The challenges of maintaining your real estate leases are reduced with lease management software. It might be difficult to keep track of every lease within a broad portfolio.

Additionally, businesses must make sure they adhere to all the new leasing rules that the government periodically establishes. Most real estate firms are required to report in their financial statements the effect of their current and upcoming leasing agreements.

This top tools list will discuss the best lease management tools available in the market.

1. AppFolio Property Manager

Utilize one cutting-edge platform to manage your whole portfolio. Your property management staff has access to AppFolio's straightforward and user-friendly interface, which provides them with all the resources they need to offer residents and owners first-rate service. This platform includes all the tools you need to expand and simplify your business, whether you oversee neighborhood associations, single-family houses, or multi-family apartment buildings.

Key Features:

• Professional, integrated websites provide your company a competitive edge.

• With automatic rent and bill posting, tracking of vacant units, and rent hikes, a simplified leasing flow makes moving in and out and raising rent easier.

• Renters and owners may access their accounts whenever they want, anywhere thanks to accessible mobile apps and online portals.

• Renters and owners may communicate back and forth while keeping a digital record of all communications, reaching them wherever they are.

• The database can be simply searched for anything thanks to dynamic universal search.

Cost:

AppFolio Property Manager package starts at $1.40.

2. Entrata

Entrata is a high-end cloud-based property management system that includes resident management, facility management, and property accounting. The solution consists of work order management, lead management, bank reconciliation, vendor management, and invoice production. Additionally, it offers open APIs for integrating with outside systems.

Key Features:

• With Entrata, accountants can construct income statements and balance sheets using recent data and make changes or payments in real-time.

• Additionally, property managers may duplicate budgets that can be downloaded or emailed, allocate particular items to portfolios, and establish new budgets.

• Leasing brokers may use the system to manage available apartments, issue bills to tenants, calculate late fines, and collect rent.

• In the system, users may export papers, find pertinent documents, and save documents. Users of Entrata may also create work orders and monitor progress using a mobile device.

Cost:

Contact the company for the details.

3. Innago

For landlords with modest to medium-sized property portfolios, Innago provides a cloud-based property management tool. Users of Innago may manage renters, gather signatures, manage contracts, and collect rent. Rent can be paid by credit cards or ACH to landlords. Users may handle regular expenses like parking fines and energy bills as well as set up rent, late fees, and fee waivers as necessary. Tenants receive email notifications before rent is due, on the day rent is due, and if a payment is overdue. Along with bill production, late charge calculation, account deposits, and bill tracking, Innago also offers these features. There is support for several bank accounts.

Key Features:

• Using a desktop or mobile device, eSignature systems allow renters to remotely sign leases.

• Both landlords and tenants have remote access to papers, and built-in lease templates let users customize the rental amounts, lease terms, and pet addenda.

• Additionally, users can add, remove, and sublease tenants. Users of communication tools can get in touch with specific people or entire properties.

Cost:

Contact the company for the details.

4. Yardi Breeze

Yardi Breeze is property management software made to make it simple for residential and commercial companies to organize and manage their activities online. For residential, commercial, and affordable housing, PHA, manufactured housing, condo, HOA and associations, and self-storage facilities, Yardi Breeze Premier delivers all the functions that Yardi Breeze does, in addition to more sophisticated ones. Residential real estate agents may manage tasks using a calendar and interact with clients and residents via a single interface.

Key Features:

• Get a platform for marketing, leasing, and operations that is simple to use on any device and from any location.

• Manage your books with dependable built-in accounting.

• Create web portals for owners and tenants that allow for easy reporting, payment processing, and communication.

• Give renters the ability to sign contracts, pay rent, and request maintenance online.

• Create CAM schedules that are flexible and distribute them to commercial tenants.

• Spend less time at the bank and less on paper.

Cost:

Contact the company for the details.

5. Leasecake

When commercial landlords and renters overlook renewals, expirations, hikes, and crucial terms contained in paper leases, they run the danger of losing tens of thousands of dollars. These issues are resolved by Leasecake by giving quick, mobile access to crucial data and documents.

Key Features:

• Keep an eye on important provisions, expirations, and rent hikes.

• Everything you require is close at hand 24×7

• Communicate with dependable team members

• Access the whole leasing agreement without returning to the office.

• One reliable source alone

• Improve communication; liberate critical time so you may concentrate on your business.

Cost:

Contact the company for the details.

6. Yardi Voyager

A cloud-based real estate management tool called Yardi Voyager enables companies to manage and keep track of their buildings and assets. The platform is appropriate for a variety of real estate portfolio types, including commercial, government, military, elder living, student housing, affordable housing, and others. For property owners, managers, and investors, Yardi Voyager offers comprehensive property management and accounting features.

