In a nutshell, a lease management software is a program that has been specially developed to help landlords and property managers organize their rental properties, accounts, finance and tenants. The software may be designed to handle a particular or multiple aspects of property management, including buying, selling, leasing, and renting.
The features of a software will determine its uses. The common features of property management programs such as online signing of lease agreements and full reporting help to streamline rental management.
Lease Management vs. Property Management Software
While property management software may handle various aspects related to properties, lease management programs are exclusively developed to make leasing activities more efficient. The latter software will help you get more accurate property data such as location, account and maintenance.
Lease management software also comes with various features that improve efficiency. The software is cloud-based and therefore, you will not need to install any software on your computer to use it. You can access the SaaS management software from anywhere 24/7.
Setting up a leasing management software is easy. Most of the programs have intuitive user interfaces (UI) with straight-forward navigation. The companies behind the software applications also offer adequate training and support to help you get started with them.
Important Features of Lease Management Software
Leasing software come with various important features that may be essential to you depending on the scale of your operations. The main features of the software include:
The software makes it easy to manage various important property data. For example, you track important data such as property maintenance, lease renewal and expiry dates. Keeping track of these data is important for efficient management of your lease properties.
The operational features of a lease management software enable smooth operation of the activities related to your properties. Below are things you can do with the software:
- Come with an online portal or website where you can promote your company and listings online
- Set up unlimited user accounts for your team to remotely access the software
- Get valuable property data
- Share and store important documents with tenants and owners through a file library
- Track repairs and maintenance of the properties you are managing
- Allow tenants to pay for their leases online and track their payments
Lease management programs can be integrated with your current accounting systems for easier financial management. For example, you can calculate rent based on a periodic lease, advance payments, maintenance charges, and other customer or vendor charges through the software.
Other things you can do with the software include tracking payables and receivables, bank reconciliation, tax filing, electronic funds transfer, and compliance. The financial information entered into the software will be compliant with the best accounting standards.
When using a leasing software, you will no longer need a separate accounting software to handle the financial aspects of property management.
You can easily customize data and accurately track the essential details through a lease management system. When entering data, you will have to provide primary information that the system will process and determine the important details that you should remember.
Any information that you enter will be updated in all the relevant fields, ensuring that you always have the most recent and most accurate data. You can also customize the data that will be shown based on your preferences.
Management and Leasing
The primary function of a lease management software is to easily help you know the state of your leased properties at any time. However, the software has many more functions than simple lease management. Other functions that the software is capable of include:
- Document storage
- Electronic signatures
- Property marketing
- Rental applications
You can easily and automatically create property management reports through the leasing software. Through the program’s advanced reporting capabilities, you can generate data such as number and location of properties available, income generated over specific timelines, list of past and present tenants, upcoming lease expiration dates, overdue or pending lease payments, among others.
The reporting capability of the program provides pertinent data about your leased property, enabling you to know where the business stands at any time.
Lease management software applications also have mapping features that help you know the location of particular properties. The mapping feature can be crucial in various situations. For example, when potential tenants want to view a property, they can easily find its location through the software.
If you are managing a few properties, you may know their locations on top of your head. However, when you are running a big operation with hundreds or thousands of properties under your management, knowing their exact locations may be impossible. The mapping feature of a lease management software will come in handy in such a case.
Another feature that the top lease management programs have is data protection. The software applications are secured with strong SSL encryption to keep your firm’s information safe. SSL encryption scrambles your data to prevent authorized parties from access it. Apart from SSL, the software can regularly back up your leasing data for safety. Some applications even allow you to export the data yourself and save it on your external drive or with your favorite cloud storage provider.
Most companies are developing leasing management software and deploying them on the cloud. These programs are served from secure data centers that have robust IT infrastructure and redundant fail-safe measures. Therefore, you can always be sure of accessing your leasing data through the programs from anywhere you are, as long as you have an internet connection.
Leasing software makes it easy to streamline your property management operations and meet your business goals. If you are looking to make your processes more efficient, increase productivity and improve your bottom line, it’s critical to start using a lease management software.
There are dozens of leasing management software available in the market and with different features. You should carefully consider the needs of your agency to know which software will be suitable for your operations. The above are the main features you should expect to find in the best lease management software in the market.
Amit Prasad is the founder and managing director of SatNav Technologies and has business interests in a wide range of IT products. SatNav Technologies is an IT products company focusing on cloud based map data products and a pioneer in GPS, FMS & LBS Technologies. The product suite includes SatTracx in-the-field location based solutions and A-mantra in-the-office facilities management solutions. QuickFMS from a-mantra is a cloud based facility management system which enhances organization’s efficiency.