Real estate leasing software can save time, increase efficiency and boost tenant satisfaction. Compliance must also be ensured in order to avoid costly mistakes; for this purpose, quality solutions provide an overview of both your property and lease contracts as well as visibility into every aspect of its financial health.
An effective lease management system can automate essential functions, including rent payment approvals and triggers to accounting systems; reminders about important dates like lease renewals or insurance renewals; and providing comprehensive reports for key events or clauses within your portfolio. It can even produce clear cash flow projections based on lease terms – making financial planning much simpler!
Real estate leasing software can also make life easier for tenants by streamlining complex processes via an online tenant portal. Residents can make rent payments using various payment methods – from electronic checks to electronic transfers – and receive reminders about late or overdue payments. Custom dashboards and reporting provide you with an accurate picture of current occupancy levels, lease income, and lease expirations dates across your portfolio.
Commercial real estate management can be complex, particularly when coordinating multiple lease agreements and tracking multiple renewal dates. A reliable lease management solution can help avoid costly errors with its fully automated renewal process and streamlining document uploads – as well as provide a full view of existing and prior leases to assist in anticipating potential vacancies or renewal opportunities in advance.
Real estate software can also assist with managing operational costs by offering an all-in-one accounting solution. By connecting with your AP and ERP systems, it will easily generate invoices for maintenance charges, tenant or vendor fees and related expenses as well as identify inconsistencies or discrepancies between systems that could lead to potential cost savings.
Brokers need to recognize that many clients are looking to centralize their lease data. The question for brokers is whether clients want to continue with current broker-owned lease administration tools and purchase standalone accounting solutions or transition to an end-to-end lease management system; smart real estate services firms should be on hand to assist clients during this transition by suggesting best-in-class leasing accounting systems.
Yardi’s lease management software offers an impressive variety of features for large property owners to select the optimal solution for their portfolios, from more robust Voyager solutions to simpler Breeze suite solutions for lease management and operations solutions.