Excel Formula Show Number Of Days So Far This Year How Do You Select the Right Real Estate Investing Software Solution?

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How Do You Select the Right Real Estate Investing Software Solution?

Whether you’re a real estate investor, broker or agent, if you’ve come to the point where you want to get serious about real estate investing, you’ve finally decided that you want to buy a real estate investing software solution to drive cash flow. analysis for you, then this article is for you.

Hopefully I can tell you what to expect, what to avoid, and what to look for when you browse the various real estate investment software solutions offered online. Having been in your predicament countless times during my thirty-plus years as a real estate professional, I know.

In the beginning, of course, “simple” agents like me who wanted to sell rental properties had to rely on cash flow analysis presentations created by rental property experts; The guys who understood the calculations and had the investment software to present those dynamic reports. But I must say, that it was like hiding in a “secret world” that had this knowledge and certainly not accessible to all of us like you and me.

Then came computers and MS Excel and almost overnight the “secret” once a select few were exposed to people like me. Almost instantly, every calculation, rate of return, and measure of rental property profitability presented by demi-gods of multifamily properties can be replicated as clearly as they are within cash flow analysis reports. It was a magical moment.

As a result, computer in hand, I purchased (and paid big bucks for) not one but two real estate investing software solutions available online.

The first solution was developed by a broker in the form of a spreadsheet with the CCIM designation that calculated cash flow and rates of return and created a handful of reports. The problem for me was that the investment software lacked an easy-to-use interface and produced lackluster reports. In fact, I found that the program overall was too bland and uninspiring for my taste so I purchased a second solution.

It was a stand-alone software program that was superior to the first in that it provided a competent user-interface with many more calculations and very good-quality reports. However, in this case, I found the software too “heavy” for practical use. That is, in addition to its high cost (around $500), it was overloaded with stuff I didn’t need that made the software difficult to get into and move around; There is nowhere near as easy-to-use a cash flow analysis program as I have felt comfortable using on a daily basis.

Later, I developed my own real estate investing software to get the results I wanted and haven’t looked back. Along the way, though, I learned a thing or two about investment software and wanted to share it with you; My top five tips for making the right choice.

1. Determine your objective – What do you want the software to do? If you plan to work informally with investment property you may not need a program that includes calculations for tax shelter (so why pay for it); Likewise, if you definitely plan to engage in higher income properties than consider a program that calculates taxes within their cash flow analysis (expect to pay a little more).

2. Determine your objective – are you just looking to do a cash flow analysis (eg, for investment decisions) or are you also planning to market the property? Find real estate investing software solutions that offer choice.

3. Friendly User Interface – You don’t want to struggle with real estate investment software. Look for solutions that provide user-friendly forms and toolbars. Here’s a hint: Check out the web site. Is it well organized, creative, informative, uncluttered, and easy to navigate? Remember, the same company that provides the program also publishes the website.

4. Style – Lack-of-flash investment software is not fun to use (as I discovered). Check out the screenshots and reports to make sure you’re satisfied with the style, professionalism and quality. Again, check out the website for more clues and insights into what you can expect.

5. Cost – Real estate investment software can range from $100 to $500 depending on its features. But cheap isn’t necessarily better and overly expensive isn’t necessarily your best fit (as I discovered). So look for some value investing software within that range.

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