Denver is tied with San Francisco as the city with the highest commercial vacancy rates. Now more than ever, it's important that property owners and landlords work hard to incentivize commercial leases to get tenants to stay or renew.
One way to make things easier on tenants is by implementing commercial lease administration software. Software programs with certain capabilities can make the leasing process efficient and accurate.
Keep reading to learn what tools and capabilities to look for.
Lease Tracking
Commercial lease administration software with lease tracking capabilities can help owners and property managers document leases from all buildings. Lease tracking can help identify trends, pay invoices, and plan for maintenance.
Lease administration software will store all lease agreements, read them, and organize the data for you. This type of software can be connected to other leasing solutions.
This grants insights into commercial investment portfolios and simplifies the agreements made in each lease.
Negotiate and Document New Leases
Commercial property management involves negotiating new leases with commercial tenants. Software programs that factor in negotiations can offer insights.
A great program will show how existing tenants share building expenses and how a new tenant would fit into that. It will also evaluate a new lease based on past data and market trends.
Once a new lease is formed, the software will store and index the new lease so that it seamlessly fits into an existing portfolio. As the lifecycle of the lease continues, old leases will automatically be removed.
This software can also help make the process of commercial lease renewals easier.
Lease Abstraction
Lease abstraction typically requires going through the original lease and extracting important details. A commercial lease abstract can tell tenants how to pay utilities, use shared amenities, and so on, with a quick reference.
Advanced software analysis through real estate management software can autogenerate abstracts to ensure tenants and property managers can easily digest key points in commercial leases.
Automated Services
Property management technology that focuses on leases offers tenants automated services based on things included in their lease. For example, maintenance requests are cross-referenced with leasing software to determine coverage.
Covered repairs prompt the system to schedule maintenance and repairs automatically. A management team will receive a generated ticket and can call in contractors to fix the problem.
If a tenant has partial coverage, the lease management software will still generate a repair ticket while ensuring billing aligns with lease terms.
Commercial lease administration software automates these tasks so tenants can feel their lease's full value.
Get Commercial Lease Administration Software
The best way to implement commercial lease administration software is by hiring a commercial property management company. Professional property managers are familiar with different software programs and can help you decide on the best one.
PMI Cedarboldt is ready to serve your property's unique management needs. Whether you are looking for software with lease tracking, negotiation and documentation, lease abstraction, or automation capabilities, we have you covered.
With over 20 years of experience, we know how to implement and use leasing tools effectively. Contact us now to get started.
