Real estate lease management software is a tool that helps real estate businesses span a more simplified way of lease management. From keeping track of every lease commitment to storing crucial data in one place, the real estate leasing management software has a suite of many offerings in the store. The real estate property management software development is already on the rise. The global property management software market size reached US$3.04 billion in 2021 and is forecast to unfold at a CAGR of 5.6% from 2022 to 2030. After all, it is a daunting task to manage a large portfolio and keep up with the accuracy factor. The real estate leasing software is an effective answer to tons of tasks on a single platform.
What Is Real Estate Lease Management Software?
Real estate lease management software is a software that enables property managers and rental business operations to track lease data, manage applications, automate renewals, and maintain financial as well as legal documents along with the management of leased properties. The software is used by real estate businesses to manage commercial and residential real estate property rentals. While this software is commonly used for keeping control of equipment leases, it can also be helpful in managing employment or service contracts.
Lease management and lease accounting usually work in the same sphere to streamline control over the entire lease process. Real estate lease management software development is a robust way to make sure that you are able to track and maintain lease information, automate renewals, and manage lease terminations as well as buyouts. Moreover, real estate lease accounting software helps you track income and expenses and gives a hand in creating reports as per the Governmental Accounting Standards Board (GASB), Financial Accounting Standards Board (FASB), and International Accounting Standards Board (IASB) guidelines. Overall, lease management and accounting software is a cool-headed way for real estate businesses to keep track of lease terms and walk by the accounting standards smoothly.
How Does Real Estate Lease Management Software Work?
Residential and commercial real estate lease management software allows real estate professionals to manage different types of properties such as single-family and multifamily properties, commercial properties, along with other property rentals. The software stores lease information which includes contract agreements, tenant contact details, expiration dates, and rental payment due dates. It can also be used to send automatic notifications to tenants in regard to the upcoming renewals and reminders for overdue rental payments.
Real estate lease management solutions account for both single- and multi-family leases. The software also provides assistance to commercial real estate owners when catering to multiple renters. It is to be noted that these systems can be integrated with real estate property management software solutions which include various other real estate business processes like accounting, and more.
Also Read- Top Custom AI Real Estate Solutions that Every Business Must Have in 2023 and Beyond
Benefits of Real Estate Lease Management Software Development
If you are not sure whether you should give the green light to real estate leasing software development, then traversing well through its many advantages might help you figure it out. When you have got to manage the lease errands, it is always in your best interest to have lease management software. And here are the benefits of real estate lease management development that support its adoption:
Consistent Tracking
Real estate lease management software allows you to track business performance on a weekly and monthly basis. It lets you check information more accurately and make informed decisions.
Automated Documentation
The software allows lease managers and property owners to have a complete documentation record in the form of e-documentation and reduces the manual workload. Managing multiple properties can be impossible at times. But thanks to the automatic lease management system that eases things in the guise of accessibility, accuracy, and management.
Time-Saving
Real estate leasing management software development also benefits property owners and managers to save a great deal of time. With everything accessible and attainable within a matter of fingertips, it makes the entire management of lease processes automatic and quick.
Seamless Accessibility to Leasing Information
It is of course not possible to have every leasing-related information available all the time – unless you have real estate leasing management software. The solution lets you have access to the data anywhere anytime. All you need to make the best of it is the Internet connection.
Key Features of Real Estate Lease Management Software Solutions
Leasing software poses various essential features that prove to be useful for businesses, depending on the size of business operations. Let us now take a look at the most important features of real estate lease management software:
Data Management
With real estate lease management software development, you can make sure that managing a variety of important data will get seamless for you. This includes tracking different sorts of important data like property maintenance, expiration, and lease renewals. A plain-sailing way to manage lease data is one of the most crucial features you can enjoy in real estate lease management software.
Operations
Real estate lease management software comes with a set of different operational features that pose to be useful throughout the lease management cycle. The operational features of lease management software allow you to run smooth operations of the activities associated with your properties.
