Best Apps For Commercial Real Estate Investors 2024
Intro: Best apps for commercial real estate
When investing in commercial real estate, having a variety of apps and software can truly help streamline your operations and decision making. Using Loopnet for property listings have made it quick and easy for me to find properties in my Niche. Buildium has made things extremely helpful with managing my investments. For quick property analysis, Dealcheck has been my go to app. When working on larger projects, Plooto has been a great payment automation software to pay all my vendors.
There are so many different applications out there to use but it is important to find what is best for you, the following are my top 5 apps and software to use in 2024. As investors, leveraging these apps allows us to navigate the market more effectively, ensuring a competitive edge in our investment endeavors.
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Different types of apps for Commercial real estate
Property search and listing apps
Property search and listing apps revolutionize the hunt for commercial real estate properties, catering to the needs of real estate professionals across Canada and the United States. Tailored to streamline the search for suitable commercial investment opportunities, these apps vary in their offerings. Some focus on showcasing property listings within specific regions, while others specialize in particular property types. Equipped with robust search functions and an array of filters including location, property type, size, and price, these apps empower users to swiftly narrow down their search criteria.
Customer relationship management (CRM)
Customer relationship management (CRM) apps tailored for commercial real estate provide a centralized platform for professionals to efficiently manage interactions with clients, leads, and prospects. These apps serve as invaluable tools for organizing lead information, storing contact details, and tracking communication history, ensuring seamless client management within the fast-paced real estate business landscape.
Administrative apps
Administrative apps play a pivotal role in enhancing the productivity of commercial real estate professionals by facilitating the management and organization of day-to-day tasks. Offering features such as document storage, users can easily upload, scan, sign, and share important documents including contracts, leases, property listings, and financial reports. Additionally, these apps often include functionalities for maintenance, financial management, and performance monitoring, enabling users to automate and streamline repetitive tasks, thereby optimizing operational efficiency.
Property Analysis and Investment Apps
Property Analysis and Investment Apps are indispensable resources for real estate investors and professionals seeking to evaluate the financial viability of commercial properties. Equipped with tools like calculators and property analyzers, these apps provide users with the necessary insights to assess the profitability potential of investment properties before making any commitments.
In this digital age, commercial real estate professionals have access to a plethora of online platforms and apps tailored to their specific needs. Whether it's scouting for new listings, analyzing market trends, or managing client relationships, these apps offer a comprehensive suite of features to cater to every aspect of the real estate business. From the LoopNet app, a staple in the industry offering a free version for download, to Visual Lease, providing detailed insights into lease agreements and property management, the options are abundant.
crowdfunding platforms
For accredited investors, crowdfunding platforms such as CrowdStreet and RealtyMogul offer access to a diverse range of investment opportunities, from turn-key multifamily properties to exciting new restaurant developments. These platforms provide real-time updates and in-depth analysis, empowering investors to make informed decisions about their next commercial property investment.
Check out my Resources Page for links to the software and possible discounts
5 Top Apps for Commercial Real Estate
DealCheck
When evaluating potential investment properties, the right tools can significantly streamline the process. My favorite calculator is Deal Check , I have tried BiggerPockets Calculator as well but DealCheck best option for myself (check out my article Dealcheck vs Biggerpockets for more information). Let's check the various aspects of this platform, discussing its efficiency, application in commercial real estate, accessibility in Canada and the US, and its pricing structure.
Check out my article Mastering DealCheck for a deeper look into the the property analysis software.
DealCheck Review
From personal experience, DealCheck stands out for its intuitive interface and detailed analysis options. It allows you to input property details and financial metrics to assess potential investments quickly. The platform provides a plethora of information, from cash flow analysis to cap rate, cash-on-cash return, and more, making it a go-to for analyzing residential and commercial properties. One of its most valuable features is the ability to compare properties side by side, helping investors make informed decisions by looking at the numbers that matter most.
DealCheck For Commercial Real Estate
Focusing on commercial real estate, DealCheck offers tools that are incredibly beneficial. Commercial investments require a deeper analysis due to their complexity and the various factors that influence their profitability. DealCheck caters to this need by allowing investors to calculate critical metrics such as the internal rate of return (IRR), net present value (NPV), and debt service coverage ratio (DSCR). These insights are vital for evaluating commercial properties, and DealCheck simplifies this process, saving investors time and enhancing the accuracy of their investment evaluations.
DealCheck Canada and US
DealCheck's functionality is not limited by geography; it serves investors in both Canada and the US effectively. The platform adjusts its calculations and currency based on the location of the property, making it a versatile tool for North American investors. Whether you're looking at a multifamily unit in Toronto or a commercial space in Texas, DealCheck provides localized data, including loan information, market comps, and expense estimates, ensuring your analysis is as accurate and relevant as possible.
