When you manage multiple properties, you may need to use more than one spreadsheet. You might also have to store information about each property in several spreadsheets. If you are looking for accounting software or tracking software to manage your property maintenance, you need a better solution than Excel.
Property tracking software helps you manage tenant information
Tracking information on your tenants is essential. This includes everything from their tenant screen to their payment history. You may find that a spreadsheet is sufficient to manage a small number of properties. As the number of properties that you manage increases, it can be difficult to keep track of all of this data. According to Intuit “manual data consolidating can take up 4.75 hours per work week”, as employees consolidate the data from different spreadsheets. Consider using property tracking software instead of multiple spreadsheets for tenants.
Rental Property Expense Tracking
A study in LinkedIn states that 88 per cent of spreadsheets have significant errors. Would you like to see these mistakes in your accounting for property management? It’s not a good idea to use a system prone to errors and that can only produce low-tech reports. This will allow you to miss out on unpaid vendors or rental payments. Use a property accounting system which can synchronize information from different sources. This will allow you to track where your money is going and who is chronically late on rent.
Renting out properties? Use a rental property tracking spreadsheet template
One of your main tasks as a property manager is to stay on top of the maintenance. It is important that you keep your properties in top shape to ensure that tenants will be satisfied, and that the property remains in good repair. It’s easy to get lost in a spreadsheet when you have a schedule of maintenance. You can create reminders with property management software that is more automated. This will allow you to not rely on your own memory to update and check the maintenance schedule. You can also track your accounting to see how much you spend on each property each year.
Track one-time data using property tracking software
You need to keep track of important information that is only needed once, like the data from a tenant’s move-in or a record of an inspection. Add this information to your rental property tracking document in the property management software to keep it safe and linked to other notes. You can link inspections and maintenance information to owner and tenant portals, so tenants and owners are always up-to-date on the status of their property.
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