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The simplest way to answer that question is that retail leasing software helps simplify the retail leasing processes in a real estate firm. That is what software like Property-xRM does. Its retail leasing module is designed to take care of the needs of the retail leasing sector. It simplifies everyday operations at a real estate firm with automation that saves time and reduces effort.
Let us understand this better with a few examples of how retail leasing software like Property-xRM can help transform the operations of people at a retail leasing company.
Sarah is a retail leasing agent responsible for managing multiple lease renewals for a shopping mall. With dozens of leases expiring each month, Sarah used to manually track lease expiration dates through her emails and spreadsheets, and send individual reminders to tenants. For each renewal, Sarah needed to review the contract information and check with the Finance team to confirm defaults. Naturally, this process was time-consuming and prone to errors.
After implementing Property-xRM, Sarah’s lease renewal process became more efficient. She now has a personalized dashboard with specifics on lease expirations across different properties. The software automatically generates lease renewal notifications based on contract information with the added ability to send them periodically to tenants. Sarah can track the status of each renewal through a seamless flow of information with the finance solution, view all relevant lease details, and communicate with tenants directly within the CRM system. This streamlined process allows Sarah to handle a larger volume of lease renewals with ease, ensuring timely renewals and maintaining positive tenant relationships.
Max is a retail leasing manager overseeing a portfolio of shopping centers. His biggest challenge was efficiently allocating available retail spaces to prospective tenants. Previously, Max relied on spreadsheets and manual calculations to track space availability and match it with tenant requirements. While this might have worked out on occasions, sustaining with such manual work was not viable. This often led to inefficiencies, delays, and errors in space allocation.
Soon, Max moved to a basic Property Management Software to better manage operations. Things got easier, but then came the challenge of not having a customer-oriented approach as the software was driven by an accounting platform. Max needed to know which tenants have multiple leases, what kind of interactions was he having with his prospects, and also find who the other stakeholders for the same customer were. Max was lacking a 360-degree view of his prospects and tenants.
With Property-xRM, Max gained a comprehensive view of available spaces and their specifications with clear inventory management. Property-xRM allows him to visualize space availability on interactive floor plans, view square footage details, and track tenant preferences.
When a new tenant expresses interest in leasing, Max quickly identifies suitable spaces based on their requirements, checks availability with a color-coded stacking plan, and initiates the leasing process right within the system. Using LinkedIn natively within the Property-xRM, Max can easily find relevant decision-makers within the customer organization and initiate conversations. Moreover, Max has insights into the details of adjacent units that he is offering to his prospect. This streamlined space allocation process improves Max’s efficiency and ensures optimal utilization of retail spaces.
John, the financial manager of a retail leasing company, struggled to track rental payments, generate invoices, and monitor financial performance accurately. The manual process involved reconciling payments, managing spreadsheets, and compiling reports, which was time-consuming and error-prone. John needed a solution that would provide better financial visibility and streamline financial management.
Soon, he realized the need to have an accounting solution to streamline processes. However, since the leasing teams and the finance teams needed to be in sync during payment collections, the finance solution alone wasn’t providing a complete solution.
Without hindering any existing processes, Property-xRM integrates seamlessly with the company’s financial systems, automating various financial processes. It generates rent invoices based on lease terms, tracks rental payments, and provides real-time visibility into outstanding payments. John easily identifies delinquent accounts, gets his team to send reminders, and initiates appropriate actions.
Property-xRM also generates financial reports like rent rolls, allowing John to analyze cash flow, monitor revenue, and gain insights into the financial health of the leasing portfolio. This improved financial management enabled John to make informed decisions and ensure the company’s financial stability.
In addition, Property-xRM Retail Leasing Portals empowers tenants to be on top of their payments and rents as they can view all details, and maintenance records, and initiate them online. John’s team is relieved of manually following up with notices to clear outstanding payments.
These stories demonstrate how Property-xRM, built on Microsoft Dynamics 365, can transform and optimize various aspects of retail leasing, including lease renewals, space allocation, and financial management. By streamlining processes, improving efficiency, and providing valuable insights, the software enhances overall operational effectiveness and helps leasing professionals succeed in their roles.
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