Real Estate Investment software makes up a variety of software applications that are used to streamline various aspects of your real estate operations. This software should be able to organize your listings by name, address, price, budget, zoning ordinances, and contact information from potential sellers or buyers for potential real estate properties. For existing properties, managing your financial information such as mortgages, taxes, loan interest, and cash on hand is also important. This information, that is generated by real estate investment software is used to compare the viability of your listings, depending on your personal criteria you can make an informed decision on which properties are worth your time and money.
You Might Already Be on the Right Track
The hunt for real estate investment software may quite simple for you, especially if you already have the Microsoft office suite. Specialized software made specifically for real estate investing, may not be what you need. The office apps, Excel and Access, are excellent for compiling your listings into a database. In Excel you can easily convert all of your raw data into tables or a variety of graphs so you can visually examine your options.
Microsoft Access is significantly more powerful than the spreadsheet based Excel. Access allows for the construction of searchable and highly customizable databases. Mastering Access will require some basic programing skills which may have a significant leaning curve, but building queries and macros within Access can provide nearly an unlimited amount of manners in which to manipulate or acquire data stored in your database.
Unfortunately, using Excel or Access means you have to build your database or spreadsheets yourself, unless you are importing it from somewhere else. Building database in Access, especially one with lots of macros, can be extremely time consuming and complex if you are not familiar with the programing language for Access, Visual Basic.
Thankfully once your database is built, any additions or removals of property information you want to make can be easily changed. Microsoft allows you to share your office documents with others that you allow access to, this means if you are working with a team of other property investors your listings can be updated in real time by anyone on your team. These sharing features are relatively new to the office line up, so if you are running an old version of Office it may be time to upgrade. Also since Excel and Access are widely supported by third parties, your database could easily be imported into other real estate investment software applications that would examine your listings that are in your database. Just make sure the two apps are compatible before you move forward.
What you Should be Looking for
Like property management software, the features you might be looking for in your real estate investment software, will depend heavily on your needs. Your needs will ultimately come down to what your weakness are within your operation or processes that should be streamlined to function more efficiently . As its name implies, this software is here to help you manage your investments, and at the end of the day if that goal is not accomplished you need to change your strategy or at least your software.
Like all forms of software there are requirements your computer needs to satisfy to be able to run a particular suite of software effectively. Firsts you need to establish what operating system your potential Investment Software your runs on. Most software applications will run on the Windows and Mac operating systems, but some may be exclusive to one operating system or another. Most applications will run on the Windows OS, but if you own a Mac, don’t fret it also has its fair share of software options.
At the end of the day your real estate investment software should make you a better investor. Im sorry to report, no software application will tell you exactly what properties to buy or when to sell. However with real estate investment software you will be a better investor because all of your listings and existing properties data will be organized within the software’s database, and all of its relevant data that you have to contend with will be readily available to you or others if you wish to share your data. This data will be used to help you clearly see which properties you are interested in make the most since at the time, or the data could tell inform you about your current financial state concerning your existing properties. Basically the software you decide to use should at least seem to be tailor made to suit your specific needs, and a great software package should give your the freedom to customize your experience with their product to your liking. Remember, this is your investment, and everything you do should be encouraging to the maximizing of your financial returns on your investments.