Technology always makes life easier. This is true for real estate investors as well. Finding the right property can be an arduous task for the average investor. While there are many potential properties out there, locating the right one can be difficult. Thankfully, technology has come to the rescue of every real estate investor out there, and if you are one of them, these applications can be of great benefit to you. Real Estate apps often have a massive database for the properties that are available. These can be a boon for investors, as they now have access to millions of properties from the comfort of their devices.
With the amount of apps available out there, you might be wondering which app is right for you. All apps have their unique strengths and weaknesses and which one suits you depends on your intent. You could be looking for your next dream home, or you could be an investor who wants to buy and hold a property for a while. You might be seeking a property to purchase and then rent it out to other people or you could be a real estate flipper who wants to purchase and then sell the property at a higher price after renovating it. No matter what your purpose is, there is an app out there that will suit your needs.
Why use Real Estate Applications Though?
You might be wondering why you should use Real Estate Applications in the first place instead of the traditional methods?
The answer to that is convenience.
These apps are designed to make your life easier. Instead of going through the tiresome process of finding a property, these applications end up bringing all the potential properties to you. They do this by utilizing their massive database of properties. You even pay lesser commission fees compared to the standard market price. You also get access to a much wider audience to advertise your property to, which, in turn, makes it easier for you to sell your property as well.
What can these applications do for you?
With the amount of applications available, you are spoilt for choice. However, something to be noted is that certain apps can serve you better depending on what you are looking for. Here are how real estate investment apps can be useful to you.
Finding the Value of a Property
Some applications are essential when you are trying to find the price of a property. Using their massive databases, it can provide values for properties. What separates some apps are how they present that data.
Some applications let you see not only information about the property itself, but also which shops and services are around it, what amenities are available and the time it takes to commute to them. These neighborhood statistics can be quite insightful when you are looking for a property. It also uses this data to give you an estimate of what a property is worth and in most cases, this data is quite accurate.
Purchasing a Home
Some applications combine innovative technology with real estate agents to facilitate the purchase of properties. Properties can be listed on certain services for as low as 1.0% commission fees, which is lower than the market rate. This ends up attracting a lot of property holders to list their properties on those services, giving you a lot of options to choose from.
Most apps have interfaces that are easy to use and are feature rich. You can schedule a tour of the property with an agent through the applications themself. You can also opt for virtual tours, which keeps everything contactless and safe for everyone during the pandemic. Some services will even tell you how prone a property is to natural disasters like floods or wildfires. Their estimates end up being quite accurate and you can even set up alerts to notify you if and when a property in a certain area goes for sale.
Property Purchase through Auctions
Imagine participating in a home auction through the comfort of your home. This is now possible thanks to real estate applications, which allows you to bid at properties using their services. Some even allow sellers to list their properties with 0% commission fees, which attracts a lot of sellers to the platform, providing buyers with a healthy amount of choices. They have a large database of properties that are up for auction and some applications will even let you sign e-contracts within the app itself if you win one.
You can search for properties by their location, pricing, size and the type of asset that the property is. Their listings come from multiple sources, show detailed information neighborhood stats and even tell you how easily the property is accessible using bikes, cars and other modes of transportation. Real Estate applications can be of great use if purchasing a property through auctions is what you are looking for.
Renting a Property
If you have a property that you want to rent out to potential renters, some applications can be quite helpful. They allow you to find tenants faster. You can also search for other rentals in your area, which can help you with listing your property at competitive prices.
Some services let landlords list their properties for free, which ends up attracting a lot of rental property holders to list their properties on their websites, which in turn attracts potential tenants. These services let you show your properties through pictures and even allows you to give video tours, which lets potential tenants get an idea about your property before they even visit it. This makes real estate applications a great choice to showcase your properties online and streamline the process of finding a tenant.
For Purchasing or Leasing Commercial Properties
Some services only list commercial properties. Their database lists properties that can be purchased, leased and even auctioned. They may also list businesses and franchises that are available for sale
You can filter your results by the location, price, type of property and tenancy. You can even save the results from your searches if you want to use them in the future and mark your favorites and can even share these with other people. Most listings include a few photos and, if available, also offers you 3D tours of the property. Every listing provides you with the broker’s name and number, letting you contact them easily. You also have the option of sending them an email through their app.
Verify the Ownership and History of the Property
Once you have found a property that interests you, you have to make sure to verify everything about it. While visiting the property and inspecting it lets you know about its physical condition, you also need to verify the ownership of the property. Checking the title deed of a property is a great way to do that. If you cannot find the deed of a property by yourself, you can use deed information apps, which specialize in finding the title deed of a property for you. Not only will this help you verify the ownership of the property, it will also provide you with and check its mortgage lien history.
How do these apps estimate the value of a property?
Real Estate applications perform Comparative Market Analysis (CMA) on the property listings on their websites. This is done by comparing the data from other similar listings in the area, what prices did they sell for, the location of the property itself, its age, its size, the condition it is in and various other factors. It then makes a report, on the basis of which, it provides users with an estimate of the property.
Things to keep in mind when using Real Estate Applications to Invest in Properties
There are a few things to keep in mind when you are using these applications to invest in properties. Make sure that you don’t rely only on the app. Once you have found a property you are invested in, make sure you visit it personally and inspect it thoroughly. Verify all the information that you receive, including the owner of the property. Cross check the estimated prices of properties between different services so that you are aware of the potential cost of any property that you might be interested in. Make sure you select the right application for your needs.
While there are many applications out there, some applications are better than others when it comes to certain use cases. Consider the monthly maintenance costs and taxes as these can dampen your profits significantly. Check any items that you might be receiving along with the property. This includes fixtures, furniture and other things that are included in the property. Failing to check that might result in you paying for replacing them out of your own pocket. Keeping these things in your mind will make sure that you don’t end up investing your money into a property that instead of bringing you good returns, ends up causing a loss for you.