Main web tools for real estate investors

Today’s real estate investor must navigate a world of unlimited information when deciding on the best properties to invest in. Gone are the days of driving around town to find properties. These days, the status quo is to get on the web and Google the perfect property. The question is, how productive and effective are your searches?

There are two distinct groups of investors when it comes to technology in general. There are tech-savvy investors out there with apps for this, widgets for that, and a mile-long favorites list. At the other end of the spectrum are those who find the Internet an unknown world that generates more spam than valuable information. The problem with both boils down to information overload.

For the techie, going online becomes a pandora’s box of all possible data points aggregated into a variety of maps, graphs, videos, and whatever else an overcaffeinated developer dreams of. This blizzard can be distracting and hinder your judgment of a property. A great way to avoid this is to simply go through the top 5 or 10 sites you visit most often and stick with them. Try to choose a site for a style of information. An example would be choosing one site for demographics and another for rental rates. Those used to data mining will find this difficult at first, but if you use Zillow for property statistics, why waste time using Trulia as well? They are adding the same data!

When it comes to those who are less comfortable with technology, the same thing happens. Not understanding the proper way to search on Google or understanding the difference between opinion-driven sites and fact-focused sites can be a hindrance to search. A solid recommendation is to define what you want to use the Internet for. Find properties? Do you want more information about the properties? Both?

In the end, finding your own selection of sites will put you on the best path to effective web-based search. But having a solid foundation of sites can help you focus on what you’re really looking for. Here are some sites that may be of value to those looking to find or research properties using the Internet: (Ezine restricts too many URLs, so go to your favorite search engine and type in the different website names, except calculators… )

1.Zillow

This site has been around for some time and is truly the 800 pound guerilla of proprietary data sites. The website is connected to the MLS systems, Court Systems, Etc. and is constantly updated. Designed for ease of use, information such as fiscal value, tax rate, rooms and bathrooms can be easily viewed house by house on a graphical map. Search for a specific property or zoom in on a street and click on a house.

2. Social Browser

As an investor trying to understand a market in a different region, getting accurate demographic and neighborhood data is difficult, to say the least. Although a trusted real estate agent is invaluable, even they can have a hard time providing statistics. This website has a free edition that pulls data from the census to give you a wealth of information. From racial breakdown to owner/renter ratios, this site delivers. Just be careful not to make assumptions based on statistics until you consult with a local expert, sometimes what appears to be a worrying trend can actually be beneficial to your short-term or long-term goals.

3. Calculators

This is not necessarily a website, but rather an article that provides several different styles of investment calculators. It is a great source due to the fact that investors tend to have different investment calculation styles; this site consolidates many of them for easy access.

4.Google Maps

Do you want to feel the neighborhood in a visual format? Don’t forget the Street View function of Google Maps. This feature can be used by zooming into a street and dragging the “person” from the zoom in/out toolbar onto a street (this will make sense when you see it). Although sometimes up to a couple of years out of date, Street View can still be a great way to see the architecture and general condition of the street.

Another great way to use the site is to zoom in on a neighborhood and type “Schools” or “Bus Stop” in the search bar. Identifying the location of civic services can be invaluable in understanding the rental capacity and stability of an area.

5.Realtor.com

This site can provide you with a single source for all MLS systems in the country. If you’re taking the independent route to finding properties, Realtor.com can help you locate any property listed on the MLS. It is now standard procedure for banks to place foreclosures on MLS through REO agents. These properties will normally be vacant and in pre-renovation condition. Although similar in design to Zillow, Realtor.com ensures that you are covering your bases in your search.

6. Nickel thrifty

This site is the mirror image of the paper publication. Thrifty Nickel is a free classified publication published in major cities and placed inside gas stations, grocery stores, and most importantly, Section 8 offices in many cities. In Kansas City, the housing authority won’t allow application in or around their Section 8 offices, but they do have a cheap nickel stand inside.

Investors who manage their own properties or who have vacancies that a property manager can’t fill should place an ad, it’s much more affordable than a leasing agent and reaches tens of thousands of prospective renters.

For investors evaluating a property, locating nearby property listings can provide an idea of ​​what the true market rental rate is on a property. A serious mistake can occur when a property rents well above the market rate and the tenant moves out, taking their cash flow with them.

To conclude, the use of the Internet can be an invaluable tool in evaluating an opportunity if used correctly. Beware of “analysis paralysis” and focus on reputable sites that are recommended by other investors. New investors should use these tools in conjunction with a reputable real estate agent or turnkey operation to ensure you understand what you’re seeing online. In contrast, online tools can validate the claims of local experts and are a great way to vet potential sellers.