The Drawbacks Of Using Spreadsheets To Manage Your Leases

 May 27, 2020

By  Guy Gray

We often get asked about our competitors, and our answer usually surprises people. Sure, there are other players in the lease management software game that we compete with, but spreadsheets are truly the oldest and fiercest of the bunch.

There’s great value in utilizing spreadsheets. They’re affordable and accessible, there are thousands upon thousands of resources online to reference when you need help, and many people already possess a basic understanding of how to use them. Though there are many positives, there are also several drawbacks, especially when you manage a mid-size to large portfolio. So, let’s explore some of the drawbacks of using spreadsheets to manage your leases.

The Drawbacks

It gets complicated

It’s easy to manage a handful of leases with a spreadsheet, but the more you add, the more complicated it gets. You end up spending most of your time perfecting the spreadsheet instead of analyzing the data to make proactive decisions.

Spreadsheets can’t talk to you

The important dates, events, and responsibilities that make up your leases require constant attention and action. You need a system that can communicate with you so you can be sure to stay on track and avoid costly mistakes. Spreadsheets are great for storing and organizing data, but they won’t be able to remind you about things like upcoming lease expirations or renewal options.

No checks and balances

You organize your data with the hope that you can use it to make informed and reliable decisions. This means that you need to be able to protect it from human error or at least have the ability to backtrack and see where things went wrong.

Having to juggle multiple systems to manage it all

While spreadsheets do offer a lot of helpful features, they don’t do everything that’s required of effective lease management. You’ll have to go elsewhere to manage your documents or create critical date reminders.

How Software Makes a Difference

We’ve discussed the drawbacks of using spreadsheets to manage leases, but what’s the alternative? Lease management software like Quarem is the perfect next step for those looking to upgrade and here’s why:

  • You don’t have to spend hours perfecting a spreadsheet. The software does most of the heavy lifting for you.
  • It’s built to handle a ton of complex data.
  • It can communicate with you about things like upcoming renewal options or expirations. You can even produce powerful reports with just a few clicks.
  • You can easily collaborate with your team and have peace of mind knowing that your data is protected by user access roles and time/date/author stamps.
  • Everything is centralized in one system. No more bouncing between spreadsheets, files, or emails. You have one username and password that takes you to all of your leases, projects, dates, reports,documents, contacts, and so much more.
  • The best part about Quarem is that your services, like lease abstracting, are taken care of here too.

It’s time to upgrade your lease management strategy and we’re hereto help you every step of the way. Give us a call today and let’s get started.

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About the author 

Guy Gray

Guy Gray serves as Chief Operating Officer overseeing our technology and client services teams. He is responsible for guiding Quarem application development, networking and security, as well as new client implementations.

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