More and more real estate investors are ditching old-school tools like pagers and yellow books in favor of cutting-edge commercial real estate apps. It’s a shift that’s hard to fault, given that these apps bring remarkable communication, marketing, and lead management improvements.
You're in excellent company if you’ve also contemplated transitioning to this tech-driven era. In this article, we’ll review the best apps for commercial real estate, covering what they’re best for, their pros, and cons.
Commercial real estate apps are software programs designed for real estate professionals and investors involved in commercial real estate transactions and asset management.
These apps cater to various aspects of commercial real estate investing and feature tools that facilitate and simplify processes like property research, analysis, marketing, and overall commercial property management.
As noted, there are apps for nearly every aspect of real estate investing. They often fall under the following four categories:
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Now that you know what they are and the various types available, check out five of the best commercial real estate apps in the market and what they’re best for:
Are you looking for your next investment property? Loopnet is the best commercial real estate app for listings. Available as a website and a mobile app, Loopnet boasts a database of over 800,000 commercial real estate properties for sale, lease, and auction.
Moreover, each listing includes detailed data, including property address and key details such as floor plans, square footage and photos, owner details, listing broker, and tax and mortgage history. With this data, assessing a property's investment potential becomes remarkably more straightforward.
Beyond the extensive, comprehensive listings, Loopnet streamlines the search for your next investment property by providing a wide range of filters. These filters allow you to refine your search based on property type, square footage, build year, monthly lease rates, and pricing. If you only invest in specific property types, Loopnet offers the convenience of saving your search criteria, eliminating the need to set filters for subsequent searches repeatedly. Additionally, you can save and share listings directly through the app.
Once you’ve found and invested in a property, Loopnet even facilitates listing it for sale again. And thanks to its extensive user base, connecting with potential buyers should be seamless. In a nutshell, Loopnet enhances your ability to discover, evaluate, and secure your next real estate investment.
Real estate investors must stay well-informed about market dynamics because they directly impact investment profitability. So, is there an app for commercial real estate markets? CoStar is the most renowned option.
CoStar offers meticulously researched and verified commercial real estate market data, updated daily by its team of over 1,600 research professionals.
This wealth of data empowers real estate investors with deep insights into market trends, pricing dynamics, and demand, enabling them to make informed and strategic decisions. For instance, with info on market demand, a realtor or investor can seize investment opportunities when demand is low and optimize their sales during high-demand phases to maximize profitability.
Moreover, CoStar’s extensive market data enable users to mitigate risks, accurately price investment properties, and readily adapt to evolving market conditions.
Beyond its market data capabilities, the CoStar app for commercial real estate also features an expansive property listing database comprising over 5.2 million commercial properties across the US, UK, and Canada. It also offers an array of user-friendly filters to streamline property searches and access to property comps for comprehensive analysis.
Managing construction projects can be a headache, but Procore simplifies things. It’s a construction management software designed for project owners, contractors, and subcontractors. This real estate platform features project management, quality & safety control, and financial management tools, allowing real estate companies to control construction projects seamlessly and even remotely.
Procore’s project management tools centralize construction project correspondence, ensuring that everyone involved, from the field workers to stakeholders, is in the loop on what’s happening. On the other hand, the quality and safety feature allows field teams to log daily field data, enabling managers and stakeholders to identify and mitigate potential risks while tracking improvement opportunities.
Procore financial management suite enables project managers to easily log, sync, and share cost and budget data with construction project owners and stakeholders. This not only keeps everyone on tabs on the costs of a construction project, but it also streamlines payment processes. Procore’s financial management tools also enable project managers to document the financial impact of construction projects and scope changes, thus easily identifying cost-saving opportunities.
Do you deal with commercial leasing projects? Visual Lease is one of the best commercial real estate apps for you.
This web-based platform serves as a centralized hub where you can organize financial, operational, and legal lease data, thus simplifying the complexities of lease project management.
Visual Lease also offers the Lease Accounting Solution Transition (LAST) planner, a tool designed to facilitate lease accounting and ensure adherence to critical modules such as the FASB ASC 842, GASB 87 & 96, and IASB IFRS 16. By doing so, Visual Lease keeps users on the right side of the law and simplifies compliance, making it one of the most invaluable commercial property apps for commercial leasing professionals.
DealCheck is a property analysis software that caters to all real estate professionals looking to improve their real estate investing game. Established in 2015, this platform gets the hard work out of deal analysis with its property analysis tool. The tool uses intelligent algorithms to analyze key investment parameters such as listing price and rehab costs. Subsequently, it generates metrics such as cash flow and cap rate, allowing you to assess a property’s profitability in advance.
DealCheck also has a property comparison tool that facilitates side-by-side comparison, aiding in identifying real estate deals that promise the most bang for your buck. The platform even has an offer calculator to help you pinpoint the optimal price you should offer for an investment property for maximum profits.
Moreover, it’s highly versatile, accommodating analysis for all types of investment properties, from rental property, wholesale deals, and multifamily homes to Airbnb and vacation rentals.
In addition, DealCheck has a property report-generating tool, a lender directory, a portfolio management feature, and a financial analysis tool. Additionally, it extends functionality to a mobile app compatible with Android and IoS devices.
Are you still wondering which CRE app is best for you? To thrive in this dynamic industry, you should consider using a combination of the best commercial real estate apps.
The key to leveraging what these commercial property apps offer is understanding their unique features and where they best fit in your daily operations. Also, note marketing in CRE can be expensive.
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