DealCheck Pricing
Regarding pricing, DealCheck offers several tiers, including a free version that's great for those just starting. However, to unlock its full potential, including unlimited property analyses, detailed reports, and premium support, there are paid plans available for only $10/month and $20/month at the time of writing this article. The paid plans are reasonably priced, considering the value they offer, making DealCheck a cost-effective tool for serious investors. Investing in the right plan can enhance your portfolio management and property analysis capabilities significantly.
LoopNet
LoopNet Review
As a commercial real estate investor, finding the right platform to scout commercial property for sale is so important. LoopNet has proven to be an invaluable resource me and my team members. Known for its extensive listings, LoopNet offers a wide range of commercial properties across various sectors, including office spaces, retail locations, and industrial sites showcasing the best real estate available. The platform's user-friendly interface and comprehensive search filters allow investors to efficiently narrow down choices based on specific criteria such as location, property type, and price range. What sets LoopNet apart is its vast database and the quality of its listings, providing high-resolution images, detailed property descriptions, and financial data when available.
LoopNet Customer Service
Navigating the complexities of commercial real estate investments requires more than just a platform with extensive listings; responsive and reliable customer service is equally important. LoopNet's customer service team has been a strong pillar of support, offering timely assistance whenever needed. Whether it's inquiries about specific listings, assistance with account management, or technical support, their team is readily accessible through various channels, including phone, email, and live chat, this has been extremely helpful to my team members.
LoopNet In Canada and US
LoopNet's presence is significantly felt both in the US and Canada, catering to a broad audience of investors, brokers, and real estate professionals in North America. The platform seamlessly integrates listings from both countries, offering a diverse range of properties and investment opportunities. This cross-border availability is particularly beneficial for investors looking to expand their portfolio beyond local markets.
How Much is LoopNet Per Month
LoopNet is free when you are searching for a new property but has tiered costs if you are looking to advertise a property for sale.
Buildium
My absolute favorite property management software is Buildium. Buildium stands out as a comprehensive solution designed to simplify the myriad tasks associated with managing rental properties. As investors, we understand the importance of streamlining operations, whether it's handling tenant communications, managing financials, or keeping track of maintenance requests.
Buildium Review
Having utilized Buildium across several properties, the platform impressively caters to both residential and commercial portfolios. It facilitates a wide range of tasks from leasing and rent collection to maintenance tracking and financial reporting. One of the standout features is its ability to automate many time-consuming processes, such as tenant screening, lease renewals, and even late fee notifications. This automation not only saves time but also reduces the likelihood of human error, ensuring a smoother operation. Additionally, its comprehensive reporting capabilities provide valuable insights into the financial health of your investments, aiding in better decision-making.
(Check out my article Maximizing Property Management for more information on Buildium)
Buildium's Customer Service
An important aspect of any software solution is the quality of its customer service. Buildium excels in this department, offering multiple support channels, including phone, email, and a knowledge base filled with helpful articles and tutorials. The responsiveness and expertise of their customer support team have been noteworthy. This level of support is crucial, especially when dealing with complex property management challenges.
The Buildium App
The Buildium app delivers quality, providing a robust mobile version of the platform that lets you manage your properties from anywhere. Whether it's approving maintenance requests, viewing financial reports, or communicating with tenants, the app offers a seamless experience. Its user-friendly interface ensures that you can perform essential tasks efficiently, even on smaller screens.
Buildium Pricing
Pricing is always a key consideration, and Buildium offers flexible plans to accommodate different needs and budget sizes starting at $55/month to $375/month. The tiered pricing structure means you can start with a basic plan and scale up as your portfolio grows. While the initial cost may seem high to smaller investors, the time and effort saved by using Buildium can justify the investment. Moreover, for larger portfolios, the platform's efficiency and automation capabilities can significantly reduce overheads, making it a cost-effective solution in the long run.
DealFlow
Leveraging Data Accuracy and Analytics for Informed Investments
The DealFlow app is an invaluable tool for maximizing the potential of my investment portfolio. The app's robust data accuracy and analytics capabilities provide me with comprehensive insights into market trends, property performance metrics, and potential returns. With access to real-time data on property values, cap rates, and lease terms, I can confidently assess investment opportunities and identify high-yield properties that align with my investment objectives.
Use and Accessibility
DealFlow's user-friendly interface and seamless accessibility have transformed the way I conduct business as a commercial real estate professional. Whether I'm in the office or on the go, I can easily navigate through property listings, conduct detailed searches, and analyze investment opportunities with just a few clicks. The app's intuitive search criteria and advanced filters allow me to quickly identify properties that meet my specific criteria, saving me valuable time and resources in the process. Plus, with mobile applications available for instant access on my smartphone or tablet, I can stay connected and productive wherever I am. DealFlow's ease of use and accessibility make it the perfect companion for busy commercial real estate professionals looking to stay ahead in today's fast-paced market.
