Various tools are available to support those in the property management business. Microsoft Excel is one tool property managers use to track multiple aspects of the property management lifecycle. It's a software program that allows users to organize data and numbers through a variety of functions and formulas. The features it offers can streamline and increase efficiency.
Finding property management virtual assistants proficient in using Excel can help you ease the load when it comes to financial modeling and other tasks required for a successful business. Here's everything you need to know about finding a remote team member with skills to use Microsoft Excel for your property management company.
Microsoft Excel vs. Google Sheets
Google Sheets and Microsoft Excel are the two most widely used spreadsheet applications today, but which one is right for your property management business?
Both applications offer similar core functions and features when it comes to calculations and formulas. However, Microsoft Excel is often better for data visualization, analysis, and financial models since it offers more formulas.
For collaboration with remote teams, Google Sheets is the better choice. With Google Sheets, you can invite a remote team member to join and collaborate on the project. Multiple people can work and edit simultaneously, helping you save time on revisions. Deciding which one is the right for you will depend on your unique needs.
However, for financial modeling and advanced data visualization typically needed in property management, Microsoft Excel is still the best choice.
How Does Microsoft Excel Help Property Managers?
Excel makes it easy for property managers to stay on top of the day-to-day operations. The tool makes data manipulation easier, so you can create charts, graphs, and functions to demonstrate trends and generate forecasts. It's a user-friendly tool that can be used by your virtual personal assistants to log information, such as:
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Lease and tenant information
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A list of prospective tenants
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Maintenance requests
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Lists of contractors
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Financial data for properties
Proficiency in Excel, along with knowledge of property management principles and finance, helps your VA master financial modeling. In addition, remote workers can help you achieve many of your goals by storing, analyzing, and tracking data so you can make sound decisions that support your business.
However, training them on basic Excel proficiency is necessary so you can focus on more pressing matters.
Basic Excel Functions Your Virtual Assistant Must Know
When choosing property management virtual assistants, make sure they are proficient in essential Excel functions to help you create budgets, analyze financial information, and keep track of tenant and property information.
With access to the right tools, your virtual assistant can quickly accomplish a lot more for your business. To maximize the value they add to your business, make sure they are well-trained in these basic Excel features:
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Basic mathematical functions like addition, subtraction, multiplication, and division
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SUM() and AVERAGE() functions
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TRUE and FALSE logic
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IF() function
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AND() function and OR() function
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MAX() and MIN() functions
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COUNTIF() and COUNTA() functions
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Concatenate logic
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INDEX() and MATCH() functions
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ROUND() and ROUNDUP() functions
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IFERROR() and ISERROR() functions
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PMT() and PV() functions
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SUMIF() and SUMPRODUCT() functions
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EOMONTH() and EDATE() functions
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XIRR() and XNPV() functions
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IRR() and NPV() functions
With these basic Excel functions, virtual personal assistants can help you organize and analyze data efficiently to help your property management business stay organized and profitable!
Which Excel Features for Financial Modeling Should Your Virtual Assistant Know?
While there are hundreds of functions and features in Excel, not all are important for property managers. Training your remote team member to master the most important ones is usually enough. With the right training, your virtual assistant can help you with several important tasks, such as creating a monthly forecast, cash flow forecast, operating expenses, and balance sheet.
These are the most useful Excel features for real estate financial modeling that virtual personal assistants should know:
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Data Validation. This helps you restrict the type of values that can be entered into a cell.
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In-Cell Labels. Text that describes the data in the columns and rows surrounding it.
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Conditional Formatting. This feature helps you create a custom format for specific cells.
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Data Tables. With data tables, you can instantly calculate multiple results to display outputs dynamically.
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Goal Seek. This feature allows you to analyze and calculate how to reach a certain target quickly.
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Charting Tools. Present your outputs in a visually pleasing and compelling way with Excel's charting tools.
To add a VA with the Excel skills you need to your team, start your search with a virtual assistant platform that specializes in the property management industry!
Find an Excel-Proficient Remote Team Member Through VPM Solutions
When searching for the ideal property management virtual assistant, make sure you specify "Excel proficiency" in the job description. A skilled virtual assistant can provide your business with the support it needs by contributing value immediately.
Ready to find your next virtual assistant and improve your remote team management resources? VPM Solutions can help you find VAs proficient in Excel! Start today by creating your Free Company Profile.
Download the "Real Estate Virtual Assistant Hiring Kit" for free resources to help you find the right virtual assistant for your company.
