There are many ways to manage your income properties nowadays. The manual method (paper), the accounting software, the Office suite, software specialized in real estate, etc. Many use Excel to do their real estate accounting and some other real estate management cycle tasks, which is a step in the right direction, since users are taking advantage of the technology to a certain extent.
On the other hand, if we compare this method to other possibilities, it is certain that it does not allow us to do everything. In fact, there are very few advantages compared to for example a software specialized in property management with integrated accounting as Proprio Expert or Proprio Expert Web.
Here are 3 points that are not possible in the use of Excel, which can slow you down and take up a lot of time for the really important tasks, those that bring value (search for deals for example):
1-Complete Management and Printing of Leases: Not being able to store leases or print leases from the tool we use for our property management can be a huge waste of time and energy if we compile all whenever we need to look for a lease for information or proceed with the completion of a lease. Each search or lease completion can take us up to 20-30 minutes each if we manage them in paper version while in electronic version, everything is filled and found in less than 5 minutes.
2-Printing and Adjustment of Financial and Descriptive Reports: Having more than a hundred reports such as fact sheets, financial statements, deposit slips, parking lists, list of vacant apartments, etc. . is very useful in many situations. We have to fill it all out manually if we want to produce the same kind of results in Excel with the same kinds of included information. This can take hours and there is a high risk of formula errors. In addition, using software to produce such reports allows us to choose what will be included in these reports and even export them to Excel, Word or PDF.
3-Production and sending letters and notices: One of the most important tasks in the life of a property manager, sending letters and notices, should not be underestimated and it is for this reason we need to have a system that allows us to automatically fill out letters with appropriate templates and even send those letters by email from the same system. This kind of automated operations is what makes the difference at the end of a year in terms of time, energy and money that translate into opportunities to have more time to do value-added tasks, or for more free time.
It is obvious that a manager must find ways to be more efficient, either by delegating tasks, or by hiring specialized people for specific tasks or by adopting systems that can enable them to achieve a better result, in less time, which is the case when one passes from a home or manual method such as Excel to a software specialized in management of income buildings such as Proprio Expert or Proprio Expert Web.
It’s a smart investment that can give you a competitive advantage in a very competitive area where you’re talking about details.