Choosing the best real estate investment software can make the difference between getting a sweet deal or letting it slip through your fingers. The right tool can also help you manage your properties more effectively once you’ve added them to your portfolio.
To help you make informed decisions based on your needs, we analyzed five categories of real estate investing software and compiled a list of what we consider the best in each category. You’ll find software for everything from pre-purchase analysis to property maintenance.
We examined the features that make the software we chose truly exceptional. It must fulfill a crucial role and provide essential features to help you accomplish your goals. Ultimately, if the software is not user-friendly or compatible with your work environment, you won’t find it here.
Now, let’s examine the main themes of each of our choices before we reveal the best real estate investment software available in 2024.
The Role of Real Estate Investment Software
In today’s age, the world runs on software. It does everything from getting food sent to the office to rendering this page for you to see. But, for real estate investors, the right software in your processes could mean more deals and streamlined property management chores.
For some, that means saving big chunks of time finding their next deal. For others, it means accurately forecasting what they can expect to bring in from their short-term rentals on platforms like Airbnb and Vrbo.
For long-term rental property investors, a centralized place to handle everything from marketing a property to screening tenants and maintaining the property can represent a game-changing element that simplifies rental management for the long haul.
Key Features to Look for in Real Estate Investment Software
If you’re shopping for the best real estate investment software, key features make some choices stand out. The following list of features isn’t meant to cover the entire list of software choices we made below; it’s just something to keep in mind as you decide your own needs.
Financial Analysis Tools
With the right software, real estate investors can quickly analyze potential properties to make sound decisions based on accurate data. When you analyze data quickly, you get an edge over your competition and are that much closer to putting in a competitive offer.
Market Data and Insights
One of the most important aspects of real estate investing is determining where to leverage your capital. Of course, some areas in town are better than others for rentals, and with detailed market data and insights, you’ll maximize your investments.
Property Management Integration
Part of the challenge of owning investment properties stems from manual processes that can sink your productivity. With property management integration, the entire lifecycle of the rental process becomes streamlined.
User-Friendly Interfaces
While not as specific a feature as the preceding, the software itself must provide an intuitive interface that doesn’t require investors to read a “For Dummies” book cover to cover just to get started.
Cost-Effective Pricing
Getting into the real estate business is about making money. If you’re spending a sizable portion of your operating expenses on software, you’re cutting into your bottom line and leaving money on the table.
Top 5 Real Estate Investment Software in 2024
Now that we’ve outlined the features we used to determine the best real estate investment software let’s dig into the specific tools you’ll want to consider incorporating into your investment arsenal.
We’ll examine software solutions that cover needs from the pre-purchase phase through property management to show how investors can expect to incorporate software into every aspect of their investment strategy.
BrightInvestor: Top Real Estate Market Research Software
Choosing the right location to invest in can make a massive difference in your long-term financial outlook. That’s where BrightInvesor comes in.
BrightInvestor helps real estate investors find the best deals, make more offers, and save time. It allows investors to find areas with high appreciation rates and up-and-coming regions while avoiding unsafe neighborhoods.
If you’re looking to add a tool to help with your long-distance real estate ambitions, BrightInvestor can help you reach your goals while you pick apart rental markets from afar.
Pros:
- Compiles data from multiple sources, including the U.S. Census Bureau, The Bureau of Labor Statistics, Rentometer, Crimeometer, Greatschools.org, and more, into a single interface.
- BrightInvestor provides a free seven-day trial.
Cons:
- It’s a specific tool that covers just one piece of the real estate investment puzzle.
Pricing: $79.95 for the “Professional” tier and $99.95 for the “Elite” tier.
What Customers Are Saying: Users love how simple it is to use, how much time they can save, and the data it provides.
Backflip: Top Fix-And-Flip App
After finding your perfect property, you may wonder about its value after you fix it up and prepare to flip it for a handsome profit.
Enter Backflip. Backflip utilizes an app to help you make informed decisions about whether or not a property is worth buying, fixing, and flipping. Simply enter an address, and Backflip analyzes the profit potential, estimated after-repair value (APV), and the return on investment (ROI) a buyer can expect.
With its simple interface, you’ll have no problem quickly and efficiently analyzing potential real estate investment opportunities from your smartphone.
Pros:
- Easy-to-use interface.
- Detailed comps take the guesswork out of investments.
- In-app financing options simplify the buying and rehab process.
Cons:
- No property management features.
Pricing: Backflip features three funding tiers to fit your needs.
What Customers Are Saying: Customers love the driving-for-dollars feature that lets them simply point their phone at a property to receive ARV and suggested comps. Some say it’s the best hard-money lender they’ve worked with.
AirDNA: Top STR Analysis Software
With the popularity of remote work, digital nomad lifestyles, and authentic living-like-a-local experiences in popular destinations, real estate investors need a tool to accurately analyze where to invest so they can best take advantage of platforms like Airbnb and Vrbo if they choose to use their properties for short-term rentals (STRs).
AirDNA is just the real estate investment software to help them maximize the STR market. With the ability to calculate potential earnings, accurately price rentals, and analyze competitors, AirDNA helps real estate investors earn more.
Whether you’re new to the STR market or an experienced veteran, AirDNA makes a compelling case for inclusion into your toolbox.
Pros:
- Easy-to-see rental pricing across popular areas.
