Your next real estate deal will only be as good as the information you have on it prior to signing on the dotted line.
How do you get that information, crunch the numbers, and so on? Tools; specifically, technology-based tools.
In our minds, such tools should help an investor, whether s/he is an individual or part of a larger organization, determine if a property fits into their criteria … whatever that may be. The tools should be flexible enough to use for any criteria, too.
In no particular order, here’s a few of our favorite tools:
LoopNet
LoopNet is probably the best “bang for the buck” out there. It’s free search is a bit limited, but it only costs $40 to $50 a month (depending on if you want to pay for a year up front or pay monthly) to gain access to all of its listings.
We think it’s a good balance between the many free-yet-kinda-worthless search sites out there and the ultra-high priced sites. LoopNet is the place to start your search, once you have determined your investment criteria.
REI Wise
When money isn’t a big concern—or even when it is—there’s no better software package that will help you analyze an investment opportunity (or even for leasing, after you close the deal) than REI Wise. It’s Number One for a reason: REI Wise provides a wealth of information for just about every type of commercial transaction.
With pricing starting at $30/month for the investment product alone, and up to $1000/year for all of its products for single users, and packages for companies of most any size, there’s a variety of tools and price points that can fit most any budget.
InvestmentTools.com
For a Website that looks like it was designed in 1998, InvestmentTools.com is a great resource for keeping track of the financial side of real estate. Don’t let the design fool you, either … this site is updated with the latest information on all aspects involving investing.
The site’s real estate section is especially invaluable, as it gives the overall snapshot of the market nationwide, as well as in several key markets. While it focuses more on residential than commercial, it nonetheless provides a clear picture of a variety of statistics that influence the market.
LandFAX™ USA
You really didn’t think we weren’t going to mention our own service, did you? We firmly believe our LandFAX reports should be an integrated part of any investor’s process in evaluating each and every purchase.
We’re actually “burying the lead” here, to a certain extent, because we believe that our reports should come very early in the decision-making process. Why? Wouldn’t you rather find out about crime statistics, wetlands and flood zones, soils and the many other facts that surround each piece of property in the U.S. before you even think about submitting an LOI?
What’s even better is that we do all of the work for you. The only thing you do is place the order. Check out how deep we dig for you. To buy a report, just use the Property Search box at the top of any page in our site to begin the process.
We’ll cover other interesting tools we come across, so stay tuned.