A real-world look at the basics of CRE property and lease administration:
The direct and short answer is if you don’t already have a Lease Administration system in place, then no you don’t. Obviously life has gone on and operations are humming along without one. But if you have ten or more leases, then yes, you should have a Lease Administration system.
But before we dive into the “whys”, let’s look at this topic through the lens of mission critical. When does Lease Administration software become mission critical? After 20 years of performing this role and designing applications to manage leases, here is my breakdown: