3 underestimated real estate tools you need to up your game
Real estate is a game that’s brutal if you don’t know how to play it. Some investors are naturals, others learn from their mistakes and go on to build a successful portfolio. There’s plenty of different strategies and tools out there at your disposal. Here we list three that you’re maybe not taking advantage of, but very well should be.
- Depreciation schedule
It’s said up to 80% of investors don’t know they can increase their income through depreciation. This is hundreds of thousands of dollars that’s not in your bank account, rather, it’s going to the government through tax.
Deppro’s depreciation specialists will survey the real estate you’ve bought and get back to you with a schedule that’s got a 40-year lifespan. You probably won’t have the property for that long, but it’s long enough for you to start seeing return on your investment. Our tax depreciation services are helpful to investors in residential and commercial property. If you’re a business owner, this means you can expand, or find a larger office space, sooner!
- Property manager
These guys handle the daily tasks surrounding your properties so you don’t have to. Lots of investors also take on the role of ‘landlord’, but this doesn’t always work out well. Think of the problems that come with difficult tenants and knowing how best to set the rent.
Property managers don’t have to worry about ‘emotional investment’ like the owners of the properties do. They take a critical approach to screening tenants, how to set the rent (and adjust it), handling leases, and evicting troublemakers. You’ll find managers specialising in many areas of real estate, from commercial offices to apartments and homes.
- Investment companies
These companies are made by investors for investors. They offer support services like educational seminars and specialised searches for real estate and property managers.
Property Club is an example of an investment company that encourages support, rather than competition. Of course, real estate is a competitive game but investment companies will have your back through your journey. Property Club has exciting events like property tours, access to expos, and other events like research and education seminars. There’s a further subset of clubs that members can join when they meet certain criteria.
These three tools are often overlooked but extremely beneficial. They save investors time, money, and emotional burnout. They’ll certainly make your investment game a lot stronger.
