Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
Hello all,
My goal with my business is for it to keep running smoothly without any continuing supervision, so I am always working on creating new and better systems and processes for my business and I was thinking of creating a website to systemize some basic items.
For example, a website that will have a list of all the due diligence items from the time you start looking at the property to the point you get the property move in ready for your tenants.
Due diligence will be divided in three basic parts: Purchasing a property, Repairing a property and Renting a property.
I currently manage all these things on excel and word documents and thought it might be a good idea to have a website that can centralize everything. I was just curious if this is something other real estate investors will also find helpful?
Wholesaler · Westminster, CO · Member since 2014 · 309 posts · 104 votes
12y
I would find it very helpful. Instead of just lists it should be something interactive and intuitive. For example, instead of do A B C in order; do A before B but if C is already done then B isn't need. I am maybe not explaining my idea very well but something similar to the way you can make excel cells interact or instruct other cells, each item and each list should interact with each other.
Wholesaler · Westminster, CO · Member since 2014 · 309 posts · 104 votes
12y
I would find it very helpful. Instead of just lists it should be something interactive and intuitive. For example, instead of do A B C in order; do A before B but if C is already done then B isn't need. I am maybe not explaining my idea very well but something similar to the way you can make excel cells interact or instruct other cells, each item and each list should interact with each other.
A website will be more intuitive than an excel spreadsheet. A website will have the ability to add pictures and videos of the project. I was also thinking of adding a lease that someone can fill on the website and just print for signatures.
PM software generally covers items from the point a property is move in ready. For example, Buildium. My website idea is to systemize the processes that involve due diligence from the time you start looking at a property to the time you get it move in ready.
Can you give me some examples of CRM softwares geared towards RE investors? May be there's already one out there that I don't know of.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
12y
Originally posted by @Sharad M.:
A website will be more intuitive than an excel spreadsheet. A website will have the ability to add pictures and videos of the project. I was also thinking of adding a lease that someone can fill on the website and just print for signatures.
Rarely does anything in this business go smoothly, so flexibility is the key feature I look for in a software product. That's why I like Excel -- I can start with a template and customize a version for each project.
But, everyone is different, and if you think a website would be a better choice for you, go for it...I'd be interested in seeing what you come up with.
Real Estate Broker · Houston, TX · Member since 2013 · 187 posts · 111 votes
12y
I think it's a great idea. I've often toyed with the idea of something similar to use in-house and eventually turn into an application. It would be more geared toward transaction management for realtors and project management for investors.In a list format that you'd check off items based on some general pre-sets, which you could add to. Basically what I now do in Excel, but automated to a functional timeline.
Once completed the list would then pre-populate to a calendar and basically have user and/or system defined alerts, which could of course be modified by user. In a perfect world you'd agree to partner with the big box stores or maybe even Angie's List ( for contractors and for advertisements), to monetize the application.
Based on what task you've selected you'd receive offers for contractors, Home Depot/Lowes discounts, various coupons, etc. or you could pay a small fee and not have the ads and just use the app for transaction/project management.
Yes! Make it happen. I would be willing to contribute any checklist I have or have used in the past. If you keep it general with drop downs for users to add new fields any realtor or investor anywhere can use it.
I do BPOs for the banks and for one client there is a function where you can maintain your library of HOAs (contact information, fees, schedule, amenities paid for) you could do something similar for users to populate their individual mandates for particular locations (County permits and cost, heating type which varies by location, etc)
Thank you for your support and your offer to contribute. I will be taking you up on that offer once I decide to move forward. Your experience and contribution will be invaluable.
Wholesaler · Whippany, NJ · Member since 2009 · 412 posts · 183 votes
12y
As @J Scott mentioned, it is going to be tough because every deal/rehab/etc is going to be different. Sure you can come up with a general template on how and when everything should be accomplished but that will only serve as a guideline.
If you were to put in exceptions, if this is done, then do that. If that is done then do this...I think it will be impossible to cover most scenarios and keep the webpage simple. Keeping it simple will be the hardest part I think.
I think it can be done and if your vision is to create a SAAS product then it could be worth the effort. If you are just creating it for yourself, probably now.
Just my 2cents. Ill definitely take a look at it when you finish it up.
Investor · Baltimore, MD · Member since 2012 · 1k+ posts · 655 votes
12y
Is this something for just you or are you going to make it a paid service for others as well? If it's just for your personal use I feel like that's quite a big effort for something that can be easily accomplished using google docs.
Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
12y
@Scott Costello Thanks for your feedback. All very good points. I am in the process of gathering all the information and discussing with my web developer to see what's feasible and what's not.
@Chris K. Good question. The idea came from creating a website around the systems and processes I have created, but eventually the goal would be to make it a paid service. I have to do a cost/benefit analysis to see whether this is feasible or not.
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
12y
Have you looked to see if there are any websites out there that already do what you're wanting? We are builder/brokers. We are going to begin using Co-Construct to manage our construction projects. As brokers that belong to CAR (California Association of Realtors) we have access to Zipforms, which has all the forms for the real estate part of transactions, etc.
There are many website templates that allow you to create your own forms, or have them available for website visitors to download, etc. Also, with Adobe anything can be made into an editable form, or set up for e signatures, etc.
You probably can use what's already out there, rather than re-inventing the wheel. At the same time, many people have become wealthy finding an easier, better way to do things! Good luck.
Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
12y
@Karen Margrave Thank you for that great information. As always, very insightful.
Co-Construct appears to be geared more towards new construction, custom built and my website will be geared more towards landlords.
While I understand exactly what you mean, but I don't necessarily agree with that thought process, because if everyone thought that way than there will be no competition and monopoly for everything.
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
12y
@Sharad M. That's true to a certain extent. The question is, are you working on becoming a real estate investor, software developer, or both? Obviously there are always going to be places where programs can be improved, created, etc., and if that's your vision, go for it!