As a corporate occupier, being able to efficiently manage real estate leases is essential to ensuring profitability. However, keeping track of all the complexities associated with corporate leases — including lease agreements, dates and compliance with new lease accounting standards — can be tedious and time-consuming.
Fortunately, with the help of lease management software — like the one provided by Yardi Corom — administering your real estate and equipment leases is easy. The end-to-end solution allows business leaders to automate lease administration tasks, save costs and eliminate errors. Read on to better understand what lease management software is and why your business needs it.
What Is Lease Management Software?
Lease management software is a solution for commercial real estate (CRE) occupiers to manage their entire lease portfolio. Specifically, it allows for storing, accessing, controlling, and tracking exhaustive lease information for all organizational units and asset types.
It also allows the entire leasing process to be completed in a single platform — from signing to termination; renewals; and important due dates and notifications. Essentially, it eliminates the manual work involved in handling all matters associated with leases by replacing it with an automated, error-free solution.
Easy Access to Lease Data Through a Centralized Database
Having multiple leases can make it challenging to keep documentation organized and easy to access. Fortunately, through a single, centralized system, you can access all information related to any particular lease with a single click. In fact, lease management software allows you to store all information — from contacts to properties, landlords and lease data —for easy access, tracking and management.
Plus, lease information can also be stored based on specific criteria — such as organizational units and asset types — making it easier to search for and manage assets.
Ensure Accounting Standards Compliance
When it comes to leases, compliancy with lease accounting standards is essential. For that reason, Corom’s lease management software comes with a built-in real estate accounting system to ensure your leases are compliant with all FASB guidelines— especially the ASC 842 lease accounting standards.
These new standards require that companies report both right-of-use (ROU) assets and liabilities for all leases (except short-term ones) in order to increase visibility and disclosure of leasing obligations for all companies. Fortunately, with the help of leasing management software, reporting of all information is accurate, efficient and automatic.
Save Time with Automated Workflows
Another essential feature of lease management software is its ability to create automated reminders and notifications. This enables you to stay on top of rent changes, payments, task allocations, and any other changes or updates made to the lease portfolio.
Furthermore, automated reminders and notifications eliminate the risk of missing critical dates and milestones — such as lease renewals and terminations — will be eliminated, thereby ensuring increased efficiency and profits for your business. What’s more, you can also easily generate ad hoc reports for any period in order to present only the data you find relevant.
Enhance Collaboration with Document-Sharing
With so much information stored in lease management software, easy navigation is essential for increasing efficiency and accuracy. Fortunately, modern lease management systems come with simple, intuitive user interfaces that give access to any data with easily accessible dashboards and tailored reports.
Then, you can effortlessly share all relevant data with anyone in the company, allowing everyone to stay up to date with all lease portfolio information, including all reports created in the software, contact information, lease terms and more.
All in all, while managing leases manually can be challenging and prone to errors, with lease management software like Yardi Corom, corporate occupiers can efficiently stay on top of their leases, accurately track changes, and make profitable decisions, with all information at their fingertips.