As a corporate occupier, the company’s portfolio likely includes multiple leases. Properly managing and monitoring those leases is essential to successfully handling all lease matters from ensuring compliance to meeting deadlines to timely renewals. Streamlining the lease management process is the most effective way to ensure that the lease portfolio is error-free, continually up to date and that transactions are carried out on time. Fortunately, solutions like transaction management software can help companies improve all processes associated with lease transactions. Here are some ways you can monitor and streamline lease transactions to ensure accuracy, efficiency and easy access to lease-related documents.
Centralized Storing Platform
The best way to monitor and streamline lease transactions is by having all documents associated with a lease in a single, centralized location. Doing so allows the team members responsible for handling lease portfolios to easily access all relevant documents and information required. This is essential to monitoring due dates, expiration dates, changes and contact information, among others, to ensure that everything in the lease portfolio is accurate and updated and that all transactions are completed efficiently and on time. Transaction management software, like the one provided by Yardi Corom, enables companies to access all information and documents related to a lease from a single platform.
Along the same lines as centralized document storage, being able to track proposals from the outset is essential and made easier with transaction management software. Streamlining proposal tracking allows your accounting team to access all information and documentation related to a specific lease from the moment the proposal has been created to the moment the lease has been signed. Furthermore, an audit trail can be set up to know exactly what, when and who changed anything in the proposal, allowing for transparency and eliminating errors. With such features, companies can be sure that they make the best decision when it comes to signing a lease when comparing it with other possible corporate spaces they may have considered for the company.
The most effective way to efficiently carry out lease transactions is to ensure a collaborative workflow in your company. With a centralized system, everything from having a requirement to officially closing a transaction can be streamlined as all stakeholders can easily access important details from a single platform. This allows for any information, whether spreadsheets, documents, emails or other relevant files, to be accessed by all members involved, enabling the entire transaction process to be completed efficiently and accurately.
When it comes to any transaction related to a lease, meeting deadlines and due dates is extremely important to ensuring efficiency. As such, automatic alerts make streamlining the lease transaction process from start to finish easy and efficient by notifying those responsible for handling all matters of a given lease of what needs to be completed and by when. The chances of tardiness or errors greatly decrease with the help of automatic alerts, allowing for all transactions to be properly carried out.
Properly monitoring and streamlining lease transactions is very important for the success of a company. As a corporate occupier, many responsibilities must be taken into consideration when it comes to leasing a workplace. For this reason, being able to properly manage an entire lease portfolio and streamline transactions are key to making business-efficient decisions. Fortunately, with the help of transaction management software and lease management software, all these tasks can be carried out on time, with no errors and while keeping the entire team responsible for handling leases on the same page and in the loop.
Yardi Corom is a simple and comprehensive accounting, lease and workplace management solution for CRE tenants. Our cloud-based software solution allows employers to activate hybrid workplaces and desk hoteling, 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.