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Realy vs Spreadsheet: Zillow Deal Analysis Workflow

Copy-paste Zillow into Excel vs. instant metrics with Realy—side-by-side workflow comparison, time savings, and when each approach still makes sense.

June 4, 2026

Every rental investor knows the spreadsheet ritual: open Zillow, copy address, price, beds, tax, rent guess, paste into Excel, rebuild the formulas, repeat forty times, realize it's midnight.

Realy exists because that workflow does not scale. Here's an honest comparison.

The Spreadsheet Workflow

Typical steps:

Filter Zillow by price, beds, property type
Open listing → manually copy fields
Paste into Excel/Google Sheets template
Enter assumptions (down payment, rate, expenses)
Calculate NOI, cap rate, CoC by hand or formula
Repeat for each candidate
Re-enter when assumptions change

Pros:

Unlimited customization
LP-ready reporting formats
Familiar if you're an Excel power user

Cons:

5–15 minutes per property minimum
Copy errors (wrong sqft, stale price)
No map/table view of entire search
Assumption changes require re-pasting or bulk edits
Analysis is stale the moment Zillow updates

The Realy Workflow

Typical steps:

Filter Zillow → click Open Realy Analyzer
See cap rate, CoC, cash flow on every listing in table + map
Adjust assumptions once (20% down, 6.5%, 2% tax, etc.)
Click outliers → side panel for full detail
Open Detailed analysis on Realy.app for finalists
Share report or continue editing with synced assumptions

Pros:

Seconds per listing, not minutes
Same calculation engine every time (NOI → CoC pipeline)
Sort/rank entire markets by CoC
Assumption changes propagate instantly
No tab switching or paste errors

Cons:

Less arbitrary custom columns than a blank spreadsheet
Zillow-only today (Redfin/Realtor on roadmap)

Time Comparison (Realistic)

Task	Spreadsheet	Realy
Screen 50 listings	4–8 hours	5–15 minutes
Update rate assumption globally	30–60 min	Instant
Compare 3 finalists side-by-side	Manual tabs	Table sort + side panels
Share analysis with partner	Export PDF/email sheet	Shareable Realy report

If you analyze even 10 listings per week, Realy saves hours monthly—hours better spent on showings and offers.

Do the Numbers Match?

Realy's formulas:

NOI = Effective Gross Income − Operating Expenses
Cap Rate = NOI ÷ Purchase Price
Cash Flow = NOI − Annual Mortgage
CoC = Cash Flow ÷ Total Cash Down

A well-built spreadsheet using the same inputs should match Realy within rounding. Differences usually come from:

Rent source (your guess vs. Rent Zestimate)
Tax calculation method (% vs. actual bill)
Mortgage amortization implementation
Missing vacancy or management in one model

When to Still Use a Spreadsheet

LP syndication models with waterfall tiers
Multi-year pro formas with rent escalation schedules
Portfolio aggregation across asset classes Realy doesn't cover
Custom sensitivity tables (100 scenarios)

Best practice: Realy for discovery and screening → spreadsheet (or Realy detailed view) for final offer modeling.

Hybrid Workflow We Recommend

Browse & rank on Zillow with Realy (sort by CoC)
Customize assumptions per market (insurance, vacancy, HOA)
Deep-dive top 3–5 in Realy.app detailed analysis
Export to Sheets if your team requires it (optional)
Make offers on deals that survive conservative assumptions

Stop Copy-Pasting. Start Ranking.

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