Even for landlords with extensive experience, monitoring and managing current leases for commercial real estate portfolios can be challenging. Utilizing Lease Administration Software can help property owners with responsibilities such as tracking, accounting for, and improving the management of current real estate leases. To do this well, they need to be very analytical.
Property managers and asset owners must closely monitor a wide range of real-time information related to ongoing leases. This includes deadlines, payment plans, upkeep issues, and other possible debts. Stakeholders must also consider changes in the economy. Additionally, they must consider laws, rules, and policies that apply to them.
Discover how tenant and lease administration software can be a critical— and often time-consuming —aspect of commercial property management. This is especially true as your portfolio grows. The number of leases becomes more than you can manage in spreadsheets alone. STRATAFOLIO was built for owners (and all team members) of commercial real estate who use QuickBooks. This way, they can see the most critical information at a glance. This reduces manual work and empowers them to make data-driven decisions about leasing and tenant-related matters with confidence.
Get a Handle on Leases
To understand how STRATAFOLIO helps owners manage their tenants and leases, you have to see the product in action. Let’s start by looking at the Operations > Leases section within STRATAFOLIO.
Global Lease View
Here, you can see all the leases within your organization at a global level. This intuitive dashboard offers numerous filtering capabilities, allowing you to access the answers you need with data right at your fingertips. Quickly filter by entity, asset, building, unit, tenants, asset status, lease type, lease status, and date filters.
Within the columns below, you can view the unit’s rentable square footage and the building’s square footage. You will also see a color-coded lease status. With this, you can quickly see which units are occupied, expired, evicted, or on a year-to-year or month-to-month lease, as well as a number of other filters. With more than 50 columns of important information in this view, you have everything you’d find in your lease in a more presentable and digestible manner.
Lease Escalations and Expirations
A few specific columns within the Lease view pertain to lease escalations and expirations. You will see Lease Start Date, Lease End Date, Months Left on Lease, Months Left on Escalation, and Lease Expiration Alerts (Days Prior). These columns of information help owners quickly see, at a global level, which tenants have upcoming lease escalations due. They also show which tenants need to renew their leases.
STRATAFOLIO also offers customizable lease alerts (plus 11 other alerts) to help owners better run their businesses and avoid missing critical lease dates. Owners can be notified via email with alerts for expiring leases, confirmed expiring lease rates, and unconfirmed lease rates, so you never miss a critical date or lease bump again.
Common Area Maintenance (CAM)
Before STRATAFOLIO, owners were taking weeks, if not months, every single year, to reconcile their common area maintenance (CAM) charges. After all, there’s so much to consider. This includes overhead, operating or reimbursable expenses, plus pools, caps, and pro-rate allocations. This critical process can become complicated when multiple tenants in multiple buildings are involved. Each tenant’s CAM is dependent upon their specific lease terms.
With STRATAFOLIO, we streamline the CAM reconciliation process by securely storing your information, capturing rent escalations, and generating a CAM report with just one click. Our superior record management lease tracking system will do the work for you. This helps maintain a great working relationship between owners and tenants.
Security
Additionally, owners can feel confident that their leases are securely stored in the cloud, rather than relying on computer folders or file cabinets. All this data is easily accessible through our file management system. You can learn more about how STRATAFOLIO protects your data in our frequently asked questions.
STRATAFOLIO is the leader in commercial real estate software for a reason. Contact us today to discover why hundreds of owners switch every year. They switch to help manage their commercial tenants and leases.
Manage Tenant and Lease with STRATAFOLIO
It can be complex and complicated to ensure that lease agreements for both business and residential properties are managed correctly, efficiently, and effectively. For legal and regulatory reasons, as well as tenant-facing duties, stakeholders must ensure that the correct data is stored. They must also ensure reports are formatted correctly and deadlines are met.
STRATAFOLIO provides software for managing business real estate, making the leasing process as quick and easy as possible. Our solutions are robust, flexible, and highly beneficial for individuals who manage commercial real estate. They make things easier for lease administrators, and it’s easier for tenants to make changes to their leases. Schedule a demo to see how property management software can help your business.
