What is lease management software?

Lease management software is used by real estate teams to oversee the management of their lease portfolios, from keeping on top of administration and accounting to making strategic decisions about contract renewals.

Used correctly, lease management software can help teams streamline their operations, work more efficiently and ensure legal and accounting compliance. In this post, we’ll explore the features and functionalities of lease management software and explain how it can help teams to save time and work more effectively.

Why do you need lease management software?

Lease management is a high-risk area for businesses. Corporate lease documents are lengthy, complex and non-standardised, making them a challenge to accurately parse and understand, particularly for those without experience in property law. Even the smallest error could have catastrophic financial consequences for your organisation, from unexpected penalty fees to poor strategic decisions with lasting impact on profitability.

Lease management can also be a very labour-intensive process, with teams required to review complex lease contracts and manually compile data to fuel strategic decision making or meet compliance reporting requirements. This can add significantly to your lease team’s resource requirements and reduce their operational efficiency.

Whatever the size and complexity of your organisation’s lease portfolio, lease management software gives you a complete overview of your estate and increases the visibility and transparency of your lease data.

It can support you with keeping track of the precise terms of contracts, maintaining awareness of important dates like break clauses and renewals so that you’re prepared to make important decisions at the right time.

By analysing your lease portfolio and comparing terms across multiple leases, you can spot inconsistencies in your lease agreements, allowing you to spot opportunities and make informed decisions about the future of your leases.

A well-designed software solution can also help you to streamline your lease management operations, saving your team time with AI-powered tools or automated workflows that free them from day-to-day admin to focus on your wider business objectives.

What are the benefits of lease management software?

Lease management software can help your business unlock a range of benefits. Here are a few of the most important benefits of lease management software:

Save money – with a birds-eye view of your key lease clauses, you’ll be able to easily confirm that you’re paying rent or service charges correctly and on time, and that you’re not missing out on opportunities for discounts, or inadvertently racking up penalty charges.

Make better decisions – with the ability to pull your lease data into configurable dashboards, you’ll be able to easily analyse your lease performance and draw out actionable insights that can help you take advantage of commercial opportunities or unlock hidden cost savings.

Avoid mistakes – a single view of all your lease data makes it easy to stay on top of key dates and deadlines, avoiding late payment fees and ensuring you’re ready to take action when needed to optimise your portfolio, taking into account break clauses and other important pieces of information.

Increase visibility – rather than trawling through multiple complex lease documents, lease management software puts all your key information in one place, removing data silos and providing quick access for stakeholders across your business so they can see the information they need to make decisions.

Reduce complexity – lease contracts can vary significantly in both structure and wording, even for very similar agreements. With consistently presented information across all your contracts, it’s easy for your team to calculate rent and service charge payments and streamline their operations.

What are the challenges of lease management software?

While lease management software can offer significant efficiency and time savings once it’s in place, the process of implementing and maintaining a lease management solution can be a challenge for organisations whose teams are already stretched.

In these situations, organisations should seek out a supplier who can support with the implementation phase, offering scalable services to help overcome resource challenges whilst minimising the impact on day-to-day business needs. This applies both to the initial setup of a lease management software solution and to its ongoing maintenance and management. With the right support, lease management software can significantly reduce internal resource demands, freeing up your team from complex data entry and spreadsheets to focus on the strategic decision making you need to drive your business forwards.

Invest in quality lease management software with MRI Software

MRI Software’s lease management solutions provide all you need to take control of even the most complex lease portfolios.

Comprehensive contract management

Maintain a comprehensive view of lease terms, key dates and events, landlord and payee information and correspondence for complete visibility of your portfolio in a single place.

Full visibility of lease options

Never miss a deadline again with software that provides instant insights into renewal dates, options to break and more, so you can make the right decisions for your business.

Effortless lease payments

Manage all charges related to your leases with full visibility of rent, service charges, insurance and more.

Advanced rent reviews

Ensure you’re paying the correct amount with all the information you need on rent steps, rent free periods and market rent reviews. With back-dated rental calculations you can be confident that you’re never paying more rent than you need to.

Automatic task alerts

Create automated alerts to keep your users notified of key dates and events like lease expiries, rent reviews, options to break, insurance renewals and compliance requirements.

Streamlined workflows

Create customised workflows to automatically trigger tasks and notify relevant users ahead of key dates like contract expirations, so you’re always prepared.

Intuitive document storage

Store all your documents against both individual tasks and workflows, so all the key information is captured and stored for easy retrieval. Create template documents that will automatically generate as part of your workflows to save your team time.

AI-driven accuracy and speed

Leverage powerful AI features to automatically parse and verify data, spot inconsistencies and provide analysis and insights to drive better decision making.

FAQ’s about lease management software

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