To have a successful rental property business, you will need to use the right tools for real estate investors. While it is still possible to invest in real estate without such tools, the process can be quite challenging and time-consuming, especially if you are a beginner real estate investor.
Because real estate investing is a competitive business, you will have an added advantage if you have certain tools that simplify and make your tasks more efficient. Such real estate tools will be very handy in your investment journey so it is important to know about them. Here are 6 examples of tools for real estate investors that you will need to start your 2019 off on the right foot.
1. Online Property Finders
Searching for investment properties is a crucial step when investing in real estate. You need to find an investment property that is suitable for you and that matches your investment goals. You can still search for property the old way by driving around the neighborhood or in newspapers. However, a rental property finder is one of the best tools for real estate investors to use for that purpose.
Mashvisor’s Property Finder will help you to easily and quickly find profitable rental properties for sale. It will help you in finding rental properties that match your specific criteria and investment goals. You can find properties using filters such as:
- Desired location (up to 5 cities)
- Preferred rental strategy (Airbnb or traditional)
- Budget
- Type of investment property (single family home, multi family home, condo, etc.)
- Number of bedrooms/bathrooms
From there, this Property Finder will reveal to you the investment properties with the highest ROI (cash on cash return) in the locations of your choice.
Do you have a free Mashvisor account? Use our Property Finder to find lucrative investment properties that match your criteria in a matter of minutes!
2. Heatmap
The Heatmap is also one of the must-have tools for real estate investors in 2019. This is one of the real estate investment tools that investors can use in their property search. It allows an investor to have a visual overview of a map to see areas that have good performance according to specific metrics, rather than in numerical form. The map is usually segmented using different color codes to represent different percentages or ranges of data. This allows for easy identification of areas with good and bad stats for different metrics.
Mashvisor’s Heatmap helps real estate investors to find investment properties by identifying the neighborhoods with the highest/lowest:
- Listing prices
- Rental income (Airbnb and traditional)
- Cash on cash return (Airbnb and traditional)
- Airbnb occupancy rate
It is a quick way of locating profitable neighborhoods in a city.
Related: How to Find the Best Investment Property Using a Heat Map
3. Rental Property Calculator
After finding an investment property, you will need to ensure that the property you have selected will be a profitable one. One of the must-have tools for real estate investors that will help you achieve this is the rental property calculator. This real estate investment tool will allow you to calculate your rental expenses, rental income, and return on investment.
Buying a rental property calculator should be one of your real estate goals in 2019. Mashvisor’s investment property calculator is one of the best in the market. Test it out for yourself here.
Related: The Hottest Real Estate Investing Tool: The Cap Rate Calculator
4. Tenant Screening Tools for Real Estate Investors
Every landlord needs to screen tenants before letting them into the property. The more investment properties a real estate investor has, the more tenants that will need to be screened. Having a quick tool for screening tenants will make it easier to find good tenants. SmartMove is an example of such tenant screening tools that provide rental reports and recommendations helpful to the landlord. However, there are several other tenant screening tools for real estate investors out there. Make sure you do your research and find one that meets your needs and preferences.
5. Good Real Estate Investment Network
Your contacts are among the most important of the must-have tools for real estate investors. Real estate investing is a people-based industry. Your contacts will be of importance to you throughout your journey, including finding, buying, renovating, maintaining, and selling your investment property.
Therefore, who you know really matters. Even before you start your property investment journey, it will be wise to begin building your real estate investment network. The more contacts you have, the easier real estate investing will be. By building your network, you will be able to find people who can complement your skills or help you in a number of ways.
You need to have contacts of all types of real estate professionals like real estate agents, contractors, real estate brokers, property managers, real estate lawyers, home inspectors, financers, and other real estate investors. With such contacts, you will be able to learn and do a lot more much faster.
Related: How to Build and Maintain a Real Estate Investment Network
6. Educational Real Estate Investment Tools
You don’t necessarily need a degree in real estate investing to be successful. However, the right education is an important tool if you want to succeed. You can learn about real estate investing from the experiences of other real estate investors. This knowledge can be found by reading books on real estate investing. You can also find important investment tips on real estate websites such as Mashvisor. Such real estate websites can be a good source of blogs, beginner guides, podcasts, and e-books.
Bottom Line
The above tools for real estate investors will help you make better investment decisions and improve your chances of succeeding in the business. From searching for properties to providing analytics about the property or neighborhood, these real estate tools will be very important if you want to be competitive. If you are a beginner real estate investor looking for the best tools for real estate investors to use in 2019, I recommend you try Mashvisor.
To start your 14-day free trial with Mashvisor and subscribe to our services with a 20% discount after, click here.
