Lease administration is an essential part of managing real estate leases. With the help of lease management software, companies can better handle the complexities associated with real estate leases, such as keeping a tab on all lease agreements and dates and complying with new lease regulations. As such, having lease management software, like the one provided by Yardi Corom, that can deliver an end-to-end solution for your lease portfolio is key to ensuring control and profitability. To better understand why you need it for your company, here are five of the essential benefits of lease management software.
Centralized Database of All Lease-Related Contacts and Documents
One of the easiest and most productive ways to manage real estate leases is through a single, centralized system that provides you access to all the information you need with a single click. From contacts and lease data to properties and landlords, lease management software allows you easily access, track and search for information based on specific criteria and organizational units. You can even sort the data based on asset types, including banking, office, healthcare, restaurants and grocery chains. This allows for easy discovery of any aspect related to your leases, saving you the time and hassle associated with searching and thus, ensuring facilitated management of all lease-related affairs.
Ensure Lease Standard Compliance
With the new ASC 842 lease accounting standards, you are now required, as a company, to report right-of-use (ROU) assets and liabilities for all leases (except short-term) into the balance sheet. The purpose of this being increased disclosure and visibility into the leasing obligations of companies. With the help of lease management software and a built-in real estate accounting system, complying with FASB guidelines is ensured. It makes reporting easy, efficient and free of errors.
Automated notifications and reminders are critical features of lease management software as they allow you to stay on top of rent changes, task allocations, payments and more. This will prevent you from missing any critical dates or milestones, such as lease renewals, terminations and any other custom events associated with the lease portfolio. Being able to easily track all events that may impact your lease portfolio is essential to ensure maximum efficiency and success.
Actionable Insights Within the Portfolio
Another important feature of lease management software is its ability to centralize raw data that can be used for deriving actionable insights. With the visibility that’s created by leasing technology, you can draw conclusions that will improve and optimize your real estate portfolio and future opportunities. These insights allow you to better understand not only your tenancy cost, risk exposure and real estate optimization opportunities, but they also allow you to act on them with the necessary confidence to ensure efficient and profitable solutions.
Easy User Interface and Document Sharing
Having an easy-to-use interface is essential for analyzing, tracking and efficiently managing all lease data from your real estate lease portfolio. The lease management software provides you with easy access to all data with just a few clicks, as the software allows for dashboards and tailored reports. Furthermore, with the sharing features provided by the software, you can manage your data and determine what you want to share with whom, allowing your team to easily stay in the loop with all the relevant information.
Having lease management software is an essential advantage to managing your leases and staying on top of compliance and changes made to your portfolio. However, when choosing lease management software, make sure to choose one that provides your company with an end-to-end solution, like the one provided by Yardi Corom. This way you can take care of all tasks, tracking, management and reporting required by your lease portfolio while ensuring accuracy and efficiency.
Yardi Corom is a simple and comprehensive accounting, lease and workplace management solution for CRE tenants. Our cloud-based software solution increases efficiency and accuracy across your entire lease portfolio: manage leases and subleases, track key lease data, centralize transactions and become FASB/GASB/IFRS compliant. To learn more, you can visit our website or schedule a meeting with our team.
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