There are more than six million commercial spaces in the United States. These buildings represent more than just real estate; they're vital to local economies. Commercial real estate owners have an opportunity to contribute to community growth in a profound way.
Commercial spaces are necessary for:
- Grocery stores
- Laundromats
- Hardware and appliance stores
- Pharmacies
- Medical centers (including animal hospitals)
- Boutiques for local shopping
Some apartment buildings are also classified as commercial real estate depending on their zoning.
It's important to find tenants poised to last in the area and contribute to that location's growth. Commercial lease administration software is crucial for managing such real estate portfolios, ensuring each property is given proper attention.
Learn more about the benefits of digital property management solutions.
How to Use Property Lease Software For Tenant Management
The first step in any lease management process is finding the right tenants for your commercial buildings.
It's crucial to attract long-term tenants with successful track records to avoid vacant properties. Vacant properties diminish the aesthetic quality of an area and can lower property values. Empty spaces increase concern about a community's financial health.
Real estate software can help you organize tenant placement strategies while leveraging analytics to create data-driven marketing strategies that attract and retain tenant leads.
Property managers also use a suite of commercial tenant screening services to ensure everything checks out, from financial statements to commercial leasing history. Managers may also contact previous landlords to learn more about rent payment history.
The Commercial Lease Management Process
Lease software helps property managers:
- Generate lease documents
- Send documents digitally
- Retrieve signatures
- Store documents
- Update lease contracts
- Manage lease renewals
- Collect rent from commercial tenants
- Document lease negotiations
Property management companies also provide online portals to commercial tenants, where they can view important documents, communicate with the management company, pay their rent, and request maintenance service calls.
Lease Accounting Software
Commercial real estate accounting software prevents human errors in financial reporting so that business owners (and property managers) can keep accurate records. All maintenance requests are properly invoiced, as well as property taxes and tenant screening processes.
Property management companies also document:
- Marketing expenses
- Building upgrades
- Applications and document management
- Property management service fees
- Property budgets
Commercial property owners are immediately updated with the latest financial reports.
Commercial Lease Administration Software and Profits
The primary goal of property management is to maximize profits and increase asset value. Real estate software helps property managers plan for lease renewals and negotiation windows. Negotiations may be necessary to keep the best tenants in your properties; negotiations may include discounts on building upgrades.
Property maintenance is a cornerstone of effective commercial real estate management. Your management company uses software to receive maintenance requests, track projects, and network with local vendors to ensure prompt, high-quality service.
Improve Your Real Estate Lease Management
Let commercial lease administration software transform your real estate portfolio returns for the better. Talk to a property manager about the processes above and how to strategize for the highest ROI.
The team at PMI Potomac wants to help you command the highest commercial rent prices possible while securing the right tenants for your properties. Our nationwide franchise brings over two decades in the industry, including asset management abroad.
Schedule an appointment to learn how we can boost your asset value.
