Finding software can be overwhelming. Software Advice has helped hundreds of property managers find the right lease management software to find the best tenants and improve communication.

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Buildium

Buildium is a cloud-based property management software that enables managers of residential and association properties to take control of every aspect of their business, whether in the office or fully remote, including online rent... Read more

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Recent recommendations: 129 recommendations

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Yardi Breeze

Yardi Breeze is property management software built exclusively for small to mid-size businesses. Yardi Breeze offers features such as autocomplete address lookups, data import utility, home screen dashboard, drill-down reporting a... Read more

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Recent recommendations: 110 recommendations

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SimplifyEm

SimplifyEm is a property management software designed to meet the requirements of small and mid-sized landlords and property managers. The web-based solution offers features like property accounting, tenant management, lease track... Read more

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Recent recommendations: 79 recommendations

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AppFolio Property Manager

AppFolio provides property management software that allows property managers and owners to market, automate and manage tasks related to their apartments, residential properties, commercial property, student housing or other proper... Read more

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Recent recommendations: 63 recommendations

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Rentec Direct

Rentec Direct serves as a web-based, full-featured management system for landlords and property managers that is designed to suit the needs of those managing properties between 25 and 5,000 units. Rentec has no startup fees, no te... Read more

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Recent recommendations: 26 recommendations

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Re-Leased

Re-Leased is a cloud-based commercial property management solution. Key features include accounting, portfolio management, tenant communication, inspections, document storage and compliance management. The solution integrates with... Read more

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Recent recommendations: 11 recommendations

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SKYLINE

SKYLINE from SS&C Technologies is a web-based property management and accounting solution suitable for small to midsize real-estate firms. Designed to handle an array or key operations, SKYLINE is capable of offering integrated to... Read more

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Recent recommendations: 10 recommendations

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ResMan

ResMan is the industry-leading property management platform preferred by owners, operators and investors across the multifamily, affordable and commercial real estate marketplace. Our platform is built for the evolving needs of yo... Read more

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Recent recommendations: 9 recommendations

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DoorLoop

DoorLoop is a rental property management solution designed to help businesses streamline processes related to accounting, marketing, maintenance, tenant screening, online payments, work orders and more. Its built-in CRM and tenant... Read more

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Recent recommendations: 9 recommendations

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Total Management

Total Management is a cloud-based property management solution suitable for midsize to large organizations that manage apartments, mixed portfolio, REITs and commercial or retail space. Total Management helps users multitask ... Read more

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Recent recommendations: 7 recommendations

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RentRedi

RentRedi is landlord-tenant software for landlords to easily manage their properties. RentRedi provides an all-in-one platform that enables landlords to collect mobile rent payments, send in-app notifications, prescreen tenan... Read more

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Recent recommendations: 3 recommendations

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Building Stack

Building Stack is a cloud-based property management solution designed for Canadian businesses of all sizes. Key features include lease management, employee management, building maintenance, automated listing postings, tenant commu... Read more

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Recent recommendations: 2 recommendations

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VTS

VTS is a CRE leasing and asset management platform. VTS specializes in centralizing critical data and workflows in one place, VTS empowers landlords, property managers, and brokers to better attract, convert and retain their most ... Read more

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LandlordTracks

LandlordTracks is a cloud-based property management suite suitable for residential, commercial and corporate housing. Key features include automatic rent collection and owner disbursements, automatic vacancy listings, background c... Read more

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Stessa

Stessa is a real estate accounting software designed to help businesses track and manage investments, finances and documents across rental properties on a unified dashboard. Administrators can use the platform to centralize detail... Read more

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LeaseQuery

LeaseQuery is cloud-based lease accounting software for lessees/tenants reporting under FASB and IFRS as well as both lessees and lessors reporting under GASB. The system generates accurate amortization schedules and journal entri... Read more

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Visual Lease

Visual Lease is the leading lease accounting and management solution, designed to simplify compliance with ASC 842, IFRS 16 and GASB 87. Built with years of embedded knowledge from leading lease experts and CPAs, Visual Lease's po... Read more

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Property Manager Cloud

Property Manager Cloud is a cloud-based property management solution designed for landlords and property managers of all sizes. It is suitable for a range of properties including, yet not limited to, apartments, condominiums and a... Read more

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CoStar Real Estate Manager

Lease Accounting Software by CoStar helps enterprises analyze and categorize leases to streamline processes related to new lease accounting, rent obligations, percentage calculations, taxes indexing, adjustment and more. The platf... Read more

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Soft4Leasing

Soft4Leasing is an on-premise and cloud-based solution that helps businesses streamline the entire lease management lifecycle, from loan origination to contract generation. Professionals can create quotes, configure application ap... Read more

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Buyers guide


Last Updated: April 15, 2021

Imagine tracking your real estate and lease details manually. Could you keep all the important dates, rent payments, and tenant information straight? Could you truly manage your entire portfolio without help?

