Real Estate Lease Management Software

Lease Management Software Solutions

 

The requirements

When we think of a lease management software system, a set of requirements come to mind.

    * Easy administration - The ability to enter, retreive and manage all lease and contract related data in an easy manner.
    * Manage Financials - The system should be competent of managing the rents, calculating specials or discounts, calculating interest percentages.
    * Manage Expenses - The money spent needs to be managed as diligently as the inflow. Some of the recurring expenses (like salary) must be streamlined to ensure smooth processing with minimum or no intervention.
    * Alerts - Alerts on lease renewals and other critical dates should pop up as alerts and be sent out as email notifications to prevent slippage.
    * Security - Access needs to be restricted as the need dictates and authorization and authentication techniques used to achieve the same.
    * Manage - Any incident reports and service requests need to be managed.
    * Reporting - Historical data reporting should be done to take in leasing trends so appropriate promotions can be launched.
    * Integration - Integration to other third party software's should be available.
    * Support - Efficient and timely support should be available to perform any maintenance or enhancements to the product.

Key Features

 The key features of the lease management software should include

    * Automated workflow to run through recurring lease management activities.
    * A robust communication system for timely resolution of service requests.
    * Interactive system  that will allow tenant to view details, enter service requests.
    * Interfaces that simplify the management of rents and other payments.
    * A robust system that is platform independent.

A detailed feature and cost benefit analysis will help the organization make a wise choice and single out the best fit for their needs.

Better results - Streamlining the process

The lease management software system will help in automating the leasing process and managing leases more efficiently. However, it is important to have a streamlined process to get better results from the system. Here are some steps to do it

    * Define existing workflow, path of the documents and stake holders.
    * Eliminate redundancies and bottlenecks to develop a highly optimized process.
    * Keep this workflow and critical paths in mind when defining reporting needs.
    * Assign owners for each activity and make them accountable.
    * Tweak the lease management software to ensure compliance to the workflow process and report aberrations.
    * Measure performance and promise incentives.

This overall approach of using the right software product as well as streamlining the process to more efficient methods will help the organization make a strong hold in the leasing industry and come out the leader.