Key Features:

• Businesses may maintain information like as move-in and move-out dates, work orders, maintenance requests, outstanding payments, and more with Yardi Voyager, which allows them to manage many properties from a single, centralized database.

• The platform gives customers a glimpse of business success through real-time accounting reports and analytics.

• Additionally, Yardi Voyager helps with marketing, lead management, managing online applications, automated screening, supplementary services, and more.

Cost:

Contact the company for the details.

7. Visual Lease

Leading lease accounting and management software, Visual Lease was created to make it easier to comply with ASC 842, IFRS 16, and GASB 87. The robust foundation of Visual Lease, which was built with years of ingrained expertise from top lease specialists and CPAs, enables any size or kind of lease portfolio. With an emphasis on first-rate client service, Visual Lease provides internal installation, lease abstracting, data entry, training, and support.

Key Features:

• You may save time and effort by using Visual Lease's automatic calculations, which record the data points needed to create journal entries.

• Their accounting software supports both one-time and ongoing interfaces with the leading ERP systems, including general ledger, accounts payable, and accounts receivable modules, to meet your integration needs.

• With Visual Lease, you can construct your own ad hoc reports or choose from a library of pre-built reports to view the data you need, when you need it.

Cost:

Contact the company for the details.

8. Archibus

For companies of all sizes, Archibus provides space planning and mobility management. It increases space efficiency by making the best use of an organization's built environment. It has been in operation for 38 years and provides facility managers with granular control over everything in their areas.

Key Features:

• By making sure a company only uses the amount of space it actually needs, maximizing space efficiency may help keep overhead expenses low.

• Moving offices may be a logistical headache; Archibus organizes teams for big transfers or helps people relocate independently within departments.

• Managers may color-code room utilization, create seating diagrams, locate resources, and assign room functions from a remote hub using a visual space planning interface.

Cost:

Contact the company for the details.

9. LeaseQuery Accounting Software

For lessees reporting under FASB ASC 842 and IFRS 16, as well as for both lessees and lessors under GASB 87, LeaseQuery is a cloud-based lease accounting and lease management system. Businesses may use the system to maintain their leases, receive reminders when renewals are due, submit journal entries and financial reports, compute straight-line amortization, and avoid paying more rent than is necessary. It creates several reports, sends reminders for renewal dates, and makes journal entries for deferred rent and tenant improvement allowances.

Key Features:

• Users of LeaseQuery may build bespoke fit reports by introducing their own system-specific metrics or characteristics.

• Any kind of document may be submitted into a single database that is searchable.

• For each lease, users can choose their own dates.

• Access to lease information and documentation is made possible via LeaseQuery.

• Users have the option to assign various responsibilities to various leases.

Cost:

Contact the company for the details.

10. Occupier

With the help of the lease management software Occupier, tenants and tenant-rep brokers may work together during the whole lease life cycle. The transaction tracking, lease administration, and lease accounting processes are automated by Occupier's cloud-based real estate platform. The collaboration of internal and external stakeholders within a single source of truth is also made possible by Occupier. Your team can make smarter real estate selections that fit the operational requirements of the company using Occupier.

Key Features:

• A lease management program designed with the tenant in mind is called Occupier.

• With the help of this software, real estate and finance teams can work collaboratively on every aspect of the lease lifecycle, from transaction management to lease administration and accounting.

• Automate your critical date notifications and adhere to IFRS 16, ASC 842, or any leased asset type, such as operating, finance, and equipment leases.

Cost:

Contact the company for the details.

11. Re-Leased

A cloud-based commercial property management solution called Re-Leased centralizes and automates property data collection. Making quick business choices is difficult without access to your property data, which increases the risk of missing important lease events and losing money. Re-Leased reduces risk and boosts yearly return by centralizing all of your lease and accounting data in one location that is accessible from anywhere through workflow automation and interfaces.

Key Features:

• Property managers get notifications and reminders from Re-Leased about upcoming payments and daily obligations.

• Additionally, a calendar dashboard is provided, which shows important action items including lease expirations, rent reviews, property inspections, and safety compliance. The program has analytical capabilities that make it easier to gather portfolio, property, and tenant information.

• Administrators can assign access rights using Re-Leased. Tenants may register maintenance concerns and follow the status of their requests, as well as examine lease terms and payment history.

Cost:

Contact the company for the details.

12. MRI Prolease Software

MRI ProLease is a cloud-based lease administration and property management solution created for tenant profiles with multiple locations. It includes functions for lease accounting, equipment leasing, maintenance management, and project management. The corporate, educational, governmental, and retail segments are the greatest fits for the solution.

Key Features:

• Lease administration, a function of ProLease, enables customers to manage a variety of assets, including leased, owned, and subleased ones.

• Users may handle the scheduling, budgeting, documentation, and reporting components of various real estate projects, including as renewals, renovations, and dispositions, using the project management capability of the system.

