A smartphone app won’t make you a successful real estate investor, but it can certainly increase your productivity, deal-making, and leverage.
As a real estate investor, you need every resource possible to help you fight the competition, find the deals, and generate the largest profit margins possible. And while knowledge, experience, and connections will take you a long way, there’s also something to be said for having the right technology on your side. More specifically, you need smartphone apps.
Twenty years ago, real estate investors would have loved to have a cell phone with a calculator, notepad, and SMS functionality. Today, you have the opportunity to carry around a pocket-sized device with more computing capabilities than entire governments had just decades ago. A failure to fully utilize this technology would be a huge mistake.
Your phone is powerful in and of itself, but there are also apps that turn it into a modern Swiss army knife. And as a real estate investor, you should consider downloading some or all of the following apps:
Though there’s no replacement for having a property manager on your team, there are certain apps that can help streamline some of the more time-consuming aspects of being a landlord. ABODO would certainly fall into this category.
ABODO helps landlords connect with renters through high-visibility listings. It even allows you to offer rent specials and other perks to draw more eyeballs to your properties.
Between lease agreements, loans, rental applications, and insurance policies, you sign a lot of documents. Having to go back and forth to the office just to sign a paper is time consuming, an so is emailing, scanning, and signing between multiple parties. The Docusign app makes it easy to electronically sign, prepare, and manage agreements with a few clicks and swipes.
Having centralized cloud access to important files is a must. With Dropbox, you can store and organize your files in the cloud so that they’re accessible from anywhere and everywhere. While there is a free version, you may want to upgrade to a paid version if you have lots of storage needs.
One of the more convenient aspects of having a smartphone is that you’re able to take pictures. This also means you have the ability to scan documents on the fly. ScanPro gives you all the power of a desktop scanner in one tiny app. It lets you create high-quality PDF and JPG scans with a tap; send files via fax or email; scan QR codes; and upload documents to any cloud service (including Dropbox, Evernote, iCloud, etc.).
5. Tap Inspect
As you know, detailed walkthroughs and inspections are key to your success as a landlord. A thorough move-in inspect is a must, as is a detailed move-out inspection. To avoid any misunderstandings or legal complications, use the Tap Inspect app. It allows you to document and store damages or imperfections. It even creates a checklist so that you can be sure you cover absolutely everything.
If you’re a real estate investor, you almost certainly know about BiggerPockets. It’s the world’s largest online community of real estate investors and professionals. And for everything that the website offers, the smartphone app provides a good mobile solution that you can access on the go. This includes access to forum posts, articles, and even a few tools. (The network has more than 400,000 users and 1.5 million forum posts, so there’s alway something for you to glean!)
Though not technically an app, Mashvisor has a variety of mobile tools that are perfect for investors. This includes a variety of features that allow you to crunch numbers, calculate rental income, select the right rental rates, and predict cash flow.
One of the best features of Mashvisor is how it pulls data from a comprehensive “neighborhood analysis.” This gives insights into specific types of properties that are performing well in certain zip codes (differentiating between single family, multifamily, apartments, condos, etc.).
Adding it All Up
A smartphone app won’t make you a successful real estate investor, but it can certainly increase your productivity, deal-making, and leverage. It can also keep you better organized, enhance communication, and lower stress. And whether you own a single property or hundreds of doors, these are advantages that will increase your chances of being successful over the long-term.