When you think about commercial real estate lease management software, you might lump it into the same bucket as property management software. But they are two distinct platform types – each with a unique use.
Property management systems typically contain end-to-end features such as marketing, contract management, accounting, cash flow, and maintenance. They are great if you have a massive property portfolio and an office full of people running the show.
But for small offices operating a handful of buildings, dedicated lease management software gives the perfect amount of insight and information without a bloated, overwhelming feature set.
Track Key Lease Events
A commercial real estate lease management platform should optimize, manage, and communicate key “lease events” and transactions. The most common lease events are rent increases, lease renewals, rent collections, and annual insurance certificate updates. Ideally, lease management software will also provide a centralized peer-to-peer communications platform between owners, tenants, and brokers to help build trusted relationships.
Consolidating these activities onto a mobile platform allows owners to operate more efficiently and tenants to stay focused on their business. With access to all lease data on any mobile device, an owner can get on the phone with an on-site manager in the field and look at the same information at the same time without pulling a file or a spreadsheet.
Because most owners of commercial real estate operate with a lean staff, there usually isn’t much delegating going on. Lease negotiations, follow-up, and management all typically fall in the owner’s lap. Until the recent advent of lease management software, there’s never been a good solution for handling commercial leases. Spreadsheets were the only option. But a spreadsheet quickly becomes useless if it requires regular updates and no one has time to enter the new data.
Lease management software is a fantastic new tool that allows owners to achieve higher productivity without adding more people. The visibility into real-time information reduces friction and lost opportunity, because the software consolidates all the fragmented calendars, notes, and spreadsheets in one location.
Leasecake offers a simplified approach to lease management that is a great fit for small- to mid-tier commercial real estate owners. To watch a demo and start using Leasecake for free, please click here now.