Real estate lease software enables commercial property owners and managers to efficiently oversee all aspects of leasing operations, from tenant communication to rent collection. Implementing the appropriate software streamlines payments, eliminates manual spreadsheet errors and facilitates compliance; in addition to monitoring repairs and maintenance for each property as well as making it easy for tenants to pay bills online. Choosing the ideal real estate lease management system may seem like a daunting task at first, so identifying what exactly your software should do first will help narrow down options later.
A quality lease management software solution should provide a centralized document library to store lease agreements, contracts, tenant correspondence and compliance records in one central place. Through search and tagging features you can quickly retrieve documents for auditing purposes, lease negotiations or dispute resolution proceedings. Finally, secure cloud storage gives peace of mind knowing your data will never be lost or tampered with by third-parties.
Real estate lease software typically features electronic signature capabilities to make signing agreements digitally more time and cost efficient than printing and mailing them for signature, while eliminating errors due to physical signatures. Some systems also offer storage/sharing functionality so both parties can easily retrieve important documentation such as insurance policies, credit reports or financial statements when needed.
Real estate lease software’s accounting features enable users to calculate advance payments, rent based on periodic lease agreements, maintenance charges, customer or vendor fees and charges, customer or vendor service charges and more. Furthermore, this tool makes tracking rental income and expenses over time much simpler, allowing property owners and managers to stay informed about cash flow while reporting accurate results to investors and stakeholders.
Typically, the best lease management software includes automated tracking features to help ensure that no key lease events or deadlines slip away unnoticed. Notifications will be sent for important dates such as rent escalations, market reviews, option exercise periods and end-of-term tracking to keep you on top of every event that needs your attention and avoid missed deadlines or costly penalties.
Certain real estate lease software providers feature integrations with third-party eSignature services to make contract signing even simpler, saving both you and your team valuable time and helping increase the speed with which deals can be closed and thus boost revenue.
As either a large commercial property owner or small residential management company, real estate lease software can bring many advantages. From streamlining processes and saving costs to finding the ideal solution for you and your needs – give a free trial now to find your perfect match!