Introduction

Lease administration software, sometimes referred to as lease management software, is designed to assist entities that lease or rent property, equipment, or other goods in maintaining smooth operations. This software provides a centralized database of information regarding said property, including financial information, legal specifics, and contract terms; in many cases, the software allows for automation of numerous aspects of lease management including expense tracking, renewal details, and lease buyouts. 

In addition to serving as a database for lease information, some lease administration software will provide optional access to accounting features; lessors may choose to streamline expense and income calculations in accordance with local and national standards. 

Features of Lease Administration Software

Asset Management

Provide streamlined storage and access to information regarding leased property, including condition, property value, maintenance records, and insurance policies. 

Applicant Management

Allow lessors to customize applications based on business needs while permitting applicants to submit applications digitally. Provide screening tools to expedite the application and approval process. 

Accounting

Compile information pertaining to income and expenses including rent collection, tax obligations, insurance expenses, buyout details, maintenance costs, and customized expense categories.

Financial Analysis

Facilitate the discovery of opportunities to improve operation. These opportunities may include consolidation of maintenance request fulfillment, efficacy of rent collection, or solutions for maximizing occupancy. 

Marketing Analysis

It provides information regarding marketing return on investment. Integrate analysis into customized marketing strategies. 

Administrative Notification

Customize notifications, alarms and email alerts for critical events, including lease expirations, insurance renewals, overdue rent payments, late fees, and required maintenance. 

Benefits of Lease Administration Software

Streamlined Document Management

Centralized access to lease documents simplifies management of all properties. Access to information can be accessed from virtually anywhere, allowing for national or global administration of contracts. 

Improved Information Security

Digital storage and administration of documents provide increased security of information. Digital documents are less likely to be accessed by unauthorized persons and are less likely to be damaged, destroyed, or lost. 

Application Management

Secure management of data provides effective management of applicants’ social security numbers and other personally-identifying information. Additionally, the ability of lease administration software to pre-screen applicants based on predefined criteria saves time for both lessor and lessee. 

Software Integration

Lease administration software can be integrated with other systems including accounting, tax, marketing and legal software. This increases productivity in decision-making as well as customer service. More reliable data improves marketing and customer service effectiveness. 

Automation of Administrative Tasks

Lease administrative software reduces - or eliminates - the need to perform administrative tasks. These time-consuming procedures include billing, advertising, lease renewal, maintenance request management, contract generation, payment collection, marketing, and client retention. The software can also reduce the instance of human error.