The big question in this post is: can I use a spreadsheet to manage rental properties? I will be lying if I demonize spreadsheet management, but I will not be sincere if I say that this type of management is effective. I will not underestimate the spreadsheet because I understand that, at some point, whatever your business, it can be useful. In the context of property rental management, it helps a lot. However, we will agree that once your business starts to grow, it becomes unviable for several reasons. And when those reasons come up, it's time to enter a rental management system. The considerations that I will bring are with the intention of showing when the worksheets no longer serve. However, if you still don't feel ready to turn your business into a digital real estate company, rest assured, because spreadsheets will probably work the same way they always have. If you want to test to see if using a spreadsheet for rental management still works for your business, I'll leave one at the end of the post.

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Saving time is not part of the life of those who use spreadsheets

If you have a lot of contracts, real estate and leads and you use spreadsheets to manage it all, I have some bad news for you: you or your team are wasting a lot of time on this. However, it all depends on your context and the maturity of your business. Especially if you are starting now with the rental business. As I said above, at the beginning of the business it is natural to use spreadsheets, because in addition to being free, they will serve your purposes, up to a certain time. If you are in the dilemma of wasting time with this type of rental management, I have a solution. It is called: system for managing rental contracts. With a rental management system you can organize this efficiently and quickly. Imagine the possibility of being able to make a contract, issue charges and make transfers within a single platform.Real estate CRM, then you will have ALL your customer's life within a single system. If you have a rental team within your real estate company that does these manual processes, your team can focus on other things. This is thanks to the time savings that the system provides.

Efficient financial control ≠ spreadsheet for property rental management

As I said above, everything depends on the maturity of your real estate. And even so, if you have 2 contracts, it is already worth investing in a system. Using a system, in addition to further streamlining the financial process, is much more organized and secure. Of course, here I am talking about systems that centralize all these actions within it. If you have a system that requires time and the need to use several other platforms to generate a simple charge, receive and transfer, it is equal to the use of spreadsheets. Controlling payments and transfers through a spreadsheet can be tiring and the chances of something going wrong are huge. Here also arises the difficulty of controlling delinquency, as the payment information of your customers may be lost. This is because, in addition to the use of spreadsheets, you will have to deploy these processes on several other platforms. With a system it is possible to monitor in real time the default of your portfolio.

Fintech: An ally to the control of defaults and collections

In case you must be wondering what the hell is fintech, I will explain what it is and how it can help you within a rental management system ... Fintechs are companies / startups that offer a financial solution in a digital and less bureaucratic way. The fintechs today has a very important role in the digitization of financial processes for the housing market. They help to:

<![if !supportLists]>· <![endif]>Do not need shipping and return files; don’t waste your precious time exchanging files with banks.

<![if !supportLists]>· <![endif]>Have fair rates; Transfer by beneficiary and not by transaction. Pay only for settled slips.

<![if !supportLists]>· <![endif]>Forget Teds and Docs that are done MANUALLY. Automatic transfers to the owners without bureaucracy and margin of error.

Recently, at Jetimob, we launched our property rental management system, and it has an integrated fintech. I could not let this topic go unnoticed, especially after talking about this delicate subject, which is the collection of collections. And here I reinforce that it is possible to work with spreadsheets, but is it worth leaving your real estate agency dependent on them precisely in terms of rent profit?

Security of your customers' data

It is not new that spreadsheets are no longer safe. Here I am referring to offline spreadsheets. Imagine you have a spreadsheet full of information on your computer, offline, and your computer is hacked or just stops working. You lose everything! And there is still the possibility that your customers' data, or even yours, could be stolen. Spreadsheets in the cloud solve this issue, as they are more secure. This is due to the fact that the file is stored on the platform servers. If your computer has a problem, you can access it from another device. And one of those platforms, which offers this type of product, is Google itself. However, even with a spreadsheet in the cloud, we return to the issue of impracticality. A system for managing rental contracts in the cloud is the best way to solve this. In addition to being safe, you centralize the information as I said above. Therefore, it becomes a fast, simplified and safe process.

Relationship with owner and lessee

A spreadsheet for managing rental properties does not help you to relate to owner and tenant. On the contrary, the process is extremely manual. Therefore, this means that you do not give the necessary attention to the communication of both parties. Receiving the rent and passing it on to the owner can become tiring when you don't have a platform to automate it. Not to mention that the chances of something going wrong are very high. There remains the question: is it worth risking the relationship with your client due to a communication error?

Worksheet for property rental management VS system

I said I wasn't going to demonize the spreadsheet, but I confess that when I got to that part of the text, I reflected that I didn't say many good things about them. I've lost count of how many times I mentioned that everything depends on the maturity of your business. However, if the rental management worksheets work very well for you, show, I don't want to dictate a rule. Only you can know if you waste time, if it is organized, or not, because you are the one who experiences it, not me. I'm here, writing this, to show you that there is another option that works for several real estate agencies. If you want to test the use of rental management spreadsheets, just sign up below in the form that will be sent to your email.

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