Even for one rental unit, there are affordable solutions that will cost less than the amount of time spent checking bank statements and following up with tenants. These activities can take more than 8 hours a month, which is hundreds of dollar in time. They do not consider the cost of their time to perform data entry, respond to leads, and populate documents. But, they often underestimate the value of their time and the likelihood of error. When a landlord or managers starts with rentals, they typically do not want to spend money on tools. Automate Your Rental Property Expenses Spreadsheet Property management documents such as lease contracts and applications must be stored elsewhere. While Excel and Google Sheets are great for analyzing and tracking data, this does not translate to document storage. Neither of these tools will send notifications or reminders for tasks such as lease renewals or rent collection, leaving more responsibility for the landlord or manager. While these tools are helpful for tracking, they both have shortcomings. Excel and Google Sheets are data entry tools in which the user has to input the data and manipulate it as they wish. Data will not automatically generate for you. Specific examples related to property management is the manual entry of recorded rent payments, maintenance communications, and leads that come from rental listing websites. ![]() Limitations of Excel and Google Sheets Spreadsheets With Excel, version control must be done manually by sending it back between users.Īs a landlord and manager, Google Sheets may work better than Excel if multiple people are using the spreadsheet or if you need a real-time version on any device. It keeps a running tab of all the edits made within the sheet, that way you are able to revert back and forth from one version to the next without losing any of the information. It also has sharing capability, allowing multiple people to edit a sheet at the same time and making it great for collaboration. With this shareable feature, Google Sheets does something known as version control for you. Google Sheets is a cloud-based technology, meaning it can be accessed anywhere with an internet connection. While the two are largely similar, there are some differences worth mentioning. Seeing the capabilities of Microsoft Excel, Google created their own application called Google Sheets. Benefits of Google Sheets' Template for Property Management Overall, Excel is a simple, user friendly way to organize and track rental data, a common task for landlords and managers. Today, Excel is a common feature on computers as it is included in the Microsoft Office package and hundreds of tutorials can be found online. Benefits of Excel Property Management TemplateĮxcel is a powerful tool and seems to have endless functionality, with many features used only by “power users.” It works well for generating forecasts, using previous data to predict future results. Excel makes it easy for landlords to stay on top of their daily finances for their property, while keeping an eye on the long-term value of their investment. It also makes data manipulation much simpler, allowing you to write in your own functions and create graphs and charts to demonstrate trends. We understand that you may not be ready for software to automate the process, so we included a tracking sheet at the bottom of this post to get you started.
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