Software can help with lease administration in different ways, but the number one thing it should do is automate your processes therefore saving your company money. Many real estate departments and lease administrators spend a ton of time doing mundane operations that a lease administration software package should be able to handle.
One important aspect of managing leases is the critical dates associated with a lease. A good lease administration software should be able to track those dates as well as alert users of important deadlines.
Another piece of functionality to look for is document management. Leases can be very large complex documents that are difficult to manage. Companies waste exorbitant amounts of money every year on managing those documents and storing them. A quality lease administration program can store those documents and control employees access to them with ease.
The best lease software applications on the market even come with bells and whistles that make finding information in those documents easier and less time consuming therefore saving the company additional money. Document management and critical dates are not the only part of a company’s real estate management process. Today’s lease management software offers much more than just lease administration.
There are products that automate and track property maintenance, handle the complex world of real estate accounting, communicate with other departments within the company and act as the new age rolodex for companies to manage real estate contacts outside of the company.
I suggest doing an internal analysis of your entire real estate department and its processes. Once you have a better understanding of how you currently operate then you can begin to analyze what is out there in terms of lease administration software.