Every commercial real estate professional has goals. But how many actually reach them? We can’t say, but those that have a plan are usually the successful ones. You can have all the goals in the world, but if they just remain goals, you’ll never get anywhere. This applies to everything from portfolio management to lease administration.
We’ll be covering the latter in today’s post. Specifically, how you can begin with a goal and move toward actionable steps for accomplishing that goal. As esteemed Greek philosopher Shia LaBeouf once said, sometimes you need to “just do it.”
Here’s a checklist for successfully implementing lease administration software:
Set a goal before you take the first step. What do you hope the software will help you do? Use the answer to create a goal that is actionable.
Here are some goal examples:
Once you have a goal in place, it’s time to develop a strategy for how you want to organize your information. Some factors to consider when developing your strategy:
Implementation may involve many contacts—lease administrators, account managers, project managers, software developers, etc.—so it’s important to ensure that everyone shares the same understanding of how long the process will take.
For example, you might need a specific report for an upcoming strategy meeting. Establishing this with your account manager/software provider will help you all work as efficiently as possible to organize the information so you can generate your report on time. It helps with managing expectations as well.
No matter if you are a tenant, landlord or broker, you probably have a stockpile of commercial leases scattered about on your desktop, in your email, loaded in your filing cabinets, and maybe even on a local or cloud-based drive somewhere. Not to mention the additional amendments, space plans, receipts and photos that go along with them.
Take time to ensure that you have all the pieces in place, that the files are named accordingly, and that you have the necessary tools to upload and share them with an account manager if needed.
There’s nothing more frustrating than investing time in a solution and then struggling to understand it. Or worse, incorrectly using the software and making a mess of the hard work you put in.
Be sure to take full advantage of any training and resources that are available. Here are a couple we provide to our clients at Quarem:
Once you check off the items in this list, you’ll have full confidence in taking the first step to implement your lease administration software. To see software like Quarem in action, request a demo today.
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