If you're a landlord, then you know that managing your property can be a real hassle.
Between tracking rent payments, arranging gas certificate renewals, and finding the best landlord insurance policies, it's no wonder that so many landlords feel overwhelmed.
But did you know that there is an easier way?
A growing number of landlords are turning to property management apps to help them manage their portfolios more efficiently.
Property management apps offer several advantages over spreadsheets, including portability, security, and ease of use.
Here's 11 reasons why you should be ditching that spreadsheet...
- Spreadsheets lack security.
- You can’t store documents on a spreadsheet.
- They’re tough to keep updated.
- Spreadsheets are time-consuming.
- They can be easily corrupted.
- You’re tied to a computer.
- Spreadsheets are limited in features.
- Complex formulas required.
- Data can be overwritten.
- Upcoming tasks can be forgotten about.
- Where there’s one, there’s more…
Spreadsheets lack security.
When you store your data on a spreadsheet, it's easy for someone to access it without your permission.
With a property management app, you can control who has access to your data and set up password protection to keep your information safe.
You can’t store documents on a spreadsheet.
When managing properties, this can become increasingly difficult as each property needs to be paired with the right documentation.
- Tenancy agreements.
- How to Rent guides.
- Gas safety certificates.
- Other legal and compliance documentation…
It can be extremely frustrating to keep track of within a complex file system.
Property management apps offer a much more user-friendly solution - you can upload all the necessary documents into one place, and access them from your phone or tablet whenever you need to.
Say goodbye to lost paperwork!
They’re tough to keep updated.
If you make a change to a spreadsheet, you need to manually update every single instance of that spreadsheet - and that's if you can remember where they're all stored.
With an app, changes are automatically synced across all devices, so you don't have to worry about keeping track of multiple versions.
Spreadsheets are time-consuming.
Calculating important data like rental yield or monthly cash flow can be a real pain with a spreadsheet.
With a property management app, you can generate instant reports with the click of a button - meaning you'll spend less time crunching numbers, and more time growing your portfolio.
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Spreadsheets can be easily corrupted.
Have you ever had a spreadsheet mysteriously delete itself, or all your formulas suddenly stop working?
It's frustrating, to say the least. With an app, you can rest assured that your data is safe and sound - even if your computer crashes.
Especially when it comes to cloud-based solutions. Your data is stored on secure servers, so you don't have to worry about losing anything.
You’re tied to a computer.
Trying to access a spreadsheet on your phone is practically impossible. And even if you could, it would be so small that you wouldn't be able to see anything anyway.
With an app, you can take your data with you wherever you go - whether you're at the office, out meeting clients, or on vacation.
Spreadsheets are limited in features.
When you're using a spreadsheet, you're limited to the features that Excel (or whatever program you're using) offers.
With a property management app, you can take advantage of powerful features like open banking, automatic rent payments, and multi-user access.
Plus, new features are being added all the time - so you can be sure that your app will always meet your needs.
Complex formulas are required.
If you want to get any insights into your data, you need to be able to write formulas - and that's not always easy.
With a property management app, you can get all the insights you need with just a few clicks. No formulas required.
Data can be overwritten.
When trying to manage your spreadsheet with a colleague or a partner, it’s easy to accidentally overwrite each other's work.
With an app, you can set up different user permissions so that everyone has access to the data they need - without being able to make any changes.
Upcoming tasks can be forgotten about.
Keeping track of dates in a spreadsheet is a pain, and it's easy to forget when things are due.
It's hard to stay compliant when certificates expire without your knowledge.
This can lead to harsh penalties if you're not extremely careful, too.
With an app, you can set up reminders for important tasks like gas certificate renewal or landlord insurance renewals - so you'll never miss important tasks like tenancy renewals ever again!
Where there's one, there's more...
Using a spreadsheet means there's a requirement for other software to meet the feature restrictions your spreadsheet doesn't support.
For example, you might use Google Calendar to keep track of appointments, Basecamp to manage projects or tasks and Dropbox to store important files/contacts.
That means multiple sets of logins and separate billing subscriptions that amount up and take a big bite out of your margins.
With a property management app, you can often find everything you need in one place - meaning you'll save time and money by not having to switch between different programs.
So, ditch that spreadsheet!
It's time to switch to a property management app like Alphaletz. Not only will it save you time and money, but it will also make your life a whole lot easier.
Alphaletz is a landlord app, designed by landlords. We know every single ache and pain that you might be feeling as a portfolio landlord and we're here to help.