The Best Way to Manage Commercial Real Estate Leases

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 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 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 tenant notes, contact information, etc. 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, track each unit’s performance, and assemble all the information you need about your leases in one place.

How STRATAFOLIO Is Making 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 the information about your leases at any time. Plus, you can provide access to tenant contact information so your team can reach out to tenants for maintenance jobs or reminders.

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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. Contact us today.

Summary
The Best Way to Manage Commercial Real Estate Leases
Article Name
The Best Way to Manage Commercial Real Estate Leases
Description
Avoid costly mistakes and maximize lease revenue by effectively managing commercial real estate leases. Benefit from adopting cloud software.
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STRATAFOLIO
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