DealFlow Pricing
When it comes to pricing, DealFlow offers a range of cost-effective plans starting at $25/month up to $99/month with potential 50% off when first signing up. DealFlow ensures that commercial real estate professionals of all sizes can access its powerful tools without breaking the bank. Plus, with options for free trials and demos, I can test drive the app before making a commitment, ensuring that it's the right fit for my business needs.
Check out my Resources Page for links to the software and possible discounts
Plooto
Navigating the world of financial transactions within your business investments, the need for a reliable, efficient payment system is paramount. This is why I utilize Plooto to pay my vendors in increments when completing larger projects. Its been extremely useful to me and my accounting team.
Plooto Review
Plooto distinguishes itself by offering a platform specifically designed for businesses to manage their payables and receivables efficiently. What sets Plooto apart is its ability to automate payment processes, making it easier to handle recurring transactions. The platform supports both domestic and international payments, allowing for seamless cross-border transactions. Its integration with popular accounting software like QuickBooks and Xero streamlines the reconciliation process, saving time and reducing errors.
(Check out my article Plooto and Real Estate for more information on Plooto)
Plooto vs Venmo
While Venmo is widely recognized for its peer-to-peer transaction capabilities, primarily catering to the general public, Plooto is tailored towards businesses and investors. The key difference lies in Plooto's focus on B2B transactions (Business to Business), offering features such as automatic payment reconciliation, approval workflows, and the ability to handle mass payouts. These features are particularly beneficial for investors who need to manage multiple transactions efficiently. In contrast, Venmo's simplicity and social aspect appeal to individuals for personal use rather than serving the complex needs of businesses and investors.
Plooto In Canada and US
Plooto operates seamlessly in both Canada and the US, offering a flexible solution for handling transactions across borders. This dual-country operation is particularly beneficial for investors who have businesses in both countries, as it simplifies the payment process and reduces the need for multiple payment platforms. The ability to transact in both CAD and USD without cumbersome currency conversion processes is a notable advantage, making Plooto a preferred choice for North American investors.
Plooto Pricing
Plooto's pricing model is designed to accommodate businesses of varying sizes. Currently starting at $9/month to $499/month for larger institutions. Unlike traditional banking fees, which can be complex and varied, Plooto offers a straightforward per-transaction fee, making it easy to anticipate costs. This pricing model is especially appealing for investors who value predictability in their operational expenses. Additionally, Plooto provides scalable plans that can grow with your business, ensuring that the platform remains cost-effective regardless of your transaction volume.
Outro: Best Apps to Use For Commercial Real Estate
In conclusion, the dynamic landscape of commercial real estate has been transformed through the adoption of innovative apps, tailored to meet the diverse needs of investors, real estate agents, and property managers alike. Platforms like LoopNet have revolutionized the way we discover available properties, offering detailed information, including floor plans and property value, through an easy-to-navigate online marketplace. Tools such as DealCheck enable us to analyze investment properties in real-time, ensuring we make informed decisions regarding our next investment.
Utilizing software like Buidium to help aide in all aspects of property management can save you hundreds if not thousands of hours in the course of a year. Taking advantage of applications like Plooto to pay vendors and receive money will make the way you bank much easier and you will not go back.
With options ranging from free downloads to free trials, these platforms are accessible on mobile devices, making them a convenient resource for real estate professionals on the go. As we continue to explore new properties, engage with potential buyers, and expand our favorite markets, leveraging the best commercial real estate apps becomes indispensable. These tools not only provide a competitive edge in the CRE industry but also ensure we stay ahead in the industry's fastest-growing marketplace.
Check out my Resources Page for links to the software and possible discounts
Frequently Asked Questions
Q: Which commercial property has the highest ROI?
A: The commercial property with the highest ROI (Return on Investment) can vary depending on various factors such as location, property type, market trends, and investment strategy. Generally, properties that generate consistent rental income with low operating expenses tend to offer higher ROI. However, it's essential to conduct thorough research and analysis to identify specific opportunities that align with your investment goals and risk tolerance.
Q: What is commercial real estate software?
A: Commercial real estate software refers to a category of specialized tools and platforms designed to streamline various aspects of commercial property management, investment analysis, and transaction processes. These software solutions offer features such as property listing management, lease administration, financial analysis, market research, and portfolio management. By leveraging technology, commercial real estate professionals can enhance efficiency, gain valuable insights, and make informed decisions to optimize their operations and maximize returns.
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