You Need Automated Lease Renewal Project Functionality

1 min read
November 8, 2023
CoStar Real Estate Manager Blog

You Need Automated Lease Renewal Project Functionality

Kick off renewals from critical dates, assign team roles and track progress.

Staying on top of lease renewals can turn into chaos. Dealmaking involves a matrix of factors and stakeholders both inside and outside the organization. Everything from current costs and available square footage to future growth and demographics must be considered.

What’s needed are controlled processes that keep everyone on task.

The best way to get lease renewals under control is to add a project management tool to the lease administration software. One that uses critical dates from the lease portfolio to automatically create project teams and send notifications when it’s time to evaluate leases for renewal.

With an intelligent lease management solution, stakeholders are assigned tasks and due dates. Third-party vendors can be included in the process. Managers get unmatched visibility into the overall lease transaction pipeline.

And no one ever gets behind on a lease renewal opportunity again.

This is one of the five important steps for lease administrators who want to embrace technology. Read more in the new eBook 5 Ways Commercial Tenants Plan Smarter & Negotiate Harder.