| GETTING THE MOST FOR THE LEASE-TRACKING | | | | at the iBox and hit the button. Always remember, |
| YOUR REAL ESTATEIf you own rentals and/or | | | | iBoxes relock after 30 |
| investment properties, you know that you have to | | | | seconds!You can easily change your own iBox codes |
| keep track of your portfolio, maintenance profiles, | | | | by changing them on your handheld |
| property managers, and related financial matters. | | | | and transmitting them to your lockbox when you |
| There are a multitude of programs for the Palm-Pilot | | | | arrive at the location.Messaging: Associations and |
| system to keep up with lease dates, lease | | | | brokers now have a way to quickly and easily |
| expirations, and rent due dates. They will let you | | | | communicate with their agents through a tool the |
| know when to send late notices and how much the | | | | agent uses on a daily |
| late fees are for each rental you have in your list. | | | | basis. Need to change the date or time of a meeting |
| Most of these programs will also alert you when you | | | | and get the word out |
| have a lease that will expire within the next two | | | | quickly? Messages appear on-screen. Basically, SMS, |
| months, this allows you to prepare a new lease | | | | which stands for (small |
| contract or plan the repairs and marketing for the | | | | message service).If you were driving through a |
| unit. They'll even give you yearly totals spent on | | | | neighborhood and found the perfect home for |
| property management fees and maintenance fees, | | | | your client or yourself, wouldn't it be nice to punch in |
| and bounce those amounts against your rents | | | | some numbers and |
| collected. This will give you an idea of how the | | | | have all the information for the property in the palm |
| property is performing. Some will even "conduit" to | | | | of your hand? And you |
| your computer when you HotSync, which allows you | | | | might possibly be able to obtain the lockbox codes |
| to create Excel spreadsheets for the data | | | | right on the spot, and |
| produced.These programs will also store information | | | | view the property that minute. This is called |
| associated with each individual property, such as who | | | | productivity, either get in |
| the handyman is for that property, warranty | | | | it, or get ran over by it!You can search your own |
| company contact information, insurance information, | | | | listings by any of the following fields: area, |
| and tenant contact information. Most programs out | | | | price, class, status, bedrooms, bathrooms, and up to |
| there will allow you to log and track the Gross | | | | three additional |
| Scheduled Income (GSI), Gross Operating Income | | | | customizable fields that you can set to what ever |
| (GSO), Net Operating Income (NOI) and Cap Rates | | | | you like or think is |
| for each property in your portfolio.A few programs | | | | important.There are many other services out there |
| that you might try, you'll have to figure out which | | | | that will assist you in being one of |
| one is best for your current situation. There are | | | | the Top sellers in your area. One service from will |
| many more, just search around on and you should be | | | | SMS |
| able to find exactly what you need for your own | | | | text page comparisons to you when prices rise or |
| rental and leasing situation:Rental Manager 2.16. This | | | | fall in your farm area. It |
| program is great for vacation rentals! Keeping up with | | | | used to be free, but now they charge a few dollars |
| availability, accounts receivable, reservations, | | | | a month to monitor |
| reservations not confirmed, and dates of | | | | certain areas. This service is also nice if you own |
| expiration.Rentulator 1.01. Is a free program that | | | | property and would like |
| allows you to enter the price of the house or condo | | | | to know when to either refinance the property or |
| and the percent you would like to earn, and the | | | | maybe it's time to sale |
| program will calculate the rent you would need to | | | | that property. Real Estate prices usually don't move |
| collect for that situation. You will need to calculate | | | | very fast unless we're |
| total debt service and other factors before punching | | | | in a crash of some kind, and then of course, their |
| them in, but the program will tell you what you need | | | | moving down rapidly. But |
| with the correct amounts plugged | | | | it's still nice to know what your properties are doing |
| in.LANDLORDINGMost properties in my portfolio I | | | | without having to |
| have property managers that collect rent and inspect | | | | research all of them each and every month. This |
| the units. On those properties that I manage myself, | | | | way you get the reports, and |
| when a tenant calls with a problem, all I have to do is | | | | you can either go on with life, or look closer at the |
| decide whether it requires the warranty company, | | | | numbers for a |
| just a quick fix by a handyman, or if I'm in the area, I | | | | particular property and take whatever action you |
| might just run by and take care of it myself. All the | | | | should.CALCULATING YOUR POTENTIAL CASH |
| information is right in front of me, regardless of | | | | FLOWWhen I go out to inspect potential real estate |
| where I am at the time of the call. | | | | investments, I enter all the notes for that particular |
| From experience, I can predict that whenever my | | | | property under that property's name and address. |
| tenants call, I won't be anywhere near my PC or file | | | | Later at the hotel or on the spot, I can run the |
| cabinet! Fortunately, with your Smartphone, you | | | | numbers with my HP-12C calculator (see below), and |
| won't ever have to go to your office to access your | | | | know if I'm looking at a positive or negative cash |
| files again. Sounds nice, huh?Have all your important | | | | flow. Of course, you will want to take in the |
| files with you 24/7, 365 a year!REAL ESTATE | | | | consideration of the potential appreciation for that |
| AGENTSSome of these programs will track every | | | | area. Some negative cash flows are worth having if |
| aspect of the business of real | | | | you will make your gain in appreciation. Sometimes a |
