Think back to a time when you were going out the door and frantically began looking for a piece of paper. It may have been as small as a receipt or a doctor's note, but you knew you couldn't leave without it.
A lease is one of the most important pieces of paperwork a landlord can ever have. It needs to be easy to reach at all times if you want a profitable portfolio.
Read on to learn what leasing management is and how leasing management services can help you.
What Does Leasing Management Involve?
There are approximately 2,654 new renters every day. Landlords screen an average of two applicants per property.
Then they move into lease negotiation. This involves agreeing on terms such as:
- Co-tenancy
- Incentives
- Common area maintenance
The lease then gets stored on a server or other software after being converted into an easily readable format known as a lease abstract. It should contain all essential information such as:
- Serial numbers
- Addresses
- Points of contact
- Financial details
Leasing management is an ongoing process. The lease needs to be updated if any changes come about and renewed when the time comes.
Proper lease accounting is another important aspect. Reviewing the documents helps prevent hidden costs and improve property finances. They also need to comply with relevant standards and tax regulations.
Reporting is important for landlords that aren't working solo. Lease information also needs to be reported to all other relevant departments. This allows them to work with the same data and access the most up-to-date versions of it.
What Tools are Used?
Over 750 million people use Microsoft Excel. It lets you create spreadsheets for almost anything, but it falls short in terms of lease management. Making a spreadsheet for each lease can be too time-consuming. The program also lacks features such as automated alerts and rent abatements and concessions that can save you time and money.
Specialized lease administration software is a better solution. It provides an easily accessible database of all documents relating to your entire real estate portfolio. It helps you remain compliant and reduces the likelihood of errors.
How Can I Find The Right Tools?
Look for a lease administration program that meets your current and future needs. Find a trustworthy vendor that offers a solution with the right features at the right price.
Other software can handle leases and other important property management tasks such as tenant screening. Look for a property management team to find these. Most reputable ones will already have a multipurpose solution to help you.
There are also other types of professionals you may want to seek out. Getting a real estate consultation can guide you to the right options for your situation.
Where Can I Find Leasing Management Services?
Leasing management involves storing, managing, and reviewing lease documents. It can affect your finances, vacancy rates, and more. It requires the right tools and is even better when you have a team of professionals by your side.
PMI Phoneix Golden West offers a full range of property management services to maximize your property investment. Get a free rental analysis to see how profitable it could become.
