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5 Reasons Using Excel Could be Killing Your Property Management Business

By Jessica Galeano

5 Reasons Using Excel Could be Killing Your Property Management Business.pngThere are a number of reasons why a business might choose to use Excel for functions like accounting, reporting and even CRM. Many of those reasons may very well have been valid, at least initially. After all, Excel is certainly user friendly and most definitely much cheaper than purchasing dedicated software. Unfortunately, the negatives almost always far outweigh the benefits. In fact, using this program may actually be placing your property management company in harm’s way.

If you are still using Excel, here are five serious reasons you should probably reconsider.

They’re prone to error

Mistakes can be costly to any business, but if you are operating a small to mid-sized property management company, one seemingly tiny error could potentially cripple your business. And if you think you’ve been extra careful, you may want to think again. One study by the University of Hawaii discovered that an incredible 88 percent of all spreadsheets contain some type of error. So, if you’re using Excel, chances are you’re sitting on a ticking time bomb.

They lack agility and flexibility

Using a spreadsheet to keep track of things like customer records may be practical when there are just one or two people managing the file. But what happens if and when your property management company begins to grow? Does it really make sense to have 10 or 15 sales reps fighting over a single database? This type of scenario also leaves the door open for inaccuracies or incompletions, which could easily mean qualified leads are allowed to slip through the cracks. Simply put, Excel can’t support growth.

They’re inefficient

Since an Excel spreadsheet cannot be updated by more than one user at a time, each individual using the sheet has to take his or her turn updating the file with whatever information they need to record. Only then can the next person have a turn. This is a slow, painstaking and incredibly frustrating process which is wildly inefficient. It’s especially impractical for time-sensitive situations.

They’re a pain to maintain

What’s a more lucrative way for your sales reps (and other employees for that matter) to be spending their time? Generating more leads? Improving customer experience? Coming up with innovative ideas to expand and grow the business? Or….manually updating spreadsheets?The fact is, if your team is wasting valuable time on manual tasks like spreadsheet maintenance, they aren’t focusing on more important, profit-generating activities.

They aren’t secure

Another reason Excel isn’t a practical solution for growing property management companies is because spreadsheets aren’t adequate at keeping data secure. That means sensitive information about your customers or employees could potentially become compromised, which could easily lead to costly lawsuits and penalties as well as reputational damage. With Excel, it’s not possible to grant only partial access. It’s all or nothing. There’s also no way to track who accesses a password protected file, so there’s no way to know if data has potentially fallen into the wrong hands.

As you can see, while Excel may seem like a viable option at first glance, when you dig deeper it becomes obvious that using spreadsheets for important business functions is not only impractical. It’s downright dangerous. Property management software addresses and overcomes all of the concerns listed above and more. It is cloud-based, scalable and completely secure.  And because it leverages automation, it dramatically improves productivity and efficiency while also reducing the risk of human error.

But don’t just take our word for it. See it in action for yourself by requesting a free product demo. Once you do, you’ll be ready to say goodbye to Excel forever (and watch your property management company achieve bigger and better things as a result.)

Tagged Business Growth, Productivity, Property Management, Tips

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