How to find the best lease management software for your needs
If you’re a leasing company that’s currently scouting the market for the best digital tools to help you in your day-to-day, you’ve come to the right place. There are a lot of options to choose from, many avenues to explore, so to speak. But, starting out is always the hardest part of the process. So, where to begin, what to look for, what to be wary of and how to make the decision which is going to bring you the most benefit. Let’s look at the ins and outs of finding the very best lease management software.
First off – identify the value and benefits of lease management software for your operation
If you’re picking a tool just for the sake of having it or for bragging rights – don’t wastefully spend your cash. Leasing software is aimed at relieving some of the workload, endured by your administrative staff and leasing team. It helps by speeding up various mundane tasks, automating certain processes and easing communication in terms of data or items, relevant to all active or past lease agreements as well as leads.
So, if you wish to increase profitability, reduce the time which is being spent on administrative tasks, automate things that take hours each week, you definitely should consider lease management software for leases a valuable, much-needed addition to your work.
Look for user-friendly interface and versatility
Regardless of your location, you’re likely to have at least a handful options of leasing programs (both local and international) available to you. The first thing to consider is whether the tool is going to be comfortable for you and your staff. Depending on the user-experience level, your own needs and cost-to-value ratio, the best choice might vary from company to company. However, the two main areas which you should focus on the most, remain the same. Any lease software should offer flexibility and versatile use as well as straightforward, simple user experience for both novices and experts. If the program ticks these boxes, you should be good to go.
Well, what can define versatility? First of all – list of features, of course. The broader, the better in this case. But, keep in mind that 2,000 features won’t automatically mean that software A is better than option B with only 20 features. You should look at optimization and whether the list of features truly matches your business needs.
Secondly, you need to consider adaptation to your local market. There are great tools out there in the English language but is it something that you want to have for your day-to-day activities? If your market isn’t natively English, the differences in legal terminology, definitions as well as organization of various processes might be completely out of order. We always advise striving to use lease software which is tailored to your particular market needs. For example, Norway would have an entirely different taxation system from, let’s say Canada. So, how is a Canadian-focused software tool beneficial for a Norwegian leasing company and vice versa? You have to take into account such factors. There probably isn’t a provider that knows the intricacies and nuances of every single market to make their product genuinely localized. You should be focused on finding a local provider with great reputation or an international developer with a vast network of local partners.
Dynamic flexibility is a huge key
In today’s day and age, you can’t expect to get away using outdated legacy software that can’t be updated or improved with new features on-demand. The COVID pandemic especially showed that investing into solutions and software with versatility pays off big, amidst crisis or unexpected circumstances as well.
Since you never know when a client might come to you with a new request or a new lead will emerge from your brokers, having a software that manages changes and helps deal with new information is crucial. Depending on the size of your portfolio, lease management software can be making tens, hundreds if not thousands of calculations per week.
Does everyone need the same type of flexibility, however – is a different question. There is a slight debate whether you should focus on configuration or customization options. Custom options are usually more expensive to develop and take longer to be implemented. Configurable software can be mostly adapted on-the-go, saving precious time and finances. In terms of dynamic flexibility, you also have to consider whether cloud or on-premises solution is better for you. Software on the cloud can be launched right away. Initiate the licensing and it’s ready to go the next day. However, with an on-premises solution you not only need to develop the right architecture of hardware, but also prepare to handle hardware-related issues on your own and prepare to also have your hands tied during the down time.
It’s not that cloud is better than an internal system or the other way around. It’s that having an option to choose is beneficial.
How is the customer support?
A lot of executives, when choosing the right platform, might overlook the simple value of good customer service/support. It’s almost unavoidable that at some point in time, you might run into an issue that could require the involvement of a 3rd party (e.g. developer). However, you want to be sure that if an issue arises, it will be taking care of.
Indicators of reliable and good customer support are free service, dedicated agents or teams, live demos and ongoing trainings, updates depending on your needs, etc.