The approach of calling a local realtor to lead aspiring homebuyers around to available listings is long gone. The majority of current house hunters leverage technology and kick off their search on digital technology platforms. According to a study conducted by the National Association of Realtors, over 90% of future homebuyers use some form of online property listing site to look for their next home.
The same technological shift is occurring in the real estate investment sector as well. Investors are increasingly reliant on multiple forms of technology to buy, sell, or lease properties—and new innovations are hitting the market on a consistent basis. If you’re not exactly tech-savvy, there’s no need to worry. There is still plenty of time to catch up when it comes to integrating technology into your investment strategy to take advantage of the efficiency and utility it has to offer. Here is a closer look as some emergent technologies that you can incorporate into your daily business operations to give you an edge on the competition.
An essential component of a real estate investor’s due diligence process involves analyzing property values and the potential return on investment (ROI) of potential options. The following sites and apps can provide you with a more accurate insight as to the viability of a given opportunity and provide you with objective data in terms of sales comps, tax valuations, sales history, and more.
Courthouse Retrieval System (CRS): This platform is accessible in several areas completely free. It offers not only data but gives you the ability to generate mailing lists and more. These additional functions are available at nominal rates and are a worthwhile investment for the DIY direct mailer and investors looking to conduct QAD comp analysis to inform their long-term strategies.
Connected Investors: This app’s utility extends far beyond just mere actionable data—although that information is highly useful as well. It is arguably the most extensive freely accessible social media networking platform for real estate investors, facilitating networking initiatives in addition to buying and selling investment assets. The site also offers innovative pay-to-play software such as PinPoint Profits, ReallyFlip, and DealDog that allow new investors to learn new skills and adjust their investment approach to be more effective.
Homesnap: This tool is available either via web or mobile app and provides investors with real-time MLS data and comparable property records. One notable feature allows real estate investors to simply take a photo of a property on their smartphone and instantaneously be provided with all pertinent property data.
Productivity Enhancement Tech
Time is one of the most precious commodities for real estate investors. The following technology-enabled tools can eliminate time-sucking hurdles out of several everyday tasks the typical investor encounters—from data analysis to administrative work.
Real Estate Calculator: Provided by SNC apps, this useful tool enables investors to break down cost flow analysis data efficiently and easily for potential rental property assets. Forget complicated Excel spreadsheets—this user-friendly app lets you save and upload multiple properties so you can access side-by-side comparisons to find the deal that is best aligned with your investment strategy and portfolio.
EverNote: This powerful organization and research app is perfect for storing important notes, frequently used websites, images, and much more. For many real estate professionals, this app is like your credit card—you won’t leave the house without it.
CamScan: This useful app functions just like a full-service scanner all from the convenience of your smartphone. Simply take a photo of the document you need, and the app instantly converts it into a shareable PDF file. It’s the perfect fix for situations where you must make copies of a document but don’t want to lug around that heavy Xerox machine.
Technology for Real Estate Investors | Gauntlet Funding – Melville, NY