March 05, 2019
Why You Need More Than Excel For Property Management
Excel is the go-to tool for spreadsheets, and many businesses use it for planning budgets, business analysis, reporting and operations management. It’s great for running calculations and one-off what-if projections. But when it comes to property management, it might not be the best tool for the job. And here’s why…
Excel Isn’t Proactive
While you might have a list of all lease renewals in a spreadsheet, Excel won’t be pinging you with any reminders and alerts. Property management software, on the other hand, is designed to be proactive, and can be set up to send email or SMS notifications, so that nothing slips through the cracks.
Excel Doesn’t Scale
Sure, you can track your leases in Excel, but as your company grows, it becomes almost impossible to keep tabs on renewals. Over time (and as your business continues to expand) a spreadsheet becomes less and less capable of generating the reports and information that’s required per building and across your portfolio.
Excel isn’t Great for Teamwork
While it is possible for multiple people to work on a spreadsheet at the same time, Excel wasn’t designed as a tool for collaboration. Choosing a property management software solution means that you can set permission levels, and give people access to and the ability to update the information they need.
Excel Is Error-Prone
Even for the most experienced Excel user, adding fields, copying formulas and data values can break pre-set functions. And, it becomes a headache to track down where your formula took a turn for the worst. With property management software, much of the data can be auto-populated, for instance and original lead can be converted into an application and once approved, generate leases and welcome packages. Less human intervention means fewer errors.
Excel Isn’t a Document Management System
Excel simply wasn’t intended to be a digital storage repository. Document storage has to be organized to discover what you need, while maintaining high security and full compliance to keep it safe and reliable. Property management software enables centralization of data and has built in customizable fields that make searching for items a breeze.
Excel and Security
Property management solutions that are web-based means that you don’t need to store massive amounts of data on your own servers. Instead, you simply log in and all the information is at hand. So, it’s less vulnerable to security breaches or data storage shortages. And, because it’s web-based you can log in on any device, including a smartphone. More importantly, any updates are the responsibility of the solution provider, and are therefore automatically applied, freeing up time for management to focus on more business critical tasks instead of technology issues. It’s also easy to share any document with a simple click with a permissions tool. This keeps documents in your control and eliminates the security risks of downloading files to your computer and sending them as attachments via email.
Excel Isn’t Graphically Intuitive
While you can add charts and some basic data visualization graphics to Excel, it’s still pretty basic. Property management software, like Property Vista’s, features intuitive, at-a-glance reports and dashboards. A more intuitive dashboard means it’s easier to keep tabs on important KPIs and instantly understand key information.
How Property Vista Helps
Property Vista offers a suite of powerful property management tools that link and share information to one another, just as you do with your staff in everyday workflows. Web-based and simple to use, Property Vista’s robust suite of tools reduce vacancies, cut risk and increase cash flow, giving you everything you need to build opportunities and accelerate growth. See pricing and get a demo.