Curious to know

12 Replies

Hello everyone, 

I have been doing some research on assisting investors as I do Real Estate Agents. 

I'm curious to know, what are some tedious tasks that you're currently doing, that you wish to have automated to give yourself more time to work? 

Would love to hear your thoughts, maybe I can shoot some pointers out for softwares you can use to delagate those tasks! 

Look forward to hearing your answers! 

Thanks

- Darlynn 

I'd say for most, it would be accounting, timing on collections or accounts receivables that tie to notices of rents due.

What the techies refuse to understand is that real estate is not a series of 1's and 0's, you can not quantify judgment, intuition, intrinsic aspects of value or possible potential as you might with some widget like a car meeting popular demands. Real estate is immovable, unique and assessments require knowledge and experience, you can't put that in software.

Only repetitious functions can be made easier with a computer, while that may include statistical forecasting, it can not make an informed buy or sell or lease decision for a particular parcel or improvement.

While the geeks may be able to design something that can fix my breakfast, they can not solve my outlook or assessments of real estate.

I have gotten requests from others trying to find a silver bullet with software development, the issue is that they do not understand real estate. When you have unknown unknowns, you can not assess or quantify variables that may or may not be applicable, not until we have intelligent software that can think like we do. It might be one the way, but it ain't here yet.

Everything else will simply be files, storage, manipulations and formulas which aren't really rocket science.

So, as to your question, what aspect of administration of real estate which is similar to other businesses are you interested in? We already have accounting programs, inventory control, sales forecasting, population trends and construction management, what area is there that can be reduced to be defined by 1's and 0's?   :)

Originally posted by @Bill Gulley :

I'd say for most, it would be accounting, timing on collections or accounts receivables that tie to notices of rents due.

What the techies refuse to understand is that real estate is not a series of 1's and 0's, you can not quantify judgment, intuition, intrinsic aspects of value or possible potential as you might with some widget like a car meeting popular demands. Real estate is immovable, unique and assessments require knowledge and experience, you can't put that in software.

Only repetitious functions can be made easier with a computer, while that may include statistical forecasting, it can not make an informed buy or sell or lease decision for a particular parcel or improvement.

While the geeks may be able to design something that can fix my breakfast, they can not solve my outlook or assessments of real estate.

I have gotten requests from others trying to find a silver bullet with software development, the issue is that they do not understand real estate. When you have unknown unknowns, you can not assess or quantify variables that may or may not be applicable, not until we have intelligent software that can think like we do. It might be one the way, but it ain't here yet.

Everything else will simply be files, storage, manipulations and formulas which aren't really rocket science.

So, as to your question, what aspect of administration of real estate which is similar to other businesses are you interested in? We already have accounting programs, inventory control, sales forecasting, population trends and construction management, what area is there that can be reduced to be defined by 1's and 0's?   :)

 Hi Bill 

Thanks for all the info! I appreciate the details, much appreciated since I am very new to investing. 

I guess, I wasn't specific enough. 

Your last paragraph would be more relevant to my question. 

What softwares do investors use for administrative tasks or other algorithms used to help your work flow?

By no means was I curious to know how to replace the human touch of investing with a software. :) 

Thanks again

- Darlynn 

That's a great question that I've also been thinking as a newbie. @Darlynn Bailey 

I'm sure an Excel spreadsheet program is somewhere in the mix. I'm curious to know!

Originally posted by @Jeffrey Townsend :

That's a great question that I've also been thinking as a newbie. @Darlynn Bailey 

I'm sure an Excel spreadsheet program is somewhere in the mix. I'm curious to know!

 Yes! Excel is good for EVERYTHING! lol 

As soon as I find out more, I will def keep you posted. :) 

In my previous job in hospital management I used Microsoft Office: Excel, Power Point, Access, and Word. I also had secretarial support and IT department support. Now, the only software programs I use for my residential rental property business are MS Word, Quicken and iPhoto. My husband is my IT support for when the internet connection, computer or fax machine act up. I hire the services of professionals for tax preparation and legal. I see it as a matter of scale. We only own and manage 15 units. If we were big business, I would hire the skills of others who could provide me with the data I needed. Some software programs have more bells and whistles than necessary and the learning curve on some of them is more than I'm willing to suffer through. :-)  I also hate to feed the kitty to upgrade to the newest versions. My skills are better utilized in the interpersonal aspects of this business and in using the minimum tools necessary to get the job done. Also, tedious tasks aren't so tedious when you can be listening to BP podcasts at the same time!

Keeping track of the financials.  My job has me busy enough.  Adding the books to my workload sucks.

I am glad I read through some of the forums on this Topic before I asked the same question @Darlynn Bailey. Its good to know what tasks people do need help automating. I was in Real Estate for about 5 years doing Field Service work, but ended up starting a company that Automates Business Processes for Real Estate Companies and Field Servicers. This was mainly because when we did start scaling up our business it was difficult to keep track of all the properties and the bits of important information concerning each. If anyone wants to find out about our service let me know. Our Website is: http://paradigmrpa.com//

Originally posted by @Jeffrey Townsend :

That's a great question that I've also been thinking as a newbie. @Darlynn Bailey 

I'm sure an Excel spreadsheet program is somewhere in the mix. I'm curious to know!

 I will keep you posted, so far its the Excel sheet that I'm hearing over and over lol

Originally posted by @Aaron McKeehan :

I am glad I read through some of the forums on this Topic before I asked the same question @Darlynn Bailey. Its good to know what tasks people do need help automating. I was in Real Estate for about 5 years doing Field Service work, but ended up starting a company that Automates Business Processes for Real Estate Companies and Field Servicers. This was mainly because when we did start scaling up our business it was difficult to keep track of all the properties and the bits of important information concerning each. If anyone wants to find out about our service let me know. Our Website is: http://paradigmrpa.com//

Hi Aaron, 

I looked at your website and I do like it! Very much impressed! Yes, to have something similar for Investors would be ideal, although, I feel like it could be used for investors.

Originally posted by @Bryan N. :

Keeping track of the financials.  My job has me busy enough.  Adding the books to my workload sucks.

 Thank You, 

Is this something that is outsourced at times? Or do you outsource this?

Originally posted by @Marcia Maynard :

In my previous job in hospital management I used Microsoft Office: Excel, Power Point, Access, and Word. I also had secretarial support and IT department support. Now, the only software programs I use for my residential rental property business are MS Word, Quicken and iPhoto. My husband is my IT support for when the internet connection, computer or fax machine act up. I hire the services of professionals for tax preparation and legal. I see it as a matter of scale. We only own and manage 15 units. If we were big business, I would hire the skills of others who could provide me with the data I needed. Some software programs have more bells and whistles than necessary and the learning curve on some of them is more than I'm willing to suffer through. :-)  I also hate to feed the kitty to upgrade to the newest versions. My skills are better utilized in the interpersonal aspects of this business and in using the minimum tools necessary to get the job done. Also, tedious tasks aren't so tedious when you can be listening to BP podcasts at the same time!

 Hi Marcia, 

Thanks for your message and explanation. This would be something I actually excel in, the techy stuff. Would love to chat with you to pick up any tedious tasks you have in exchange to learn more or if offer commission base. 

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