Learning to better manage a single-family real estate business
No matter how much time you’ve spent in real estate, chances are you have logged some serious hours staring at a computer screen, trying to make numbers work on a spreadsheet and making sure you haven’t made any mistakes. If you have a team, you’re only as good as your weakest link. That means the expert home renovator that was forced kicking and screaming to enter information into a spreadsheet can delete critical formulas and throw off the entire team.
Even worse, you get all your data entered and then flip to the most important cell in your spreadsheet; the one that says how much money you’re going to make, only to get the dreaded !#VALUE. That means something is broken and it’s probably your job to fix it.
Adam and Rob, co-founders of Housefolios, know the pain too well. They made offers based on bad numbers that lost them money, broke even on properties that they thought were home runs and ultimately absorbed a full-time salaried employee whose job it was to make sure the spreadsheets were working properly. Housefolios was their solution to this problem in their own business and now they’ve made it available for a low monthly subscription to anyone in the industry who is serious about ditching the spreadsheets.
Housefolios Platform is designed to manage a single-family real estate focused business. It tackles 6 major areas that were previously done all on spreadsheets or through several different software packages that accomplish only part of the business leaving your very disconnected and not in control.
Finding deals can be a real challenge. The founding team at Housefolios believes that even in the craziest markets there are deals to be had if you can find them. The extensive property search which includes nationwide MLS, some off-market, and the ability to upload your own property lists or add any US address will take a lot of the effort out of sourcing.
The real power behind your spreadsheets is in the calculations that you know you need to be able to see, internalize and understand. Housefolios powerful analysis engine allows you to save assumptions and preferences, pull in data from various sources to help determine ARV, rent rates, renovation estimates and otherwise assist in the underwriting process. Analyzing properties in Housefolios is so quick, most people can analzye up to 10X more properties in the same amount of time.
Transaction management is another popular spreadsheet. Trying to figure out what stage your various deals are in can be a challenge. Get active statuses on every deal, countdowns to key dates and a repository for all the documents you will amass during this process is simple to manage and even easier to teach someone else to manage for you.
Once you buy a place, if your business includes renovation, easily manage renovation budgets, timelines and store all relevant documents inside Housefolios. It’s easy to see how well you estimate after a project is done and make the necessary adjustments to help your business get more and more accurate and increase your profits.
If you decide to hold properties for any amount of time and rent them, asset management can be tricky. Most contract with a property management company and wait for monthly statements. Whether you do the accounting yourself or wait to get that monthly statement, record all of your data into Housefolios and it will continue to project future revenues for you while taking into account the actual data you are entering. This can help you in understanding the best time to refinance a loan, allow you to update the ARV using comps and data and even help you know when it’s time to sell.
And when it’s time to sell, Housefolios can help with that as well. Our disposition platform with one click allows you to list properties on your own customized marketplace web site. Housefolios can also get you access to a large network of investors looking for rental properties that may be interested in purchasing your properties. All of this happens for a small fee right inside the platform.
So, are you ready to ditch the spreadsheets? Log on to housefolios.com/thinkrealty for a no-risk offer today.