Save Time, Maintain Compliance and Reduce Errors with the Right Lease Management Software
As a commercial real estate investor, your responsibilities include managing lease agreements for tenants. No matter the size of your commercial real estate investment portfolio—whether you have one multi-family property or 10 strip malls—keeping track of commercial leases is time-consuming and daunting. To reduce time spent filing and checking tenant leases, utilize lease management software.
What is Lease Management Software?
Lease management software, also known as lease administration software, is a software solution for commercial real estate owners to store, access, control and track lease information for all assets.
Most lease management software options enable active investors and their tenants to sign, terminate and renew leases. It also typically acts as an accounting solution, ensuring you remain in compliance with FASB and IASB lease standards.
Some systems even feature payment tracking and invoicing. You can also set up due dates and notifications to alert you about rent increases, terminations and more.
Why is Lease Management Software Important for Businesses?
Lease management software is an important tool for nearly every CRE business, big or small.
Here are several benefits provided by a lease management solution:
- Access all data (tenant contacts, landlord information and other critical data) in a centralized location
- Organize and store lease data based on category: organizational units or asset types
- Remain compliant with lease accounting standards, including the FASB ASC 842 lease accounting standards
- Reduce errors and save time with automation
- Collaborate with all stakeholders with document-sharing capabilities
The 3 Top Lease Management Software Options
The key is to find the right user-friendly lease management software. These three are our top options for managing leased assets.
Visual Lease is software specifically specialized for lease management and accounting. Visual Lease’s lease management tool has the following features:
- Maintains compliance with ASC 842, IFRS 16 and GASB 87
- Integrates with all major financial systems
- Tracks all changes in real-time
- Organizes payments and collections
- Manages lease agreements based on due dates
- Generates reports based on geography, contract date and more
An all-in-one cloud-based software, AppFolio offers everything from communication to growth management to staffing and training. Its leasing software features include:
- Saves time with AI leasing assistant, which handles data entry and schedules property showings
- Screens tenants based on credit score, criminal history, eviction history and more
- Delivers leasing metrics dashboard with critical, personalized reports
- Reviews market prices in real-time and adjusts accordingly
- Digitizes the rental applications process and automates the lease renewal process
This software provides several solutions for real estate leases, including accounting, operations and leasing management. This lease management system features include:
- Receives payments and maintenance requests
- Tracks and screens prospective tenants
- Sends all property vacancies to top property listing services
- Provides online applications and payments
- Manages lease details and agreements
- Offers built-in email and text message communication with tenants, owners and vendors
Extensia Financial Provides Loans for Commercial Real Estate
Extensia Financial partners with credit unions and brokers to provide commercial real estate loans for projects of all asset classes, including retail, multi-family housing, office buildings and much more. Our CRE loan products range from $2 to $25 million with terms of five to 10 years and amortization of up to 30 years.
Contact us today to learn more about our commercial real estate loans.