Real estate is one of the best long-term investments you can make. But there’s a not-so-glamorous side of real estate investment. And that’s property management.
From tax deductions to gross income calculations, there is a lot to keep track of. Whether you’re a property owner, investor, or landlord, you need a system for storing information in a clear, easy way. That’s why you need a rental property spreadsheet template to guide you along the way.
In this article, we’ll run through the finer details of what a rental property spreadsheet template is. Plus, we’ll share some awesome features of our own template so you can work your way to becoming the next real estate tycoon.
What is a rental property spreadsheet template?
A rental property spreadsheet is a document that keeps all of your property expenses and income data in one safe, verifiable place. It helps property owners keep track of monthly rent costs and property taxes, and it calculates the totals of any property-related expenses owed. A template for this document provides you with a specific format to include all of the information you need.
So what goes into a rental property spreadsheet template? This will depend on whether you’re using it as a landlord or an owner, as well as how many properties you manage. But the common details you can expect to find include:
- Original purchase price of the property
- The market value of the property
- Financial data like mortgage payments, interest, and deposits
- Property taxes and insurance
- Net income and gross income
- Monthly and annual expenses
- Maintenance requests and any ongoing maintenance tasks
- Lease agreement details, such as the start and end date of the lease
- Tenants’ information, including contact details, ID documents
As you can see, managing real estate is complex. That’s why a rental property spreadsheet template can be so advantageous.
Why use a rental property spreadsheet template?
A rental property spreadsheet template provides professional clarity, document transaction history, and makes managing cash flow much easier. Let’s break down some benefits in more detail.
1. It promotes clear communication between property owners and renters
Having 24/7 access to a customizable spreadsheet with all the relevant information isn’t just good for property owners. It’s also a good idea for those renting a property from them.
A well-documented rental property spreadsheet means clearer communication between property owners, landlords, and tenants. The template can act as a ‘source of truth’ for things like late fees, maintenance expenses, and deposits. This can help avoid any confusion or uncomfortable conversations further down the line.
2. It gives property owners more financial transparency
Two of the most common ways for property owners to generate money are through appreciation in property value over time and consistent cash flow from rental income. Both of these methods require scrupulous managerial and calculation skills.
If you are a property owner seeking to generate income from real estate, you can use a spreadsheet template to help add structure to that management process. This gives you more transparency and control over your finances as a whole.
3. It helps to ensure a return on the initial investment of buying a property
If you are interested in growing your personal net worth as a property owner, using a pre-formatted rental property spreadsheet template is one way to help you get there.
Rental properties usually require a significant upfront investment of both labor and money. However, if you can play your cards right, over time, they result in two different forms of income:
- Monthly rental income
- Property appreciation (value increase) should you sell the property at a later stage
The best way to ensure that you receive a return on your investment is to dedicate substantial time and energy to managing your properties and their tenants.
By tallying up your costs versus expenses, a rental property spreadsheet template helps you estimate the potential profitability of your real estate investment.Fortunately, a strong rental property spreadsheet can do all of the tracking and processing for successful property management, which is precisely what monday.com provides. But before we look at our own customizable template, let’s see some rental property spreadsheet templates in action.
What are some examples of a rental property spreadsheet template?
We’ve already established that having access to a rental property spreadsheet not only makes your life easier but also more profitable. But how exactly does it do that? Here are some examples of uses for a rental property spreadsheet template.
1. Property buying comparison spreadsheet template
Maybe you’re still in the shopping phase of property ownership. And maybe you can’t decide if you should invest in a single-family home or commercial real estate. A spreadsheet template like this can help you weigh different factors like location, cost, and housing features.
To help you make your decision, this property spreadsheet template encourages you to rank items of importance based on what you are looking for in your rental property.
2. Rental property spreadsheet template for storing tenant data
Having access to your tenant’s data is a crucial element of being a landowner. Amongst other things, you’ll need their contact information, security deposit details, and rent payment dates, which you can track using a spreadsheet document.
