| GETTING THE MOST FOR THE LEASE-TRACKING | | | | now show up on your Smartphone. |
| YOUR REAL ESTATE | | | | Some of the old lockboxes require metal contacts to |
| If you own rentals and/or investment properties, you | | | | be slid into the shackleto open the lockbox, AEII type. |
| know that you have to keep track of your portfolio, | | | | On these older units, the "supra unit" isneeded, because |
| maintenance profiles, property managers, and related | | | | the unit has the metal contact key built into the case |
| financial matters. There are a multitude of programs | | | | ofthe unit. You just insert your eKey shell of the PDA |
| for the Palm-Pilot system to keep up with lease dates, | | | | into an AEII type |
| lease expirations, and rent due dates. They will let you | | | | Keybox. Or for the newer Keyboxes, the iBox type, |
| know when to send late notices and how much the | | | | just point your Smartphoneat the iBox and hit the |
| late fees are for each rental you have in your list. Most | | | | button. Always remember, iBoxes relock after |
| of these programs will also alert you when you have a | | | | 30seconds! |
| lease that will expire within the next two months, this | | | | You can easily change your own iBox codes by |
| allows you to prepare a new lease contract or plan | | | | changing them on your handheldand transmitting them |
| the repairs and marketing for the unit. They'll even give | | | | to your lockbox when you arrive at the location. |
| you yearly totals spent on property management fees | | | | Messaging: Associations and brokers now have a |
| and maintenance fees, and bounce those amounts | | | | way to quickly and easilycommunicate with their |
| against your rents collected. This will give you an idea | | | | agents through a tool the agent uses on a dailybasis. |
| of how the property is performing. Some will even | | | | Need to change the date or time of a meeting and get |
| "conduit" to your computer when you HotSync, which | | | | the word outquickly? Messages appear on-screen. |
| allows you to create Excel spreadsheets for the data | | | | Basically, SMS, which stands for (smallmessage |
| produced. | | | | service). |
| These programs will also store information associated | | | | If you were driving through a neighborhood and found |
| with each individual property, such as who the | | | | the perfect home foryour client or yourself, wouldn't it |
| handyman is for that property, warranty company | | | | be nice to punch in some numbers andhave all the |
| contact information, insurance information, and tenant | | | | information for the property in the palm of your hand? |
| contact information. Most programs out there will allow | | | | And youmight possibly be able to obtain the lockbox |
| you to log and track the Gross Scheduled Income | | | | codes right on the spot, andview the property that |
| (GSI), Gross Operating Income (GSO), Net Operating | | | | minute. This is called productivity, either get init, or get |
| Income (NOI) and Cap Rates for each property in your | | | | ran over by it! |
| portfolio. | | | | You can search your own listings by any of the |
| A few programs that you might try, you'll have to | | | | following fields: area,price, class, status, bedrooms, |
| figure out which one is best for your current situation. | | | | bathrooms, and up to three additionalcustomizable |
| There are many more, just search around on and you | | | | fields that you can set to what ever you like or think |
| should be able to find exactly what you need for your | | | | isimportant. |
| own rental and leasing situation: | | | | There are many other services out there that will |
| Rental Manager 2.16. This program is great for | | | | assist you in being one ofthe Top sellers in your area. |
| vacation rentals! Keeping up with availability, accounts | | | | One service from will SMStext page comparisons to |
| receivable, reservations, reservations not confirmed, | | | | you when prices rise or fall in your farm area. Itused to |
| and dates of expiration. | | | | be free, but now they charge a few dollars a month to |
| Rentulator 1.01. Is a free program that allows you to | | | | monitorcertain areas. This service is also nice if you |
| enter the price of the house or condo and the percent | | | | own property and would liketo know when to either |
| you would like to earn, and the program will calculate | | | | refinance the property or maybe it's time to salethat |
| the rent you would need to collect for that situation. | | | | property. Real Estate prices usually don't move very |
| You will need to calculate total debt service and other | | | | fast unless we'rein a crash of some kind, and then of |
| factors before punching them in, but the program will | | | | course, their moving down rapidly. Butit's still nice to |
| tell you what you need with the correct amounts | | | | know what your properties are doing without having |
| plugged in. | | | | toresearch all of them each and every month. This |
| LANDLORDING | | | | way you get the reports, andyou can either go on with |
| Most properties in my portfolio I have property | | | | life, or look closer at the numbers for aparticular |
| managers that collect rent and inspect the units. On | | | | property and take whatever action you should. |
| those properties that I manage myself, when a tenant | | | | CALCULATING YOUR POTENTIAL CASH FLOW |
| calls with a problem, all I have to do is decide whether | | | | When I go out to inspect potential real estate |
| it requires the warranty company, just a quick fix by a | | | | investments, I enter all the notes for that particular |