The operational features of the software will make it easier for you to promote your company as well as listings across online portals, establish an unlimited number of user accounts for your team members to remotely access the software, and obtain valuable property data.
These operational features also allow you to store as well as share crucial documents of both tenants and owners across a file library. You can easily monitor the repairs and maintenance of all the properties you are managing and provide an easy option for your tenants for paying for their leases online and keeping track of their payments.
Accounting Features
Real estate lease management solutions can be integrated with the current accounting systems you are using. It paves the way for you to carry out easier financial management. Accounting features of real estate lease management solutions allow you to calculate advance payments and rent based on a periodic lease along with maintenance charges, and other customer or vendor fees/ charges using the software.
Apart from these features, the software allows you to enjoy various other functions such as tracking payables as well as receivables, bank reconciliation, electronic funds transfer, tax filing, and compliance. By leveraging RPA property management capabilities, you can streamline these processes efficiently. You can easily ensure that the financial data entered into the solution is compliant with the foremost accounting standards. So, if you are opting for real estate lease management software development, you will not need separate accounting software for managing the financial aspects of property management.
Data Customization
Another important feature of real estate lease management solutions is data customization. The software allows you to customize your data and track all the essential details accurately within a lease management system. While entering data, you will need to input basic information that the software will process. It will determine the key details for you to always keep in mind – making things efficient.
The information you enter into the system will be updated across every relevant field there is. It will help you make sure that you always obtain the most recent and perfectly accurate data. Additionally, you can customize the lease data displayed on the system according to your preferences.
Management and Leasing
Management and leasing is the most basic function of real estate lease management software applications that lets you easily check the status of your leased properties at any time, from anywhere. Based on your preferences and requirements, you can opt from a variety of management and leasing software for your real estate lease management software development. These features may include document storage, electronic signatures, rental applications, advanced reports, and property marketing.
Moreover, you can have the property management reports created easily and automatically using the leasing software. Thanks to the advanced reporting capabilities of the software, you will be able to fetch data such as the number and location of properties that are available at the time, a list of current and previous tenants, income generated within specific timelines, overdue or pending lease payments, upcoming lease expiration dates and more. The reporting capabilities of the software will help you obtain the pertinent data related to your leased property, allowing you to understand the status of your business.
Locating Properties
Real estate lease management software brings the mapping feature that allows you to know the location of your properties. This feature of leasing management software proves to be essential in various circumstances. You can easily show the property to potential tenants who want to view it. Using the mapping feature, your tenants can easily check its location.
Remembering the property location is not a task when you have a few options to manage. However, the leasing management software mapping feature is quite useful for those who have a huge operation involving hundreds and thousands of real estate properties under their management and helps them know the exact locations.
Read More: How can Property Management Software Solutions Benefit the Real Estate Industry?
Data Security
Data security is yet another important feature of the top lease management software. The lease management software applications are protected with strong SSL encryption which helps keep your enterprise’s information safe. The software is useful in regularly backing up your lease data for safety. There are many real estate leasing management applications that even let users export the data themselves and save it on their external drive or with their preferred cloud storage provider.
There are a number of companies that choose to develop real estate lease management software solutions and deploy them on the cloud. These systems are provided by secure data centers with robust IT infrastructure and a fail-safe plan. Thus, you can rest assured about accessing any of your leasing data using the real estate leasing management programs from anywhere you are, whenever you want.
Real Estate Lease Management Software Solutions with Matellio
Real estate leasing software is a simplified approach to streamline your property management tasks and have a faster ride to success. So, if you want to make your operations more effective and productive then it is time to get in touch with the lease management software development company and get started with the easier route.
At Matellio, our team of experts and qualified developers help bring your lease management software plan to existence. From planning and strategizing to development, testing, and post-development updates and maintenance, we are always there for you to maintain your software up to the latest market trends and demands.
We make sure that your software is studded with advanced AI technologies that navigate you to your lease and rental needs. Real estate lease management software development with Matellio will ensure seamless management of your property-related data. For more information on real estate lease management software, schedule a call with us today!
