The 6 common misunderstandings about lease management software
Process Automation is a key focal point for property managers and business tenants. With each new app or innovation comes an eager group of early adopters, in addition to the usual sceptics.
The evolution of lease management software for business tenants is certainly one of those solutions that can divide opinion, delivering great business benefits for some and creating concerns for others across a range of factors.
Today, I’m taking you through the common hesitations that some have towards lease management software — and why you shouldn’t let them hold you back.
Misunderstandings about lease software could be holding you back from increased productivity and efficiency
Why do some businesses have lease management software?
For those not familiar with the significant opportunities offered by the software, it’s easy to dismiss the necessity for its existence.
What many businesses don’t realise is that if they manage their property leases in programs that aren’t fit-for-purpose, then they’re potentially wasting valuable time and costing themselves money every month.
The right software allows for automated alerts, customised reporting, document management and the creation of a single source of truth for all portfolio information.
Without it, your business could be at risk of some very common issues, like:
- Rental over-payments and errors
- Missing critical lease dates or key milestones
- Overlooking rent rebates
- Miscalculating percentage rents and accruals
- Slow and inaccurate reporting
- Data failure that escalates into much bigger problems.
Despite the fact that lease management software solves so many issues for business tenants, there can still be resistance to them — which is why I’m debunking some of the most common misunderstandings.
The 6 common misunderstandings about implementing lease software
Misunderstanding #1: “Importing all our data will take too long”.
This is by far the biggest misunderstanding that most have. That gathering all your property data and transferring it to a new system will be more trouble than it could ever be worth.
And it’s true that disparate, disorganised or generally fragmented data can take a while to get under control — but if your data is in as bad a state as that, then you’re suffering the risks and time costs anyway.
If you’ve managed to keep even the slightest handle on your data, then the process of migrating it to the right system could well be much faster than you might expect.
A professional software vendor will also have the right customer support and business processes to ease the transformation of your data, and in many cases, enabling the data transfer to occur in just a matter of days.
Misunderstanding #2: “It will be too hard to learn a new system”
Remaining stuck in comfortable habits is the best way to avoid making any progress. And getting out of those habits isn’t necessarily as difficult as you might think.
In fact, transferring to lease management software will almost always result in an easier, more streamlined experience.
Software should be designed to be user-friendly, so it’s often quick and easy to learn, with minimal disruption to normal operations.
Misunderstanding #3: “My team doesn’t have the capacity to manage this right now”
The best software providers will minimise disruption during an implementation and they should always operate as complimentarily to your team. The right provider should be able to help you streamline the preparation of your data to minimise the amount of work from your team.
The ability to support new customers is often a key differentiator between software providers — those with exceptional support always onboard customers faster and more effectively.
Misunderstanding #4: “My current system is already complex, I don’t want to have to relearn another one”
If your current system seems overly complex, there’s a definite possibility that it is far more complex than it needs to be. Data management needs to be done in a way that’s user-friendly and promotes industry best practice. Sometimes what seems complex is just not fit-for-purpose — and this is especially true for those who try to battle along with excel spreadsheets.
Relearning a new system may seem daunting, but if you find one that’s user-friendly, then it is likely to end up being a far better outcome than just persisting with your current system.
Misunderstanding #5: “My needs are too specialised for an out-of-the-box system”
If your business is one with very specialised needs, then a customised system may seem appealing. Designing or developing an in-house system takes significant knowledge and time and will never be as robust or reliable as a complete productised system that supports many customers.
The best software solutions in an industry deliver the necessary functionality, are proven to be trusted over many years, can be implemented immediately, and offer the required configurations to support all customers and the specialised needs of their businesses.
Misunderstanding #6: “If I do get lease management software, I’ll just be left alone to figure it out.”
Selecting the right solution is not just about the software. To ensure a successful implementation you must also choose a vendor with the right knowledge, skills, support and resources who has delivered for customers over and over before.
The right software provider will ensure that your team is actively trained and supported during and after implementation.
From specialist user workshops and training sessions, to post-sales support, the journey of correctly implementing lease software shouldn’t be made alone.
Ensuring a trouble-free transition to lease software
With MRI LeaseEagle, migrating your lease data is hassle-free and streamlined.
We commonly encounter businesses unsure of whether to make the switch to an automated, Cloud-based system because of these misunderstandings. We ease any of these fears by:
- Providing Excel ‘import templates’ that allow you to easily transfer data in to your new system.
- Ensuring that MRI LeaseEagle remains an intuitive, easy-to-use platform that streamlines your property lease management.
- Helping your team to collate and migrate data, to ensure their time input is minimised.
- Providing a fit-for-purpose system that is user-friendly and simple to learn.
- Tailoring and configuring the platform to meet the specific needs of your business.
- Providing best-practice implementation and post-sales support to ensure that your business feels comfortable and equipped to manage your new system.
Working with your lease software provider ensures your property data management is hassle-free
Those who have made the switch to MRI LeaseEagle have reached new levels of efficiency, accuracy and productivity. As a result, many new customers have identified and recovered rental overpayments into the hundreds of thousands of dollars, as well as saving themselves as much as a whole month of work days each year.
Although a functionally comprehensive solution, MRI LeaseEagle is also mobile, fast to implement and easy to maintain. The business benefits of its user-friendly, customisable reporting and data management tools will be felt right across your organisation.
Software solutions and services for workplace management, lease administration and lease accounting.IWMS
SITE partners with MRI LeaseEagle to give the Australasia market the best possible service and solution
SITE Property Limited (SITE) has become a market leader in the tenant services property area in NZ and specialises in eliminating property risks so that their clients, who include some of New Zealand’s biggest retailers, can concentrate on their co