3. Rental property income and expenses spreadsheet template
Property costs don’t end with the purchase price. There will be maintenance costs, emergency repairs, and insurance costs to calculate every month. All of which will be much easier with the help of a trusty spreadsheet.
One of the biggest benefits of a rental property spreadsheet is the income and expense worksheet it provides. Property owners need a clear, regularly updated document featuring all incoming and outgoing finances.
Logging the details surrounding monthly rental income is no walk in the park, especially if you have several properties to manage. However, some free rental property spreadsheet templates have built-in formulas to help you keep your finances on the right track.
These examples use Google Sheets or Excel to create a rental property spreadsheet template. But we’ve got an even better solution for your property management needs.
monday.com’s rental property spreadsheet template
The rental property spreadsheet template from the team at monday.com is simple and easy to use for first-time property owners. And it also has all of the necessary information for professional property management.
Here’s just some of what you can do within our Work OS:
1. Manage all your properties in one place
If you’re an up-and-coming real estate mogul, you’ve no doubt got a lot of properties to manage. It’s never an easy feat juggling through your various real estate properties and keeping an eye to each cash flow – especially if you handle several varieties of real property such as single-family homes, apartments, townhouses, etc. With accurate information and proper administration, you can even make money renting condos possible and reap its benefits without shedding a single sweat. With a heavy influx of information from your business, recording each transaction on a single spreadsheet will surely save you your time and effort. Instead of having the information spread out on different programs or spreadsheets, our templates help you consolidate all the information in one place. Add documents, screen applicants, and deal with day-to-day maintenance on one intuitive visual platform.
2. Set important reminders
Maybe you’ve got a tenant who needs reminding to pay their rent every month. Or maybe you keep forgetting to pay your property levies. With monday.com’s alert reminders, you’ll never have to worry about remembering your time-sensitive tasks again. Better yet, you can use our automations feature to automatically send a reminder email on the last day of the month to make sure your tenants pay on time.
3. Find information easily
There’s so much information to store and keep track of, from property taxes to mortgage payments and monthly rental income to tenant details. To help you find the information you need about a specific property, our templates include a Search Everything feature. Within a few clicks, this nifty tool allows you to search for anything across all of your boards and properties.
Related templates
Let’s dive into some other templates that are related to the rental property spreadsheet template.
1. Lease agreement template
Whether this is your first or fifth time acting as a landowner, drawing up a lease agreement is a crucial element of property ownership. That being said, these document types can be difficult to draft and often require customizations for each tenant.
A lease agreement template ensures that no detail is left unnoticed. It also helps to formally lay down the ground rules before any misinterpretations have a chance to develop.
2. Expense tracking template
Tracking expenses forms a huge part of being a property owner. With monday.com, you can find a variety of expense tracking templates designed for simplicity, flexibility, and detail orientation.
With helpful visuals and intuitive formatting, you can use this template to proactively manage your cash flow and finances with finesse. When you have monday.com’s spreadsheet templates on your side, managing everything from property taxes to mortgage payments becomes a breeze.
FAQs about rental property spreadsheet template
How do I create a rental income spreadsheet?
You can create a rental income spreadsheet using software like Google Sheets, Apple Numbers, or Microsoft Excel. However, creating one from scratch can be challenging and lead to miscalculations, especially if you don’t have experience. Downloading a spreadsheet template from monday.com is easier, more reliable, and better for overall productivity.
How do I set up an investment property spreadsheet?
Setting up an investment property spreadsheet requires knowledge of the legal requirements, structure, and formatting — all of which is done for you in monday.com’s wide variety of templates.
How do I keep track of rental property expenses?
The best way to keep track of rental property expenses is to use a rental property spreadsheet template. With hundreds of different templates to choose from, you will never be lost with monday.com’s carefully curated list of templates.
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