The right real estate tools and technology can help investors seize opportunities before other buyers do. As investors, we’ve tried dozens of apps and tools over the years. Below, we’ve rounded up the top real estate tools for investors, from the best real estate investment analysis tools to the best property management software.
What Real Estate Tools Do Investors Need?
Experienced real estate investors know that their business growth is directly related to the amount of time and dedication they put into it. But there is only so much one person can do. After developing a portfolio to a certain level, investors usually begin to outsource parts of their real estate investing business to another company or a digital tool created for that purpose.
In general, using digital tools to manage your real estate business is often affordable, allowing you to adapt services to your current needs without exceeding your budget. The best real estate tools for investors usually help optimize one or more of the following aspects of a real estate business: finding profitable properties, managing rentals, screening tenants, and collecting rent.
Property Search Tools
These tools allow you to find profitable properties in desirable locations. They include:
1. RealWealth
Rich and Kathy Fettke are passionate about giving people the resources and connections they need to live a life of real wealth. In 2003, they took this passion to the next level by founding RealWealth.
The company’s goals were 1) to teach people how to create financial freedom with real estate, 2) to connect them with the resources and real estate investment opportunities needed to succeed, and 3) to accomplish this by providing educational resources and professional connections for free. Today, they’ve helped more than 77,000 members change their lives through real estate investing.
Members have access to a variety of educational real estate tools, including:
- Webinars
- Articles
- Property tours (in-person)
- Virtual property showcases
- Virtual and live events
Members also get access to RealWealth’s referral list of trusted:
- Mortgage lenders
- CPAs
- 1031 exchange facilitators
- Home inspectors
- Insurance providers
- And more
RealWealth connects its members with established turnkey property teams to help them find single-family and multifamily rental properties in different real estate markets, including hot real estate markets like Ohio, Florida, Texas, Georgia and North Carolina.
If you’re looking for a more personalized touch when starting your investing journey or a more straightforward way to grow your portfolio, RealWealth is an excellent option. Our investment counselors and teams work with you to help you find the best deals for your goals. Becoming a RealWealth member is 100% free.
2. Auction.com
Auction.com is an online marketplace where you can find and purchase rental properties. There are over 25,000 listings on Auction.com, and transactions have exceeded $42 billion. You can buy pre-foreclosed and foreclosed homes usually at prices way below market value.
Auction.com provides this service through a user-friendly interface. There is a searchable database of properties grouped by date, location, and specific keywords. You can find different kinds of properties for sale nationwide without dealing with an agent. The website charges a bid deposit to the winning bidder.
As with any service, you’ll want to research what others have experienced. We’ve heard that some users were frustrated with their customer service and Auction.com’s role in the bidding process. That being said, you can find home deals and offers that you would not find anywhere else. As with other similar marketplaces, it is always advisable to perform one’s due diligence before completing any transaction on Auction.com.
3. DealMachine
DealMachine is a software solution designed to help investors find profitable deals and grow their businesses. Its key feature is allowing investors to find relevant details about residential properties, pre-foreclosures, ownership records, and tired landlords. You can make calls right from the app and send automated direct mail postcards.
The “Driving for Dollars” feature allows you to manage your real estate leads as you and your team drive through neighborhoods looking for potential deals. The List Builders lets you build lists of leads so you can keep your lead gen organized.
The app has a 4.8 rating on the Google Play store due to its ease of use and affordability. Plans start at $99 per month and go up from there based on user or team size.
4. Zillow
Zillow is a leader in the real estate industry and its website is one of the top real estate platforms for buying, selling, and financing homes. Zillow provides sales and market data on about 110 million homes in the US. Two features, Zestimate and Zilculator, are helpful tools for real estate investors.
Zillow’s search feature allows you to filter your criteria by the number of bedrooms, bathrooms, views, home type, HOA fees, parking spots, amenities, or any other selected criteria. You can also view a map that shows the location of each property as well as its estimated value.
FSBO homes are also listed on Zillow. Although the platform takes an aggressive stance on fraudulent deals, scammers still exist, so always do your due diligence. If a deal looks too good to be true, it most likely is.
