Simplifying Lease Documentation Management: Tools and Best Practices

Simplifying Lease Documentation Management: Tools and Best Practices

After you and your tenants sign a lease, it cannot be changed unless you both agree to the changes made in writing.

Offering leasing flexibility can keep tenants happy and help attract new renters, but changing the lease can be complicated. Managing lease documents is already complicated enough, but it doesn't have to be.

Following lease documentation management best practices and implementing the right tools can help. Keep reading to learn how to simplify the leasing process for your Bend, Oregon property.

Digitize Where You Can

Lease documentation management digitization tools can help you simplify the leasing process. Rental property businesses collect too much data and documents for paper-based filing systems to be effective.

Document digitization refers to converting your physical documents and records into digital versions. You should start to provide tenants with online applications, leases, and lease renewals.

If you hire a property manager, they will utilize property management software that includes document management tools.

Be Flexible and Responsive

Another one of the most important lease management best practices is to be flexible and responsive.

Renters want responsiveness outside of normal office hours, especially if they are in a rush to find a place to live. They want more information quickly so that they can make a quicker decision.

If you can be flexible and responsive in your leasing process, you will benefit from the fast-paced environment. When you respond faster to applicants and prospective renters, you fill vacancies faster.

Create a Lease Requisition Process

Lease documentation management is easier with accurate lease information. To ensure your property management services have the right data, establish standard practices involving:

  • Acquiring new leases
  • Maintaining leases
  • Processing new leases
  • Documenting lease changes
  • Handling lease terminations

Every time a lease changes, your accounting should be updated. For example, if you allow a tenant to have a pet, you might change the lease to include a higher rent price or monthly pet rent.

Lease accounting software and a reputable property management team can help with these processes.

Set Controls

Property management strategies, like setting controls, ensure accounting accuracy. Adding leases to a balance sheet doesn't have to be a drag.

A lease management tool can help by:

  • Documenting lease terms
  • Calculating rent payments
  • Providing audit tools for late payments and overpayments
  • Customizing approvals for lease administrations
  • Providing an audit trail for lease changes

This internal monitoring and process validation drive better decision-making. You can also reduce expenses by ensuring your policies and processes are being followed.

Simplifying Lease Documentation Management in Bend, Oregon

Leases are the lifeline of your rental property business. With simplified lease documentation management processes in place, you can ensure accurate and organized records.

Hiring a property management company in Bend, Oregon can help you with lease management. Our team at PMI Central Oregon is familiar with leasing software and can implement it into your business.

We offer state-of-the-art technology to help with leasing management that can inform owners of how their investments are doing. With over 20 years of experience, we are the ideal choice for property management.

Contact us today to learn more about our services.