Excel sheets have stood the test of time and have been very effective for real estate agents and property managers to help manage their businesses. It is one of the most used MS Office programs and has been used in many different forms over the years. But are Excel sheets still relevant in this present world of real estate business, especially Commercial real estate? Why do we say that? Commercial real estate is a very complicated sector with diverse portfolios and endless clientele it can be very hard to manage. But a proper selection of technology in project management can easily help manage the situation.
The pandemic has increased the need for real estate businesses to go digital. People are working remotely; teams need to coordinate even when they are not in the same office. And when it is Commercial real estate, the competition is very steep. You blink, and you can lose business. Forbes reports say 90% of Excel sheets have mistakes. When you are part of a competitive market, these mistakes can become fatal, and you lose business in moments.
Excel sheets may have been effective once upon a time, but at present, they are making you lose business in the volatile real estate industry. Want to know how? Read this article to find out. We will also help you understand when you should shift from Excel sheets to CRM software and which is better for you.
When is Excel as a CRM effective?
Though CRM software is much better to help automate your work, there are some times when Excel sheets are also effective. Let us find out more.
When you are just starting a new real estate business
You have a very limited portfolio and a handful of real estate clients
You have no more than 5 properties in your deal pipeline
When you do not have multiple brokers, agents, and property managers working under you
If too many notepads are messing up your data, you can organize them on an excel sheet
When should you make a shift to better CRM software?
When your business is growing, and the number of properties under your portfolio is reaching the double-digit mark, you need to shift to CRM software. Excel sheets do not offer any form of collaboration and are very individualized. But when you work with multiple properties and multiple employees, collaboration is the only way to do effective business and sales. When you see your brokers, agents, and property managers failing to keep track of data on Excel sheets, it is time to make the change.
The top disadvantages of Excel as CRM
Let us find out more about why Excel sheets are bad for CRM.
Isolated storage - no real-time updates
A real estate business has multiple stakeholders who are generally at different locations. Your brokers and agents can be on the field, and your managers and back office can be at the office premises. How do they update data in real time if they are using Excel sheets? Excel sheets are files that can be updated and used from personal devices only. Data storage is isolated because they are not shared on the cloud.
Lack of collaboration
Each project generally has multiple people working under it. No business can function in isolation, and Excel sheets lack options for collaboration. According to Hubspot, Excel spreadsheets are not very user-friendly and make it harder for managers to manage their teams.
No data security
Excel sheets can be edited at any point in time on individual computers. Since this data is not on the cloud and not shared with others, no one can trace who made the edits. Data security in Excel sheets is very low. In case there is a data breach, there is no evidence to prove a mistake or fraud. And no one gets notified if data on Excel sheets are shared with unauthorized persons. Dishonest employees can easily share your customer data with competitors to make you lose business.
Reporting is time-consuming
Excel sheets do not sort out their data into categories if you input the data. You need to individually sort out data to ensure reporting is accurate. There are formulas and methods to sort out Excel data, but they are hard to learn.
Top benefits of using CRM software instead of Excel for better business in Commercial Real Estate
Let us find out how CRM is a much better option for Commercial real estate business and helps get more deals.
Real-time data management
CRM software is now mobile-friendly, and your employees can easily update sales and inventory data from their phones. They do not need to rush back to the office to provide data updates. When you get real-time data, you can better plan your strategy and leadership to drive sales. When you plan on time, your competitors cannot win over your customers.
Updated client information
Client data can change anytime; after CRM software integration, these data updates can be automated. Once you get new data on customers or leads, you can update that in the system, and it will be for all employees. You will not lose track of effective leads due to backdated client information.
Event and meeting tracking
Commercial real estate is a fiercely competitive market where every meeting and event can make or break deals. Deloitte data says that in 2023, more than 48% of experts believe that CRE businesses will see a slump. So, in such a stiff market, do not take the risk of failing to show up at meetings. The best way to keep track is to keep a log in your CRM system. It will also send automated notifications and reminders and never let you forget.
Data reporting and analytics on sales
The top CRM project management software always offers insights, reports, and analysis of the data you input into the system. When you have such effective data, you can leverage this to make better business choices and plan your strategy and leadership so that you can crack better deals.
Integrating CRM software with Assetsoft
Want to get your own real estate CRM software? Assetsoft is here to help you choose from the best technology selection in the industry and start integration. Want to know more about this? Talk to our experts at Assetsoft to get more information. Call us now!