When it comes to lease management, there are certain standards that will help your efforts simply by adhering to them. (They’re called “best practices” for a reason.) That being said, the most successful commercial real estate professionals can (and do) customize popular processes to fit their unique management style and what works best for them.
Let’s go over five lease management best practices to consider.
1. Automate What You Can
If you could automate certain lease management tasks while you focus on more important things, why wouldn’t you? The right commercial real estate software does the mundane work for you. Some examples of lease management tasks you can automate include:
- Calculating ROU
- Generating amortization tables
- Capturing all required metrics
- Tracking lease payments
- Staying ASC/IFRS compliant
- Generating reports
2. Ensure Your Data Is Clean
When it comes to lease management, data doesn’t need to be “good enough.” It needs to be perfect—or as close to it as you can. Manual lease management tracking is prone to human error, especially if you’re dealing with multiple properties and types of leases. The right CRE software will redefine your standards for compliance and clean data—with minimal number-crunching required on your part.
3. Remember That Details Matter
Little-known clauses and surprise dates in the lease management cycle have been a headache for CRE pros in more ways than one. No, you don’t need to know every line of all your lease contracts, but you do need to be notified about any issues (no matter how small) that you need to address ahead of time. CRE software can help you remember the most important details.
4. Make Sure Your Processes Scale
Perhaps you have a good lease management organizational structure and system of processes now. But is it sustainable for future scaling? What about additional properties? What if you want to expand to another sub-industry of commercial real estate? The best lease managers can scale their tasks, reports and data to larger (and a higher number of) properties.
5. Get Help From Experts
Finally, make sure you’re staying tuned to what is happening in the lease management industry and changes that affect the way you do things. Follow experts on social media, subscribe to newsletters, read books and ask your peers questions. If you have CRE software like Quarem, you can even depend on expert advice from a team of experienced professionals, who will help you discover additional best practices and give you direct feedback on how to get the most out of the tool that you can.
If you’re looking to get the most out of your lease management, you need to experience the benefits of CRE software. To get started, request a demo of Quarem today.