Think about all of the leases you manage. The oldest in your portfolio to the ones that are currently pending.
Then, think about all of the revisions made to them. All of the amendments, renewals, extensions, Tis, sublets, assignments, terminations.
Think about all of the expenses – rent increases, abatements, late fees. Or consider the income gained from them.
What’s the entire story of your real estate?
The Power Behind Your Decisions
In our almost 20 years of experience in the commercial real estate industry, we’ve noticed that one of the toughest aspects of managing leases occurs when organizations struggle to see the forest for the trees, so to speak. Sometimes, in the flurry of expense schedules or expansions, we forget to evaluate the whole picture when it comes time to make decisions.
The team at Quarem has worked with many clients over the years that have come to us for help piecing together the story of their leases. Some of these leases date back decades and arrived in our inbox with scans of grainy faxes to prove it. Each of their timelines have shown countless renewals, assignments and other various changes.
For some of our clients, the story behind each lease is important because they need that information to execute an expansion or determine the areas of their portfolio that will change due to downsizing.
Simply stated – the power behind your decisions comes from an accurate timeline of data. Each lease you manage is unique, and with so much information it can be hard to keep the story straight. That’s where commercial real estate management software comes in.
Managing Change With Software
There are several changes that can occur within your portfolio of leases, but let’s focus on two opposites: Expansion and Downsizing. Though both produce different results, the decision to expand or downsize is supported by the same data. Commercial real estate management software helps you organize your data in one, centralized location so that you can ensure accuracy and analyze metrics related to location, critical dates, space utilization, and budget.
Specifically, software like Quarem Vantage can help you:
- Create and assign custom filters to your leases so that you can easily access your information using units like location, guarantor or RSF.
- Generate reports to analyze metrics related to space utilization.
- Keep track of an updated income/expense schedule so that you can be aware of your rent obligations and have an accurate understanding of the state of your budget.
- Create critical date reminders so that you are always aware of your lease options and their related notice dates.
- Build individual projects related to your current activities, like expansions, where you can create detailed task charts, keep track of budgets, and share updates with your contacts.
The power behind change within your portfolio of leased or owned space comes from accurate and organized data. Before you take on an expansion or decide to downsize, schedule a demo of Quarem Vantage. We would love to show you how our lease, property, and project management software can help you organize your data so that you can make strategic decisions.