| handyman, or if I'm in the area, I might just run by and | | | | property under that property's name and address. |
| take care of it myself. All the information is right in front | | | | Later at the hotel or on the spot, I can run the numbers |
| of me, regardless of where I am at the time of the call. | | | | with my HP-12C calculator (see below), and know if I'm |
| From experience, I can predict that whenever my | | | | looking at a positive or negative cash flow. Of course, |
| tenants call, I won't be anywhere near my PC or file | | | | you will want to take in the consideration of the |
| cabinet! Fortunately, with your Smartphone, you won't | | | | potential appreciation for that area. Some negative |
| ever have to go to your office to access your files | | | | cash flows are worth having if you will make your gain |
| again. Sounds nice, huh? | | | | in appreciation. Sometimes a small negative can be |
| Have all your important files with you 24/7, 365 a year! | | | | welcome in the face of a large appreciation factor for |
| REAL ESTATE AGENTS | | | | an area. When I get back home, there is no confusion |
| Some of these programs will track every aspect of | | | | about which property had what features and cash |
| the business of realestate. Realtors and brokers can | | | | flow. Another program that helps you compare |
| track their listings and when they expireand even | | | | properties is TriLoan, (see below), to see which |
| search the entire MLS (Multiple Listing Service) anytime | | | | property is the best investment. This program allows |
| -anywhere. The program will remember lockbox | | | | you to set four different loans or properties |
| codes and cross-reference themto the address and | | | | side-by-side for easy comparison. All in the palm of |
| location of the property. | | | | your hand. |
| You can also track real estate commissions, both | | | | REAL ESTATE CALCULATIONS |
| gross and net. You can evenset goals for closing a | | | | KK-12C, by KK Technologies Co., Ltd., is a great |
| certain number of sales per month, which you canthen | | | | program that emulates the HP-12C calculator. It even |
| compare to your actual closings at the end of each | | | | looks like the calculator on the Palm screen. If you are |
| month. Export thesefiles to your favorite spreadsheet | | | | currently using the HP-12C, then you won't need to |
| to print monthly and yearly charts ofyour progression. | | | | learn anything about this program; you'll already know |
| Now for a program that carries a monthly fee. Supra | | | | how to operate it. |
| and eKey. Found at: | | | | The HP-12C is one of the most popular RPN (Reverse |
| If you are a state licensed practicing Real Estate | | | | Polish Notation) financial calculators ever made - it's |
| Agent, you can subscribeto a service that will give you | | | | been out for a long time and is still popular mainly in the |
| access to your listings and the entire MLS. | | | | Real Estate arena. I like the fact that I always have it |
| This software allows your Smartphone to act as an | | | | with me wherever I go. There are quite a few options |
| electronic Key to give youaccess to Supra Keyboxes | | | | on the KK-12C that the normal calculator doesn't offer. |
| placed on listings. If the Keybox is the electroniciBox | | | | One nice feature is that all registers can be saved at |
| type, you can open the Keybox just by aiming your | | | | any time with unlimited sessions. This is nice for |
| Smartphones IR | | | | viewing later. |
| (infrared) port at the Keybox and tapping the send | | | | THREE OUT OF FOUR LOANS |
| button. | | | | TriLoan, by John Coogan, can be found at This |
| The software expires at the end of each day, to | | | | program allows you to compare up to four loans at |
| update the software you musteither HotSync or | | | | the same time. All you have to do is enter the loan |
| eSync your Smartphone or tap on update in the menu, | | | | amount, terms and rate, and the program does the |
| whichallows your Smartphone to go online using its' | | | | rest. |
| wireless connection and itwill update the software. The | | | | If you're looking at more than one property or loan, you |
| default will automatically log on between 12amand 6am | | | | can compare up to four on your Palm-Pilot screen. |
| and update your key for you. It automatically updates | | | | This is great for field work-there's no need to write the |
| each night andtells you who has shown the listing; date, | | | | figures down and not know if any of them are even a |
| time, name, office name and phonenumber. (If you are | | | | good deal until you can get to a PC. |
| in a location that doesn't have a digital cellularsignal, the | | | | The program allows you to save all properties under |
| software will attempt to find a connection every 30 | | | | the name you give them, and look at where you are in |
| minutesuntil it updates itself. You get the information | | | | the amortization table at any time. There are over 200 |
| you need delivered to youwithout having to drive to | | | | other options to calculate your investments down to |
| the listing to collect business cards). By thetime you | | | | the penny. These include viewing your equity, |
| wake up, all codes, lockbox activity, and your MLS will | | | | loan-to-value, expected rent, payoff, net operating |
| be updated. | | | | income, cash flow and more. |
| You will know how many other agents accessed and | | | | Both of the above programs can be used for any loan |
| showed any of yourproperties that you have listed. If | | | | calculations, I'm just giving examples on mortgage |
| someone at the office added a listing toyour MLS, it will | | | | loans. |