IN THE WORKS

As a business owner, finding the perfect commercial space is crucial to the success of your business. However, navigating the lifecycle of a commercial lease can be cumbersome and confusing, especially if you're managing multiple leases. From acquisition to operations, there are many departments and processes to consider when managing commercial lease agreements. That's why we've put together a comprehensive guide to help you navigate every step of the commercial lease lifecycle.

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.

One of the most daunting parts of buying or selling hundreds of units is reviewing hundreds of existing leases with landlords. There’s no getting around the enormity of this task.

Post #2 in our series, In Development - Realistic Roadmap to Leased Location Sustainability

Savvy business owners are increasingly relying on lease administration software to help keep track of their properties. But in the sea of real estate–management platforms, how does a business operator know which is the right fit?

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.

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.