By Meredith Beasley | Lease Administration Software
2019 has been filled with several breaking news stories and unique trends, including college admission scandals, Area 51 memes, and more superhero movies that I can count. In the midst of these emerging events and stories is a tale as old as time – economic downturn.
When will it hit?
How bad will it be?
Who will be impacted the most?
By Guy Gray | Lease Administration Software
Few things in life create anxiety quite like an inspection. If you’re in the military, for example, you worry about inspections for your uniform or barracks. If you’re a car owner, you take your car in for a worry-inducing inspection once a year. Homes, businesses, taxes… the list goes on.
For commercial real estate professionals (CRE)s, however, property inspections rank at the top of the list of things to worry about. As unnerving as a tax audit, property inspections are a necessary evil that can lead to findings that affect your bottom line. However, missing inspections can cause a bigger headache. Here are three ways lease administration software can help.
By Meredith Beasley | Lease Administration Software
It’s finally happened. You’ve reached your limit. You’ve made it to the end of your rope. You’ve hit the wall. You need a strategic way to manage your leases, and you need it now! The spreadsheet you’ve been using is out of control. ASC 842/IFRS 16 compliance is knocking at your door. You missed an important option deadline. You can’t find a single document, and your boss needs income/expense reports ASAP.
So maybe your situation isn’t that dramatic, but your commercial real estate leases are a big deal and it’s time to find a management solution that fits your needs. Ready to start searching but aren’t sure where to start? Use this article as your resource to find the best lease administration software that fits your needs.
After you finish reading, make sure to download our Quick Guide to Lease Administration Software for even more insight into the benefits of software and best practices for software demos.
By Guy Gray | Lease Administration Software
There’s a popular meme out there with a picture of a man, a wall and a bunch of ladders. The man, who is peering over a wall he obviously wants to climb, is standing on the pile of ladders instead of using them correctly. The caption? “It doesn’t matter how many resources you have… if you don’t know how to use them, it will never be enough.”
Large operations run the risk of doing the same thing when it comes to lease administration. Just because you can add to your workforce, does that mean you should? Specifically, is it more beneficial to hire dedicated lease administration help or add lease administration software to your workflow? Does the best answer fall somewhere in the middle?
By Guy Gray | Lease Administration , Lease Administration Software
They say that imitation is the highest form of flattery. Whether it’s in professional athletics, product development or, heck, even commercial real estate, if you’re doing something that works, other people are going to try and do the same thing.
This brings up an interesting observation. With the volume of lease administration courses, lease administration certifications and dedicated lease administration careers out there, it demonstrates how involved and intensive lease administration is. If there was a way to do better lease administration — more efficient lease administration — wouldn’t you want to consider an investment in it?
By Guy Gray | Lease Administration Software
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.
By Guy Gray | Lease Administration Software
Ahh, the smartphone. It’s a go-to distraction for many of us, whether we’re standing in line for that double mocha macchiato at 7 a.m. in the morning or caught in an awkward conversation with a colleague right before we head home at the end of the day. More than 77% of Americans own a smartphone, so it’s no surprise that it’s revolutionized the way we live our lives.
Commercial real estate is no different, as the software CRE professionals use has been greatly affected by the advances in mobile technology. Here are just a couple ways the smartphone has revolutionized lease administration software.
By Guy Gray | Lease Administration Software
Busy and successful property managers know that Commercial Real Estate isn’t a venture for the faint of heart. Hard work, dedication, critical thinking, and an eye for the minute details that would normally escape others’ notice are hallmarks of those operating in the profession. Add in a hearty dose of organizational prowess, allowing for the ability to keep track of changing deadlines, ever-growing to-do lists and a host of other maintenance, upkeep and critical lease dates and CRE pros can give one of those lightning-fast superheroes of recent movies a run for their latex-clad money.
By Guy Gray | Lease Administration Software
CRE owners, managers or other professionals know the impact and drain on resources that redundancy can have on a business. Multiple vendors, overlapping administrative positions and paying for services or software that perform duplicative tasks, all eat into your bottom line with unnecessary waste.
By Guy Gray | Lease Administration Software
So, you’re a CRE professional with a healthy and diverse portfolio. Maybe you feel that you’ve hit the goldilocks equation when it comes to the time you spend managing your existing properties. You probably even have a steady income from current assets with a relatively high rate of occupancy. In short, things are fine and dandy…until they aren’t.