| estate. Realtors and brokers can track their listings | | | | small negative can be welcome in the face of a large |
| and when they expire | | | | appreciation factor for an area. When I get back |
| and even search the entire MLS (Multiple Listing | | | | home, there is no confusion about which property |
| Service) anytime - | | | | had what features and cash flow. Another program |
| anywhere. The program will remember lockbox | | | | that helps you compare properties is TriLoan, (see |
| codes and cross-reference them | | | | below), to see which property is the best |
| to the address and location of the property.You can | | | | investment. This program allows you to set four |
| also track real estate commissions, both gross and | | | | different loans or properties side-by-side for easy |
| net. You can even | | | | comparison. All in the palm of your hand.REAL |
| set goals for closing a certain number of sales per | | | | ESTATE CALCULATIONSKK-12C, by KK |
| month, which you can | | | | Technologies Co., Ltd., is a great program that |
| then compare to your actual closings at the end of | | | | emulates the HP-12C calculator. It even looks like the |
| each month. Export these | | | | calculator on the Palm screen. If you are currently |
| files to your favorite spreadsheet to print monthly | | | | using the HP-12C, then you won't need to learn |
| and yearly charts of | | | | anything about this program; you'll already know how |
| your progression.Now for a program that carries a | | | | to operate it. |
| monthly fee. Supra and eKey. Found at: | | | | The HP-12C is one of the most popular RPN |
| you are a state licensed practicing Real Estate | | | | (Reverse Polish Notation) financial calculators ever |
| Agent, you can subscribe | | | | made - it's been out for a long time and is still popular |
| to a service that will give you access to your listings | | | | mainly in the Real Estate arena. I like the fact that I |
| and the entire MLS. | | | | always have it with me wherever I go. There are |
| This software allows your Smartphone to act as an | | | | quite a few options on the KK-12C that the normal |
| electronic Key to give you | | | | calculator doesn't offer. One nice feature is that all |
| access to Supra Keyboxes placed on listings. If the | | | | registers can be saved at any time with unlimited |
| Keybox is the electronic | | | | sessions. This is nice for viewing later.THREE OUT OF |
| iBox type, you can open the Keybox just by aiming | | | | FOUR LOANSTriLoan, by John Coogan, can be found |
| your Smartphones IR | | | | at This program allows you to compare up to four |
| (infrared) port at the Keybox and tapping the send | | | | loans at the same time. All you have to do is enter |
| button.The software expires at the end of each day, | | | | the loan amount, terms and rate, and the program |
| to update the software you must | | | | does the rest.If you're looking at more than one |
| either HotSync or eSync your Smartphone or tap on | | | | property or loan, you can compare up to four on |
| update in the menu, which | | | | your Palm-Pilot screen. This is great for field |
| allows your Smartphone to go online using its' | | | | work-there's no need to write the figures down and |
| wireless connection and it | | | | not know if any of them are even a good deal until |
| will update the software. The default will | | | | you can get to a PC.The program allows you to save |
| automatically log on between 12am | | | | all properties under the name you give them, and |
| and 6am and update your key for you. It | | | | look at where you are in the amortization table at |
| automatically updates each night and | | | | any time. There are over 200 other options to |
| tells you who has shown the listing; date, time, | | | | calculate your investments down to the penny. |
| name, office name and phone | | | | These include viewing your equity, loan-to-value, |
| number. (If you are in a location that doesn't have a | | | | expected rent, payoff, net operating income, cash |
| digital cellular | | | | flow and more. |
| signal, the software will attempt to find a connection | | | | Both of the above programs can be used for any |
| every 30 minutes | | | | loan calculations, I'm just giving examples on |
| until it updates itself. You get the information you | | | | mortgage loans.Find anything in your portfolio in |
| need delivered to you | | | | seconds, anywhere - anytime, send an email with |
| without having to drive to the listing to collect | | | | "ebook" in the subject to receive a free version of |
| business cards). By the | | | | the ebook at: Robert Lett. April 2005Robert Lett |
| time you wake up, all codes, lockbox activity, and | | | | me ask you a question: How much is your computer |
| your MLS will be updated. | | | | worth when you or your employees are sitting in |
| You will know how many other agents accessed | | | | front of it? Now, how much is that same computer |
| and showed any of your | | | | worth when you or your employees aren't sitting in |
| properties that you have listed. If someone at the | | | | front of it?When you're out of the office and that |
| office added a listing to | | | | potiential client calls, do you have to tell them that |
| your MLS, it will now show up on your | | | | you will get in touch with them when you return to |
| Smartphone.Some of the old lockboxes require metal | | | | the office? Is that potiential client calling your |
| contacts to be slid into the shackle | | | | competition in the mean time to see if they get a |
| to open the lockbox, AEII type. On these older | | | | better response? What if you could have all your |
| units, the "supra unit" is | | | | important files with you 24 hours a day, 7 days a |
| needed, because the unit has the metal contact key | | | | week? Hanging on your belt or sitting in your purse, |
| built into the case of | | | | and it wouldn't weigh too much more than the cell |
| the unit. You just insert your eKey shell of the PDA | | | | phone you are currently carrying.Order now at the |
| into an AEII type | | | | discounted price for reading this article at a free copy |
| Keybox. Or for the newer Keyboxes, the iBox type, | | | | of our ebook, email a blank email to: Want more |
| just point your Smartphone | | | | information? |