Integrating systems with commercial real estate
Commercial tends to be a slow moving train. Many business owners think that not much happens between signing a lease and the time you call in the moving truck to relocate. This can't be further from the truth. In fact, businesses that rent commercial real estate are constantly dealing with situations that involve their physical space. Setting up systems between accounting and finance offices, leasing compliance, CAM reconciliations and critical timelines can be daunting for many small to medium-sized businesses. That's why it's important to have the technology to integrate all of these elements together in a central location.
Lease administration software has been around a while and many of the companies out there have similar products that do great things for storing documents, tracking critical dates and capturing important lease clauses. Depending upon the bells and whistles, these can vary greatly from product to product. Many are now cloud-based and help team members communicate across departments and virtually anywhere. Great solutions abound!
Just be aware that software alone won't solve all your problems. For example, storing lease clauses in a database is helpful, but which ones are the most pertinent for compliance? When you get CAM reconciliations, how do you know which expenses are pass-through and which to push back on? Lease administration software is just another tool. In the hands of a real estate novice, the tool can only do so much. In the hands of a real estate professional, you can take compliance, risk, and efficiencies to another level.
We have test-driven many lease administration software platforms. If you would like advice or our perspective on any of the platforms available, drop us a note.