Weekly Briefing

Best Practices for Managing Lease Renewals

When your commercial leases come up for renewal, it’s a great opportunity to assess your real estate portfolio, consider the value of current leases and possibly negotiate better terms. However, lease transactions including renewals can be complex to manage. To ensure you’re getting the best deals, you need to track key dates, know your options and plan accordingly. To follow best practices, you need a full-featured transaction management software.

Transaction management software revolutionizes the way real estate transactions are handled, offering a centralized platform to streamline workflows, automate tasks and facilitate communication and collaboration among stakeholders. By digitizing and organizing transaction-related documents, data and communications, this software enables real estate professionals to manage transactions more efficiently, minimize errors and ensure that the smartest lease decisions are made.

What to look for in transaction management software

Transaction management software helps you manage your lease renewal process from beginning to end and ensures you don’t miss an important date or opportunity to get the best deal. Look for the following capabilities to navigate lease renewals with confidence and ease.

Define requirements to put business needs first

• Define parameters that should be met by the next lease (such as budget and area ranges, desired term and dates, location/market)
• Compare requirements to proposals under consideration
• Ensure the goal for the lease is highlighted and reassess requirements should all incoming proposals fall outside the desired outcome

Compare proposals to make educated decisions

• Ability to enter multiple proposals against requirements
• Choose a simple UI that provides side-by-side comparison, highlighting differences
• Analyze choices against each other, ensuring business and financial needs are met

Collaborate with brokers to improve organization

• Centralize location for brokers to input potential options and reduce work including duplicate data entry and phone calls

Centralize terms and documents to simplify access

• Use a central repository for all transaction related items across your portfolio
• Provide a one-stop shop for your organization to view all transaction information
• Report on renewals across your business and compare against various key factors in the portfolio

Streamline approval workflows to save time

• Centralize data in one system with security organized around business rules to streamline transaction processes
• Create comments/notes, activities and tasks, flagging key organization members to enhance communication
• Match business processes to workflows to ensure a renewal is approved through key organization members

Ensure easy conversion from proposal to lease

• Harness all information collected through the proposal and promote it to a lease for ongoing administration, all in the same system

Key benefits of transaction management software

• One transparent platform for transactions. From property listings and offers to contracts and disclosures, all relevant documents can be stored securely in one place, eliminating the need for cumbersome paper files or scattered digital folders. This centralized repository ensures that stakeholders can quickly locate and reference essential documents throughout the transaction process, enhancing transparency and efficiency. This also allows for creating requirements for leasing needs and tracking how lease proposals match those requirements.
• Better collaboration and communication Integrated messaging features enable all stakeholders including agents, clients and other parties involved in the transaction to communicate securely within the platform, eliminating the need for disjointed email threads or phone calls. Additionally, document sharing and editing functionalities allow parties to collaborate on contracts, amendments and other transaction documents in real time, fostering transparency and streamlining negotiations.
• Optimized deal cycle. Tools for task management and automation help you stay organized and on track with critical deadlines and milestones. Transaction management software allows you to create customized workflows for each transaction, set reminders for important tasks and track progress in real time. Automated notifications and alerts keep stakeholders informed about upcoming deadlines, pending tasks and document status updates, reducing the risk of oversights and delays. Using the deal cycle history, you can understand the potential rate of growth for your business and make decisions accordingly to align with goals.

Driving success with the right solution

Transaction management software, like that in included in the Yardi Corom suite, serves as a powerful tool for streamlining transaction workflows, enhancing communication and collaboration and improving overall efficiency and productivity. According to Jim Brandon, CFO at DRG, “We are passionate about growth, and we value that Yardi Corom is simple to use and not only gives us comprehensive insight into all our leases and locations, including lease abstractions, but also is customizable to meet the demands of franchise operators.” By leveraging the capabilities of this specialized software, you can simplify the lease transaction process, minimize errors and delays and ultimately drive success for your business in today's competitive real estate market.

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