Managing your organisation’s leasehold portfolio is no small feat.
Sometimes it feels like you need to be a master juggler, with dozens of unique tasks to think about all at once. Your organisational skills are always being stretched to the limit.
But while you’re juggling, your landlords aren’t. They’re taking a systemised, methodological approach to managing their property portfolio. However, in our experience, many tenants often see the choice of lease management systems as a means to an end — a burdensome administrative job — but not as a strategic decision that is core to their business success.
Too often the cheapest, most accessible option becomes the default. But these basic systems just as often can’t keep up with growth or expansion.
Basic systems become organisational nightmares
We get it — programs like Excel are cheap and can be simple enough for almost anyone to understand.
But these programs just aren’t sustainable.
You need a system that can sustain your business’ growth. Not a multiplying commotion of spreadsheets that become unmanageable as store numbers grow.
Excel, by far the most popular option for lease management, has a frankly alarming incidence of failings. The fact that it’s isolated and lacks collaborative capabilities, combined with poor security and susceptibility to failure, is the last thing you want when you’re dealing with financial details.
These failings on systems like Excel quickly cause your location data to become fragmented, which poses some major risks:
- Businesses can overlook lease expiry dates, impacting negotiating tactics and potentially even jeopardising tenure.
- System inefficiencies can continually get worse over time. This is particularly challenging if you’re trying to reconcile old data for reporting — it becomes an organisational nightmare.
- As data becomes more complex, a business’ ability to accurately manage and report on it is compromised for business and compliance purposes.
Ultimately, taking an “all over the place” approach to managing leasing data can severely impact business continuity, and create serious operational and financial risks.
To gain control of your property management, start thinking like a landlord
Your landlords treat property management as core to their business, not an administrative sideline. You need to as well.
That’s what one of our clients, Nandos, realised as they dealt with the growing nightmare of fragmented lease data. With more and more data being handled differently across departments, they saw rampant inconsistencies and errors — and knew it was time for a change.
Why Nandos moved to LeaseEagle’s cloud-based software:
The right property management software can eliminate most of the negatives and disruptions caused by Excel. Nandos chose LeaseEagle’s cloud-based platform because it offers a host of benefits over other basic systems:
- Allows for collaboration — all necessary staff members can view and edit the same file;
- Can be used remotely, including on mobile;
- Sends alerts to your team when leases are due for expiry and payments are due;
- Provides one source of the truth — all information is in one platform; and
- Guarantees security and functionality.
The result for Nandos: up to 70% gain in productivity and 90% improvement on reporting.
For Nandos, the rise in productivity could be seen almost instantly.
A key factor, according to Nandos’ National Leasing Manager Jacquie Mance, was the dramatic improvement it made to reporting.
‘Overall, the reporting features are invaluable. One report used to take two or three weeks and, by that time, the information was out of date. Now it can take ten minutes for any given report, which has huge productivity benefits for the organisation.’
See the full Nandos case history here.
The first step to optimising your lease management systems
The first step to improved productivity is the identification of all the problems, risks and inaccuracies in your current property management processes. LeaseEagle can help, with an upfront assessment of your systems and advice on a scalable approach to your property management requirements.
Give the LeaseEagle team a call today on 1300 887 609 or firstname.lastname@example.org to talk about how property management software can dramatically increase the efficiency and productivity of your business.