Automating Lease Administration makes so much sense, yet why do so many companies struggle getting it right? The answers can be many, but usually they fall into two main categories: 1) Software, and 2) Data entry.
There are many software products on the market for lease administration. The “free” ones are like any entry level offering. They are limited in capability and performance. Except for some key dates and a contacts list, you will quickly need to upgrade to the “paid” version. FacilityRep has worked with many of the standard offerings, but Lease Harbor is consistently the best all around resource. Lease Harbor is not the least expensive, but it’s not the most expensive either.
The biggest challenge companies encounter when implementing automation is the data entry and data maintenance. The common assumption is that data entry is simply a clerical function. Nothing could be further from the truth. A well functioning automated system requires data inputting by experienced real estate personnel. But it doesn’t stop there. The inputters must be sufficiently trained to work with proper software protocols. Formatting improperly or keystroke errors can corrupt reporting functions before you ever get off the ground. Never is more true the old adage “garbage in, garbage out.”
Automating does not have to be costly or difficult, but it does need to be done right. Before jumping headlong into a solution, new users should proceed cautiously. Consult an advisor and get the advice of others who have succeeded as well as failed. Learn from the experience of others.