Which Tech Platform Do You Think is Missing in Real Estate?

Question

Looking forward to all of your ideas!

Benjamin Sklar · Answer

Got it, thanks Dave! I'll be sure to listen to episode #273!

Abbie Guo · Answer

Maybe Live & VR hometour.

Dave Van Horn · Answer

@Benjamin Sklar I haven't used it before but at a glance it seems like it's definitely a step in the right direction. But if you notice, even with the amount of transactions they've done there are still many areas (including some whole states) aren't able to utilize their services. The issue is it's a localized challenge since not all courthouses are online.

also not sure if I know any dev shops that focus on real estate companies only but I'm sure they're out there.

Benjamin Sklar · Answer

Really interesting Dave. If you've used it, What are your thoughts on Qualia? And do you know of a dev shop that focuses on building tech for only real estate companies?

Dave Van Horn · Answer

The easiest that comes to mind is a more deregulated MLS that's for everyone.

I get they have sites like zillow or redfin but we all know how accurate that is in comparison, thought it's getting better and better everyday.

Another one that's missing is a streamlined one stop shop for online closings, insurance, auxiliary services, etc. No one has connected all the dots, but I think in light of recent events it's likely on it's way.

Benjamin Sklar · Answer

Thanks Matt and Ryan for the feedback!

Scott Mac · Answer

Hi Matthew,

They make a booking stamp you can use: https://www.amazon.com/General-Approved-Stamp-Accounting-Self-Inking/dp/B01KZWE5KS

The Expense line should be the budget line item (by GL Account name and number) the approver wants to spend from.

Such as (5004 Unit Turns). If the approver has misclassified something like meals in a 100% write off account, and the bookeeper catches it, the CPA can over ride it, and send an email.

All the approver needs is a line item budget or a copy of the account names and numbers.

Matthew Talmadge · Answer

As a CPA, it is desirable to have a near contactless bookkeeping experience for landlords.  At this point, it seems impossible.  Each activity (property) must be recorded on the tax return; therefore, we must know what expenses, outside allocated expenses, go to which property (class expenses/revenue). As for the revenue side. We hope they write down the property on the deposit slip (images).  If a landlord has 100 properties, it seems impossible.  You say, well, have the owner write the property addy on each receipt and scan it in. Well, the landlord might have several people buying supplies and materials with different credit cards.  Maybe they buy bulk for multiple.  It’s hard to get everyone on the same page and if they do do it, it’s not consistent and you have to call anyway. Or they change employees and they do not train the new individual properly.

Does anyone here have a good system with their CPA?  What software?  What process?

Ryan Landis · Answer

@Benjamin Sklar really good bookkeeping and accounting software that ties into the property management/rental side of things (i.e. have you ever tried to use the accounting in appfolio - it is not very user friendly). The same goes with some of the other platforms out there (i.e. Cozy doesn't have the bookkeeping side).