Using Spreadsheets vs. Property Management Software

Why Should You Use Property Management Software Over a Spreadsheet?

Every business needs to gather, manage, store, and analyze its numbers. Keeping data organized is one of the most fundamental tasks to keep a company running, and modern technology has made everything easier. In the past few decades, spreadsheet programs like Microsoft Excel have been the most used platforms for keeping information, especially things like finances, in order. However, they’re not the best at the job in most cases. 

This is especially true in industries like property management. The tasks involved require more than just processing numbers: there’s marketing, tenant management, payments, and so much more to incorporate. At ExactEstate, we want to share why using dedicated software will be an immense upgrade to your regular property management spreadsheet. 

Spreadsheets Are Old and Limited

There’s been a steady decrease in the number of companies using MS Excel, the most popular spreadsheet program in the world. In 2018, 63% of U.S. businesses reported using Excel as an accounting and budgeting tool, a drop from 69% in 2017. 2019 brought an even greater drop to 54%. Why is that? 

• Error-Prone Data Entry: Most spreadsheet programs still require manual data entry, which is prone to human error. So if you’re adding or manipulating formulas and make one mistake, it might cost the company — or you!

• Not as Scalable: Small investors or landlords with a few properties in their portfolio will have no trouble processing data. But larger companies will have trouble configuring, managing, and visualizing large amounts of information. Keep in mind that each Excel sheet only has 1,048,576 rows. It may seem like an already large number, but you’d be surprised at how quickly you’ll reach this limit. What happens then? 

• Not Easy To Learn: While Excel and Google Sheets are capable of highly complex formulas, only specialists can actually create and execute them correctly. Many property managers and staff don’t have the knowledge and experience necessary to utilize these programs to their full potential — and learning them takes valuable time. 

Why a Dedicated Property Management Software Is Better  

If you’re a big rental company managing more than ten properties at a time, then a dedicated program like ExactEstate is the more practical choice. Here are a few things you’ll find in our software that you won’t see from Excel or Google Sheets.

Features Made for Property Management

Your run-of-the-mill spreadsheet program is made for general use. It’s a blank slate that you’ll need to customize based on your workflow and management needs. To use them properly, you’ll need to hire a Google Sheets specialist or purchase property management templates in Excel. But property management software has all the essentials and more built directly into the program. 

From tenant tracking to online leasing, there are many features in the platform that are solely curated for the industry. These have also been polished for ease of use, whether it’s the staff or the owner utilizing them. And since almost half of landlords manage their properties, these features become even more essential.

Customizable Programs and Workflows

If you want something that’s fully tailored to your needs or a program with only a few tweaks, ExactEstate can personalize your workflow per your specifications. You can easily streamline applications and complete tasks without having to decipher a complex, unintuitive process. The ExactEstate dashboard is also customizable, so you can keep a close eye on the most important things for your company — all at a glance.

Accurate and Faster Reporting

Generating, modifying, and presenting reports are so much easier with property management software like ExactEstate. Our program is capable of dynamic reporting, which allows you to omit certain columns when gathering data. Users will also have access to more than 40 predefined detailed reports, allowing you to get the data you need without having to manually find them.

Aside from those, you can get automated daily reports. The program can generate data for vital information and send them to an email list, allowing all relevant parties to keep tabs on what’s happening to the properties every day.

Resident Portal

If there’s one feature that makes dedicated property management software a cut above your regular spreadsheets, it would be the resident portal. Having a resident portal where tenants can perform important tasks brings you convenience and increases their overall satisfaction. Your tenants can request work orders, communicate with landlords, and even make online payments.

Online Payments 

ExactEstate has partnered with Swipe4Free to help you collect rent effortlessly. With our software, rent generation is made so much easier. Tenants can pay with credit, debit, and Automated Clearing House (ACH) through the resident portal. 

We us, you won’t have to pay add-on processing fees. You get to keep 100% of your profits! You also don’t have to worry about security, since everything is encrypted end to end. Now that’s something you won’t see on your spreadsheets!

Improved Security

Speaking of secure online payments — it’s not the only thing that property management software can protect. The ExactEstate system follows the latest standards to keep you and your tenant’s data safe, especially information that’s in the cloud. Our databases are also highly secured and managed properly to reduce risks. Finally, we perform regular daily backups. If something happens, you can easily restore your information. 

Marketing Integrations

Part of property management is finding leads that will eventually become tenants. But that task will involve a lot of manual entry, especially if you’re using third-party services for marketing or ad campaigns. Using a spreadsheet can become tedious. 

Thankfully, ExactEstate and similar software include marketing integrations where you can keep track of your leads and the numbers. Our company has teamed up with RentPath and used Apartments.com so you can store all your leads in one central database. You can track, contact, and convert leads all in one program. That’s a level of efficiency no spreadsheet can replicate.

Customer Support Is Second to None

While Microsoft Customer Support and Google Helplines are available, it’s difficult to get a hold of someone who can help with your Sheets or Excel problems. Time is of the essence in property management. Thankfully, ExactEstate has full phone and email support services. So whenever you need guidance about the software, someone is ready to help. They’ll know what issues you’re facing and provide the solutions to get you back on track immediately.

The Bottom Line

A spreadsheet may be working for you now, but as you grow your portfolio, you’ll start to realize its many drawbacks. Consider upgrading your property management spreadsheet into dedicated software. Not only will you gain improved functionalities, but you’ll also access many other features that make your workflow and tasks a breeze. 

Ready to see ExactEstate works? Request a demo today!