Remember that famous movie line, “I’m going to make him an offer I would love for him to consider?” No, of course you don’t. That’s because the real line ends with “an offer he can’t refuse.” Fortunately, commercial real estate professionals these days aren’t bound to the same set of limitations. When it comes to lease administration software, anyway, you have options.
The only question is, what should you look for? From conveniences such as dashboards and notifications to more consequential aspects such as FASB compliance, here are the top five aspects you should consider when selecting your lease administration software solution.
What do the dashboards look like? Are they customizable, or are you limited to certain templates? The right lease administration software will give you both options and let you easily organize data for benchmarking and planning. If you’re a corporate user, that means analyzing space utilization, rent patters and more. Or, if you’re a landlord, you may want to track things like tenant mix and market rates. Whatever data points you want to track, dashboards are a powerful way to visualize them.
Of course, all the commercial real estate data in the world isn’t valuable if you don’t know about it. The right lease administration software will allow you to create customizable alerts that are automatically sent out to all of the contacts that you select to be notified.These customizable alerts will allow you to track metrics like lease expirations, renewal options or rent bumps, which will ultimately help you gain perspective and control over your leases.
3. FASB Compliance
By now you likely know that the new FASB leasing standard will have a tremendous impact on CRE professionals. Your lease administration software should be able to operate within those boundaries. The software should also offset FASB update-induced headaches by helping you stay on top of the new requirements and giving you the data leverage you need for future big-pressure negotiations.
If you’ve used spreadsheets in the past to organize your lease administration data, you know that you can quickly get in over your head if you aren’t organized. The right lease administration software does this for you, allowing you to efficiently organize and monitor your financials (and other data) related to your leases. You no longer have to piece together bits of data from different sources — access everything you need in one spot, from tenant improvements to current and future expenses.
5. Security and Convenience
Today’s lease administration software should securely store all documents related to your space. But is a cloud-based or client-based solution right for you? There’s no denying that cloud-based software offers more convenience, but you might also be pleasantly surprised to know that the right lease administration software will be just as secure. Quarem, for example, uses only the latest in data encryption and the team will work with you to actively manage and maintain your data safety and integrity. When it comes to security and convenience, you really can have the best of both worlds.
You have the right to refuse subpar lease administration software. To see how Quarem checks the box on all of these considerations, request a demo today, or giving us a call at (888) 950-7272.