Just like any other industry in the world, property management is constantly evolving and adapting to new technology. Digital innovations are bringing about time and cost savings, and improving the client experience. From smart buildings to virtual reality property tours for buyers and renters, technology is transforming property management in exciting new ways.
Property lease management is another area that has been given the digital makeover. These days a customised process flow can turn the tedious process of completing lease applications and offer letters, drafting lease agreements and getting document sign-off into one seamless process. What has traditionally taken you hours (or even days), can be done in a matter of minutes. Here’s how it works.
Onboarding tenants with in-built contract management
Applying Updraft’s unique MatterMap technology to lease management means that the process of onboarding new tenants becomes a breeze. Tenant, commercial and property-related information only needs to be captured once through a custom, intuitive questionnaire – and landlord information is coded into the resultant documents. From here, multiple documents and alerts can be created, saving huge amounts of time for everyone involved.
First off, a prospective tenant completes an application form online, using a link embedded into your website, or emailed to them. Next, a lease manager vets applications and if an application is unsuccessful, a rejection letter is automatically created and emailed to the tenant. If a tenant is approved, the leasing manager steps through a short questionnaire which generates an offer to lease.
When tenants receive offers to lease, they can either accept and sign them electronically, or request amendments to the terms. Everything is completely paper-free and handled through the secure Updraft portal.
Powerful customisation
Updraft’s team of lawyers will handle the programming and implementation while your team enjoys the benefits. They can customise a process flow to your specific requirements, for example if you need to have a final lease agreement vetted by a leasing committee, amendments made and signed off, those steps can be built into the process.
Greater control over compliance and income
In the event of the tenant falling in arrears, a letter of demand can be generated and sent via an email link. All compliance-related documents and certificates can be requested via a unique link that allows a tenant to securely upload these as and when required. Again, no need for physical paperwork while you have everything on record, safely stored in a central repository that contains a separate electronic folder for every tenant relationship.
Automatic updates
All key deadline alerts (e.g. occupation dates, rental escalation dates, renewal notice periods, expiry deadlines and renewal deadlines) will automatically be sent to the appropriate designated user. Renewal and termination letters can also be created seamlessly and sent to the tenant via an email link. The more the process is automated, the less time is spent corresponding and following up with prospective tenants – as almost all of the process is automated.
Real-time database
With a reliable, real-time database of all your landlords and lessees, you can do effective market analysis and comparative cost analysis, gathering crucial business insights from a wealth of data at a click of a button.
Want more info on how a custom-built property lease management process workflow can transform your business? Then get in touch with Updraft today for a free demo.
You can also read more about how Updraft helped the American Tower Corporation (which manages 130,000 properties worldwide) to drastically reduce its contracting time and optimise its leasing workflows.