AUTOMATING YOUR PROPERTY PORTFOLIO
“Software is the magic thing whose importance only goes up over time.” – Bill Gates
Software plays an integral part of business and property investment these days. And if you don’t keep up, you’ll get left behind. Therefore, it is imperative to use software platforms to automate how you build and manage your property portfolio.
Below are four types of software portals you can use to do just this.
REAL ESTATE WEBSITES OR ONLINE PORTALS
Finding properties to acquire is easier today than it has ever been! Real estate websites or online portals enable you to view properties for sale and rent all over the country. They also help you determine the prices properties are selling for, which brings you in tune with the market.
TITLE DEEDS AND HISTORICAL INFORMATION PORTALS
Using reports from these platforms is an absolute must when considering acquiring property. These reports enable you to determine historical data such as the owner of a property, what price a property sold for previously, the registered bond for the property, what price similar properties in the area or complex sold for and the average prices for different types of properties in a specific suburb.
RENTAL MANAGEMENT PORTALS
Rental management companies provide valuable information by taking rental data and converting it to determine market strength, vacancy rates, rental escalations, and statistics regarding tenants in good standing.
You can even use software to do your tenant administration. This software provides a platform where you can do your invoicing and collections, reconcile payments, and set reminders for rental inspections and escalations.
PROPERTY INVESTMENT PORTALS
If you want to invest in property, you need proper investment software to help you in your investment decision-making process. With the right investment software, you will have analytics tools to analyse properties you wish to acquire. These tools should assist you and provide the necessary information to decide if you should purchase a particular property and at what price.
This software should allow you to see the inflows and outflows of a prospective investment property as well as the shortfalls. It should also enable you to determine the gross rental yields, net rental yields, return on investment and internal rate of return (IRR).
An example of a property investment portal is Prosperity Online.
With property investment, you need the right software and the right team. Read one of our previous articles, How To Build Your Property Investment Team, to learn more about building the right investment team.
Are you ready to step into the future of property investing and management? I’ll meet you there!