Gone are the ‘Good’ Old Days. Thank goodness.
Back in the dark ages, we used to use this thing called paper. It was made from really thin slices of wood. We signed lease contracts on it, wrote letters (which you now call email) and even jotted down notes so that we could remember them for later. We also had ledger books (but’s let’s not get into that mess). While it was time consuming, it was the most efficient way to way to administer a lease.
Then there was the organizational aspect of it. I’m not talking about an organization as a company, I’m referring to the other part: order. For anyone that has dealt with real paper contracts, which is still many of us, keeping everything – contract, notes, correspondence, addendums and renewals all in the right order and in the right place, can be a job in itself. And many times, it is. There are still people who have the title of file clerk, though not as many as there used to be.
That file clerk had to be extremely methodical and have impeccable organization skills. If you needed correspondence, invoices or certificates of insurance, that person would have to know not only how the system worked. Again, we’re not talking about a computer system ─ more like the Dewey decimal system (look it up- it was a library thing). If that person was sick, you waited until tomorrow, rather than disturb the system or risk incorrectly filing an important document that you might need later. And when something was misplaced, everyone scrambled.
When litigation or a dispute occurred, it was an “all hands-on deck” situation.
But what about day-to-day lease administration? Along with keeping contracts in order sure that the documents are acceptable, property managers are responsible for making sure that all terms and conditions are in compliance.
Whether we’re talking about something simple like repairs or more complex issues like subleasing extra space, having immediate access to the lease, any addendums and all available correspondence is a huge value-add benefit and good customer service, not to mention saving money on litigation. It also makes managing sometimes complex agreements easier when everyone can easily discuss and refer to the same document.
But technology does more than solve complex issues. It can save tons of time in time and efficiency when dealing with everyday lease issues like collecting rent and preparing renewals. Plus, if you have the capability of integrating your lease contracts with your accounting software, tracking and reporting delinquency is easy as pie.
But there’s more to it than just rents and NNN. In the world of lease administration, utilizing technology saves time, gives you the ability to work proactively and lowers your overhead. Plus, with the right support, technology can help you smooth out your procedures and processes.
In other words, there’s a reason we abandoned those slices of wood we called paper. It just made sense. With easy to navigate dashboards and a flexible, lease-based system, software like Sage Intacct Real Estate gives an almost instant 360-degree view of the financial and operational information for all assets. Gone are the days of having someone search for the right files. Real Estate owners, operators, and managers now get that clear, real-time picture at any level of budget, tenants, staff, and vendor management status when and wherever they need the information. The right software for your business can mean all the difference when it comes to seizing the opportunities. Sage Intacct Real Estate provides a scalable solution that can grow with your business, help with workforce efficiency, and provides unmatched reporting capabilities. Simply put, the technology makes the job of managing properties easier and faster and with far less paperwork.
Ready to find out more about a modern, cloud-based property management solution? Ask for a demo or talk to one of our specialists to get the details on how Sage Intacct Real Estate can work for your business >>>