How to choose the best lease management software for your company?
Many realtors, property owners, landlords, etc. lose track of critical dates of their numerous properties. This usually results in an additional levied penalty upon the instalments and chance of termination of the contract. To avoid this, landlords and realtors are taking bold steps through opting lease management software for their organization.
What perks do realtors with lease management software get?
- Elimination of manual tasks: A lease management software eliminates the manual process of finding critical dates and relevant information in the hardcopies of lease abstracts/ lease agreements. Notifications of critical dates of each property are easily received through the software, making the process hassle-free.
- Easy management: Management of each property can be visualized on the screen, helping realtors to foster their bonds with timely grievance redressal. Status of each property, upcoming and ongoing modifications can be tracked through the software at the central node.
- Portfolio Management: With the track of each property at the fingers, the decision to withhold/ sell a property can be made efficiently by going through the historical trends of the property. These portfolios can be leveraged to buy new properties or attract new clients for upcoming projects.
What are the important features of lease management software?
- Functionality: Software should cover the basic functionality such as quick and easy access to central lease roll, graphical visibility of supply and demand, automated alerts of critical dates of the respective property with an additional section of upcoming critical dates.
- Dashboard: With a centralized dashboard, which displays a real-time portfolio of all the active properties, it will be the biggest feature of the software. Separate links/ icons for past transactions, market trends, risks, and opportunities will be an edge over the conventional lease management software. Alerts for any big transaction should reflect upon the main display. Furthermore, the dashboard should be interactive, with visualization of the portfolio, deals in graphical formats with the greatest devotion to user-friendly setup.
- On- touch report: Separate provision must be present for generating a real-time report of the entire portfolio, which on another affirmation by the user could be sent to all the investors.
- Login Facility: This is of the utmost requirement for the software to provide safety from unauthorized activity access and transactions. Separate access should be provided for accessing data gathered from all types of deals through master login.
- Tracking of deals: Through the software, all kinds of deals- affirmed/ rejected could be ascertained along with the additional option of storing reason for deal failure. The selection of a deal should open entire terms and critical dates with broker update.
- Tenants Dashboard: With the provision of tenant dashboard and risk and violation alerts, contact and account management, and tenant roster with their status, last date of communication, exposure, the shareholding of each tenant in the portfolio, will improve the efficiency of the software, drastically.
- Compliancy: It must be ensured that the software should be compliant to the legalities of the operation zone, like EU’s GDPR, SOC 2, etc.
- Integration and Updates: Firms must ensure that the software must receive periodical updates and can be integrated with accounting, budgeting and valuation tools.
Although, it is not necessary that each demand/ criteria can be met, but overall through this data firms can form their objective on the grounds of their needs. Popular/ customized software should be tried and tested through demos before finally opting for cost-efficient and useful lease management software.