Owning multiple rental properties can be a lucrative investment strategy, offering steady income and long-term wealth accumulation. However, managing a property portfolio can be challenging, especially when properties are located in different cities and states. Fortunately, technology has provided investors with tools and resources to streamline the process of finding, analyzing, and operating multiple properties. In this article, we will explore 22 top tools and resources that can help you effectively manage your property portfolio, whether you have 2 properties or even 20.
What is a Property Portfolio?
Before we delve into the tools and resources, let's briefly understand what a property portfolio is. A property portfolio is a collection of real estate properties owned and operated to increase rental income, generate stable cash flow, and grow equity faster. These portfolios can include properties from the same market or be geographically diversified across different cities in the U.S. Investors can even build portfolios with different types of properties.
Image: Real Estate Numbers
Building a property portfolio offers several benefits, including risk reduction through diversification, increased tax advantages, and the ability to leverage combined equity to fund additional rental property investments. The Roofstock Marketplace provides excellent examples of residential rental property portfolios, with over 60 portfolios listed for sale in popular real estate markets like Florida, Ohio, and South Carolina. Investors can purchase existing portfolios with just a few properties or portfolios with 30 or more homes.
22 Tools and Resources for Effective Property Portfolio Management
Managing a property portfolio goes beyond simply purchasing more real estate. It requires the right tools and resources to identify profitable investments, maximize revenues, and control expenses. Here are some helpful tools and resources that can make managing your property portfolio a breeze:
Stessa
Stessa, a Roofstock company, offers cloud-based rental property financial management software that automatically tracks income and expenses for property portfolios. With Stessa, investors can monitor property performance in real-time, optimize decision-making, and maximize returns. Key features of Stessa include:
- Tracking of single-family rentals, small multifamily buildings, and short-term vacation rentals
- Performance dashboards at the portfolio and property levels
- Secure online storage for organizing and storing real estate documents
- Unlimited reports, including income statements, rent rolls, cash flow statements, and real estate balance sheets
- Tax-ready financials and access to the Stessa Tax Center for free tax tools and tips
- Exclusive TurboTax discount for Stessa Community members
Learn more about Stessa and sign up for a free account.
Auction.com
Auction.com is the leading online real estate marketplace for bank-owned, short-sale, and foreclosure properties. Investors can browse hundreds of properties up for auction and participate either in person or through online bidding. Visit Auction.com to explore the available options.
Carrot
Carrot is a lead generation hub that helps investors find motivated seller leads, cash buyers, and rent-to-own tenants online. With Carrot, investors can build high-converting websites, boost search engine optimization, and manage online marketing and lead generation in one place. Visit the Carrot website for more information.
DealCheck
DealCheck is a powerful tool for analyzing various types of properties, including buy-and-hold rentals, multifamily buildings, short-term vacation rentals, fix-and-flips, and BRRRR properties. By using DealCheck, investors can perform property analysis within seconds, obtain cash flow and profit projections, and make informed investment decisions based on recent sales and rental comps. Visit the DealCheck website to learn more.
DocuSign
Real estate transactions involve a lot of paperwork, and DocuSign can simplify the process with its e-signature and agreement management solutions. With DocuSign, investors can send, track, and sign agreements electronically, collect payments, and complete agreements 25 times faster than traditional methods. Visit the DocuSign website for more details.
HouseCanary
HouseCanary offers comprehensive solutions for buying, selling, and financing homes. Their institutional-grade analytics help real estate investors find new opportunities, analyze and acquire properties, and optimize performance on a large scale. With data covering millions of homes across the U.S., HouseCanary is a valuable resource for property portfolio management. Explore their website to learn more.
Property Fixer
Property Fixer is a handy app that helps investors analyze rehab and repair costs for various types of properties, including short-sale, foreclosure, bank-owned, and listed homes. With Property Fixer, you can get a before-and-after analysis of potential returns and determine the financing required for purchasing and repairing properties. Visit the Property Fixer website to download the app.
Online Rent Collection Tools
Collecting rent online can improve cash flow and tenant satisfaction. Several online rent payment services offer convenient options for both tenants and landlords. Some popular choices include Avail, ClearNow, Cozy, eRentPayment, PayYourRent, and TurboTenant. These services allow tenants to schedule recurring payments, while landlords can streamline cash flow and property management by offering various payment options and reminders.
Rental Agreement Templates
Managing lease agreements for rental properties located in different cities can be challenging due to varying local and state landlord-tenant laws. To ensure compliance, investors can access state-approved residential lease agreements from local property management companies or real estate attorneys. Additionally, free online sources like LegalTemplates, eForms, and ezLandlordForms offer customizable rental agreement templates and addenda.
Continuing Education
Continuing education is vital in the ever-evolving real estate industry. Investors can stay updated on new rules and regulations, as well as learn improved techniques for managing their property portfolios. This can be achieved through blog posts, podcasts, how-to books, investing groups, and formal education programs like the Roofstock Academy. Remember to consult with a certified public accountant (CPA) to confirm if your continuing education and travel expenses are tax-deductible.
With these 22 tools and resources, managing your property portfolio becomes easier and more efficient. Invest your time and effort into utilizing these tools to streamline operations, maximize profits, and achieve long-term success in your real estate endeavors.
