The RealPage AI Leasing Agent – What It Means for Multifamily
December 3, 2025
The image of a property manager, hunched over a desk, battling a labyrinth of interconnected Excel sheets, is as iconic as it is problematic. While Excel offers a familiar and seemingly cost-effective solution, its limitations can create a minefield of inefficiencies, jeopardizing resident satisfaction, hampering growth, and ultimately hindering profitability. According to a 2022 study by RETI, a staggering 64% of property management firms still rely on spreadsheets like Excel for their core operations. This reliance on outdated technology underscores the pervasive hesitancy within the industry to embrace more modern solutions despite the evident drawbacks and risks associated with spreadsheet-based management systems.
The problems with Excel for property management go far beyond simple frustration. Here’s a deeper look at the hidden costs:
Consider a property manager manually inputting financial data into an Excel spreadsheet. A single typo in a rent amount or a formula mistake can snowball into significant financial discrepancies. For instance, an erroneous rental rate could lead to tenants being overcharged or undercharged, resulting in billing disputes and potential legal ramifications. Similarly, a misplaced decimal point in expense tracking might skew profit calculations, leading to misguided financial decisions. Such errors erode trust with tenants, strain landlord-tenant relationships, and tarnish the reputation of property management firms. According to a study by Aberdeen Group, data inconsistencies can cost businesses an average of 12% of their revenue annually.
In larger property management firms, different teams often maintain their own Excel spreadsheets, leading to fragmented data silos. For instance, the leasing team might track tenant lease agreements in one spreadsheet while the maintenance team logs work orders in another. This fragmentation results in duplicated efforts and conflicting information. Property managers struggle to obtain a unified view of operations without a centralized system to reconcile data discrepancies, hindering decision-making and efficiency.
Excel’s minimal automation capabilities force property managers to devote valuable time and resources to manual, repetitive tasks. For instance, processing rent payments, renewing leases, and generating reports require tedious manual intervention. This diminishes productivity and increases the risk of human error, leading to inaccurate financial reporting and compliance issues.
As property portfolios expand, managing complex data in Excel becomes increasingly untenable. Adding new properties or team members necessitates intricate workarounds and cumbersome spreadsheet modifications. Property managers struggle to maintain data integrity and operational efficiency without a scalable solution, stifling growth potential.
Sharing sensitive property management data via email or storing it on insecure cloud platforms exposes firms to significant security risks. Excel’s lack of robust security features makes it susceptible to unauthorized access, data breaches, and loss. Without proper encryption and access controls, confidential tenant information and financial records are vulnerable to exploitation by malicious actors.
Despite these drawbacks, many property managers cling to Excel, citing familiarity and affordability as primary reasons. They’ve invested time in customizing their spreadsheets, and the upfront cost of new software can be a deterrent. However, this resistance often stems from a fear of the unknown rather than a proper evaluation of the long-term benefits.
The familiar refrain of “But it’s what we know” echoes through boardrooms and offices, shielding against the uncertainty of change. Property managers have become comfortable navigating the intricate web of Excel formulas and macros, viewing it as a tried-and-true companion in their daily operations. The thought of abandoning this familiar tool for a new, untested software solution can be unsettling, evoking concerns about a steep learning curve and potential disruptions to established workflows.
Moreover, the allure of affordability often clouds judgment when considering alternative property management platforms. Excel, with its low upfront cost and ubiquitous accessibility, presents an attractive proposition for budget-conscious firms. The prospect of shelling out for new software licenses and implementation fees can seem extravagant, particularly for smaller property management firms operating on tight margins.
Yet, beneath this facade of familiarity and frugality lies a more profound truth: the reluctance to embrace change can exact a steep toll on efficiency, competitiveness, and profitability. Property managers risk falling behind their forward-thinking counterparts who have embraced modern technology to streamline operations and drive growth by clinging to outdated tools like Excel. The cost of inertia far outweighs the initial investment in a robust property management platform capable of delivering superior performance and scalability.
The good news is that many property management software solutions are available, offering a compelling alternative to Excel. Here are the key functionalities to look for:
Centralized Data Management: A central repository for all property and tenant information eliminates data silos, ensures consistency, and facilitates seamless collaboration.
Robust Automation: Automate repetitive tasks like rent collection, lease renewals, maintenance requests, and report generation, freeing up valuable time for property managers to focus on strategic initiatives and resident satisfaction.
Advanced Reporting and Analytics: Gain valuable insights into your operations with customizable dashboards and comprehensive reports. Track key metrics like occupancy rates, maintenance costs, and tenant satisfaction to make data-driven decisions that optimize performance.
Mobile Accessibility: Empower your team with on-the-go access to manage properties, communicate with tenants, schedule appointments, and address issues remotely.
Scalability and Integration: Choose a platform that can adapt and grow with your business. Seamless integration with accounting software, online payment gateways, and resident portals streamline workflows and enhance operational efficiency.
Transitioning away from Excel may seem daunting, but the long-term benefits far outweigh the initial investment. By embracing a dedicated property management platform, you can:
In today’s tech-driven world, clinging to outdated tools like Excel can hinder your ability to thrive. By embracing innovative solutions, property managers can unlock a new era of operational efficiency, resident satisfaction, and long-term success. Remember, the decision to ditch the spreadsheet isn’t just about replacing a tool; it’s about embracing the future of property management.