Let’s face it, nobody likes a messy breakup. Who gets the dog, which friends go where and how finances are going to be handled are just a few of the complicated scenarios that need to be ironed out in the event of a split. When it comes to property management, evictions are much the same as personal breakups. Tenants and property managers alike dread the stress, tension and difficult conversations that must be had to prematurely terminate a lease. While the process may be painful, lease management software solutions are increasingly helping to take the sting out of evictions and can keep client relationships functional throughout the process.
No one likes to be caught unaware in a breakup and that certainly goes double for client evictions. With implementation of professional lease management software, keeping tenants informed of the steps leading up to the eviction process can help facilitate the transition if not prevent scenarios that lead up to eviction altogether.
With systems such as Quarem Access and Quarem Vantage, clients will be notified immediately upon missing a payment deadline, failing to sign a lease extension or otherwise not living up to their rental obligations. As violations rack up, deadlines and dates for needed actions are clearly conveyed, eliminating the difficult element of surprise. Timely notices also help correct innocent mistakes and may open the door to communication regarding ways to keep quality tenants on the premises during rocky sales periods.
Speaking of communication, a dear john letter is no one’s preference when it comes to severing a relationship. Quality lease administration software solutions allow property owners and managers to send messages direct to tenants. In difficult situations, such as evictions, this electronic communication can help ease tensions and further embarrassment which can de-escalate any upset feelings. Direct, electronic communication via lease management platforms also creates a written record of all correspondence which can come in handy to avoid further misunderstandings regarding workouts, payment extensions or other modifications to existing lease terms.
Perhaps one of the greatest benefits of lease management software is the ability to help property managers minimize the risk of eviction in the first place. From the outset of any potential new lease contract, property owners can store vital data, references, credit scores and other important tenant data in a safe and secured centralized database. Creating a new tenant due diligence checklist is a breeze with tracking tools designed specifically with the CRE industry in mind.
Once the lease is in effect, property managers can also perform detailed analysis on both individual properties and a portfolio as a whole. This big-picture number crunching can help identify trends in missed or late payments or increase tenant contact. Spotting these items early can assist in transitioning tenants out of leases early or perhaps avoid eviction altogether by facilitating a dialog before the situation has become irreparable.
Saying goodbye is never easy. Whether it’s a residential or commercial lease scenario, sophisticated property management software solutions can provide a wide range of tools to help ease the burden of the eviction process. Contact Quarem today if you’d like to see what an industry-leading platform in the CRE property management field can do to help keep your portfolio up and running and profitable.