11 Sep How the Right Real Estate Investment (REI) Software Can Save You Time and Help You Succeed
Entrepreneurs searching for smart investment opportunities understand that among the soundest in 2018 is real estate. Why? Because a decade after the housing market collapsed, it’s rebounded big time. According to Capterra, for example, the housing market has grown more than 11% since 2008, with the average selling price increasing from $180,100 then to $200,700 now.
Some Real Estate Investors Are Doing (a Lot) Better Than Others
The renewed ascendancy of the housing market is a clarion call for savvy investors, but some are succeeding much more than others. For example, those who can get the facts they need, and get them as quickly as possible, are the ones who are going to find the best deals. They’re also the ones who are using the right tools to access information, including tools like real estate investment (REI) software.
How the Right Software Can Jump Start Your Investment Strategy
Before the advent of REI software, investors had to do it all manually—everything from making calculations to formatting reports to assessing property values. REI software has changed all that. As James Kobzeff (an investor with more than 30 years’ experience) writes:
“So for a major portion of my thirty years as a Realtor, if I wanted to list or sell investment real estate property, the cash flows and rates of return had to be computed on a hand-held calculator, and the financial performance and marketing reports had to be formatted manually by means of a very tedious process that involved physically typing and cutting and pasting and copying.”
How Can Investment Software Get You the Data You Need, When You Need It?
Using investment software means getting formula calculations quickly and efficiently. It also means that the data you get will be comprehensive (and accurate), and that you’ll have professional looking reports (for cash flow analysis and marketing). Finally, and most important, it means that you’ll find the best deals before your competitors do.
Here are 3 principal ways the right real estate investment software can speed up your access to the information you need for success:
1. You’ll Have the Data You Need to Make Smart Decisions
Real estate investing entails a lot of data, billions of data points in fact. Without the right software, that crush of data works against you. The right REI software, on the other hand, will efficiently use those data points to tell you which investments are best for you where you live. Equally important, you’ll get the data you need quickly so you can get to the best investments before others get off the ground.
2. You’ll Have Access to Accurate Investor Comps
Just as home sellers need comps to tell them what similar homes have sold for, real estate investors depend on investor comps to get a handle on other investment deals which have happened in their target area. Armed with that information, they’re better equipped to identify the best deals. You’ll be able to access comprehensive comps that include everything from size to location and property condition, and you’ll get them fast.
3. You’ll Be Able to Conduct and Save Intelligent Searches
Just as home buyers need the ability to conduct searches for properties like the one in which they’re interested, investors must be able to conduct intelligent searches for properties that meet their investment criteria. The best REI software will let you create detailed search criteria, conduct effective searches based on those criteria, and in this way identify properties which represent the best investment deals for you. You’ll also be able to save searches to identify new investment opportunities that match your search criteria in the future.
Real estate investing represents an outstanding opportunity, but it can also be challenging. You can get a leg up on the competition and meet your investment goals, but you need the right tools to succeed. Armed with the right real estate investment software, you can meet and exceed those goals.