THE KEY FEATURES FOR AN EFFICIENT LEASE MANAGEMENT SOLUTION
28 Sep 2022
There are multiple Lease Management tools available in the market for businesses looking for a system that would allow Lessees/Lessors to manage their Lease commitments properly. Leasing software simplifies the process of streamlining your real estate management operations and meeting your business objectives. It is vital to begin using Leasing Management software if you want to make your procedures more effective, increase productivity, and improve your bottom line.
The following are some critical elements to consider while deciding which software solution to adapt:
Assuring that the Lease solution can give audited documentation of all operations linked to your portfolio that is accessible at any time. This ensures that data entered into the system is always tracked and compliant, and it improves risk management strategies.
Secure and safe
When evaluating a Leasing Management solution to deploy in your organization, data privacy and security should be top priorities. Make sure that a strong encryption protocol is employed and that all Leasing data is frequently synchronized to the system.
Enabling cloud storage
Legacy systems had been frequently operated from an on-premise network or server, and users had to be present to submit data. Since technology has accelerated our business speed, this approach is no longer appropriate for busy property management companies. Cloud-based technologies enable teams to collaborate in real-time while gaining access to a centralized database from any place.
Allowing your Lease Management to operate in the cloud gives you greater flexibility and allows your team to get the information whenever they need it. As a result, there will be fewer constraints and more efficient decision-making. You also eliminate the need for huge on-premise servers, which are complex and costly to upgrade.
The mapping functionality is beneficial in a diverse range of applications. When potential tenants want to inspect a property, for example, they may simply use the program to pinpoint its position. You may recollect the coordinates of your sites off the top of your mind if you manage multiple. Therefore, if you are in charge of a huge organization with a large number of properties, it might be impossible to determine their precise locations. The mapping feature of Leasing Management software will come in handy in this case.
Integrates with your Accounting systems
It's easy to become captivated by new features, but nothing is more vital than being able to interface your software service with your existing databases and systems. If you are unable to do so, you will be forced to operate across separate systems, resulting in hurdles and operator mistakes.
It will be critical to choose property Lease Management software that expands its capability rather than adding complications and faults with a system that does not fully integrate. Hence currently most businesses are looking for a system that offers them API integration.
Lease Management software can be linked with your existing accounting systems to simplify financial administration. You can use the software to generate rent based on a periodical Lease, payment schedules, maintenance costs, and other customs charges. Other features of the software include tracking payments and receivables, etc. The financial data entered into the software will adhere to the highest accounting requirements. It will aid the accounting processes by providing key financial data which is available in the Lease agreement documents in an integrated way and further helps in document submission procedures ensuring any company is accounting standards compliant.
With API integration - our LP 365 can very well collaborate with the existing software of a company to give much better data insights in a structured way.
Easy retrieval of Data
A Leasing Management system allows you to abstract key Financial, Business & Legal information in a cloud platform. The abstracted data submitted will be updated in all relevant areas, assuring that you always possess the most up-to-date and correct information. With the customised and versatile report generation possibilities, any kind of data can be taken as reports.
Why Lease Portfolio 365?
LEASE PORTFOLIO 365 offers cloud-based software solutions to manage every aspect of lease management with ease. With the below-mentioned features listed, LP 365 will be an efficient Lease Management Solution.
- Manages all your Leased outlets' data and documents in a cloud platform.
- Tracks and keep account of all the Rental amounts, Rent Increases, Common Area Maintenance charges, Electricity charges and other utility charges.
- Integrates all your Internal accounting, and invoicing Software through API
- Facilitates to know the outlets/branches count - state wise along with total sqft. occupied.
- Provides customized reports on Each Lease detail, Rent details, other expense details, Expiration and Renewal details etc.
- Enables Automated email triggers for specific users for various alerts and notifications.
- Tracks the number of Invoices and Provisions booked / pending and paid Vs the actual amount.
You can book a free demo to get to know more about LP365.