Lease management software, or lease administration software, helps track all of these details in a centralized location, and it goes further to offer notifications and visualization into the efficiency and profitability of your lease activities.

So not only is it a repository of searchable data; lease management software also gives you a valuable overview of the health of your portfolio.

This guide can help you determine the features and aspects to keep in mind while considering software.

We’ll cover:

What Is Lease Management Software?

Aimed at various types of professionals, lease management software stores important data about leased property or equipment and often the associated financial and legal information.

In general, the key benefits of using lease management software is:

  • Saving time by retrieving lease dates, clauses or other information quickly. If a mobile app is included, this data is accessible at nearly any moment.
  • Saving effort by having dashboard-style information about your portfolio in a centralized system.

Dashboard in Buildium lease management software

Listing of leases with status and date notifications in Buildium

In most systems, much of the core accounting calculations, such as straight-line rent, can be performed automatically. The variety of available applications within lease management software makes it flexible and adaptable to any kind of lease activity.

Common Features of Lease Management Software

These systems can include several types of functionality, but in general, the following features are common:

Document storage and management

Document storage helps keep your leases secure, and users can add new documents or perform a search to pull up any specific details from a laptop or mobile device.

Lease clauses

Instead of simply storing leases as text, many systems can move clauses into groups so users can find specific language or generate reports.

Notifications and Alerts

Each lease includes several important dates, such as those for rent increases, consumer price index changes, tenant improvement allowances and more. Alerts can often be scheduled automatically and delivered via email or other methods.

Accounting

Lease accounting requires a significant deal of compliance practices, which is why software typically helps remain compliant with FASB and IASB lease standards. In addition, systems often includes core features like payment tracking and invoicing.

Marketing

Some systems offer marketing tools to help landlords find tenants using online leasing. Prospective tenants can complete online leases with e-signature technology to save time.

Mapping

For those with multiple properties across a large geographic area, lease management software can visualize your portfolio on a map, often with color-coded tags to identify the status or type of each property.

Reporting

A lease management system contains a wealth of data, and users can generate different types of reports to reveal any trends in your portfolio—whether it’s financial or pertains to inventory of space.

Lease management software can also integrate with other key parts of your operational software, such as:

These integrations help to centralize all lease data with building systems and costs to make more informed, holistic business decisions.

What Type of Buyer Are You?

Depending on the type of real estate or assets you are leasing, software will offer specific benefits:

Residential Property Managers. These professionals need a property management system that automates common daily tasks for multi- or single-family properties, and a valuable part of that platform is lease management. You may find stand-alone lease management software can meet your needs by handling the maintenance of lease documents and allowing renters to review and sign leases remotely.

This lets tenants move-in quicker, and frees managers or owners to focus on other aspects of their portfolio.

Corporate Real Estate Executives. CRE professionals must keep a close eye on their company’s entire real estate portfolio to stay on top of important dates or opportunities.

A lease management system can offer a bird’s-eye view of all lease activities to help identify strategic cost-saving opportunities or make decisions that increase profitability.

Equipment Leasing. Companies often execute leases for assets other than real estate, such as equipment—whether it’s machinery, tools, vehicles or other types.

Tracking these leases can be more complex, and lease management software offers information about the equipment’s location, status and important dates.

Market Trends You Should Understand

The Financial Accounting Standards Board and the International Accounting Standards Board have issued updates since 2010, likely causing a boost in the adoption of lease management software to help companies remain compliant.

Here is some extra details about the most recent changes you should know about:

2016 Changes to the FASB and IASB require that companies must now report all assets or liabilities stemming from lease transactions on balance sheets, including any real estate or equipment leasing.

These new regulations go into effect starting January 2019 for private companies and December 2018 for public companies. 

Compliance to these new changes will require greater effort in accounting, and many real estate professionals are preparing for these changes by adopting new software built with these specifications in mind.

How Is It Priced?

Lease management systems can be offered stand-alone or, typically, within a property management suite. Therefore, the pricing can vary depending on how robust you need the solution to be. 

For most systems, monthly or annual subscription fees based on the number of users or leases. 

Like most other software markets, deployments can be:

  • On-premise, where the system is implemented at the site of the company's facilities.
  • Cloud-based, where the system is located at the vendor’s site, but accessible by the company via the web.

Cloud-based options are often aimed at smaller companies since they require a smaller upfront investment. In addition, upgrades and maintenance are handled on the vendor’s side, so organizations without a dedicated IT department can generally avoid the technical issue that can occur by hosting the software on-site.

On-premise systems, however, often include a larger upfront cost from a perpetual license, and potentially, upgrade charges, maintenance fees, customizations, and implementation services. Some companies prefer these deployments because they can hold onto their data on-site.