Real Estate Investor Apps & Tools You Can’t Afford To Miss

Key Takeaways

  • Today’s best real estate investors are only as good as the tools they have in their belt.
  • Not all real estate investor apps are created equal; some are much more valuable than others in the right hands.
  • The best real estate investment app is the one that will make you most efficient and productive with your time.

Can real estate investor apps automate the way you find and analyze deals?

The real estate market is a mixed bag of great–and not so great–investment deals. While the appeal of some investments will shout from the heavens, other real estate deals will sit quietly aside as you pass them by. The difficult part of investing in real estate is often differentiating between a great deal and a bad one. For those just starting out, the key is learning how to find investment properties, including how to correctly value and analyze properties to ensure they’re worthwhile. That said, real estate apps like FlipComp has completely reinvented the way investors search, locate and analyze real estate deals.

How To Use FlipComp: The Best Real Estate Comps Software

Analyze real estate

Known as FlipComp, this real estate app is an innovative tool built specifically for investors to better improve how they search and analyze real estate deals. The platform, which currently services more than 195 counties in 25 states across the country, connects to the MLS (Multiple Listings Services) to find, comp and analyze real estate deal in seconds. With FlipComp, users have access to a complete database of properties in their area, including key details such as sell price, comparables, and After Repair Value (ARV). The real estate app essentially streamlines the investing hunting process, a time-consuming and difficult process of weeding through property listings, and in return, provides investors a breakdown of key details to better assist their decision making.

One of the features that makes FlipComp one of the best real estate investor apps is the fact it provides an ARV with each listing. The ARV, otherwise known as After Repair Value, is the estimate of a property’s value after all repairs and upgrades are completed. For investors, the ARV is a critical component in determining not only the potential value of a property after all repairs are made, but determining the associated expenses as well. That said, the real estate app FlipComp offers several compelling and beneficial features for investors, including the following:

Instant Access To MLS Listings: The MLS is a haven for real estate agents and investors alike. According to Realtor.Org, the MLS is a comprehensive database created, maintained and paid for by real estate professionals to help their clients buy and sell property. While some information is available to the public free-of-charge, the majority of information found on the MLS is for real estate agents only.

With FlipComp, real estate investors can obtain 24/7 access to MLS listings in multiple areas. With the most accurate property listing database in the country, real estate investors can get the important data they need to make the best decisions for their next investments.

Comp & Analyze Deals Through Automation: Another big advantage of utilizing the real estate app FlipComp is automating the analyzing stage of a deal. With FlipComp, users will gain access to key details of properties, including sell costs, comps, size of lot, and number of rooms/bathrooms, as well as number of days on market. In fact, users can set their own default settings to let FlipComp crunch the numbers for them, helping investors to cycle through deals at a high rate of speed. That said, each property listing will include the costs to purchase the property as well as the potential profit earnings based on an investor’s settings. In addition, investors can actually search properties by profit potential using the deal analyzer.

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Real estate app FlipComp

Custom Alerts: FlipComp not only eliminates the time-consuming process of finding the real estate deals you want, but they make it easier, too. Users can actually use keywords to save time when searching for investing deals, as well as eliminating the confusion of combining through listings to find what you’re looking for; simply input the keywords you’re looking for and FlipComp will provide the rest.

FlipComp also offers custom property alerts based on an investor’s search criteria. Finding the hottest real estate deals has never been easier as FlipComp will alert investors of new deals the moment they hit the MLS. How many real estate investor apps can you say that about?

Access Public Data: Because not all real estate properties are created equal, it’s important to know the backstory of a property because investing in it. Is it a foreclosure? An REO property? Shortsale? With FlipComp, users can access public property data to learn valuable information on properties which will not only provide critical details of the current state of a property and ensure investors understand the conditions of a property, but it could possibly provide investors leverage when making an offer. As a real estate investor, the more you know about a property the better — and there’s no better way to gain insight on an investment than with FlipComp.

How To Analyze Real Estate Deals

There is no doubt about it: learning how to analyze real estate deals is of the utmost importance for those looking to realize success in the housing sector. And while analyzing a real estate deal can certainly turn into an extensive process, there is a simple, three-step process I would recommend for new investors:

  • Step 1: The Phone Analysis
  • Step 2: The Desktop Analysis
  • Step 3: The In-Person Analysis

There are countless ways to analyze whether or not a property is worth your consideration, but these three steps can cover the majority of them all.

As its name suggests, the phone analysis connects investors to potential leads over the telephone. Engaging prospective sellers in such a manner will permit investors to gauge whether or not a property is worth pursuing. Accordingly, understanding how to quantify a lead is one of the most critical components to analyzing deals in the real estate industry. Determining how serious a seller is will ultimately affect the way in which you should approach them, if at all. As you may have already guessed, this step is to get a better feel for the seller than the property. What is a great deal if not for one that is driven by the seller’s motivation?

If you are convinced the seller is legitimately looking to sell, your next step should be to look at the property. However, you aren’t going there in person yet. At this point, use one of the most valuable tolls at your disposal: the internet. Proceed to compile all the information on the subject property you can. It is during this phase in which investors will want to acquire property records . Obtaining the property tax card from county records will reveal details that include: assessed value, heated square footage, the number of bedrooms and bathrooms, and much more.

Once you have determined the property is worth more consideration, make an appointment to see the property in person. Meet with the seller to confirm their motivation and build a rapport (just in case things move forward). Also, confirm everything you learned about the property online (don’t forget to check the comparables at this time).

What Are Comps In Real Estate?

Comps, as their names would lead you to believe, are nothing more than comparable properties to the subject property. In other words, they are nearby, similar homes (preferably that have sold recently). In analyzing comps, you will be given the best idea of how to start evaluating your own property. It’s the comps after all, that will give you a starting point. If a similar home sold for a certain price recently, there’s no reason to think the one you are looking at wouldn’t go for a similar price. There are, of course, a lot more things to take into consideration, but comps are relatively straight forward; they are your closest analysis to what your home is potentially worth in the current market. At the very least, comps are what everyone else will be using to land on a price point for the same home you are looking at.

How To Find Real Estate Comps

Fortunately for investors, comps are inherently easy to find – if you know what to look for, that is. Most importantly, however, they are close by. By definition, in fact, comps are similar, nearby homes. For the sake of investing, most comps won’t be more that a half mile away. It’s worth noting, however, that knowing what comps are and finding them are two different things. If you want to find comps, I maintain the best thing you can do is to hire a local real estate agent. Nobody else will have a better idea of the homes in an area than someone that has been working there for a long time. Therefore, I recommend hiring an agent instead of looking for your own comps. In doing so, you’ll save time and probably end up with better comps.

Becoming a successful real estate investor is all about making smart, calculated moves in every facet of your business. While you won’t win them all, it’s more important as a beginner investor to comprehend the real estate playing field to ensure you’re making the best investment decisions possible. For investors looking to automate the searching and analyzing stage of real estate investment, look no further than FlipComp and try some of today’s best real estate investor apps.

Real Estate Investing Strategies
Real Estate Investing Strategies
Real Estate Investing Strategies
Real Estate Investing Strategies
Real Estate Investing Strategies
Real Estate Investing Strategies