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 things spinning out of control.
Stay In Control of Your Leases
Two out of three 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 annually by forgetting rate escalations and other important information regarding their commercial leases.
There’s a lot to keep track of when dealing with retail spaces, office spaces, or industrial properties. The more units or suites 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 operating 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 operating expenses associated with common area maintenance (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. Through our onboarding process, we routinely see where human error has resulted in mistakes in a spreadsheet. And that mistake results in lost income for the owner.
At STRATAFOLIO, we identify lost revenue from mistakes in over 50% of our client onboardings!
With a spreadsheet, it’s not always easy to get a combined view of all your leases simultaneously. Spreadsheets may be good for numbers, but they don’t make it easy to attach key tenant notes or contact information. 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 cloud software that makes it effortless to automate alerts and calculations. You can also track each unit’s performance, and assemble all the information you need about your leases in one place.
How STRATAFOLIO Makes Lease Management Simple
No matter how many units you manage, STRATAFOLIO allows you to take control of your leases! You can set up automated alerts for important dates and access all information about your leases at any time. Plus, you can provide access to tenant contact information so your team can reach out about maintenance jobs or reminders.
Stay Ahead with Notifications
One of the most common revenue losses for commercial real estate owners is missed lease escalations. These can be difficult to track and remember with only the help of a spreadsheet, but STRATAFOLIO remembers them all for you. You’ll receive an automatic alert when it’s time to escalate each lease. STRATAFOLIO also notifies you for other crucial dates, such as the start or end of a lease term.
Data Management Made Easy
In addition to lease escalation information, you can organize all important lease details, operations expenses, revenue, and performance metrics from each property directly in STRATAFOLIO. Two-way integration with both QuickBooks Desktop and Online means you don’t have to manually move all your data or worry about entering it twice. Instead, find everything you need to understand, manage, and adjust leases in a single convenient location.
It’s not just easy for you. STRATAFOLIO’s tenant portal gives your tenants access to complete information on their own leases, too. This ease of access allows everyone to stay on the same page. Tenants can also use the portal for convenient virtual rent payments and to reach out about maintenance requests. Transparency increases tenant satisfaction, helping you to build relationships that are lasting and profitable for everyone involved.
Use Automation to Your Advantage
In addition to alerts, STRATAFOLIO automates time-consuming and complex processes like common area maintenance (CAM) reconciliation and pro-rata shares. Save time and avoid human error with easy and accurate calculations every time, empowering you to focus on growth.
STRATAFOLIO does more than just lease management. We know the commercial real estate industry and realize 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. For more information on how STRATAFOLIO can help you with every aspect of your commercial real estate business, contact us today for a free demo.
