There’s always that one person at a party that everyone knows to avoid. They talk only about themselves, invade people’s personal space and wear way too much cologne. If you want to avoid a headache that will last all night, you’ll avoid this person.
Commercial real estate is the same way. Only instead of a person, it’s legal issues. No challenge will grind your portfolio’s growth to a halt quite like legal challenges. Can commercial real estate software help you ensure you fully understand your lease clauses and also help you abide by these contracts? Let’s find out.
Avoiding Lease Headaches
There are a myriad of legal documents, clauses and contracts involved with commercial real estate. Keeping track of these is difficult enough, but making sure you’re abiding by every line of them is a full-time job in itself. Commercial real estate software helps you avoid lease headaches (and potential legal issues) in several ways:
Critical Date Management
One of the biggest responsibilities that comes with managing owned or leased CRE is organizing the plethora of critical dates related to the space. One missed date can quickly snowball into a whole world of trouble. Commercial real estate software gives you the ability to arrange your dates by lease or property, create notifications, and share them with your list of contacts.
Tracking Lease Options
Whether you are the tenant, landlord, or perhaps you wear both hats, your lease options rule your portfolio. They are the key points that guide you through the decisions related to your space, and if not fully understood can put you in a sticky situation. By organizing your leases with the help of commercial real estate software, you are safeguarding yourself from potentially missing key points, like termination options or relocation rights, and protecting the working relationships you have with your tenants or landlords.
Organizing Important Documents
It’s easy for vital information to slip through the cracks with the amount of sending and sharing that occurs between professionals these days. This constant stream of communication is incredibly helpful, but it can quickly turn into a mess if not organized properly. Commercial real estate software not only supports the flow of information, but gives professionals a secure, collaborative space to conduct business.
Avoiding Tax Headaches
Legal issues tend to pop up around tax time as well. If you aren’t properly tracking and reporting all the financial data related to all of the properties in your portfolio, you could be held liable by the IRS and pay some heavy-duty fines. Here are some ways commercial real estate software helps you avoid tax headaches:
Tracking Income & Expense Schedules
One of the key benefits of commercial real estate software is the sophisticated reporting that comes with it. By tracking all of the financials related to your leased and owned property, including future rent increases and TI expenses, you can ensure that you have a transparent display of your activity.
This past year has been a whirlwind for those that lease CRE due to the updated accounting standards. Commercial real estate software can help you simplify the seemingly complicated process by providing comprehensive lease administration paired with expert reporting that will keep everyone in the loop and help ensure that your organization is following the standards.
Avoiding Other Legal Headaches
CRE software can help with several other legal headaches that commercial real estate professionals may face. For example, if someone gets injured, you could be liable for hazards that exist on your property. CRE software makes it easy to set up, maintain and monitor your maintenance schedule to ensure everything is running smoothly and that there are no potential hazards. CRE software can also help you track insurance, warranties, title defects and much, much more.
Avoid legal headaches with commercial real estate software like Quarem. To see the software in action for yourself, request a demo today.