This year has been tough, to say the least. Not to worry, there’s one thing on the horizon that can lift our spirits and bring us all together again – a new year. Though many of today’s challenges won’t magically disappear once the clock strikes midnight, the start of a new year grants us an opportunity to refresh our mindsets and turn the page to a new chapter.
As for what happens next, who knows? This past year has shown us that you truly can’t predict the future. We can, however, get prepared. For any business that leases commercial space, that means it’s time to consider your lease plan for 2021. Let’s discuss some of the ways you can start planning for the new year.
Lease Planning for 2021
Before you pop the champagne and sing a rendition of “Auld Lang Syne,” there are a few steps you need to take in order to make a plan for your leases in 2021. Like we mentioned above, it’s hard to say what the next year has in store. By taking the time to review and plan, you’re laying a foundation to support current and future decisions.
Get Organized
In order to plan, you need to have the facts and figures organized so you can analyze. Additionally, you need to ensure that the data you’re studying is accurate. Take some time to:
- Make sure all leases are accounted for along with their corresponding documents
- Abstract your leases
- Double check that everyone is working with the same data. For example, if your landlord provided rent relief options, your current and future rent schedules may have changed. Make sure that your accounting department is up to speed with any of these changes.
- Invest in a lease management solution. You don’t have to tackle this alone! Providers like Quarem offer powerful software and services that make the lease organization process a breeze!
Get to Know the Important Dates
Once all of your lease data is organized, you can catch a glimpse into the future and get to know the important dates that’ll help determine your strategy. Pay careful attention to:
- Expirations
- Options and notice dates – renewals, terminations, expansions
- Rent increases
- Insurance expirations
Get Some Advice
This year more than ever, commercial tenants needed guidance and advice regarding things like rent relief, space utilization, and so much more. This presented commercial brokers with the opportunity to step into an advisory role and help their clients navigate and plan. So, connect with your broker, or establish a relationship with one that you trust, and develop a strategy together. Not only will they provide you with the best insight on the market, they can recommend the best tools and service providers.
Get the Right Tools In Place
The new year is the time to try new things, right? Investing in software or services might be the game changer you need to better manage your leases in 2021. There are so many tools out there that will help you get organized, visualize your space, stay on top of critical dates, and ensure that your team is on the same page even if you’re all working in different places.
As you start to build your plan for 2021, consider adding a demo of Quarem to your to-do list! Our expert lease management software and services will help you get organized, take control of the details, and simplify your daily processes.