- Integration with vacation property management companies.
- Competitive amenity and cancellation analysis.
Cons:
- Limited geographic data.
Pricing: AirDNA has multiple pricing options. There is a free tier, and pricing goes up to $50 monthly. Advanced users can schedule a chat with AirDNA for more options.
What Customers Are Saying: Users appreciate AirDNA’s data, especially its use in analyzing short-term rentals. However, some users are critical of the need for more comprehensive reach and exposure across various markets.
Furnished Finder: Top Mid-Term Rental Software
Maybe short-term rentals aren’t your thing, and the upkeep required to keep your properties on Airbnb gives you a case of the heebie-jeebies. Consider mid-term rentals (MTRs) to alleviate some of the maintenance associated with STRs.
A great site to list your mid-term furnished rental properties on is Furnished Finder. Furnished Finder provides detailed travel nurse housing stats that display the number of searches, housing requests, and hospitals nearby that are hiring so you can understand the demand for properties like yours.
If you like the flexibility of MTRs, consider using Furnished Finder to rent your property to high-quality tenants such as traveling nurses. However, the service also caters to corporate travelers, traveling academics, and more.
Pros:
- Detailed maps list private rooms and whole property rentals.
- The Furnished Finder site receives over 100 million page views annually, so nurses and other professionals are likelier to see your property.
Cons:
- MTRs have the potential to have more vacancies than traditional year-long leases, and they are more hands-on than long-term rentals.
Pricing: Annual pricing of $149 for single-property landlords and $750 for hotel and apartment complex owners.
What Customers Are Saying: Customers love how responsive the customer service representatives are, and many love the background check service.
REI Hub: Top Property Accounting Software
Finding a property, buying it, and deciding what to do with it are all huge undertakings. But the job isn’t over once you get a tenant into the property. Now you have some accounting to do.
Property accounting can be easy with real estate investment software like REI Hub. REI Hub is accounting software specifically designed for rental properties. With it, you can track cash flow, download tax packets, and give yourself some breathing room during tax season.
And because it automates your bookkeeping, your financial reporting becomes simple. So, say goodbye to spreadsheets and general accounting software untailored to real estate investors.
Pros:
- Automatic transaction reporting.
- Easy-to-use portfolio and property dashboards.
- Pre-built rental transaction templates.
- P&L statements, statements of cash flows, and balance sheets are all available.
- Tight integration with TurboTenant saves time and money.
Cons:
- Accounting only fulfills a specific aspect of real estate investment software needs.
Pricing: REI Hub offers a tiered pricing system starting at $15/month for one unit and increasing by $5/month for each additional property. The maximum monthly cost is $85 for 15 or more units. TurboTenant occasionally runs 50% or more promotions for the first two months.
What Customers Are Saying: REI Hub customers love how easy it is to use, how much time it saves, its improvements over QuickBooks, and the customer service it provides.
Why TurboTenant is a Must-Have for Real Estate Investors
What if you’re more of a traditional real estate investor managing long-term rentals for a year or more? There is a whole slew of tasks that you must complete, especially when your property is vacant, and you need to fill it.
That’s where TurboTenant’s rental management solution steps in. With TurboTenant, you automate the manual processes of marketing your property, finding and screening tenants, building state-specific leases, collecting rent, and more from an easy-to-use web-based interface.
Because TurboTenant enables landlords and real estate investors to use as much or as little of the platform as they need, you can quickly fill any voids in your property management solutions portfolio. Plus, with our REI Hub integration, your tax accounting goes from “Where did I put that receipt?” to “filed” in record time.
Pros:
- Automated rental marketing syndication
- Lease building in under 15 minutes, rent collection, and more.
- Accounting is made easy with REI Hub integration
- The TurboTenant app enables task completion on the go.
Cons:
- Limited financial analysis tools.
Pricing: Free tier where renters cover all costs or unlimited access to the platform for $10.75 a month billed annually.
What Customers Are Saying: Customers appreciate the platform’s easy-to-use nature and positive impacts on the rental business. Many also love its simplified document management capabilities.
Conclusion
Choosing the right real estate investment software can help investors make informed decisions, streamline property management, and increase profits. With the top five software options we presented, investors can find a solution that fits their specific needs and budget.
It’s all about building a software stack you’ll use and get value. So, if you’re interested in streamlining your property management with TurboTenant, sign up for a free account today and experience the joy of automation.
FAQ
What are the key features to consider when selecting real estate investment software?
When evaluating real estate investment software, it’s crucial to consider features such as financial analysis tools, market data and insights, property management integration, user-friendly interfaces, and cost-effective pricing. These elements can support quickly analyzing potential properties, leveraging market data for smarter investments, streamlining property management processes, ensuring ease of use, and optimizing cost efficiency.
What is the best real estate investment software?
The best real estate investment software helps you decide where to invest your time and money. Software like TurboTenant also enables you to streamline your property management processes, making manual processes more efficient to save you time and money.
What is the best accounting software for real estate investing?
REI Hub stands out as the best accounting software for real estate investing due to its tailored approach for real estate investors, user-friendly interface, emphasis on time-saving benefits, and positive customer service feedback, as highlighted in multiple user reviews. Its focus on catering to the specific needs of real estate investors and the intuitive nature of the platform makes it a strong contender for those seeking efficient accounting software for property management.
