What technology do you think the flipping community needs?

Question

For 20 years I've worked in the IT industry creating Web, mobile app, and software technologies with a heavy focus on helping real estate agents have mobile, responsive websites to list their properties. I'd like to transition into real estate investment, and that's the reason I'm part of the BP community.

But, I'm curious.. for those who are already engaged in RE investment, what tools or technologies do you think the industry could use and benefit from that doesn't really exist yet?

For example, I see a lot of flipping calc spreadsheets.. Indeed I've bought a few of them myself, and they've gone a long way to help me get organized and be precise in my estimating / deals. But, these are spreadsheets, and nothing really exists (that I can find) that's accessible on the web and suitable for use on all devices (responsive). Sure there are things like the analysis tools like we find here on BP, but nothing comprehensible or customizable.. So, I see an opportunity for a SAAS application so that investors can keep all their estimates and management tools in one place, accessible from anywhere on their phone, tablet, laptop, or otherwise..

Another idea is a listing site specifically for deals (a place where wholesalers and others can list). I entertain deals throughout my state, but, we have so many MLS sites that finding professionals who are a part of that market and then working with them seems convoluted.

What do you think? Those are just examples. I'd love to know what your pain points are as you engage in flipping or renting and how technology could help alleviate those issues.

Angie Meeker · Answer

@Gordon Cuffe I would use an actual text marketing platform like Protexting. There's a cost involved, but I think it's more what people expect when texting for business purposes than personal text messaging apps (ie, you get a keyword, and text that keyword to a #. The keyword then would be specific to the individual property).

Most of the popular text marketing platforms integrate with Zapier, which can then send the texts' information to Google Sheets. Here's an example of how to use Zapier with Protexting: https://www.protexting.com/blog/2015/11/how-to-connect-protexting-zapier/ . You can also integrate Protexting with email marketing platforms like MailChimp, which would then allow to email an entire list of prospects with other houses available in the area.

JD Martin · Answer

Keeping track of maintenance schedules always seems to be the hassle for me. I use a simple spreadsheet when I'm rehabbing a unit, and paying for capital expenditures or other repairs, and that works for me, but a regular maintenance scheduling program (they may already have one) sounds useful - when filters need changing, when to call the mowing crew to start and stop for the year, landscapers, gutter cleaners, etc. I do some of this myself but don't always want to, or have time to, and I'm getting to a portfolio level that makes remembering every house more difficult.

Mike Dymski · Answer

a contractor competence radar device

Nathan Miller · Answer

I find that many of our clients are looking for more accurate property value tools. Zillow has come a long way with their zestimate's and such, but all too often it's too far off. More-or-less a reliable instant appraisal system that a 95%+ accurate would be pretty nice.

Levi T. · Answer

I built and sold 3 successful tech companies, was a CTO for two top US firms in DC as well, so let me play Devil's advocate — AppFolio and Buildium both offer reoccurring task/maintenance features for tracking such items like filters, law care, etc., however a simple operations change will fix all these issues. If you spend your life trying to operate a company at 500ft, when you should be at 30,000ft, you will always get bogged down in the operations and not the growth of the business. You should delegate that responsibility to the landscaper, handyman, tenants (filters), to know when you start cutting grass and stop, or terms of leasing where they change it or have to pay for all repairs, etc. Write a contract if you have to... that's how you spend less time managing, and more time growing.

Angie Meeker · Answer

I can set this up for you. Do you already have a texting application you use? If not, I can recommend one.

Blue Presley · Answer

@Jd Martin,

That's an interesting idea.. I worked on an events app not too long ago, and it strikes me that scheduling maintenance for a property would be the same as creating, say, a community event at a local church. Instead, the event would be "Change Air filter" and the venue would be "123 Road Dr" on "such date." The software I worked on also lets events recur at regular intervals, so you could enter one event once; set it to recur, say, every 30 days (or whatever custom period), and then you'd be able to see on an actual calendar a list of what your day, week, month, or year looked like at a glance.

Is this for rental properties? I ask because I've also worked on related listing technology for properties. Would it be beneficial to have a site where you listed properties for rent, visible to potential clients on the front end, while being able to manage the scheduled maintenance on the backend?

If I may ask, at what number does managing a portfolio start to get encumbering without such an app? Thanks!

Gordon Cuffe · Answer

It would be nice to have a text app where if I am selling a couple of properties and I get text inquiries about the properties, the text app automatically sends the person phone number to a google spreadsheet. That way as an investor selling properties, I will always have those phone numbers on my spreadsheet so when I sell properties In the future I can text these other investors back and see if they want to buy future properties.

Kris Freeberg · Answer

Great question.

What technology do you think the flipping community needs?

What technology do you think the flipping community needs?

Most Popular Reply

9 Replies