It’s no secret that commercial leases are complex. They’re filled with wordy legal jargon, complicated rent schedules and confusing dates. What makes them even more challenging is that no two leases are the same. A holdover clause in a lease located in California can look drastically different than one in New York. The wording, style, and several other elements are impacted by things like regional idioms or landlord preferences.
These headache-inducing elements carry a lot of risk, which means that lessees have to bite the bullet and carefully hunt through each page to find the important information to track. Not to worry though, all that hard work pays off in the end. You get to sleep soundly at night knowing that you aren’t missing out on any obligations or opportunities that could otherwise lead to loss of time and money.
But reading through your leases is just one piece of the puzzle. How do you continuously stay on the good side of risk? Keep reading to find out.
Lease Administration Software & Managing Risk
So, you’ve read through your leases and abstracted the key information, now what? You need your data to be active. It has to speak to you, be easy to access & share, and present itself in a way that helps you make decisions. That’s where lease administration software comes in.
Lease administration software, like Quarem, helps you transforms your static lease documents into living digital profiles where you can easily monitor the key lease elements that carry the most risk. Here’s how it works:
All of your leases are organized in one spot
You don’t have to waste time jumping between systems, searching through email threads, or shuffling through files when you need to access information.
You’ll never miss a date or deadline
It’s all too easy to lose track of expirations, rent increases, option windows, and more. Missing these dates can mean reallocating funds to holdover fees, missing out on opportunities, or losing your negotiation power. With lease administration software, you can set up automated date reminders for each lease that go straight to your email.
You’re prepared when disaster strikes
When something like a natural disaster or pandemic occurs, the last thing you want to do is scramble to find your leases. We’re experiencing a perfect example of this right now with the Coronavirus. Businesses are turning to things like rent relief to ease the strain on their budget. Managing your leases with lease administration software means you can access key information, like landlord contact details, and the associated legal language with just a few clicks for every single lease.
You can trust the data you’re relying on to make decisions
Managing risk requires accurate data. Lease management software comes with the checks and balances you need to ensure that your data is protected. For example, Quarem provides users with robust access controls and activity timelines.
Quarem takes risk management a step further. Our team of experts are here to help you every step of the way. They get to know you and develop a strong understanding of your entire portfolio. That means there’s always someone on the other line ready and willing to quickly answer questions about your leases or properties, offer guidance, and help you get work done.
Ready to tackle the risk in your leases? Schedule a call with one of our experts today.