How to Choose the Best Software for Real Estate Investors

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Written By Justin McGill

DealBloom aims to share the latest tips and strategies to help realtors, brokers, loan officers, and investors navigate the world of real estate.

If you’re looking for the best software for real estate investors, look no further! I’m a real estate investor myself, and I’ve used many different software programs over the years. These tools have helped me build wealth quickly by automating the search for motivated sellers, distressed properties, and off-market deals.

Real estate software is essential for any serious investor who wants to make money in today’s market. With a powerful search tool, you can easily find deals that other investors don’t even know about!

The Best Software for Real Estate Investors

The best software for real estate investors meets their specific needs. Some software programs may be better for those who are just starting out, while others may be better for experienced real estate developers.

Some apps work well for flipping houses while others are designed for those who want to buy and hold properties.

If you want to be a successful real estate investor, you need to use high-tech software to manage your properties. This will allow you to keep track of your finances, tenants, and maintenance issues in a much more efficient way.

There are many different software programs out there that can help you with this, so make sure to do your research and find one that fits your needs.

According to the Federal Reserve, most millennials are renting instead of buying. These are people who grew up with technology and expect their landlords to be just as tech-savvy as they are.

Innovative real estate software can help you scale your rental properties by:

  • Providing listing and marketing solutions
  • Processing tenant applications
  • Running credit reports
  • Conducting background checks
  • Collecting rent
  • Paying vendors
  • Analyzing potential real estate deals
  • Monitoring the financial performance of your entire real estate portfolio

Investor software can help you streamline your operations, increase profits, and track the performance of your rental properties. By choosing the right software for your business, you can make your investment operation more efficient and profitable.

The most successful investors analyze their potential performance using real estate analysis tools.

There are plenty of high-quality, cloud-based software solutions that can save you time and money.

Software specifically designed for the real estate industry can give you key insights into which properties are most profitable. This information is essential in making smart investment choices.

How to Choose the Right Real Estate Investor Software

Real estate investing software comes in all shapes and sizes.

From simple spreadsheets to all-inclusive packages, there’s a software solution for every type of real estate investor.

When choosing the best real estate software for your needs, start by answering some important questions:

  • What do you need real estate software for?
  • How is your current software meeting your needs?
  • What areas need better efficiency?
  • Are you looking to automate your tasks?
  • Do you prefer desktop, mobile, or cloud-based solutions?

Once you have a good understanding of what you need, narrow down your options by comparing the following:

  • Financial performance: Cap rate, cash flow, annualized return, gross yield, etc.
  • Pricing structure: Flat rate, tiered pricing, bundled packages
  • Demo: Try the complete software package before buying it
  • Customer service: 24/7 chat support, phone support, email support, online help desk
  • Marketing performance: Create presentation modules for investors, lenders, and tenants

Best Software for Analyzing Investments

Now that you know what features to look for, let’s take a look at the best software out there for real estate investors.

Property Evaluator

  • A great real estate investment software app for iOS that shows you important investment information like cash flow, capitalization rate, and return on investment, as well as projections for up to 30 years.
  • Pricing: free iOS version up to $49 for the Mac version.

Real Data

  • Before you invest your hard-earned money, get professional real estate investment on commercial and industrial properties, comparative lease analysis, and a 16-module real estate calculator.
  • Pricing: $209 to $1,499 with individual packages at $85 for a 30-day license.

RealNex

  • An all-in-one real estate investment software suite including tools for analyzing properties, managing transactions, creating reports, and generating marketing materials.
  • Pricing: $129 to $169 per month with an annual commitment.

Roofstock

  • With the Roofstock Calculator, you can estimate the potential performance of any single-family rental property in the United States. Simply input the address of the property to receive a full financial analysis, including a forecasted IRR, cash-on-cash return, cap rate, gross yield, and annualized ROI.
  • Pricing: Free

The Analyst PRO

  • Commercial real estate analysis software with different modules for loan amount analysis, target CAP rate analysis, property location risk analysis, and demographic analysis. Calculators for CAP rate, cash-on-cash, GRM, TVM, IRR, NPV, and 1031 exchange are also available.
  • Pricing: $599 per year.

Best Software for Rental Property Management

While hiring a property manager is usually the best way to go, some landlords prefer to handle their own rental business until they have more experience.

Here are six of the best software options for rental property management.

AppFolio

  • Cloud-based software for property managers and landlords that handles everything from single-family to commercial to entire portfolios.
  • Pricing: For residential customers, the pricing structure starts at $1.25 per unit, with a minimum monthly charge of $250.

Avail

  • Designed exclusively for do-it-yourself property owners, Avail helps owners with finding and screening potential renters, signing and collecting monthly rents, tracking maintenance, and handling all accounting. Renters can pay for background checks, applications, and renters insurance.
  • Pricing: The unlimited plan is $0 per unit and the Plus plan is $5 unit-per-month for additional features such as next-day rental payments, custom tenant applicationsand a property website.

Buildium

  • We manage properties for rental, students, and homeowners associations. Features include accounting, payments and documents, renter’s insurance and applications, and a website to list your rentals for free.
  • Pricing: Starts at $47 per apartment unit, with additional charges for e-leases, background checks, and online rent payment.

Rentometer

  • The rent comparison tool helps you maximize your rental property’s income by showing you what similar properties are renting for in your area. Simply enter your address, number of bedrooms, and current monthly rent to get a quick comparison of what other similar rental properties are charging.
  • Pricing: Free for 7 days, paid plans start at $19 per month.

Stessa

  • With Stessa, you can keep track of all of your rental properties, including their financial performance, in one place. Features include the ability to track an unlimited number of properties, automatically track your rental income and expenses, and export your financial data for use in your tax return. Even if you already have a property manager, you can still use expense tracking software to track personal expenses incurred for your rental properties.
  • Pricing: Free

TurboTenant

  • Simplifies the renting process by handling everything from marketing and background checks to applications, and collecting rents. Marketing services include posting listings to dozens upon dozens of sites, designing and distributing a professional flyer, collecting leads, preparing leases, and securely storing documents.
  • Pricing: Free for landlords while tenants pay an application fee.

What Software Do Real Estate Investors Use?

There is a variety of software that real estate investors use depending on their needs and preferences. These include transaction management software, investment analysis software, and property management software.

What is The Best Website for Real Estate Investors?

Some popular real estate investment websites include RealtyTrac, Zillow, and Trulia. These websites offer a variety of features that can be helpful for investors, such as property listings, market data, and mortgage calculators.

What is The Fastest Way to Build Wealth in Real Estate?

Invest in properties that will appreciate over time. Purchase properties below market value and sell them for a profit. Generate income through rental properties. Flip homes.

Conclusion

We have listed some of the best software for real estate investors to help you choose the right investments and manage your real estate portfolio efficiently. With these powerful tools, you can easily find motivated sellers, distressed properties, and off-market deals that other investors don’t even know about!

Justin McGill