estate planning software
How to Buy (not waste money on) Real Estate Investment Software
Being able to purchase quality real estate investment software that achieves our business objectives and doesn’t prove to be less than we expected can be daunting.
With such a variety of real estate software solutions available, each sporting various features, tools, reports, and calculations, it requires more than talent. It takes some probing.
If you’re an agent or real estate investor in the market for real estate investment analysis software here are some practical suggestions that will help you purchase what you want the first time.
1. Determine whether the software is user-friendly. Software is not user-friendly if you have to spend long hours wondering how to use it, or so lack luster that it makes your eyes hurt.
The fault with most real estate investment software (and I’ve purchased a few) is that they can be too complex and over-the-top for day-to-day use, or so poorly formatted and non-creative that they appear, shall I say, abysmal.
Be sure to look for a software solution that has a pleasing interface with easy-to-use forms, distinct toolbar, and ample instructions.
The software’s web site is your first clue. Is it well organized, creative, informative, unobtrusive, and easy to navigate? Or is it lack-luster and confusing? Bear in mind, that the same software company making claims that they are easy to use, professional, and the solution for you, publishes and approves the website.
2. Read what the software says it will do. Obviously, you’re looking for investment software to analyze the cash flow, rates of return, and profitability of income property.
Okay, but are you an investor looking only to compare investment opportunities, or an agent planning to make rental property listing, marketing, and in-depth property analysis presentations to colleagues and customers? There is a difference.
As a real estate investor, whereas you surely would want real estate investment software to compute the elements of tax shelter, you might not care whether it creates a deeper property analysis or marketing presentation. Look for a program that at the minimum computes after-tax cash flow and rates of return and consider anything more a bonus.
Real estate agents on the other hand might accept before-tax cash flows and rates of return (with no computations for tax shelter), but surely would want the rental software to create marketing presentations. If so, then be sure that the program creates a marketing package and/or executive summary in addition to a real estate analysis.
The idea is to buy what you need and want you buy. If you’re not sure, call the company and ask for clarification. If a number is unavailable, and you can’t speak with someone personally, opt out and continue your search. You don’t want to spend money on real estate investment software you are uncertain may help you.
3. Preview the reports. Reports virtually make up your real estate analysis and presentations. You must determine whether the reports offered by the software are beneficial, meaningful, and provide the essential cash flow and rates of return you require.
Are they easy to understand and professional quality? Remember, you’re looking for a decision to be made on the property (whether from a colleague, customer, lender, or investment partner) based upon these reports.
4. Preview screen shots taken from the software. Screen shots are a good way for you to get an idea what the software program will look like when you open it.
5. Trust the technical support. Always be sure someone on the other end is listening and ready to respond when you have a question. Test the waters. Unless you’re sure that the company is listening and cares, find another real estate investment software provider. You don’t need the grief.
About the Author
James Kobzeff is the developer of ProAPOD – leading real estate investment software since 2000. Discover how to create rental property cash flow, rates of return, and profitability analysis presentations in minutes! Go to => http://www.proapod.com
Adobe: InDesign help, please?
I plan to publish a real estate magazine.
Can a guy with merely average computer skills comfortably use this software? Also, how would you rate this as opposed to some of the other “page layout” programs.
Thanks.
I tend to think of “average” as reasonably able, but you must be prepared to spend some time on it too. YMMV.
But it’s doable, and InDesign is really the default choice for page layout. Don’t forget, you’d probably also need photoshop and Illustrator for other parts of the job, plus acrobat.
The problems are in producing something that looks worth the trouble and not like you’ve done it in Word. If you don’t have any flair for design and colour and don’t have good quality images then the software can’t help much. Plus you need to know enough about printing technology to output something your printer can use.
My advice is to get a Visual Quickstart guide book and take it from there. Or, get a professional to set you up, so you can just add the content. Good luck!
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