Believe it or not, the real estate industry is one of the last industries to get on board the “technology train.” This is good news to investors simply because it allows them to increase their profits by millions of dollars. And for the tech-savvy investor, this is music to your ears.
Technology has opened so many doors to scalable real estate investment opportunities than ever before. Not only is there an easy process to submit a deal but there are also more learning resources and tools available now to help people become more well-versed in making smarter investment decisions.
So, if you’re interested in scaling your real estate portfolio, take a look at these real estate investment tools.
Real Estate Investment Technology That Every Investor Needs to Scale Their Portfolio
Online Educational Resources
So let’s get to the foundation of successful property investing: getting educated in real estate. Most people tend to think that to learn more about real estate requires paying for seminars and online courses… Now, those learning tools can indeed be informative and educational but there are also, podcasts, videos, and articles online packed full of helpful information, and it’s FREE!
This might not seem “legit” or be what you imagined but why pay for this information when you can get those same gems for free in the form of online materials? This also means you can do it from the comfort of your own home and when it’s convenient for you.
Depending on how old you are, you may or may not remember this but not too long ago, the only way to find available properties was to either get in contact with a real estate agent directly or to buy a magazine of local homes in the area for sale. These magazines aren’t completely extinct by any means but with real estate having undergone a technology transformation, it’s now easier than ever for investors to find homes for sale without driving for dollars or wasting any unnecessary time.
Real estate companies now have their own websites with available listings, and there are other platforms like Zillow, Trulia, and Redfin, where investors can look at properties from the comfort of their homes or while they’re on the go by simply downloading an app.
Marketing to Potential Sellers
Marketing to potential sellers is what some investors would call “driving for dollars.” Driving for dollars is the act of driving through various neighborhoods of interest looking for homes with potentially motivated sellers who might be interested in selling their property.
The investor would go to these neighborhoods, get as much information about the properties of interest as they can, and thoroughly research those properties. If they’re still interested after their research, they’ll reach out to the owners, typically through traditional marketing efforts.
Today, there’s way less effort and gas mileage involved. Marketing today can be completely automated with online advertising. It’s simply a matter of investing a the right database and targeting the right audience. Imagine marketing to 600 potential sellers within a certain area with a few clicks versus driving by 600 houses and jotting down information… Thank goodness for technology!
Property Management Databases
As an investor, property management databases allow you to track and manage your properties. This simply keeps an overload of data organized. You’ll be able to manage everything from accounting and work orders to leasing and marketing… And you’ll be able to track this in real-time with no delays… Preferably you’ll want a fully-integrated system.
The great news is that there is a system for whatever property you have. Lots of investors prefer software that hotels and resorts use.
Whether you’re expanding your portfolio to create stunning vacation rental properties or long-term rentals, you’re going to need the latest technologies to help you reach your investment goals.
There are more technological advancements in the industry not listed, but that’s all the more reason to get better educated on real estate investing. Buying a house is one of the biggest purchases you’ll ever make in your life, so you want to make sure you’re well-versed in the industry to ensure you make smart investment decisions.