When it comes to investment property, real estate investor software is a must-have tool. This software can help you stay profitable, and it can make completing tax forms much more manageable. Here are 10 things to consider when investigating your options.
- Flexibility
The system should be flexible enough to handle various types of property. Many first-time investors start with single-family homes, but if you select a program that addresses duplexes and multifamily units, your business can expand inside a system that you already know how to configure. Choosing a flexible software package allows you to scale quickly and with less frustration.
- Compatibility
The investment software should be available on Android and Apple devices as well as tablets and laptops. Whether you are working in the field, at home, or at the office, the system should seamlessly integrate with your cellular or desktop devices.
- Document Storage
When dealing with rental property, there will be vital documents that you will need to quickly access, such as rental agreements and bids for repairs. An investment software system should allow you to upload and organize a variety of paperwork into easily accessible files.
- Simplicity
Sometimes there are complex situations that arise when dealing with rentals and tenants. The software that you use should not be one of them. The application needs to be intuitive, easy to grasp, and user-friendly. If a program has too many complicated layers, it often is not fully utilized.
- Financial Reports
The financial reports are the heart of any investment business. When it comes to real property, this paperwork can become very involved. Inputting numbers into a simple template that generates the reports is the fastest and easiest way to monitor expenses and profit.
- Export Feature
Once you have created the financial reports, an export feature makes it easy for you to create monthly, quarterly, or year-end statements. You can share these documents with your tax planner, financial partner, or banker.
- Security
Because of the sensitive nature contained in these programs, top-grade security is a must. Encryption and password protection are some cybersecurity-type features to look for, as well as a system built from a bank-grade platform.
- Customer Service
Easy access to a customer representative is essential. You do not want to get bogged down trying to get through a setup process. These portals often offer several methods of communication, including live chat, phone calls, or priority emails.
- Mortgage Tracker
While carrying these assets, a mortgage tracker will ensure all payments are tracked, covered, and paid on time. The software should handle all types of mortgages, including owner-carry contracts and balloon payments.
- Calculations
There are several calculations that investors will need. The time-value analysis can be complicated to configure, but it is also one of the most useful. The program needs to handle broad computations but still be simple enough to access and adjust.
Real property investors face many obstacles, but utilizing real estate investor software, like DealMachine, can make the work streamlined, tax-friendly, and profitable.
