The Best Way to Manage Commercial Real Estate Leases

Are you a landlord or a property manager who manages multiple units, each with a unique lease?

As your business grows, it’s easy to feel that things are spinning out of control.

2 out of 3 commercial real estate businesses we talk to are missing out on lease revenue opportunities. And for some of these businesses, the solution is as simple as implementing a better system of organization. Landlords risk losing thousands of dollars each year by forgetting rate escalations and other important information regarding their commercial leases.

Stay In Control of Your Leases

When dealing with retail spaces, office spaces, or multifamily properties, there’s a lot to keep track of. The more units you manage, the more complex it is to manage everything — and the more likely you are to make mistakes.

Because of that, it’s important to have a good system for managing multiple leases. When you have everything organized in one place, it makes the following tasks easier:

• Remembering renewals, expirations, increases, and other important deadlines
• Knowing the base rent and monthly payments due
• Knowing operational expenses for each unit
• Remaining compliant with necessary regulations
• Keeping track of unit status and lease status
• Understanding your tenant mix
• Keeping track of important clauses in each lease
• Managing operational expenses associated with CAM
• Contacting tenants about their lease

Many landlords use spreadsheets to handle all this information. And that can work just fine when you only have a few units! However, there are several shortcomings when it comes to spreadsheets, particularly as your business grows.

When Spreadsheets Just Don’t Cut It

Spreadsheets can’t send you a calendar alert when you have a deadline coming up.

Unless you’re an Excel wizard, spreadsheets can be difficult to organize and customize to your needs.

It’s not always easy to get a combined view of all your leases at once.

Spreadsheets may be good for numbers, but they don’t make it easy to attach tenant notes, contact information, and the like.

And, with spreadsheets, it’s often too easy to get duplicate entries or fall behind on your record-keeping.

Instead, you’ll benefit greatly from a cloud software that makes it effortless to automate alerts, track the performance of each unit, and assemble all the information you need about your leases in one place.

How STRATAFOLIO Is Making Lease Management Simple

STRATAFOLIO allows you to take control of your leases, no matter how many units you manage! Not only can you set up automated alerts for important dates, but you can access all the information about your leases any time you want. Plus, you can provide access to tenant contact information so your team can reach out to tenants for maintenance jobs or reminders.

STRATAFOLIO does more than just lease management. We know the commercial real estate industry, and we realize that there’s more to it than simply managing your leases. You’ll have access to powerful tools for managing your cash flow, debt, investors, and more. You can integrate it effortlessly with QuickBooks Online or Quickbooks Desktop (and more integrations are in the works!).

Thank you for your visit.

Originally published at https://stratafolio.com on May 7, 2020.