Revenue is the main essence of any business. For property management companies, the source of revenue is from tenants which is why it is important to have a good relationship with tenants.

Now for malls, with so much area to let out, the number of tenants would be more. Managing these leases and communicating with the tenants without a system in place would be a big mess. This would lead to loss of revenue.

To avoid such shortcomings, it becomes crucial to have a proper system in place. This is where Yardi solutions come into play.

What is Yardi?

Yardi is a property management software that helps property managers to do their job better. In short, Yardi systems provide centralized data management across various operations including lease management, vendor management, marketing, operations management, financial reporting and analysis and so on.

Why Should Yardi Solutions be Used in Tenant Relations and Lease Management?

Yardi has a dedicated tenant portal for seamless communication with tenants. Through this portal tenants can access their lease information including lease agreement, invoices, payment receipts and so on.

Also, tenants can raise tickets for any issues they face. All communications regarding such tickets will be done on the portal so it’s easy to track the status of the tickets raised. It will also help in identifying any delays in response or any other discrepancies to be taken care of.

Related Read: Optimizing Vendor Management in Malls with Yardi Solutions

Property managers can send notifications and alerts for any maintenance breaks or other important updates that affect the tenants.

The automated reminders and alerts on the portal will notify both the tenants and property managers for important dates like lease renewal dates, payment reminders, due dates for release of tranches of deposits and so on.

In short, the tenant portal will be a one-stop shop for all communication between property managers and tenants.

How does Yardi Systems Help with the Challenges Faced in Lease Management?

Challenges Yardi Voyager Solutions
Inconsistency in Tenant Communication  Yardi Voyager has automated communication tools like tenant portals and email alerts because of which you can always be up to date on payments, maintenance and lease renewals.
Difficulty in Tracking Lease Events Yardi Voyager provides an automated lease tracking system so that you never miss the renewal, rent escalation or any compliance deadline. This system also sends notifications in advance to avoid any delay.
Manual Document Management Yardi Voyager keeps all lease documents and tenant records in one place so you can easily get the access, track and store important paperwork.
Missed Rent Escalations and Late Fees Automatic rent escalations and late fees are applied based on your lease terms, so you don’t lose revenue.
Delayed Resolution of Tenant Complaints Yardi Voyager automates the process by sending tenant complaints and requests to the right person to get things resolved faster and also tracks the progress of the concerned issue.
Scattered Property and Lease Data Centralized lease information management helps property managers in accessing all tenants, lease and financial data in one place, so they have a complete view of their portfolio.
Lack of Real-Time Data and Reporting Yardi Voyager has customizable, real-time reporting so that you can see occupancy rates, financial performance and tenant satisfaction to make informed decisions.
Difficulty in Multi-Property Management Yardi Voyager is scalable and can manage multiple properties easily and has a single system to manage all your leases, tenants and properties.

Getting Started with Lease Management in Yardi Solutions

Lease management in Yardi Solutions is a simple process that’s designed to be user-friendly. Here’s a step-by-step guide to help you get started:

Related Read: Account Outsourcing can Transform Your Business in India

Set up Tenant Files: The very first step is to create an individual file for each tenant to store important information, for example, lease terms, contact details and rental history. This will help you in having all the information of the tenant in one place and make our task easy.

Enter Lease and Payment Terms: When you set your tenant files, it’s time to enter the details of each lease which include the payment terms as well. Not just that, you can set up different payment schedules for each lease and track rent amounts and due dates. With this feature, you can track payment history and record payments as well.

Track Lease Performance: With Yardi’s reporting and analytics tools you can now track the performance of your leases and know your occupancy rates and payment trends to have a knowledge about adjusting rents and control the vacancies.

Store lease documents: Yardi provides centralized document storage where you can upload and store all your lease documents which includes contracts and legal notices. So now you don’t have to look for long files, everything is just one click away.

Approve New Leases: Yardi provides a lease management module in which you can automate the new lease approval. You can now set up workflows and track each step of the leasing process.

The Bottom Line

Tenant relationships and lease management are the backbone of a successful property. Yardi Solutions makes it easier by giving you tools to streamline communication and document management. With Yardi, you can stay connected with tenants, renew leases easily, and access info when you need it.

Authored by:
Rahul Vasudev | VCFO

 

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