I handle the management of 12 apartments in Dubai all on my own, registered under our family and two business partners. The portfolio's annual rent volume is around 680,000 AED. Payments are usually collected in two or four post-dated cheques. For about two years, I've been tracking all tenant details, lease start and end dates, municipality registrations, and maintenance expenses in an Excel sheet I built myself.
Last month because of a slight cell shift in a formula, I noticed a 90-day contract renewal notice deadline two weeks late. We managed to reach an agreement with the tenant at the last minute, but we almost faced a serious loss on rent increases and legal penalties due to official lease renewal rules. On top of that, manually logging weekly maintenance expenses like AC breakdowns, water leaks, and cheque due dates takes me at least 4 hours a week.
While searching online I came across some cloud-based platforms promoted as completely free property management software. Does it make sense to switch to a free program for a 12-unit portfolio or do these tools eventually throw hidden limitations at you for cheque and collection tracking? What should I watch out for when migrating two years of Excel data into these systems?