IN THE WORKS

The first few years of ASC 842 compliance have served as a valuable learning experience for organizations of all sizes. This period of adaptation has provided the opportunity to identify areas for improvement and refine existing strategies. Whether you're a seasoned public company or a private company embarking on future years, a proactive approach is essential to optimize your lease management strategy and ensure long-term compliance.

Since launching the Atlanta Chapter of Best Buddies International back in 2018, Property Works has opened its doors to employees with IDD. Emma is one such team member who has been working closely with our very own Director of Business Development, James Rabb otherwise known around BB circles as Jimmy.

The Unifying Power of Property Works One Tool to Connect Your Entire Organization As your business ramps up into growth mode, lease administration probably isn’t a top priority, but if the proper foundation isn’t laid here, then you may be setting yourself up for inefficiencies and overstaffing. At this stage, many operators rely on spreadsheets, manual data entry, and attorneys to perform admin work. With a lean back office team, contesting CAM charge increases, chasing down tax bills, tracking new unit development, and figuring out who’s responsible for repairing the HVAC each needs to be a seamless process. But who’s in charge of pulling the relevant information from your leases when you need it? And when lease terms change, who updates your multi-departmental team?

Tenants, Here is Why You Need Our Essential Lease Accounting Software Property Works Makes Meeting ASC 842 Requirements Simpler Than Ever Maintaining compliance with ASC 842, which became effective January of 2022, can be complicated if you're managing your lease accounting with unwieldy, error-prone methods like manual spreadsheets. Property Works’ streamlined solution offers you robust reporting in an easily auditable format, saving you time and stress. We broke down the differences between ASC 842 and how it differs from its predecessor ASC 840 in this previous post.

Landlord consent and approvals: they're a necessary step in portfolio transactions from purchase and sale, to refinancing and mergers and acquisitions. Obtaining a landlord’s signature may seem like an easy ask, but underestimating the time and relationship management skills required, can tax in-house and outside counsel resources and cost you twice as much as it could.

Mortgages, lease assignments, landlord notices—documents like these can demand completion of duplicative paperwork and tedious, time-consuming forms. That's why Property Works is excited to offer Mortgage and Assignment Preparation as one of our recently added a la carte Transactional Support Services. With our signature combination of robust software and professional services, we turn that mountain of paper into a streamlined process that gets you through these transactions quickly with confidence, clarity, and greater operational efficiency.

At Property Works, we are passionate about helping people achieve their goals—in business, and beyond. Through our comprehensive suite of software, services, and support, we facilitate clients' business growth by streamlining and managing complicated processes. Through our support of Best Buddies International, we work to help people with intellectual and developmental disabilities (IDD) form meaningful friendships, secure successful jobs, live independently, and develop self-advocacy and communication skills. We are so proud to be involved with this incredible organization and we hope you'll take a moment to learn more about them and the impact of their work.

The more we study real estate sustainability and resilience, the more we’re convinced that investing in sustainability upgrades over time can ultimately save money at your leased locations. Across a portfolio of locations, these savings add up.

When it comes to the complexities of lease portfolio management and transactions, overwhelm can be a substantial hindrance to clear decision-making. Without a full understanding of all the ramifications for your business, lease portfolio acquisitions can be rife with surprise pitfalls and cloudy . That's why Property Works offers lease management and transactional support services: we are the experts so you don't have to be. While we offer a comprehensive array of services, from lease administration to ESG guidance, in this post we're giving you an in-depth look at one of our most complex transactional support services: Lease Portfolio Diligence.