Location Management Software is a Must-Have for Commercial Portfolios
There are dozens – potentially hundreds – of things you need to track, remember, and monitor when operating multiple locations. And basic lease management software won’t do the trick.
At its core, lease management software stores lease data and reminds users about rent increases and lease expirations. But that’s only foundational functionality. What you need is location management software.
Location management covers all standard lease admin and accounting needs. But it does so much more by reducing friction and keeping every business-critical, time-sensitive event in one place.
Beyond the Basics
Soon after launching Leasecake in 2017, we noticed a void with typical lease administration platforms. Looking at the needs of multi-location tenants through a wider lens, we spotted opportunities to track critical data points about physical spaces and business operations.
For example, some quick-service restaurant (QSR) operators want to track which locations have double drive-through lanes. With that attribute as a data field for each store, users can quickly apply a filter to see all single- or double-lane restaurants. Or they can create reports based on multiple attributes such as the number of lanes and geography.
A location management system enables collaboration with internal and third-party stakeholders and serves as the sole source of truth about the portfolio. As a commercial tenant, the information you store might include:
- Anchor tenants
- Backflow testing
- Business license renewal
- Fire suppression system inspection
- Food permit
- Franchise agreement
- Health and safety inspections
- HVAC warranties and maintenance
- Insurance policies
- Internal and external contacts
- Janitorial contract
- Kitchen equipment warranties and maintenance
- Liquor license
- Location type (end cap, standalone, inline)
- Lot size
- National tenants
- Number of employees per location
- Security system contracts
- Tax ID numbers
- Tax rates
- Trash vendor
- Uniform vendor
- Utility bill reminders
- Easy Access to Documents
The way we see it, storing the start and end dates for something like an insurance policy isn't enough. Those data fields are only half the solution. You should also upload the insurance documents.
Like Dropbox and Google Drive, Leasecake is a cloud-based platform. So our customers can save, access, and share documents within the application. For example, when a date, detail, or deadline has a corresponding document, the doc should also be in Leasecake. By making everything accessible, team members can quickly answer questions and respond to situations as needed.
That easy access is why we say Leasecake is more than lease and location management software. We're really in the answer business.
It's a Piece of Cake
No matter what business you're in, if you lease or own commercial real estate, you have to keep track of the building, the equipment, and the people. Using purpose-built location management software will make you more productive and profitable and give you a competitive advantage.
To learn more about how location management software can help you save time, reduce risk, and increase productivity, visit Leasecake.com so we can show you what it’s all about.
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