5. Rubik
Another real estate tool is Rubik, which allows investors to buy and sell their off-market wholesale properties quickly and profitably. You can sell your properties without major renovations, and the software’s proprietary tech leverages machine learning to help investors find single-family rentals that meet their investment criteria.
Real estate investors can sort through properties based on various criteria, such as location and price, and see what amenities each property has, like laundry facilities or parking spots.
The platform offers a significant selection of exclusive properties at substantial discounts. Rubik’s properties are concentrated in Texas and Florida and are sure to be of interest to fix and flip or fix and hold investors in these top real estate markets.
Rubik is free to all real estate investors. For investors using them for dispo the assignment fee is a 50/50 split. A referral fee is charged to the buyer’s real estate agent.
6. Roofstock Marketplace
Roofstock is an online marketplace for buying and selling single-family homes. Roofstock has processed about 6 billion dollars in total transactions.
It makes it easier for landlords to find and rent properties. It also has some other features like:
- A wide selection of homes, from townhouses to condos to single-family homes.
- A simple application process that lets you filter your search based on criteria like price range or location.
- A tenant screening process that runs background checks and credit reports so you can make an informed decision about who will live in your home.
- Investors can invest in Roofstock’s marketplace from anywhere in the world.
When your offer to buy a house is accepted, Roofstock will charge you $500 or 0.5% of the price, whichever is greater. The seller is charged $2,500 or 3.0% of the sale price, whichever is higher.
Real Estate Tools for Deal Analysis
These are real estate tools for investors who want a more efficient way to analyze deals.
7. Valuate
Valuate by REFM is a web-based real estate appraisal tool that helps you determine the value of a property.
Valuate allows you to enter all the relevant information about your rental property. It also allows you to see how much rent would have to increase in order for the property to be profitable. It also includes a list of comparable properties in your area, which can give you an idea of whether or not your property has been priced competitively.
8. PropertyMetrics
PropertyMetrics is a valuation tool designed to simplify your pro forma analysis process. The interface is intuitive, easy to use, and works in real-time, allowing you to make changes on the fly. With PropertyMetrics, professional proformas are created, analyzed, and shared with others easily.
9. Zillow’s Zestimate
Zillow’s Zestimate is a real estate tool that offers a home valuation model that provides the estimated property value of a home. The Zestimate relies on both publicly available and user data to make estimates, which are only accurate as the amount of relevant data it finds accessible.
Zestimate’s home valuation is not a standard home appraisal, so it should never be used as a substitute for a professional home valuation. It only estimates how much money any given home might be worth based on public records (such as tax assessments).
Certain allowances are made for potential errors in the Zestimate. For instance, Zestimate has a median error rate of 6.9% for off-market homes and 1.9% for homes listed on an MLS.
10. Zilculator
Zilculator is another tool by Zillow that makes it easier to analyze rental properties. Zilculator analyzes your property deals in a few clicks and creates professional reports to send to lenders or members of your group.
Property data is loaded automatically from Zillow, MLS®, and other sources, so you don’t have to upload images or input information manually.
The user interface is intuitive and easy to use, and there is no learning curve. You’ll be creating property reports in no time.
11. RentCast
If your rent is too low, you won’t maximize your profits; if it’s too high, people won’t rent from you. RentCast helps you find the sweet spot. By comparing what other rent prices and comps for rental properties in the area, you’ll get actional rental data to help you set competitive prices that maximize your return on investment while also attracting tenants.
The software will also help you stay on track of your rental portfolio with real-time insights and trends. RealWealth members receive an exclusive discount for RentCast. Join RealWealth now to receive your discount code.
12. Property Fixer
Property Fixer is designed for investors whose primary strategy is fixing and flipping properties. It estimates how much profit you can expect from flipping a property while taking the holding period into consideration. You can even compare different offers to find out which one is the best deal.
Also, the app gives you the option to brand your reports and send them via email to your mortgage lenders or investment partners. The Property Fixer app is only available on iOS devices.
