You’re out of time. Your portfolio is growing and you have to decide how to make your efforts go further. Should you look into cloning yourself? Is there a way to make time slow down? Should you consider hiring full-time help?
While the former isn’t realistic and the latter may not be sustainable (or you may just not want the headaches), there is a solution worthy of your consideration: adopting a software solution. The only question is, would it be easier to just outsource your lease administration instead? Let’s weigh the pros and cons of each option.
The Pros and Cons of Outsourcing
There are a few positives to outsourcing lease administration. For one, it definitely frees up your time and allows you to focus on more important aspects of your portfolio (like growing it further). Outsourced lease administration services include lease documentation, organization, rent roll billing, account analysis and more. Outsourcing may also be a cheaper option than hiring someone full time.
Outsourcing does have its cons, however. For one, you don’t have as much control over your leasing data, since it’s not all in the same location. Second, it’s a little riskier than just handling it yourself — how can you be sure your leasing data will be secure? Thirdly, how do you know the data will be accurate? (After all, who are the individuals who will actually be handling your data?) Overall, outsourcing requires a significant amount of trust in a company and team you may not know.
The Pros and Cons of Adopting a Software Solution
The cons of adopting a lease administration software solution, however, are few. (Just look at the crowded lease administration training market for proof of this.) Some may say the investment is a con, but it’s worth it when you compare it to the benefits you’ll receive. The cost itself is also more affordable than outsourcing. Another potential con is that it’ll require you to adopt a new process. Do you really want to change the way you’ve been doing things for years? Fortunately, the learning curve is shallower than you might think and, if you choose a software solution like Quarem, there will be a full customer support team at your disposal.
When it comes down to it, a lease administration software solution like Quarem has several benefits. For one, it gathers and organizes all of your leasing data into one secure, centralized, cloud-based system that you and your team can access from a variety of different devices. It also lets you track and monitor key dates and financial information, as well as sends you critical reminders you’d be remiss to forget. Report generation might be something you’ve considered outsourcing, but Quarem even handles that as well, meaning you can get back to relationship building instead of administrative tasks.
Want to see the pros of a lease administration software solution yourself? Request a demo of Quarem and experience how it can ease the burdens of managing your growing portfolio.