3 Killer Applications for Managing a Property Business
What are the best apps and technology, for property investors?
That's what we've been asked, in today's Question of the Day. And there are a handful of apps that we use on a regular basis, day-to-day, within our existing businesses and with own property portfolio.
And some of them are property specific; very niche based on specific use-cases or circumstances.
So, the three main ones, that I want to give some context around, will be applicable across multiple businesses, across multiple property strategies and across multiple types and locations of properties, as well.
So, the first one is G-Suite.
That's a tool that we use across all of our businesses and we use it for a couple of different reasons.
Document storage is fantastic, with it. It's easy to share documents with team members and other outside organisations.
And we also use it for its communications apps and a couple of other key requirements.
So, G-Suite is something that can overlay the whole business and just really make all of your communications, sharing, storage - these key elements of business - really simple and easy to manage and understand.
For us, as a business, we are paperless. We don't have a particular central office with a lot of documents. And so having everything online is really helpful.
G-Suite is fantastic for that.
For the second app, I'd recommend, is one called Scannable and that's by a company called Evernote.
Evernote has other services, as part of it but Scannable, specifically, is a scanning app that I have on my phone, with which I can scan documents.
So, as I mentioned, we are a paperless company. When we are out-and-about, if there are any documents we need to sign, any agreements or any receipts, it's really easy to scan them on the app, put them into storage and then away we go.
We don't have to worry about keeping any paper documents to hand.
Then the third app (or tool) I'd recommend is something called Xero.
Xero is accountancy software, that we use, that allows us to budget and manage our day-to-day bookkeeping, really simply, across our businesses.
The main thing, that we find valuable, with Xero, is concerning budgets and forecasting what we anticipate for the year, ahead.
Then also just to help our day-to-day awareness of where our business is at and what our current costs are and what our current income is.
Having all that in a tool like Xero, rather than a spreadsheet or a paper document just makes it very easy to run reports, very easy to change entries and really helps with our understanding of - day to day, week to week, month to month - how our business is performing.
So, they are three things that we have in our business that we've implemented over the last year or two and that we use daily, across our different businesses, across our property portfolios.
And then there are some more property-specific apps that we will mention in future videos, as well.
Hope that helps.