Just Say No … to Property Management by Spreadsheet
In this high-tech age, you might find it surprising that property management is commonly done manually, using tools such as Excel spreadsheets. In fact, 53% of apartment complex property managers surveyed by Software Advice use manual methods to manage their properties versus 33% who use property management software.
As you continue to grow your portfolio, your spreadsheet grows as well — making it increasingly difficult to manage and less useful. For example:
- As you add more data, spreadsheets become increasingly complex, and manually updating them becomes more time consuming and prone to errors.
- Spreadsheets are a cumbersome way to track critical property management areas such as leases, maintenance, and resident communications or to perform accounting tasks such as generating financial statements.
- Relying on spreadsheets as your main property management tracking system often requires duplicate data entry and multiple steps to perform a single task. For example, you might enter a rent payment or repair expense in a spreadsheet, post it in your bookkeeping system, then also generate a rent receipt or file an invoice.
- Security is weak and, depending on the spreadsheet’s complexity (for example, formulas used), it may be difficult for someone other than the spreadsheet’s main user to work with.
Your investor clients don’t want to spend hours wrangling spreadsheet data, and neither do their property management providers.
The Management One difference
When Management One manages your clients’ properties, you can rest assured our efficient, automated M1software system — not spreadsheets — is tracking every aspect of property management for them.
Our property M1software consists of integrated modules for accounting, leasing, marketing, and maintenance. The software was built “in the trenches” from the property management perspective, so it provides exactly the right tools and processes for the best property management experience. And we continue to enhance our M1software, providing regular updates to ensure that it keeps up with technological advances and provides the functionality property owners and residents require.
Spreadsheet software has been around for well over 30 years — and it’s still useful for certain tasks. But for property management, you’re better off ditching the spreadsheets. Move to a reputable property management firm whose system will make property management a seamless, pleasant experience for your clients and residents.