Lessees sometimes underestimate how technology can be such an effective tool in tracking critical issues related to a lease portfolio. For example, many leases contain option features or triggering events in certain clauses that should be highlighted for ready monitoring. Keeping lease details such as these on Excel spreadsheets or worse buried in file cabinets increases the possibility of costly mismanagement.
Our lease management technology solution, iLeasePro, provides the user with the ability to highlight key lease features in a separate tab with the application. A brief description of the option or critical clause within the lease is contained in the tab along with a reference to the specific section of the lease where the user can obtain greater detail. It is easy and quick to input this data into iLeasePro and, just as important, this critical information is then readily available to all within the organization that have appropriate access.