If you are a real estate investor, broker or agent, if you have reached that point where you want to get serious about real estate investing and have finally decided that you want to purchase a real estate investment software solution to run a cash flow. analysis for you, then this article is for you.

I hope I can tell you what to expect, what to avoid, and what to look for as you browse through the various real estate investment software solutions offered online. Having been in your situation countless times during my thirty years as a real estate professional, I know.

In the beginning, of course, “simple” agents like myself who wanted to sell rental properties had to rely on cash flow analysis presentations created by rental property specialists; those guys who understood the calculations and had the investment software to present those dynamic reports. But I must say that it was like tinkering with a “secret world” limited to a few who had this knowledge and certainly not in any way accessible to the rest of us like you and me.

Then came computers and MS Excel and almost overnight “secrets” once held by a select few were exposed to people like me. Almost instantly, every calculation, rate of return, and measure of rental property profitability presented by the demigods of multi-family housing could be mimicked exactly within cash flow analysis reports as eloquent as yours. It was a magical moment.

As a result, computer in hand, I purchased not one but two real estate investment software solutions available online (and paid a lot of money by the way).

The first solution was developed by a broker with a CCIM designation as a spreadsheet that did the calculations for cash flow and rates of return and created a handful of reports. The problem for me was that the trading software lacked a user-friendly interface and produced lackluster reports. In fact, I found the program in general to be too bland and uninspired for my liking, so I bought the second solution.

This was a standalone software program far superior to the first in that it provided a valuable user interface with much more calculations and much better quality reports. However, in this case, I found the software too “heavy” for practical use. That is to say, in addition to its high cost (about $500), it was overloaded with things that it did not need that made it difficult to access and use the software; let alone an easy-to-use cash flow analysis program that I felt comfortable using maybe on a day-to-day basis.

Subsequently, I developed my own real estate investment software to get the results I wanted and haven’t looked back since. Along the way though, I did learn a thing or two about trading software and that’s what I’d like to share with you; my top five tips for making the right selection.

1. Determine your goal – What do you want the software to do? If you plan to work with investment properties only casually, you may not need a program that includes tax shelter calculations (so why pay for it); Similarly, if you plan to commit more than casually to income properties, definitely consider a program that figures taxes into your cash flow analysis (expect to pay a bit more).

2. Determine your purpose: Are you just looking to do a cash flow analysis (ie for an investment decision) or do you also plan to market the property? Look for real estate investment software solutions that offer options.

3. Friendly User Interface – You don’t want to struggle with real estate investment software. Look for solutions that provide easy-to-use forms and toolbars. Here’s a hint: Examine the website. Is it well organized, creative, informative, unobtrusive and easy to navigate? Remember, the same company that offers the program also publishes the website.

4. Style: It’s not nice to use mediocre investment software (as I found out). Check out the screenshots and reports to make sure you’re happy with the style, professionalism, and quality. Again, watch the website for additional clues and information on what to expect.

5. Cost – Real estate investment software can range from $100 to $500, depending on its features. But cheaper is not necessarily better and too expensive is not necessarily the best option (as I found out). So look for investment software priced somewhere in that range.