If you’re in the market for a lease administration tool to help manage your leases, you’ve probably come across several options. How do you decide which lease management software is the best option for you and your company? In this article, we’ll discuss some of the key features you should consider when deciding on the right lease management software for your business.
Which features should you consider when searching for lease management software?
Deciding on software or a way of tracking your leases is a big challenge. After all, once you get in the swing of things, it’s hard and likely not ideal to figure out how to start over with another software or tool. This is why it is important to do your research in the beginning and thoroughly explore all your options to pick the best lease management solution for your company.
To help you sift through the many different options when it comes to lease administration software, we’ve outlined four main features that you should look for in a lease management solution to make your job easier and less stressful.
1. Critical date alerts
If you’re familiar with lease management, you know that dates are very important, if not crucial, to your success. Missing an important date could cost you a ton of money in late fees, unused tenant incentives, or other time-sensitive items. This is why it’s imperative to have some sort of calendar or critical date functionality in your lease management solution.
Features like this can help you set up reminders that let you know when an important date is approaching. Among many other pitfalls, critical date reminders are a key feature that disqualifies tools like Excel from being the best option for your lease administration. LeaseQuery offers a calendar and critical date reminders that you can set up for 30, 60, 90, 180, or custom days out from your date deadline.
2. Cloud-based central repository
Microsoft Excel is a common option many lease managers use to track their leases, but this can limit access to your data and cause errors. By using something like Excel, only one person can edit the document at a time and on only one computer. If the document does exist in multiple places, you may run the risk of errors and lost version control. These reasons and more are why cloud-based software is becoming the standard for almost all technology solutions.
By having your data in a central repository in the cloud, users can access the most updated version from anywhere and on any device. If you’re looking to have the most accurate tracking of your leases, then a cloud-based solution should be a non-negotiable feature as you make your decision on new software.
3. Cross-collaboration
When considering a new lease management solution, decide whether or not you will need multiple people to have access. If you only have one employee who will be managing the leases, then this may not be as necessary. However, if you have multiple employees who will be adding, approving, and auditing your lease info, it is a good idea to invest in a solution that supports cross-collaboration.
4. Reporting
Finally, reporting is a key feature to look for when considering which lease management option is best for you. Some examples of reports you may need include:
- A lease history report that documents all lease changes
- Critical date reports that show all important dates in one place
- A payment summary report that showcases all your lease payments
By selecting software with reporting functionality, you’ll be able to manage your leases more efficiently and make your life easier. LeaseQuery offers all of these reports and more. You can even create custom reports with any of your lease details that you enter into the system.
Demo LeaseQuery today
LeaseQuery simplifies day-to-day tasks like tracking dates, contacts, and payments so that you can spend your time on other projects. This solution contains all of the features we mentioned above including critical date reminders, cloud-based access to a central lease repository from anywhere, a robust reporting suite, cross-collaboration for unlimited users, and more. Stop wasting time tracking your leases in Excel and get control of your portfolio of leased assets. To get started, schedule a demo today.
