New dimensions in leasing technology
Leasing agents no longer need to be part lawyer, part accountant and part tour guide when managing tenant lease options, says Yardi’s manager of global solutions, Tom Dragmen.
“Agents have traditionally engaged in a juggling act, as they keep track of notifications and expiration dates, monitor prospective tenants, craft letters of intent and arrange showings,” Dragmen says.
“But customer relationship management technology has come a long way in the past several years.”
Mobile technology has taken lease execution out of the office and into the field, shortening the leasing cycle and providing new tools for capturing prospects and extending existing leases.
At the same time, new technology platforms are enabling leasing teams and asset managers to access detailed information about available space, leases, budgets and other factors directly from their core property management and accounting systems.
CRM technology has also evolved with the advent of colour-coded stacking and floor plans that provide a two-dimensional visual representation of a building’s availability, tenants, expiration dates and current rental rates.
“Interactive stacking and floor plans give leasing agents a new visual dimension for efficiently analysing expirations, options, unit types and rent-per-area trends in their buildings,” Dragmen says.
“Users gain a ‘point and click’ graphical display of vital information, which helps them identify opportunities and expose risks.”
Interactive and fully integrated with CRM and accounting systems, emerging stacking plan technology provides users with an even richer visual representation of lease expirations and related space details at their fingertips.
“Being able to drill down from the stacking plan to the lease record within the accounting system enables agents to not only view a lease’s start and end dates, and rent per area, but also the full schedule of rent steps, options and other details on the lease record itself,” Dragman explains.
With contract documents, billing terms, accounts receivable balances and other data readily available anywhere, including the field, agents can zero in on impending vacancies and close deals quickly.
Brokers, legal officers, lease administrators and others executing the extra steps required for new leases can leverage the instant sharing of information that only an integrated suite of CRM technology allows.
The result?
“Maximum revenue generated by more lease deals that close faster. Less vacant space. An easier path to renewals that increases retention rates. And visual illustrations that bring commercial space to life and offer new ways to sell, illustrate, analyse and make decisions about a space,” Dragmen concludes.
For more information about Yardi, visit www.yardi.com/anz