Leases are an inevitable workload on the property business. Maintaining smooth business operations becomes simpler and more organized when lease management is done properly and on time.
Lease management software was expressly created for this purpose – to single handedly assist a property business in keeping all its lease-related workflows and timelines on track.
Today, the market for lease management software shows a great appetite for growth, displaying a CAGR of 5.6% for the study period 2022 to 2030. The rising demand for lease management software isn’t limited to software providers today; SaaS (Software as a Service) modes are also rapidly gaining traction in the industry.
One more form of lease management software is proving itself more useful than any other – the DIY mode, using no-code platforms. No-code platforms let businesses efficiently put together custom software fully fitted for their unique requirements, ensuring minimum disruptions in lease workflows.
Mode of software acquisition notwithstanding, your business stands to reap great advantages by implementing a custom lease management solution.
Let’s discuss the contract management ecosystem in detail and how no-code-based lease management software can make a difference to your workflows, in addition to the advantages it brings.
A lease is simply a document that spells out the terms of an agreement two parties enter into with mutual consent.
In property businesses, leases usually involve a property owner (or the seller) and the tenant (or the buyer).
The terms and conditions under which the seller agrees to rent/sell their property are stipulated in the lease, in addition to the detailed terms of payment, loans, interest rates, etc.
A lease also lists out the duration of the agreement. Both parties must abide by the terms agreed to in the lease signed between them.
To create lasting client-business relationships, it is important for businesses to always know the status of every single lease that it holds with every single one of their clients.
Considering the scale and spread of a business, this task may become a bit cumbersome, which is why no-code lease management software has become so popular today.
No-code contract management solutions empower businesses to devise their own software to manage leases in their own way.
Any breach in a lease document can directly put the defaulting party at legal risk. This can result in severe revenue loss, in addition to litigation costs and penalties.
Furthermore, poorly managed leases may harbor friction between the parties involved, creating undue business pressure and loss of tandem with respect to ongoing partnerships.
Delays in processing renewals or early terminations, for example, can create problems for the client. Suppose a corporation rents out an entire floor for its office from a property business.
Since corporate outfits have complicated accounting cycles, it is imperative to manage the lease properly to maintain a good relationship with them.
Besides, missing important dates as stipulated on a lease creates problems with renewal and may also incur charges.
Effective lease management software helps keep everything sorted by ensuring that a business stays compliant with lease terms, thereby mitigating risks of breach or non-compliance.
When two parties come together to do business, a contract is initiated. In the case of property leases, the typical workflow is as follows:
This entire workflow can be recreated on a software custom-designed using no-code solutions. Your business can potentially free up a lot of human resources for critical thinking and strategizing by implementing custom-made lease management software.
Let’s see how no-code software impacts each of the steps in this workflow.
Before the era of templates, contracts were typed manually on software like MS Word. But today, ready-made templates are available specifically for every industry that just need information filled in to create a contract.
Lease management software usually has several templates available that you can select from based on your use case. Alternatively, you can use no-code platforms to design software with customizable lease templates.
For example, you can create custom templates for commercial leases, residential leases, month-to-month rentals, short-term rentals, early termination or lease extension templates, etc.
A lease has many aspects – legal, technical, administrative, accounting, etc. – that need specialized attention for better clarity.
As such, the draft needs to travel across various departments before it is finalized. You can easily add collaboration features to your lease management software to streamline this cross-departmental process using a no-code platform.
Drafts exist for a reason – so that all the parties involved can consent to the terms therein, and any negotiations and changes can be applied to the contract.
Traditionally, all the revisions a contract goes through are usually tracked on either MS Word or other platforms where versions are clearly visible.
Using no-code software, you can easily eliminate third-party software or integrate it for version-tracking/revisions by building this functionality into the lease management software.
Digital signatures are reigning supreme today. However, some parties prefer signing a hard copy of the agreement before scanning it for digital signatures.
Whatever the case, you can easily design software to support all forms of signatures using no-code platforms. You can also incorporate the ability to send and receive signed contracts securely on the software.
The traditional method would be to do everything manually with physical documents. However, with custom software, the lease documents you create are based on structured data that the software can recognize, classify, process and track for you.
When important dates are around the corner, the software can send you alerts; it can also keep your data handy and accessible for instant recall.
The traditional way for renewing contracts was to set up meetings through appointments and discuss face to face.
But today, most professionals do not have the time. So they do things digitally because it's faster. So it makes total sense to use software for all renewal communications.
When the contract expiry date nears, the software generates reminders through various channels – email, dashboard, and more – to help the parties avoid penalties.
Low contract volume doesn’t really need software to be managed. But, as a business scales, a lease management solution needs to be in place to lessen the burden from the get-go.
Here are the benefits of using a custom-designed lease management software:
It is much faster to work with templates than it is to create a contract from scratch. When scaling up, a property business may need to create hundreds of contracts daily; manual creation just isn’t efficient in such a case.
Additionally, lease management software helps revise and update existing documents faster by keeping them accessible and digitally editable.
Whether working on a contract internally or with the other concerned party to revise the document, contract management software makes it possible to apply all changes to the same document in real-time online.
This prevents the back-and-forth through emails that take days to revise a lease document.
Lease management software makes it possible to share a link to the lease document with multiple people at once. Instead of having to attach a static PDF file to an email, the live lease document can be shared with everyone concerned simultaneously.
Any changes made to the document reflect automatically everywhere, eliminating the need to send each copy to everyone time and again.
Lease management software uses structured data to help you with search and recall, keeping every clause handy. This process is much faster as compared to manual searching and revision.
In case you need to undergo a contract audit, this feature becomes your best friend.
Physical forms of any kind of contract can never truly be secure. At the end of the day, they are stored in file cabinets. A White Paper by Pairsoft establishes that digital forms of any document today are inherently safer than their printed counterparts.
However, lease management software uses encryption and layers of security protocol at every step of the process to ensure the digital version of your contract is untouchable without the right set of digital keys.
If your business has plans of scaling up, consider using no-code platforms to design your own lease management software when the time is right.
Rather than having to put up with shelf-bought features, it is always better to custom-build software according to the workflows and practices that exist at your company.
Hubbler offers an easy-to-use no-code solution that can put together an end-to-end lease management system for you in a jiffy. Book a demo right here.