8 Tools Every Searching Property Investor Should Be Using

Here are the top 8 tools every prop­erty investor should be using when search­ing for a property.

I find a lot of prop­erty investors are doing things the hard way by not keep­ing up with tech­no­logy. I see real estate agents do the same such as using card sys­tems rather than mod­ern cloud databases.investor checking inspecting real estate

I am not the kind of gen­er­a­tion Y tech junky that just uses tech­no­logy for tech­no­logy sake. I use these sys­tems because the set up is quick, it saves me money and there is very little of a “stuff around” to make these things work.

I spe­cial­ise in using old sys­tems and integ­rat­ing them with new sys­tems that make pro­cesses more effi­cient that even my grandma can use, and let’s face it some agents can be pretty old school.

Search­ing For a Property

iPad or tablet

I have found hav­ing all the inform­a­tion on my iPad syn­chron­ise with my iPhone has helped me swoop on deals quicker than the aver­age buyer. Also if my iPad goes dead it syn­chron­ise to my phone. Another funny advant­age is if you have two cars going to dif­fer­ent open homes you can relay inform­a­tion on open homes and con­tracts very quickly.

Also tak­ing pho­tos to explain about prop­er­ties to my wife or to other people in my team such as my builder has helped me make decisions very quickly to jump on a property.

Ripe­house

Ripe­house helps a DIY investor to search for and com­pare sub­urbs based on their cap­ital growth, cash flow or flip­ping poten­tial. It then helps you famil­i­ar­ise them­selves with the sub­tleties of the local dynamic in these sug­ges­ted suburbs.

Help­ing you answer ques­tions like;

  • where is pub­lic hous­ing concentrated?
  • Which area is cur­rently more pop­u­lar with tenants?
  • Which are the higher yield­ing streets? or;
  • where are prices rising the fastest?

You can fil­ter and view prop­er­ties cur­rently on the mar­ket, loc­ated in their streets of interest — then per­form full mar­ket apprais­als for these prop­er­ties. Pretty cool right?

RP data and Pricefinder

Doing your research on pri­cing when look­ing for an invest­ment prop­erty is on the top of any investors list, and RP data even has an app. This app can quickly give you an idea of the prop­er­ties that have sold around the open home you just went to. This is great for on-the-fly inform­a­tion, it gives you an advant­age to start nego­ti­at­ing with the agent in a com­pet­it­ive mar­ket right away.

Renov­a­tion profit cal­cu­lator with Google spreadsheets

There are many prop­erty gurus out there that have great excel spread­sheets to help you do the num­bers on whether it’s a prof­it­able invest­ment or not. Some investors talk about “back of the envel­ope num­bers” that you would do when you first look at the prop­erty. I found it very use­ful to use Sherie Barber’s renov­a­tion cal­cu­lator In Google spread­sheets. This has given me an advant­age of know­ing what my break even num­bers are and to start nego­ti­at­ing with the agent imme­di­ately and have a com­pet­it­ive edge.

Real estate and domain app with Alerts

I have found these apps very use­ful and set­ting up an account really makes a dif­fer­ence, because it will syn­chron­ise with what you high­light on the app. This will help you set up alerts.

Alert tip;

Don’t put too much of a cri­teria in alerts or you may miss out on a prop­erty. The best deals from the worst agents usu­ally come from the agents, when they accidently/unknowingly put in the wrong inform­a­tion and buy­ers do not get an alert. Alerts can be up to a day late so don’t rely on them solely, some prop­er­ties in this mar­ket can sell within an hour.

Google cal­en­dar

An awe­some way to set up your open homes for Sat­urdays is to use Google cal­en­dar. I have a sep­ar­ate cal­en­dar for my wife, both look­ing at opens. Split up at times so we can cover the hot­test prop­er­ties. Both of our cal­en­dars syn­chron­ise and she can invite me to open homes with the address and other inform­a­tion that is needed. I can just click on the address within Google cal­en­dar and it will give me driv­ing dir­ec­tions. I can add notes here and debrief with her later, usu­ally at McDonald’s lol.a property investor with a check list

Tip;

When search­ing and adding prop­er­ties to the cal­en­dar, I found the best way to do this is via a desktop com­puter. I can do a lot more research quicker this way as well as add more inform­a­tion on the cal­en­dar very quickly with no fuss, such as an accur­ate address for Google maps and the right open home times which can be wrong at times. Do this on Fri­days as some prop­er­ties may have already been sold.

Pod­casts

I have found pod­casts being so much bet­ter than listen­ing to the chat­ter on radio. I can down­load the sub­jects I’m inter­ested in and get great prop­erty invest­ment tips as I drive. One of my favour­ites has to be every­day prop­erty invest­ing. I’m such a fan of Kaz’s genu­ine, her “tell it like it is” approach to prop­erty investing.

Map and cork board

Yes, I do mean a real map and a real cork board. There is some­thing about phys­ic­ally see­ing how prop­erty is shap­ing up in the area you’re search­ing. For­get all the eco­nom­ists and spruiker, do your own research when it comes to hot­spots and this is a great tool for this. You can pick up a map from Map Store it can be pricey but I think it’s worth it. I have found put­ting inform­a­tion on post-it notes on sub­urbs helps you gain some insights of where things are going. I’m not gonna tell you what inform­a­tion to put on there as it is up to you.

Offer to pur­chase template

I recom­mend you get your soli­citor involved when it comes to details of your offer such as a 66W. Some investors use a slid­ing scale offer tem­plate with dif­fer­ent terms and con­di­tions on it for dif­fer­ent prices. Don’t for­get at the end of the day it’s not a solid offer until the owner has a signed contract.

Tip;

It is not sold until the owner has signed his con­tract from his soli­citor and its dated. So don’t pop the cham­pagne bottle until your soli­citor has said that it is offi­cially sold to you.

Cre­ate a con­tact list of new, and not so well-known real estate agents, in the area you are search­ing in.

Let me know if these tools and tips have helped in the com­ments below.

 

About 

Jhai is an award win­ning Inter­net Mar­ket­ing Real Estate Agent for Eld­ers Toongab­bie and Kings Langley. After run­ning his own inter­net mar­ket­ing busi­ness he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to mar­ket them­selves online. Jhai is now fixed on one goal. To teach real estate agents that they can mar­ket online so much bet­ter than they cur­rently are.

Since then he has been con­sist­ently quoted in the Sydney Morn­ing Her­ald and Real Estate Busi­ness online. He is a reg­u­lar guest blog­ger on TheHomePage.com.au, shar­ing his expert­ise of mar­ket­ing aspects for the Real Estate Industry. His biggest pas­sions are his wife, mar­tial arts, dogs and most of all property.

seven hills real estate agent NSW
Cnr Federal Road Prospect Highway Seven Hills NSW 2147 Australia