Have you ever laid awake in the middle of the night wondering if you missed an important lease date? Or, worse still, have you ever woken up to find out that you had?? As we all know, the penalty for missing critical dates (such as a required notice provision or a renewal option) can be a nightmare. Keeping track of every key date for all of the leases in your portfolio doesn’t need to be overly complicated; however, it does need to be done accurately to help you sleep at night.
The following are some pros and cons to consider when selecting software to manage your key dates:
Outlook Reminders– Pro: Simple and easily manageable with 1 or 2 people. Con: Doesn’t work or scale well with large groups, very difficult to manage as people join and leave the team, and its capability is limited to the reminder itself.
Excel/Google Spreadsheets– Pro: Cost-effective and easy to use with a small group. Con: It is a manual process, doesn’t have the built-in reminders outside of the document itself and can create versioning issues as your team grows.
Stand Alone Date Tracking Software– Pro: Focused on the problem scenario and will work well with your teams. Cons: – Might be limited in its capabilities outside of date tracking and could be difficult (or impossible) to integrate with other systems.
Another direction to consider is an all-encompassing approach to the problem at hand. Lease Lifecycle platforms have all of the functionalities to streamline this process and track dates, send scheduled reminders and connect the people with the information they need to manage the work to be done. Automation of these tasks, including escalating notifications, will help to eliminate missed dates and mitigate your risk while improving your overall process.
By leveraging the latest technology tools, the right people within your organization can receive information necessary to complete tasks at hand and avoid last-minute fire drills, mea culpas, and deals lost. Furthermore, a history of these alerts and notifications can be archived for future management and audit purposes. Today’s software solutions can make it easier for organizations to manage all of the leases within their portfolio, confident that they’ve significantly minimized the risk of human error.
Want to explore this topic further? Simply turn to Common Areas for more information and guidance. Common Areas’ configurable, cloud-based software solution can help you and your organization to increase productivity between your people, properties, and processes. Common Areas can empower you and your team with tools tailored to your needs in the Lease Lifecycle management process. Click here to schedule an in-depth Discovery Call with experts to find out how Common Areas can help.
Our final blog article in the Lease Lifecycle Management series discusses how reporting tools can help you to get a complete picture of your financial and operational position, thereby enabling you to make better business decisions for your organization. Have you missed any of the first four articles in the series? See the Additional Resources listed below to catch up!