A lease management system, also referred to as lease administration software or lease administration platform, is a software program that allows users to manage their lease portfolio efficiently.
What are lease management systems used for?
Lease management systems are used to store, retrieve and monitor key lease data. Lease management systems are widely used by businesses and entities that have lease portfolios that need to be managed. This includes, retailers, corporate, REITs, real estate brokers, property managers, owners and other similar entities. If, as a business, you have just one or two leases, you probably don’t need a lease management system. A good lease abstract summarizing the key financial and non-financial information from those few leases onto a spreadsheet is probably enough. But, on the other hand, if you are an organization with presence across multiple locations, then, along with lease abstracts, a lease management system is a must to stay on top of your lease portfolio.
What are the key benefits of a lease management system?
Lease management systems can help you
- Meet the compliance requirements as per lease accounting standards such as FASB ASC 842, IFRS 16 and GASB 87
- Get a 360-degree view of your lease portfolio and all the lease agreements therein. This plays a key role in helping you make the right business decisions in relation to your lease portfolio. Examples include decisions that affect lease profitability and ROI including renewals, terminations and subleasing.
- Have a single, standardized repository for all lease documents, which can be accessed by all relevant departments throughout the organization.
- Get better lease insights through multiple dashboard, summary and reporting modules, addressing the lease data needs of different departments effectively.
- Stay on top of your lease portfolio by generating alerts and notifications for critical events such as notices, expiration dates, invoice due dates, renewals and other obligations. This helps ensure that you don’t miss any critical dates. Missing critical dates can have serious consequences, such as penalties or even lease termination.
- Keep your payment schedules on-track and accurate. They allow you to effectively manage your lease-related expenses and payments such as regular rental payments, percentage rent calculations, Common Area Maintenance (CAM) charges and reconciliations.
Lease management systems are indispensable if you have a lease portfolio consisting of multiple leases. But a lease management system alone isn’t enough. You need accurate lease abstracts of all the leases in your lease portfolio and also an experienced lease administration partner who can help you optimize your lease administration software so you get the best ROI.
Learn more about the top lease management systems of 2022 here!
Rebolease.com, powered by RE BackOffice, Inc., is a premier provider of lease abstraction, administration, audit and accounting services. Headquartered in Pittsburgh, PA, we are a global boutique firm, providing high-quality services to top-tier clients across industry verticals, covering every type of lease and on any lease platform. We are proud to be a trusted partner, for 15+ years, to leading retailers, REITs, property owners/managers, and corporate accounts seeking a strategic advantage. All client projects are performed in-house.