6 Tools Property Investors Should Use To Stay Organised
Here is my top tools every property investor should be using to stay organised and most importantly on budget!
A lot of property investors don’t even know they exist or underestimate how much they can help you during the journey.
They may take time to set up but if your serious about investing they will double your productivity, I challenge you to prove me wrong.
You will find yourself getting through things quicker with,
- Clear communication,
- Instant access to answers, and
- Clear planning.
Admin, logistics and planning
vision board app
This is goal setting on steroids. Having a strategy of where you are going can make all the difference where you end up. I have found taking the time to do a Vision Board has helped me clearly define/picture what I consider success. There has been strange moments where I’ve looked at Vision border from five years ago and realised I have ended up where I wanted to be. This can help you create a 5 to 10 year plan and help you choose what kind of property deals you need to do to get there.
To work within Financial restrictions you may need to purchase and renovate the property out of your local area or even interstate. Also you may choose not to live on site as you’re renovating. This handy app has every day people renting out rooms in their properties to help them pay for the property. Why not rent a room close to your renovation site or in the suburb that your researching in. This will help you get a feel for the area and at half the cost of a hotel.
This is a file sharing app that can be synchronised with all your devices including your computer. I find putting feasibilities, site plans and workflows on I am able to get a lot of work done very quickly as problems arise. Also if anything crashes I can still have access to all my documents including my photos without losing any updated information. Such a great way to back things up, and believe me it saved me a couple of times.
Us real estate agents use this all the time in our marketing when selling our properties. It helps you show how someone would live in a property and had where to place furniture and amenities. There’s no reason why you couldn’t use this as a working drawing, making changes as you go.
After working within a property management department and renovating for profit I don’t know how I would survived without checklists. I create checklist every day and find myself to be twice as effective than without doing one in the morning. I have found that it’s even getting people to email me in checklist form usually produces a lot of mistakes. For example when my Financial planner contacts me to action things in my self managed super fund I tell him to give it to me in checklist format. It helps reduce long emails and cut through straight to the point plus you can duplicate it and give to somebody else.
This should really be on top of the list. It’s one of the most simple things you can do but not easy. What gets tracked gets measured and that’s what I can say about our expenses, savings, charity and investing.
Some people don’t beleave in budgets or they think they will be a tight ass. People say to them selfs “what will my friends think of me?” or “I don’t want to be known as stingy”. Well so do I, and I have found I actually have more money with less.
Let me clarify, I budget for fun, going out, holidays, miscellaneous, presents and clothes for my wife lol. I don’t miss out in life but I do focus on what I really want in life and by budgeting for fun I don’t have to worry about the money I’m spending.
The same goes for investing, charity and saving for big ticket items. Tony Robbins once said “spend less than you earn, and then invest 10%” He also talks about giving 10% but I’ll leave that up to you. By averaging out your expencesses of the year you get insights into your life and how you can do things better.
This really helps you plan for when you don’t have a regular income as a full-time property investor. You can see at any time a snapshot how long you can live with your current lifestyle, until you can get your next cash injection.
Tip; Start slowly and be patient and let the budget build over a year to flatten out the big expenses.
Simply budgets Is a great extra tool to get you started if you want a quick fix. For the long term I suggest creating a budget in excel and setting up the automatic payments system, this is built into all online banking systems. It helps when you don’t even see the money go out. Setting up more than one offset or high interest accounts also can help.
Let me know if these tools and tips have helped in the comments below.
About Jhai Mitchell
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.