Any system that makes day-to-day administration of your real estate portfolio easier is a system worth considering. There are plenty of reasons to consider utilizing lease accounting software in your company’s operations, all in the name of simplifying daily lease administration processes. To educate you on the benefits of lease administration software, we’ve outlined a few of the biggest benefits below.
1. Critical Date Management
One of the most basic functions of your lease administration software is to remind you of important dates when needed. The software will automatically update you on relevant dates for renewals, expirations, and other critical tasks that come up on the day-to-day without you having to examine your books. The program will show you exactly where to look and you can prioritize your time to tackle the most relevant actions for that day.
Missing a critical date in the management of your real estate portfolio can have long lasting impacts and cost you money and time in the long run. Lease administration software can provide you reminders through email or text, even if you don’t log into your software that day. This feature ensures that you will never miss any important dates and in the event that you need to address an important deadline, you’ll have time to handle the situation.
2. Document Storage
lease administration. There are quite a few important documents that you and your team will need to work with consistently to make sure that your leases are handled and in order. Your software can act as a storage center for all these documents with access for all the relevant people. This way, you can access important documents remotely, without fuss, and you never have to worry about a rogue coffee cup or an unfortunate folder spill causing problems with your documentation again.
3. Cost Analysis
Lease administration software gives you historical data that can provide you extra insight into your real estate expenditures. When you compare your year-over-year cost data, your expenditures might reveal patterns, the potential for savings, or opportunities to negotiate with your landlord. Either way, more data is always better, and if you use lease administration software you’ll know more about how your money is being spent on your lease.
Some lease administration software will even compare your business to other markets so you can understand how your lease is performing in the context of your location. This could provide you with invaluable information about how you can expand, save, or adjust your business plan based on your lease in the context of your location.
4. Better Negotiation Leverage
With all of the additional information, not to mention the advanced notice of major dates, you or your tenant representation firm will be in a much better place to negotiate with your landlord when the time comes for your lease renewal. The additional comparison, historical information, and accuracy of the data will make it easier to prove your point and discuss your lease with your landlord.
5. Secure System
Lease administration software is reliable, backed up on the cloud, and easy to access regardless of where you are. You can even access it on your phone if the software is compatible. This allows you to be productive from almost anywhere.
6. Compliance With The New Standards
Pre-programmed software means that your information will include the latest IFRS accounting functions to ensure that you’re up to date on compliance requirements.
Lease administrators from Landmark can help in selecting and running the best lease administration software for your unique business. They can ensure you benefit from all of the points above and more!”.