How Deal Manager Maximizes CRE Lease Renewal Success

How Deal Manager Maximizes CRE Lease Renewal Success

In the fast-paced world of commercial real estate, lease renewals can often be complex and time-consuming due to limited visibility into key lease information. However, with the right tools and technology, managing renewals can become much easier.

Such tools save time, reduce errors and increase productivity through powerful automation. The most efficient CRE solutions are connected with property management systems, which store all essential lease-related information in one place.

Main Challenges Facing CRE Professionals

One of the main challenges in lease renewals is ensuring efficient communication and collaboration among all parties involved. Without a centralized platform to store and share important documents, negotiations can become fragmented and tedious.

In addition, manually tracking lease dates and sending out renewal offers can lead to errors, delays and missed opportunities.

Another challenge is the large volume of paperwork involved. From lease agreements and amendments to financial statements and tenant correspondence, keeping track of and organizing everything can be labor-intensive. That’s where CRE deal management software comes in.

Lease Renewals Made Easy with Deal Manager

CommercialEdge Deal Manager automates repetitive tasks and provides easy access to all necessary information in a centralized database.

Fully integrated with Yardi property management and accounting software, Deal Manager optimizes lease renewals by providing real-time visibility into Voyager lease data such as upcoming lease expirations, tenant options and encumbrances.

The bilateral integration ensures access to up-to-date tenant and lease data, including rent schedules, options, clauses, expenses and more.

Here are some key functionalities the CRE solution provides to streamline the lease renewal process.

  • Seamless communication and collaboration

Deal Manager simplifies communication and collaboration among all stakeholders. Instead of relying on phone calls or emails, they can communicate directly within the platform. This helps maintain a clear trail of all conversations and eliminates the need for lengthy email chains and spreadsheets.

“With all information at hand in real-time, our team can evaluate and approve without back-and-forth phone calls and emails. Our leasing, asset management, and legal teams communicate more efficiently with Deal Manager, and that makes us quicker.”

Richard Hickson, EVP of Operations, Cousins Properties
  • Tracking expiration dates

Lease expiration dates can be tracked across portfolios with a comprehensive dashboard that provides multiple views, such as by properties, spaces or tenants. The lease expiration analysis can be run by year, quarter or month and by property, market or submarket attributes.

In addition, the lease expiry report provides a complete overview of leases set to expire within the next three months, with the option to filter by the current year or subsequent two years. The report conveniently organizes leases by lease type for a clear and concise summary of upcoming expirations.

“Deal Manager provides an excellent tracking system for busy asset managers and brokers and greatly assists with the progression of the deal as well as the analysis needed to make good leasing decisions.”

Dawna Powell, VP, Asset Management, Global Medical REIT
  • Color-coded stacking plans

Each property page includes a staking plan that utilizes color coding to indicate when leases will expire, allowing for easy navigation. By simply clicking on a particular unit, users can access detailed information such as the suite number, floor, size and tenant (if occupied). Other essential details can also be viewed, including tenant information, lease encumbrances, lease options, rent steps, expenses and contacts.

  • Real-time notifications and updates

From owners and tenants to brokers and legal teams, everyone involved is kept informed thanks to real-time alerts and updates, making sure deadlines aren’t missed. Stakeholders can collaborate on documents, leave comments and track changes, which enhances transparency and reduces the risk of miscommunication and delays.

A fully featured mobile application enables stakeholders to manage deals and approvals from anywhere. In addition to in-app push notifications, Deal Manager also allows for customizable SMS notifications for deal stage changes, activity updates and approval alerts. Users can set up admin panel alerts and customize their occurrence based on their specific needs.

“We’re not only entering deals on the road and on the fly, but we can also look up existing tenants using the app. In Yardi Voyager, we have all lease documents, including PDFs of leases and amendments. For every tenant, we can view information with the Deal Manager app. So, for all kinds of asset management tasks, including tracking, we’re using the app.”

Lawrence Garb, Executive Vice President, Hartz Mountain
  • Monitoring encumbrances

The Portfolio Encumbrances Report offers a comprehensive overview of all lease option types with their respective statuses, including active and superseded amendments. Furthermore, users can set up email reminders to receive expiry date notifications, enabling them to manage lease options efficiently and promptly.

“Deal Manager has helped us streamline our leasing activity and deal flow. The system has facilitated better communication and coordination between brokers and internal decision-makers, and the integration with Voyager has automated processes, which has increased productivity.”

Daniel Magney, Asset Manager, Global Medical REIT
  • Assessing tenant interest

Deal Manager simplifies the process of evaluating tenants’ interest in renewing their lease or expanding their space. Users can easily create proposals for existing tenants or add leads for these tenants without specifying any proposal terms initially.

The flexibility to add leads without having to include terms upfront enhances efficiency and productivity. Agents can gather essential information and insights from tenants regarding their needs, preferences and plans, which helps make informed decisions and cultivate long-term tenant relationships.

  • Generating proposals

Deal Manager simplifies proposal creation using pre-saved deal terms, options and required approvals. Users can save clauses into groups and customize them according to their preferences. Additionally, new clauses can be added at any time. Clause groups allow related clauses to be merged into proposal templates, making the entire process faster and more convenient.

Conclusions

Connected CRE systems are essential for a streamlined leasing process. To make knowledgeable decisions and secure the most favorable deals, leasing teams require a comprehensive understanding of lease expirations, tenant options and encumbrances.

By using Deal Manager, leasing teams can easily access all lease documentation directly within the platform, enabling them to make informed decisions promptly and efficiently.

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Timea is a senior writer covering CRE marketing, tech and real estate trends, as well as industry news in the U.S. Timea was previously a senior associate editor at Multi-Housing News and Commercial Property Executive and has an academic background in law. She has been working in the real estate industry since 2011. Reach her via email.

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