13. DealCheck
With a few simple property data points, like purchase price, rent estimates, property taxes, and more, DealCheck’s software makes it easy for investors to analyze the profits and growth potential of flips, BRRRR’s, single-family and multi-family homes.
The program also gives you a detailed financial analysis and projections, so you can explore how cash flow and appreciation will grow over time. RealWealth members receive an exclusive discount with DealCheck. Join RealWealth now to receive your discount code.
Property Management Tools
Now let’s look at some of the best landlord software tools. Property management software is the most popular way to keep track of everything that’s transpiring in your rental business.
14. Stessa
Stessa helps landlords manage their properties, find tenants and maximize their profits. Through its intuitive and accessible interface, landlords can track an unlimited number of properties with personalized performance dashboards and monitor performance across the board.
Stessa’s automated expense and income tracking helps you save time, and most of its features are free with options to upgrade for an affordable price.
15. TurboTenant
TurboTenant is a popular real estate tool for rental management, tenant screening and application processing. It offers a centralized approach to managing every aspect of your rental, from leasing to rent collection. It also helps with advertising your rentals on your platform of choice.
TurboTenant is free for landlords, with pro and premium package options. Renters are required to pay for the rental screening application fee and other fees as part of the rental application process.
16. Yardi Breeze
Yardi Breeze is a cloud-based property management software that allows you to manage your rental properties from anywhere in the world. It provides you with several tools including online rent collection, tenant screening, maintenance requests, and more.
The cloud-based framework allows you to access your data anytime and anywhere on any device. This removes the need for outdated spreadsheets or messy folders of paperwork.
17. Buildium
Buildium is a comprehensive property management solution that allows property owners to control every aspect of their rental business remotely. It was built for property managers by property managers and facilitates the entire lease-to-rent cycle from top to bottom.
Buildium supports automatic rent collection through a tenant portal and provides training resources for its users. Furthermore, it integrates with Zillow, Trulia, Apartments.com, and many others.
Buildium offers a 14-day free trial, with three tiered paid plans.
18. PayYourRent
PayYourRent makes it easy for landlords to receive same day rent payments. Plus, it gives tenants the means to build their credit history right from the app, by reporting rent payments to Equifax, TransUnion, and Experian.
Pay Your Rent is available on both iOS and Android. Their plan pricing is based on the number of units.
How Do You Maximize Profit on a Rental Property With Real Estate Tools?
Using any combination of the best property management software discussed above will help streamline your investment process and improve your business’s bottom line. However, these real estate tools are incapable of automating the entire investment process. The responsibility falls on you to use them effectively and to complement their efforts with effective real estate investment practices, such as:
Preventive maintenance
Preventive maintenance ensures that your rental properties remain in tip-top shape for a long time. Periodic maintenance keeps repair costs low by maintaining the proper functioning of equipment around the property. Preventive tasks such as changing out furnace filters every three months during winter and inspecting HVAC systems annually during springtime can save you a lot of money later on down the road.
Written rental agreement
It’s imperative to have a rental agreement for your property. This document will be the foundation for all of your business dealings with tenants.
The lease should include:
- The rental amount due each month and when payments are due
- How much is being paid as a security deposit
- The lease length (or length of time between lease renewals)
- What utilities and services are the responsibility of the owner and the tenant
- Any property rules you’d like followed (ie: pets, maintenance, etc.)
Tenant screening
Tenant screening is a crucial step in the process of finding and renting to renters on your property. Tenant screening can be broken into three categories: credit check, criminal history check, and eviction history check. All of these are equally important and should be completed before selecting tenants.
This is where a rental application will come in handy. Use this as an opportunity to check their references and verify that all information provided by the applicant is true (or as true as possible). The more thorough you go into each tenant’s background, the better off you’ll be later.
Final Thoughts
The key to success is finding the right property in the right location at the right time—and there are plenty of tools out there to help you do just that. If you’re looking for help creating an investment strategy or searching for off-market turnkey properties in markets around the U.S., we can help! Join RealWealth today! Membership is 100% free!
