The key to success in real estate investing is all about resources, where to find them and how to use them. In the fast pace of the 21st century, real estate investors should be equipped with different real estate investment tools to keep up with the amount of information and resources available. In this blog, you can find a list of must-have real estate investment tools that will help you succeed in real estate investing.
When we talk about real estate investment tools, we certainly don’t mean you have to be tech-savvy to be able to use them. Whenever you look for an investment property to buy or you need help deciding the optimal rental strategy, these tools will surely come in handy by simplifying certain tasks and making them more efficient.
Must-have real estate investment tools
1- Online real estate investment communities
Online real estate investment communities can be a great resource for networking outside of in-person real estate investing events. Building a real estate investment network will help you find all types of contacts like real estate agents, accountants, property managers, property buyers, tenants and most importantly other real estate investors with whom you can share experience and information.
So, how do you find these contacts? Social media and online forums are excellent real estate investment tools that will help you grow your real estate network. Facebook and Twitter can be powerful tools for making money in the real estate business. Online forums like BiggerPockets and City-Data are platforms where you can connect to a diverse real estate network. Moreover, presence on LinkedIn is a must. It is a great platform to represent yourself as a professional in your field to network with other estate investors, developers, and financial institutions.
Related: How to Build and Maintain a Real Estate Investment Network
2- Online educational resources
Getting the right education is important to succeed as a real estate investor. The easiest way to do that online is by reading experiences and tips of other real estate investors and professionals. BiggerPockets is a huge online network that provides blogs, guides, e-books and even top-notch podcasts, where experienced individuals and real estate professionals share tips and how-tos on different real estate investment topics.
Mashvisor’s blog section is a great educational resource as well. More than 2,000 blogs provide real estate investment tips and guides that cover all aspects of real estate investing- from choosing the optimal rental strategy to landlord tips and much more.
3- Online property finders
Searching for investment properties the traditional way such as using newspapers and driving around the neighborhood can be exhaustive and time-consuming. Online property finders are great real estate investment tools that will not only save your time but will also narrow down your options by allowing you to set your own criteria and preferences. Besides Mashvisor’s property search tool, other trustworthy websites include Zillow, Realtor.com, Trulia and of course, MLS listings. If you are interested in buying foreclosure homes check out Auction.com for good deals. Don’t forget that, as a real estate investor, the internet is the greatest tool available but always take an extra step and check the legitimacy of websites before using them.
To sign up for Mashvisor to enjoy the investment property finder, click here.
4- Property management platforms
We all know how exhaustive property management can be. With the right real estate investment tools, this task can help you make your job a lot more efficient. Cozy is a free property management platform that allows property owners to collect rent online, perform tenant screening, and keep track of their investment properties’ maintenance. Appfolio is another great property management tool that allows real estate investors to more effectively manage their rental properties.
5- Visual real estate investment tools
Certain real estate investment tools make investment analysis and the process of finding a property much easier. Mashvisor’s heatmap analysis allows real estate investors to find investment properties in a visual way rather than the traditional numerical forms. Heatmap analysis identifies neighborhoods based on listing prices, cash on cash return and occupancy rate.
Click here to check out how to find real estate properties using heatmap analysis.
The Mashmeter, a special feature of Mashvisor’s investment property calculator, is a simple tool that shows how good or bad investing in a selected neighborhood is. Presented as a percentage, this tool is highly reliable and allows real estate investors to compare different locations easily.
6- Predictive analytics tools
The 21st century is the age of data analytics and real estate has earned its share. Predictive analytics are great real estate investment tools that save investors’ time by eliminating the need to use spreadsheets and wasting infinite hours on complicated analysis. Mashvisor’s investment property calculator predicts future outcomes and trends based on historical real estate data. Property analysis visualizations are presented in a user-friendly way allowing real estate investors to make smarter real estate investment decisions.
Mashvisor’s investment property calculator is indeed the ultimate tool a real estate investor can dream of. With just a few clicks, you get projections of rental income, cash on cash return and cap rate. Wait, there’s more! This great tool can help you choose the optimal rental strategy for your rental property: traditional rentals vs Airbnb rentals.
Related: Investment Property Calculator For Analyzing Real Estate Investments
7- Miscellaneous apps
Believe it or not, Microsoft Office, Dropbox and Google Drive are essential real estate investment tools that should not be taken for granted. These basic apps can make your real estate investing career a whole lot easier by keeping track of your documents and accessing them whenever and wherever you want.
The Bottom Line
There are many real estate investment tools that will definitely make you a better and more successful real estate investor. The key is to stay well informed by educating yourself and using all resources available. In the end, success in real estate investing goes hand in hand with continuous education and an eagerness to learn!
To sign up for Mashvisor to enjoy the investment property finder and other tools, click here.