What Is Lease Management Software and How Does It Work?

Managing a large property management business, especially leases, involves dealing with a lot of things. Since the volume of processes involved is huge, it is unreasonable not to use a lease management software. Lease management without the software can cause a delay in transactions and can affect the entire workflow process. Without the software, it is possible to encounter legal problems with respect to taxes and many others.

Before we can fully understand how lease management software can help your business, let us first know how lease management process works and what common problems you may encounter.

In the process of lease management, the one in charge makes sure that the contracts for the properties produce cash flow. In addition, it is also the lease manager’s job to ensure that the tenants are able to pay on time with the exact amount stated in each contract. This may look like a simple job but it takes the right person with special skills to perform the job well.

Because of the complexity and the work involved, many landlords opt to hire reliable and accountable specialists and outsourcing leasing companies who already know the flow of the business. But the problem with hiring professionals is that it can cost you a lot. Most of these specialists work together with other individuals, the reason why it could be expensive.

If you want to enter the leasing industry and be self-sufficient, a lease management software is the answer to your problems. With this software, you need not spend a lot to pay companies to do the job for you.

This business requires determination and hard work which can discourage others. However, you will get a different level of satisfaction once you accomplish the tasks well. When you do things by yourself, you have total control of the business. You will know the status of the company without relying on other people’s opinions.

Useful Features of Lease Management Software

Different lease management software technologies offer varying features which can range from simple to complex processes. Below are the most common and most useful features that any lease manager can use.

Enhanced Planning, Tracking, and Project Coordination

Project and workflow managements are very useful features in property lease management software. These are essential for the success of any kind of business. Project management deals with assets, planning, organizing and responding to changes in order to accomplish a substantial goal. This requires the application of knowledge, experience, training, skills and expertise to achieve something.

With project management, the methods used are seldom repeated. The moment a goal is attained, new goals are created which would require different sets of planning and organization.

On the other hand, workflow management is about dealing with distinct repetitive business procedures. Workflow management, when done properly, will result in increased productivity.

Lease management software features guarantee that you can track milestones, tasks, contacts, documents as well as expenses and budget. This will give you an overview of how the company is doing. The software is also capable of proactively alerting you when tasks need to be accomplished.

Secure Online Payment Processing Option for Tenants

Personally collecting rents from tenants is not only time-consuming but risky, too. If you handle several properties for lease, then you need to travel to each of these places to collect money. When there is a big amount involved, it is advisable to look for other payment options like online processing.

Online payment processing is incorporated in the lease management software. The program is not only limited to accepting lease payments but it is also integrated with maintenance service request, marketing, bookkeeping, and reporting.

One great thing about the software is that you can add the mobile interface feature on your phone so you can transact with your tenants anywhere. You do not need to worry about security breaches because the program is guaranteed to be secure.

If you choose software with online payment option, your rent collection will be automatic and recurrent and all you have to do is wait. This is convenient for you and your tenants. You can totally eliminate long queues in the bank and you no longer have to deal with stamps, envelopes and the like.

With the lease software, there is no excuse for late payments because you can activate the payment feature as recurring and it will automatically get in touch with the client every due date. If you missed out on some payments, you can easily go through the payment history to see all transactions.

Maintenance Request for Prompt Property Management

An effective property lease management software has a powerful maintenance request option. This tool can help eliminate paperwork so you can respond to tenant concerns at the fastest possible time. When tenants have needs, they can just send a streamline maintenance request using a phone or tablet. They also have the option to attach pictures or videos. With just a device, tenants can check updates on their requests.

There are recurring maintenance tasks which you can input in the system. For instance, when it is time for the scheduled mowing of the lawn, the system will alert you and the vendor who will do the maintenance. After the service is rendered, you can track vendor efficiency with the use of performance analytics. This way, you can assign the job to a vendor who is efficient with his work.

Accurate and Thorough Bookkeeping Capabilities

Bookkeeping is one of the most important and complex tasks in a business. This task involves recording, analyzing and interpreting the overall transactions of the company. This process helps keep track of losses and development within the organization. The information gathered in bookkeeping will let you prepare financial statements so you can manage the tax and legal aspects in a timely manner.

When choosing a lease management software for tenants, you need to make sure that it can produce precise financial records in order to give the business detailed reports on its financial status. You will need these data for legal purposes. The data can also be used to make critical decisions that will determine the future success of your business.

The accounting feature of a software will let you manually enter information on income and payments. Other than making a record, a functional accounting software should also let you make payments online, do bank reconciliation, and provide automated accounting work.

The most tedious part of doing accounting work is the reporting part where you need to budget, calculate, and prepare occupancy and work order reports. If you want a hassle-free accounting process, then you should consider looking at different lease management software technologies.

Boost Your Company With an Interactive Website

Nowadays, people prefer to do things online if they can. If you have a well-maintained website for your business, it would be easier for them to get in touch with you. You get to customize your site and add logos and design for the company. You can also position important documents like tenant handbooks or sales sheet for easy sharing to renters as well as prospect tenants.

To make your website considerably efficient, you can add features where you can post vacant listings online and accept virtual applicants. The listings can include every detail of the units, including available amenities. You can also add photos and price range for the units. When the prospective tenant is interested in the space, he could just easily send an online application for you to review.

Portal log-ins as add-ons to your website can also give access to tenants and employees so they can communicate with you wherever they are.

With all these features, there is no doubt that the benefits of lease management software are worth investing in. The software totally eliminates wasted hours spent on the road to visit a tenant. Whenever both parties have concerns, they can just easily get hold of each other. You can run your business without constantly getting out of your office because you can oversee everything using your phone, tablet or any mobile device.

You would never have to deal with tax problems, as well, because all documents are accurate and readily available. No need to extensively study laws on tax because the software has this covered for you.

In choosing the top lease management software, you should keep in mind that features from one program may differ from another. Some may have the very basic features while others can include complex processes. Studying each of these features will help you decide which one can truly help in running your business. Paying a high price does not necessarily mean getting the best software. So, it is important to carefully examine and compare all these programs.

To get more information about the software, visit CrowdReviews.com and check out the lease management software reviews.