Buyers of real estate are demanding more and better information. They want data on comparable prices and they want it delivered with detailed information that can help them arrive at a sound decision. And they want to be able to do this from the comfort of an armchair anywhere in the world. Unlike buyers of most products, the buyers of real estate reporting software cannot know what they’re getting just by looking at a picture or reading the label.
When is the best time to use real estate reporting software?
Real estate reporting software should be used at all times. The question is how often and what kind of reporting you should do:-
Understanding your business model will help you determine what type of real estate reporting software you need and when it should be used.
As an investor, there are three types of reports that you should generate regularly:
- Income Statement – Investors should track income from rental properties to see how much they made on their investments. An income statement shows how much money was made during the period being reported (monthly, quarterly, annually etc.).
- Balance Sheet – Balance sheets show what assets were purchased and how much debt was incurred during the period being reported (monthly, quarterly, annually etc.). This report helps investors make decisions about future purchases and whether or not they can afford them given their current financial situation.
- Cash Flow Statement – Cash flow statements show where the money came from and went during the period being reported (monthly, quarterly, annually etc.). It also shows where any profits.
What is real estate reporting software?
Real estate reporting software is a tool that allows you to easily manage your real estate business. It can help you keep track of your leads and clients, and even help you manage your finances.
A good real estate reporting software should allow you to:
Track your leads, clients and transactions. You want a program that will help you stay organized and on top of all your records. A good program will let you create contact information (name, address, phone number), track when they contacted you and how many times they called or emailed. It will also keep track of the properties they viewed and whether or not they made an offer on one of them. You can also use it to record when a client signed an agreement to buy or sell property with you, as well as when any financial arrangements were made (down payment amounts, closing costs).
Manage your finances. Some programs include built-in accounting tools so that you can keep track of all your income and expenses for each property sale or rental transaction. This kind of feature makes it easy for someone who isn’t familiar with accounting software programs like QuickBooks or Sage 50 Accounts Plus Edition (formerly Sage MAS 90).