How Important is Technology in Real Estate

Question

The Importance of Technology in the Real Estate Industry

Account Closed · Answer

Steve, you always come up with good questions (like you don't already know the answer to it)

I guess I'm a real "nerd" when it comes to the latest gadgets and office equipment.  But, it's a good thing I am a "nerd", because my interest in machines and buttons, and what makes things tick saved me thousands of dollars in the long run)

This business is a business of people management, evictions, damages, court scenes, proving you are right in court, and having the proof and evidence to back up what you say.

With that in mind, and me being my own attorney in court, I found the following useful "Technology" that enabled me to never lose a case in my 13 years as a landlord.

The following is what Technology did for me, that helped me in all phases of this business.

• QuickBooks:  Kept track of all my tenantsKept track of all RepairsWhat tenants owedHow much each tenant paid in Security DepositsWhen I purchased a rentalHow much it costHow many square feetWhen I sold itFor how muchProfit and Loss Report to see where I stood financiallyHow much money I owed to my VendorsAnd everything I wanted to know about my tenantsNext
• Kept track of all my tenants
• Kept track of all Repairs
• What tenants owed
• How much each tenant paid in Security Deposits
• When I purchased a rental
• How much it cost
• How many square feet
• When I sold it
• For how much
• Profit and Loss Report to see where I stood financially
• How much money I owed to my Vendors
• And everything I wanted to know about my tenants
• I had Vonage Phone (An internet phone) that did the followingActed as an Answering ServiceKept track of the date and time the call came inCould view the call in audio and in written form on my computerCould print out the message and take it to court with meKept track of the date and time I called someone Allowing me to print this out as well if I needed it for courtNext
• Acted as an Answering Service
• Kept track of the date and time the call came in
• Could view the call in audio and in written form on my computer
• Could print out the message and take it to court with me
• Kept track of the date and time I called someone Allowing me to print this out as well if I needed it for court
• Stamps.comThis kept track of every piece of mail I mailed outThe day and timeThe person I sent it tooAllowed me to print out a report if I had to take it to court for evidence; And it served as a proof of sendingNext
• This kept track of every piece of mail I mailed out
• The day and time
• The person I sent it too
• Allowed me to print out a report if I had to take it to court for evidence; 
• And it served as a proof of sending
• Printer
• Computer/laptop (in my case if it had keys or a laser pen, I had it.  (Over kill))
• File Cabinets to hold tenant files
• Dymo Label Maker to make my Index Tabs

• Kept track of all my tenants
• Kept track of all Repairs
• What tenants owed
• How much each tenant paid in Security Deposits
• When I purchased a rental
• How much it cost
• How many square feet
• When I sold it
• For how much
• Profit and Loss Report to see where I stood financially
• How much money I owed to my Vendors
• And everything I wanted to know about my tenants

• Acted as an Answering Service
• Kept track of the date and time the call came in
• Could view the call in audio and in written form on my computer
• Could print out the message and take it to court with me
• Kept track of the date and time I called someone Allowing me to print this out as well if I needed it for court

• This kept track of every piece of mail I mailed out
• The day and time
• The person I sent it too
• Allowed me to print out a report if I had to take it to court for evidence; 
• And it served as a proof of sending

So Steve, to sum it up, my office is a replica of Best Buy.  However, the money I saved in attorneys fees, (by being able to do it myself) and CPA fees, (because I had everything they needed right from the start due to QuickBooks) that it covered the expenses of me having the latest "Technology" in my office.  And it just didn't get any better than that!

Nancy Neville, the Nerd

Steve Rozenberg · Answer

Account Closed Thanks Nancy, I think those are great things to know!!!! And like you I have learned my lessons by stepping in pitfalls and land-mines over the years and have made conscious effort to not repeat my mistakes and take my licks.. With that being said I always seem to learn to make my business better by talking to like minded smarter people then me. If I can learn how to do something better after I hit that enter button and there is someone like me 15 years ago that knew nothing about real estate and I can help save that person 1 sleepless night because their portfolio of homes they should have never bought is crumbling around them. Then I will gladly take the comments and jabs. :-)

I know that I am definitely not even close to the smartest person out there but I do know I have walked that walk many times and have learned so many lessons, as much as I hate to admit it I dont think I would do anything different to have gotten me to have a very successful property management company

Account Closed · Answer

"Ditto" Steve!

Nancy

Account Closed · Answer

Do any of you use Docusign for lease and other important paper signing?  I own a condo near the local college and recently had  4 student tenants Docusign the lease agreement before moving in.  They all lived many miles away, some in different states, and all converged on the condo days before classes started.  I know it's a bit of a risk not fully interviewing everybody but they more or less already knew each other and one had rented the condo previously.  It was like a chain reaction, 4 would live there one semester, one would leave, another would come in, etc, seems to go on and on.  Docusign was a huge time and energy saver.

I'm interested in your feelings about electronic signing.

Brent Paul · Answer

Good topic

Steve Rozenberg · Answer

We use docusign exclusively. We do not accept any paper applications. Everything's digital or we don't do it.

John K. · Answer

It's not about the technology that you have or that's available, it's just about being extremely organized.  I think a hybrid is ideal - you still want to keep the original docs you have your tenants sign for lease, but at the same time it makes sense to scan them and also store them digitally.  I also feel good old fashion hard copy letters, leases, etc set the tone better than emails - getting a letter in the mail is more "official" (as long as its typed, on letterhead, etc).

How Important is Technology in Real Estate

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