• As part of the system, users may issue work orders, allocate them to team members and vendors, and monitor their progress on a dashboard through the usage of maintenance management.

• Users can also plan activities for equipment repair and preventative maintenance.

Cost:

Contact the company for the details.

13. RentSpree

RentSpree is a platform that makes the process of gathering rental applications, vetting tenants, and managing rentals easier. The business was started in 2016 by Paul Sirisuphang and Michael Lucarelli. The company's main office is in Los Angeles, California. It is used by over 900,000 renters and 90,000 realtors, landlords, property managers, brokerage firms, and other professionals to find the best tenants.

Key Features:

• For the purpose of providing criminal, eviction, and credit histories, RentSpree utilizes the TransUnion SmartMove ResidentScore. It is rental-specific and only retrieves the pertinent soft reports when your applicant has given their consent.

• It takes care of collecting the rent on your behalf using Stripe, a safe online platform. The money is then immediately deposited into your bank account.

• The tenant-landlord connection is facilitated via RentSpree. You may import spreadsheets with all of your contacts using it. As an alternative, you may use Create Contact inside your account to store them.

Cost:

RentSpree package starts at $9.99/month

14. NetLease by Netgain

With NetLease by Netgain, lease accounting is made simple and automated, making it simple to comply with ASC 842, IFRS 16, and GASB 87. That's only the start. There is now a new lease accounting standard. The reporting obligations have been greatly enhanced, and businesses of all sizes must comply. For companies of all sizes, from small ones with a few leases up to huge, intricate, multi-divisional ones with worldwide leases, NetLease facilitates lease reporting and decision making. Enter your lease information once into NetLease, and with the click of a button, you'll have automatic, error-free amortization schedules and the necessary disclosures.

Key Features:

• Through process and automation, NetLease is a fully functional, reasonably priced solution that saves time, boosts productivity, and conserves resources. A smooth transition is ensured by built-in tools.

• To handle lease accounting and compliance in your main financial system, get all the capabilities of a Native SuiteApp. Efficiency is increased, irksome integrations are not required, and feared subledger reconciliations are not required when working in the comfortable NetSuite environment.

Cost:

Contact the company for the details.

15. LeaseAccelerator

The lease accounting and lease lifecycle automation software from LeaseAccelerator provides automated, long-lasting compliance for real estate and equipment assets. Their program lowers risk and lowers costs with audit-ready, long-term lease accounting, the foundation of the strategic financial platform, regardless of the size of your lease portfolio—whether it contains a handful of leases or tens of thousands. Leverage a competitive leasing market with more than 500 lessors, as well as integrated asset-level lease accounting, reporting, and governance.

Key Features:

• Take advantage of 500+ lessors' competitive bidding to get better pricing.

• Assemble and abstract all the asset-level lease information.

• Monthly closure and a comprehensive lease subledger make audits easier.

Cost:

Contact the company for the details.

16. LeaseCalcs

The most feature-rich tool on the market today, LeaseCalcs automates all lease accounting and administration procedures throughout your portfolio of real estate and equipment leases. Full disclosure reports, future minimum lease payments, journal entries, roll forward reporting, automated audit reports, and much more are all included in the comprehensive reporting under GAAP, IFRS, and GASB accounting rules. With LeaseCalcs, you can take advantage of your compliance with lease accounting to optimize operations, increase financial performance, and prevent accounting surprises.

Key Features:

• In one integrated platform, LeaseCalcs offers a comprehensive comparative financial analysis of any real estate or equipment transaction, portfolio planning and project management for your real estate team, and powerful lease administration tools.

• LeaseCalcs continues to demonstrate that world-class businesses employ world-class software by helping hundreds of corporate clients assess and account for more than 8 billion square feet of real estate leases and well over 2 million pieces of equipment.

Cost:

The LeaseCalcs package starts at $9,999 per year.

17. Hemlane

Hemlane's cloud-based real estate management software allows real estate managers and investors to monitor, arrange, and market long-term rental properties in a safe manner. By building a customized website with information on the property and application links, Hemlane helps with lead generation right away. Hemlane's syndication to over 40 rental listing websites is another tool users may use to advertise their properties and generate leads. Owners may use Hemlane's software to do background checks and obtain credit reports after the application process – via a thorough tenant application form – has begun.

Key Features:

• Hemlane's maintenance portal, which enables renters to upload images, schedule repairs, and organize payment for completed works, helps you to keep track of repair jobs.

• To help with property viewings, inspections, and other management responsibilities, get in touch with experts in the neighborhood.

• Hemlane intends to offer comprehensive real estate management software to property owners.

Cost:

The Hemlane package starts at $30/month.

