It’s true. Good lease organization and management save you and your company time and money. Shockingly, the average employee spends 1.5 hours each day looking for documents.
How many times have you spent time looking for a lease or a lease amendment? After hours of unproductive searching, you find that the previous admin, that is no longer with the company, had stored the file in an obscure filing cabinet. But the lease could have just as easily been on one of many thumb drives, in Google Docs, or a file laying on someone’s desk.
We have all been there. Had your team developed a good structure and process for lease management and organization, this wasted time could have been avoided.
Several things happen when the search for the missing lease occurs:
- If a tenant, lender or investor calls asking a specific lease question, and there is a delay in response time, each hour that passes by makes your business look more ineffective and unorganized.
- The time you spent digging through online and paper files rather than doing productive work, is a complete loss to the business.
- Frustration sets in as you have been down this unproductive road before, making you unfocused and off your A-game for the next several hours.
Most real estate businesses have small teams and need to rely on effective processes and technology. Here are some simple solutions for you and your team to adopt to improve your productivity.
Subscribe to our Newsletter
Adopt a Document Retention Policy
As a landlord, you should have a Document Retention Policy (DRP). And, with that policy, you should also identify a manager for enforcing that policy. The policy should address:
- Role of the DRP
- Which documents should be stored
- Location for each document type – whether it is electronic or physical or both
- Length of time for storage of each document type
- Destruction method for each document type
- Regular plan for review of the policy
Special Offer from our Sponsored Link Above
Go Online with STRATAFOLIO Lease Management Functionality
All too often, a lease specific question happens when you are not at your desk. We believe that location should not be a barrier to answering simple questions. To solve this, many companies use Google Docs or Microsoft 360. However, the lack of enforced structure results in the same wasted time.
We have an easy solution for lease management and organization. STRATAFOLIO is a cloud-based software solution designed specifically for businesses that own and manage real estate.
With STRATAFOLIO, you can easily upload your lease and related lease materials and access them anywhere and anytime. And, there is no limit to the number of users your organization can have. Recover those wasted hours and put them towards growing your business and serving your tenants.
To learn more about all the great things we do to support real estate businesses, reach me at [email protected] or call me at 319-214-3092.
Find out why companies average $9 in returns for every $1 spent on analytics.
Thank you for your visit.
- The Key to Managing Your Real Estate Portfolio Cash Flow Like a Pro - July 8, 2020
- What Are Land or Ground Leases and How Do They Work? - June 17, 2020
- The Key to Debt Management for Real Estate Owners - June 15, 2020