal issues in the future. For example, if a tenant decides to sue you for unlawful eviction, you’ll need sufficient documentation to prove their eviction was lawful. This documentation might include the tenant’s lease, written notices regarding lease violations, notes regarding phone calls and other conversations, and copies of lease amendments served to the tenant with proof that all documents were served according to the law.
If you’re caught unprepared by a lawsuit, you could lose your case even if your tenant is wrong simply by not being able to prove you did things correctly. Sometimes judges and commissioners will rule in favor of a tenant when there isn’t enough information to show the landlord is in the right. Without documentation, it’s their word against yours.
LoopNet is an application for commercial real estate investors and makes it easy to find the perfect property, whether it’s an office building, an entire business park, retail shops, or multifamily property.
The listings will provide you with plenty of details about available properties, but the downside is that you can’t save your searches. You’ll need to enter your search criteria each time you want to look for properties. However, the extensive property details provided make it worth trying out.
3. Software just for buying and selling land
While many standard real estate applications can be used to manage properties and land, there are several pieces of software designed just for land acquisitions. The top three are LandGate, National Land Realty, and Realty Juggler.
Between these three applications, you’ll get the ability to track your prospects, get an automatically generated daily call list, have access to pre-made flier templates, engage customers via text message, and find land for sale.
Each application has its own key benefits. For example, LandGate has an extensive number of data points so you can calculate your potential revenue if you open. A solar or wind farm. You can also get data regarding nearby transmission lines and substations.
If you’re serious about investing in land, you may want to use all three software applications, but it’s up to you to choose what’s right for your business.
4. Software to invest in real estate shares
If you’ve considered investing in real estate shares rather than physical properties, Landa makes it easy and affordable. When you invest through Landa, you’ll receive monthly dividends deposited right to your account.
Investing in real estate shares makes it easy to earn income without doing the hard work. When you buy shares in a rental property, you’re actually buying shares in the limited liability company (LLC) that owns that property. Owning shares means you get part of the profits the LLC earns. With Landa, each property is owned by a separate LLC and offers a total of 10,000 shares for single family homes, while multifamily properties offer a total of 100,000 shares.
Compared to other similar apps, Landa has a good reputation for offering shares in profitable properties, but you’ll still need to use your personal discretion when choosing investments. Dividends will decrease when properties need maintenance and other costs, so you’ll need to do some significant research before investing. However, if you’re already familiar with real estate, that should be easy.
The app from Realtor.com is one of the best and should be in every real estate investor’s toolbox. This free application provides up-to-date property listings that come in part from the MLS, which means it usually has more accurate results compared to other sources.
Realtor.com’s app also lets you list your rentals and accept applications without being charged a fee. If you don’t already use software to rent out properties, this one will make it easy.
Real estate applications are helpful
Most of the tasks you perform as a property investor can be delegated to a mobile app, whether it’s for finding new properties, accepting applications and rent, or just tracking your finances.
Investing in mobile app development services for your property investment business can save you a lot of time and effort. Doing everything manually is cumbersome and if you want to grow your investment portfolio, consider using mobile app software to make your job easier.