Managing multiple commercial real estate leases can be a time-consuming process, and it’s not uncommon for organizations to seek more efficient management solutions. Whether you are looking to streamline business processes, make better data-backed decisions, or improve the transparency of those decisions for stakeholders, lease management software can help.
Lease management software allows you to organize relevant documents—like financial agreements and legal contracts—and track important information in one central location.
The benefits of lease management software aren’t limited to consolidated data, however. They also include increased focus, less administrative burden, more effective reporting, and strengthened relationships with financial and legal partners. These solutions are a common and effective way to manage a multi-location portfolio, regardless of which solution your organization selects.
Ready to purchase lease management software? Here are six factors to consider when weighing your options.
1. Cost
Lease management software options exist in all price ranges. However, the most expensive solutions don’t necessarily have the best features. Be sure to evaluate the pros and cons of each option for your organizational needs.
It’s also important to consider the ROI of the software—will the time savings and increased operational efficiency from the software outweigh any initial and ongoing costs?
2. Business Cases
Before you begin your software search, understand why your organization is seeking a lease management solution in the first place. Ask yourself: What problems do we want to solve?
This will allow you to align your pain points with the value proposition of each lease management software option. Think: How is this solution uniquely positioned to solve these problems?
3. Ease of Use
How does your organization and its members currently use technology? A young business with a diverse tech stack will likely have less trouble adopting a lease management software than an older company relying on legacy technology.
The customer service resources offered by each option should also play a part in your final decision, as they can help resolve any problems that occur during onboarding and beyond.
4. Features
While each lease management software is different, the following core features are often included. Consider how (and if!) your organization will use these features to determine what other capabilities you might need.
- Accounting capabilities.
- Lease clause organization.
- Document management.
- Application management.
- Custom reporting capabilities.
5. Lease Management Notifications
Notifications keep your internal team and external partners current on the status of relevant CRE leases. As a tenant, you will likely want to be notified before rent is due or when a lease expiration date is approaching.
The customization of notifications in lease management software is also important to ensure the right data can be sent to the appropriate stakeholders.
6. Integrations with Other CRE Software
Successful integration between lease management software and your existing tech stack allows programs to sync for easy communication and data sharing. It’s important to consider whether your new lease management software can integrate with your current technology. Software integrations may include fleet management, equipment rental, work order submission, and accounts payable technology.
Not sure which lease management software to select? Our team of experienced commercial real estate brokers at Allegro Real Estate Brokers & Advisors can help you navigate the decision making process.