Lease accounting, payments, and receivables. Leases, critical dates, and terms. Abstracting, reporting, and forecasting. You have an entire real estate portfolio to manage—and you need to manage it as efficiently and economically as possible.
Managing a real estate portfolio is inherently complex. And any lease data that gets lost or overlooked could prove costly. If your current spreadsheets or software aren’t giving you the clear and accurate visibility you need to effectively track, monitor, and analyze your data, it’s time for a new solution.
Here are three key factors to look for when evaluating or selecting the right real estate lease administration software for your business.
The information you need, at a glance.
As a lease administrator, you’re responsible for monitoring contractual commitments, curbing costs, reducing risk, and meeting strict compliance requirements. To accomplish it, you need a centralized database that allows you to easily find, sort, and report on all property-related information.
Many lease administrators struggle with data accuracy and consistency. The right software solution will allow you to organize and manage all your lease data in a way that identifies potential problems, highlights opportunities, and enables you to make smarter decisions in a matter of clicks.
Solutions like REportfolio give you the visibility required to manage multiple lease and financial obligations. You’ll get the precise and accurate financial visibility required to track owned and leased site information, permits, easements, equipment leases, plus any number of agreement types while gaining the insight needed to reduce costs and risks.
You’ll also be able to forecast and track payments and receivables, meet FASB ASC 842 / GASB 87 accounting standards with classification tests and automatically generated journal entries, and be reminded of critical lease dates as they approach to ensure you never miss one.
Flexible interfaces, custom workflows, and seamless integrations.
You have a unique way of running your operations. That means you need your real estate lease administration software to work the way you do, and not the other way around.
When your software and its workflows are inflexible, you can’t work the way you want. And when you can’t work the way you want, you end up pulling data from different sources—increasing risk, errors, and pressure in addition to the time it takes to complete a task.
Full-featured out of the box, flexible solutions like REportfolio become even more powerful when custom-tailored to match your team’s most productive and profitable processes. With REportfolio, you can customize dashboards and KPIs while building and deploying new reports on your own.
You’ll also be able to easily integrate enterprise data and streamline the process of reconciling ERP data from systems like Oracle, PeopleSoft, Lawson, and SAP.
Access your data, wherever you are.
The right software solution allows you to work anywhere, anytime and from any device. With REportfolio Go, you can access leases, dates, terms, and financial information. You can also instantly publish portfolio information to a department website for executives, owner-users, and stakeholders.
The bottom line.
Take control of your property-related data. The right real estate lease administration software gives you the visibility, flexibility, and mobility you need to curb costs, reduce risk, and maintain compliance across your entire portfolio.
Want more help in picking the right software solution for your business?
Get in touch.
At Wizard, we understand the unique challenges lease administrators face. And we have helped many of the largest corporations, manufacturers, universities, and healthcare systems simplify and optimize real estate lease administration. We’re confident we can do the same for you.