Why You’re Doing Your Lease Document Management Wrong

 November 12, 2020

The way we manage our documents isn’t usually something we think about too much. We all have our own way of doing it, which may include color-coded folders on our desktop or paper files organized in a desk drawer. Humans are creatures of habit, so it’s easy to land on one method and stick with it. But what if we’re doing it wrong? What if there is a better method we could practice?

When it comes to important files, like the documents related to your leases, you should consider taking a second look at the way you organize and manage them. Let’s take a look at a few ways you could be doing your lease document management wrong and find out how you could be doing it better.

Doing it wrong by not doing it at all

There are several, very common reasons why you might not be managing your lease documents at all – there’s nobody to do it, you don’t know how to do it, you don’t think to do it, or you don’t understand why it’s important.

Your leases have a lot to say, and while they might not be something you have to look at every day, there are a few key points along the timeline of your term that you need to pay attention to. If you have no idea where your lease document is, you’ll have a tough time staying on top of things like rent increases, renewal options, maintenance obligations, and more.

Using the junk drawer method

We all have those few spots in our house that act as a refuge for the random, a home for things you’re not quite sure what to do with, or the place to cram odds and ends when company drops by. These junk drawers, bathroom cabinets, and spare closets are the places where our important items go to be forgotten. 

For those that manage lease documents, this method looks like several junk drawers spread across different computers, filing cabinets, or email threads. In the most extreme cases, we’ve seen this method result in entire leases being forgotten about (imagine those holdover fees).

Overlooking key documents

If you were to write a story about your lease, the official lease would be the “Once upon a time” part of the narrative. The story doesn’t stop once you sign on the dotted line. It continues to unfold and is recorded by a plethora of other documents.  Space plans, amendments, receipts, and emails are just a few examples of the documents that need to be included in your management strategy.

Using inefficient document management systems

You may have a system in place, but does it support the following criteria?

  • All of your documents are organized in one spot
  • You can access your documents at anytime from anywhere
  • You can securely share your documents with others and protect them with access rights 
  • They’re connected to a digital lease abstract form or summary

At the end of the day, the important thing is that you find a way to manage your documents. It doesn’t hurt, however, to utilize a system that was built to manage leases and the data, dates, and activities related to them.

With Quarem, you can transform your static lease documents into digital profiles where you can track income/expense schedules, create email reminders for expirations, store & share lease documents, and so much more. Ready to see for yourself? Schedule a demo today!

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About the author 

Meredith Beasley

Meredith Beasley serves as the VP of Marketing & Communications for Quarem. She is responsible for developing and implementing Quarem’s global branding strategy and works with both digital and traditional forms of media to better establish the Quarem brand.

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