The rental market is growing manifoldly, just like the real estate market. Lease management, therefore, becomes one of the most important parts for businesses to manage their day-to-day tasks related to a company’s lease portfolio.
Lease management, also called lease administration, is not a simple single method. There are several parts to it. Reporting, document management, coordinating between stakeholders, and a myriad of administrative tasks, all together make lease management a wholesome process. Every lease contract has some stipulations and obligations that the renters must follow strictly, and someone responsible ensures it’s done properly.
Lease management is highly collaborative work, especially in enterprise-grade organizations. Lease managers pass the information amongst diverse teams, as the information needs to be handled properly among different official stakeholders, who can understand the nuances of each lease and communicate it to the right teams in the back office and the field.
Here’s how we have helped a startup in the lease management practice streamline their process, create a better workflow, scale their growth, and create better experiences for the teams.
A conference space provider needed a way to track leases and remodeling projects across multiple buildings and rooms. The previous process was managed on a spreadsheet, and it was difficult to track multiple punch lists and costs while allowing multiple users to make changes to the data.
We implemented a console in lightning, allowing users to track leases against spaces within buildings using custom objects. We implemented a lease signing process so that each lease opportunity could be tracked and the outcome recorded. This made it so that users weren’t going back to buildings or spaces that may not have met all the companies requirements. Tracking lease terminations in Salesforce helps operations stay on top of which spaces will need to be renegotiated.
We implemented dashboards to track space through the lease signing process as well as the construction process. Teams worked diligently on the design and build-out of these spaces and needed a good collaboration system to track all communication, including pictures. We implemented a solution using google drive to create folder links to store pictures of all projects while on site right from the user’s device.
The process tracks cost and project successes and challenges and helps the company understand how to refine its process as it grows into new markets.