Whether you’re a long-time visitor to our CRE blog or a first-time reader, as someone involved in the CRE industry you already know the value of sophisticated lease administration software solutions for increasing efficiency and providing valuable data analytics to help grow your business. What you may not realize is that in addition to increasing profits, property management and lease administration platforms, such as those offered by Quarem, can also help reduce costs and unnecessary liability by reducing your risk profile.
Ready to hear more? Read on for the top 7 ways lease administration software can help save you money by improving your risk and compliance systems.
1. Eliminate Human Error
Perhaps one of the largest areas of exposure for any CRE business is in the realm of human error. With multiple properties with individual tenants and numerous varying lease terms, your CRE portfolio has a large quantity of information being gathered and communicated on an ongoing basis. We’ve all heard the horror stories of tenants being told one thing by an office administrator or property manager only to have the lease details say another. With lease administration software, your details are stored and communicated from a central location, reducing the need for human input and human error.
2. Accurate Dates, Terms and More
Whether you’re jet-setting across the globe or on a weeklong driving tour of prospective new properties, keeping track of your personal to-do calendar is a tough task for anyone involved in the CRE world. Add in the need to communicate with existing and prospective tenants over critical terms and you’re left with a nearly impossible call for accuracy and speed. Impossible, that is, unless you have Quarem Access and Quarem Vantage on your side. Sophisticated lease administration software stores your information centrally, meaning you have the data you need, when you need it, wherever you may be located.
3. Timely Notifications
It’s one thing to have that information calendared, but another entirely to even know to check on that important due date or lease renewal period. Lease administration software helps reduce the risk of missed renewal dates, late payment notifications, rent escalations and more. CRE staff can set automated notifications to tenants, management and more and rely on Quarem to take care of the rest when it comes to providing timely notice.
4. No More Missed Deadlines
We all know that missing deadlines can cost you big when it comes to your CRE portfolio. From mortgage and investor payments to the ability to trigger rent increases or other clauses, leaving money on the table by not taking full advantage of your individual contract provisions is a huge risk to your commercial real estate portfolio. With scheduling, notifications and the ability to run reports across properties and your portfolio as a whole, missed dates will be a thing of the past, along with the risk they pose to your business.
5. Track Maintenance and Repair History
While it tends to be the complex issues that get your daily attention, sometimes the smaller liabilities can cause the biggest headaches when allowed to slip through the cracks, literally in the case of property liability and your CRE portfolio. Properly maintaining your CRE properties is a huge risk concern both for liability and injury reasons and general deterioration of valuable assets. With lease administration software, CRE pros can schedule, track and maintain important records on improvements, maintenance and repairs, vastly reducing your risk profile.
6. Communicate Essential Terms
Whatever your portfolio size and scope, maintaining communication with tenants and property managers is essential in managing your CRE empire. Clients can’t be expected to comply with terms they’ve never seen and property managers need easy access to information when seeking to enforce or otherwise manage lease terms. Enter lease administration software from Quarem. A centralized database, available anytime, anywhere, makes communication of important terms easy and reliable, reducing risk of error and misunderstanding and helping maintain great client relationships.
7. Identify Trends Before They Become Problems
Our final risk topic is one that commercial real estate professionals know all too well. Long before a client or tenant stops paying their monthly obligations or otherwise breaches vital lease terms, there are generally red flags to indicate potential risk may be incoming. With lease administration software, trends such as missed or late payments or inquiries as to sublease, early termination or other terms can be flagged and escalated on a personalized level. Reduce the risk of litigation and client disputes by identifying and heading off issues before they arise.
Whether spotting trends or reducing the risk of a slip and fall due to poor maintenance, sophisticated lease administration software can greatly reduce your CRE portfolio’s risk profile and let you focus on getting back to the business of growth and property management and development.