The world of real estate investing owes much to technology. In recent years, new tools have been introduced that simplify complex transactions and allow investors to make the right decisions.
For multifamily investors, we can never separate ourselves from using new technology. Financing, property acquisition, and management, as well as portfolio management, are just some of the most complex tasks that require the use of sophisticated software and digital tools.
At present, we have a lot of tools that can help improve productivity and secure our bottom line:
When it comes down to collaborating with your investing team, constant communication is vital. You need to get updates from your legal and financing teams so you can stay on the loop and adjust your investment strategies accordingly.
Of course, we can always use tools such as Zoom, Skype, and WhatsApp which provides us with quality voice and non-voice communications services.
Document sharing and processing
If you’re a multifamily syndication sponsor, you’re not a stranger to mountains of paperwork. Just thinking about it is tedious enough, that is why you will need to use document sharing apps such as Google Suite and Dropbox. These allow you to share documents with your team and ensure uninterrupted workflow.
Need to sign documents as part of the due diligence process? You can use software such as DocuSign or HelloSign. Simply upload your documents and send them to the right people for signing. It saves you time so you can focus more on managing the more important aspects of your business.
Even if you consider yourself a veteran of the multifamily investing sector, property management remains a challenge you would want to deal with. From sending invoices to following up with contractors for repairs, you’d risk stretching yourself too thin in handling these activities.
Fortunately, platforms such as RealPage provide you with a powerful suite you can use to streamline your property management across various areas, from billing right down to analyzing your profit margins. With such tools, you can maintain a steady cash flow.
Another aspect that multifamily investors will have to handle is keeping tabs on their portfolios. Using portfolio management software, investors can keep a closer eye on the performance of their assets. In this sense, it’s important to use accurate software that’s capable of analytics tracking.
Juniper Square, for instance, is a powerful tool for real estate investors. The software includes real-time reporting and a straightforward interface that’s easy to use by any neophyte investor.
Technology is every multifamily investor’s best friend. But often, you need the right partner to help you form your multifamily investment strategy.
As informed investors we should understand the risks associated with real estate investing and that there is no guarantee. Please do your due diligence.
Contact EstateServe for tips and tricks on how you can achieve success in this highly lucrative field.
What are the tools multifamily investors need?
- Document sharing and processing
- Property management
- Portfolio management