Lease management software helps to reduce the complexities involved in managing our real estate leases and agreements. Keeping tabs on every leasing agreement within a diverse portfolio can be a horrendous task. Companies also need to ensure that they comply with all the new leasing regulations set by government authorities from time to time often. Most real estates are required to disclose the impact of their current and future lease agreements in their financial statements and microsegments.
Our lease management software can help us to record all critical rental lease agreements in one place itself without involving in any difficulties. Integrating and maintaining an effective leasing solution with our existing facilities can help improve the communication gap and operations efficacy.
How Does the Software Work?
Selecting an effective and relevant lease management software depends on the nature, size, cost, area, and operations of our specific real estate project. However, some common functions that are common to all lease management software are as follows:
● Keeps a Tab of All Critical Issues of Lease Reports
With the automated notifications/updates present in any lease rental software, we no need to run the risk of missing out on the latest updates and events. This software shall help us to record and remind us of start and end dates, reviews, break clauses, indexations, and rent-free periods.
● Seamless Integration of Software
We can easily integrate our own ERP system with lease management software to help, manage and monitor outstanding rents and related payments and agreements.
● Insight and Analytics of the Software
A reliable and cost-effective lease tracking software will provide us with valuable insights into raw data using its advanced AI interface. With the help of these analytics, we can easily make a cost-effective decision and improve our turnover at the same time easily.
● Enhanced Functionalities of the Software
This software can also reduce the duration from the initial conception of the lease contract to the actual building use.
Besides, our lease management software would also assist you in:
● The setting of the expiration date of lease agreements with automated email triggers and sends updates to the concerned party.
● Monitoring the terms and conditions of a lease agreement.
● Computing rental changes while keeping track of escalations in the rental costs and other taxes.
● Setting reminders for the rent collection period and for late settlements, collect with penality.
● Access buyer and seller information at all times without any interpretation.
Important Features of Lease Management Software
Leasing software has various important features that may be essential for us depending on the scale of our operations.
Effective Data Management
The software makes it easy to manage the very important properties data. For example, you track important data such as property maintenance, lease renewal, rental period, and expiry dates. Keeping track of these data is important for the efficient management of your lease properties.
Effective Operational Features
The operational features of lease management software enable us to the smooth operation of the activities related to our properties and assets.
1. Set up unlimited user accounts for our team to remotely access the software virtually
2. Get valuable property data easily
3. Share and store important documents like agreements with tenants and owners through a file libraries
4. Track repairs and maintenance of the properties that we are managing
Effective Management and Leasing
The primary function of lease management software is to easily help us to know the state of our leased properties and assets at any time. Functions that the software may be capable of include:
1. Document storage for better performance
2. Electronic signatures to avoid delay
3. Property marketing for promotion
4. Rental applications for lease
The main feature that the top lease management programs have is data protection. The software applications are secured with strong SSL encryption to keep our firm’s information safe and properly. SSL encryption scrambles our data to prevent authorized parties from accessing it. Apart from SSL, the software can regularly back up our leasing data for safety.
Most companies are developing leasing management software and deploying them on the cloud without maintaining any paper registers.
Leasing software makes it easy to streamline your property management operations and meet your business goals. If you are looking to make your processes more efficient, increase productivity and improve your bottom line, it’s critical to start using lease management software.