So, you're shopping for the perfect lease management software for your organization.
The real estate and accounting teams have a list of needs. And let's not forget the questions your leadership team has. It's a lot of pressure to make the right choice for your lease portfolio.
To choose the right software for lease administration, lease accounting, or transactions management, you need to ask these key questions during demonstrations. Most importantly, make sure the answers you get are up to snuff.
The answer: The vendor should work with the big four accounting firms as well as the biggest names in real estate to complete implementations, provide integration services and configure solutions. If the industry doesn’t trust them, why would you?
The answer: Absolutely you can.
Stop having different teams rely on different solutions. When you pick a provider that has a holistic view of lease management, you can handle your lease accounting, lease administration, transaction management and portfolio planning in one centralized hub. A single source of truth is ideal for any enterprise organization.
"That's a major value add," said CoStar Real Estate Manager Solutions Engineer Donovan Fernander. "You have one single resource for your real estate portfolio data, and everyone can perform their required functions out of one application."
The answer: When your real estate and accounting teams are in sync, you'll be amazed at how much your company can accomplish.
Workflows will run more smoothly, and data will be accurate at every step of the lease lifecycle. When you nail the audit, the entire company wins.
The answer: Yes AND…
Make sure they undergo frequent SSAE 18 SOC 1 and SOC 2 audits.
The answer: Should be clear and concise. And it definitely should not include countless hours of data entry by your team. ETL templates, utilized by your team or the vendor, are the way to go if you want to ensure accuracy and minimize time spent.
The answer: Experts should have you covered, and you shouldn’t be abandoned with a set-it-and-quit-it solution.
"If the salesperson you're talking to can't say, 'We have guaranteed implementation,' you're talking to the wrong software provider," said Danny Jacob, Solutions Engineer at CoStar Real Estate Manager.
The answer: The solution has safety measures that ensure no one is messing with data that they shouldn’t.
"Best practices ensure SOC controls...only designated users can perform that function," said Fernander.
The answer: You’ll get continued support from our team for as long as you’re a customer.
A lot of start-up software companies are excited to get your business and much less excited to help you once you’re a customer. Find a company that understands your needs and encourages you to ask for help every step of the way.
The answer: You’ll get integrated market data for no additional charge. Because quality data can and will help you identify trends and opportunities, making the lease administrator’s job easier.
The answer: The platform will automatically handle this for you. You have too many leases to be performing remeasurements on the fly. Dependable solutions are there to ensure accuracy every step of the way.
The answer: Automation! Bulk discount rate matching is a game changer for accounting teams. You’d be crazy not to use it.
The answer: The vendor should be ready and willing to provide you with references. If they can’t, you should ask them – and yourself – why that is.
You can also check out software review sites like G2.com or Capterra.com to see what real users think of the solution.
With these 12 questions, you can avoid the disappointment of buying a solution that doesn't live up to its promises. More importantly, the answers you get will show you what lease management platform can meet and exceed your expectations.