Key pain points of tenants managing leases on spreadsheets or manually
Managing leases manually, whether it's through spreadsheets or other means, can be a time-consuming and error-prone process for tenants. Here are some key pain points to consider:Data entry errors:
When leases are managed manually, there is a higher risk of errors being made when entering data into spreadsheets or other forms. This can include typos, transposed numbers, and other mistakes that can cause confusion and lead to incorrect calculations or other issues.Difficulty tracking important dates:
Tenants need to track the number of important dates related to their leases, such as rent due dates, lease expiration dates, and renewal deadlines. When this information is spread across multiple spreadsheets or physical documents, it can be difficult to keep track of everything, which can lead to missed deadlines or other problems.Lack of visibility into lease status:
When leases are managed manually, it can be difficult for tenants to quickly and easily get an overview of the status of their leases. For example, it can be hard to see which leases are coming up for renewal soon, or which leases have been modified recently.Inefficiency of manual work:
Manually inputting data, tracking expiration dates, and keeping track of rent payments is time-consuming and can be prone to errors. This can lead to wasted time and increased costs for tenants.Difficulty in sharing information:
When leases are managed manually, it can be difficult for tenants to share lease information with other members of their organization or with outside parties such as landlords or property managers. This can lead to delays or miscommunication, which can be costly and frustrating.
To alleviate these pain points, tenants should consider using lease management software that automates the process of tracking and managing leases. This can save time, reduce errors, and provide greater visibility into the status of leases, which can help tenants make more informed decisions about their properties.