18. Brokermint

A real estate back office administration tool called Brokermint automates and streamlines activities in place of paper-based ones. It includes transaction management, which makes it easier to assign assignments, request documentation, track progress, and make sure agents fulfill deadlines. With automated tracking and administration, users may generate statements and reports as well as commission split calculations. The team management tool computes commission automatically. Data from many systems is synchronized and integrated effortlessly.

Key Features:

• By effectively tracking and documenting each phase of the process, agreements can be closed more quickly and additional clients can be brought on board.

• On a single dashboard, obtain a thorough and complete overview of the performance of the agents and team. Using the easy report builder's drag-and-drop capabilities, create unique reports.

• Keep paperwork to a minimum and swiftly retrieve papers for examination. Securely keep all files, and arrange them next to the transactions to make sure the papers are audit-ready.

Cost:

Brokermint package starts at $99Per month.

19. Prophia

You can better manage risk and gain more information thanks to Prophia Cloud. It gives important users a consolidated picture and reports. Reduce the number of times you have to ask people or systems for the most recent information. You may develop a single source of information that is constantly current and accessible whenever you need it to consolidate data collecting. Multidimensional reports and dashboards that are simple to use allow you to explore, organize, and segment data with ease. Opportunities and hazards can be highlighted in these reports through customization.

Key Features:

• You may discover the correct needle in the haystack of papers by using a Google-like search both within and between them.

• To get better quality results, Prophia Cloud can determine how relevant a certain piece of a document is to a search query. Prophia.

• The stacking plans offered by Prophia Cloud offer in-depth analyses of each area and present historical changes, numerous encumbrances, and the effects of upcoming contracts all in one view.

20. iLeasePro

For lessees or tenants of real estate and equipment leases, iLeasePro is a cloud-based lease management and accounting system. Experienced real estate and accounting specialists designed iLeasePro as a long-term lease management solution in addition to addressing the forthcoming ASC 842 Lease Accounting revisions.

Key Features:

• To comply with the modifications to the FASB Lease Accounting rules, lessees have access to the automatic creation of ROU journal entries and Financial Disclosure Reporting using iLeasePro.

• By cutting expenditures on IT infrastructure, software, system backup and data recovery, and personnel costs related to IT, the iLeasePro cloud-based infrastructure enables the customers to take advantage of cutting-edge technology with lower capital expenditure.

Cost:

Contact the company for the details.

Things to Consider while choosing Lease Management Tools

Efficiency

All data is centrally and electronically stored via lease management software, making it available anytime it is needed. Additionally, automation frees up your staff to focus on other important activities like reviewing the reports, looking for discrepancies, and resolving them.

Cloud-Based Data Storage

There is still a chance for lost files, unintentional usage of outdated versions, issues with collaborative working, and the effect of different user habits even when digital spreadsheets are saved several times with the most recent versions. Given that technology is constantly accelerating corporate processes, it is even more important to be able to access accurate and current data from any location for effective and well-informed decision-making, which conventional on-site data management solutions do not allow.

Security

Commercial leasing management requires the usage of a lot of sensitive data, making a highly secure system essential, especially in light of the aforementioned element, which might raise security threats. Advanced firewalls, two-factor authentication, SSL encryption, and automatic login alerts are all good signs.

Scalability

When a business succeeds, it means that your lease portfolio will grow in size, which your software can handle without any additional time or effort, letting you get back to the important stuff. You save time by having a piece of software handle the management of your lease portfolio, meaning that you have more time to focus on growing the success of the business.

FAQs

What is Lease Management Software?

A crucial mechanism that businesses may use to keep track of any leased equipment is lease management software. Rental properties are where this use is most common. With the appropriate lease management software, all phases of the real estate lease lifecycle may be managed more effectively. Additionally, it can offer crucial data that companies can utilize to optimize their usage of space.

What is the purpose of leases?

Defining the conditions under which one party consents to rent property owned by another party, a lease is a legally enforceable agreement. It assures the landlord or property owner of regular payments for a certain duration in exchange for the tenant's or lessee's usage of the property.

Who is in charge of managing leases?

For instance, retailers with several real estate lease sometimes employ a real estate manager who is in charge of all of their leases. Industries like healthcare and manufacturing that lease a lot of equipment may hire a specialist equipment manager. Last but not least, some companies have a general lease manager who is in charge of all leases, regardless of their kind. The financial, operations or legal departments may be tasked with managing lease obligations. Especially in large enterprises, managing leases requires extensive teamwork. Teams receiving information from lease managers may or may not eventually collaborate closely.

Why is lease management essential?

In a business or nonprofit context, lease management means monitoring and maximizing every element of your portfolio of leased assets. You may significantly reduce leasing expenses by correctly tracking leases.

What are the four types of lease?

There are many other kinds of leases, but the absolute net lease, triple net lease, modified gross lease, and full-service lease are the most typical ones.