Property management professionals stand to benefit greatly from the use of web-based lease administration tools. When it comes to managing leases, mistakes can be very costly and cause major inconveniences that more often than not will negatively impact your bottom line – or at least interpretation of such figures. The key benefits of web-based lease administration is that it allows you to enhance efficiency, minimize risk and ensure that you are in compliance with all proposed FASB lease accounting changes.
Additionally, lease management tools automatically monitor all the leases in your company’s portfolio to see if any are up for expiry or automatic extension. In some cases, automatic lease extensions can be of great detriment, as you may lose the opportunity to either renegotiate your current lease or explore relocating your business to another property. Thus, the investment in web-based administration tools can essentially pay for themselves by preventing the occurrence of a missed key date.
Web-based lease administration tools consolidate not only the collection of leases in in that file cabinet, but also all the other abstracts, maintenance agreements, etc. that you have on file. You can quickly and easily access, modify, share and copy these important documents as necessary, which can make life much easier for your property management staff and ensure the accuracy of payments, contract management and policy execution.
Consolidating all your documents in this manner not only improves efficiency, but it also helps you minimize risk. Web-based lease administration tools offer a wide range of features that make it easier for you to make sure you're meeting all your obligations to your tenants.
Centralized lease management tools are available as both web-based and individually licensed programs. Web-based options allow you to grant access to authorized personnel throughout your office remotely, offering unparalleled convenience and ease of use.
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