What are the best ways to enforce leases in commercial property management systems?

3 Lease enforcement

The third step to enforce leases is to enforce them consistently and fairly, following the procedures and remedies outlined in the lease agreement and the applicable laws and regulations. A good property management system should be able to support and facilitate the enforcement process, by providing tools and features such as automated alerts, notifications, escalations, communications, documentation, evidence, and analytics. Depending on the nature and severity of the lease violation, landlords can use different methods of enforcement, such as warnings, fines, deductions, repairs, evictions, lawsuits, or arbitration. However, landlords should always act in good faith, respect the tenant's rights, and seek to resolve disputes amicably and efficiently.

4 Lease optimization

The fourth step to enforce leases is to optimize them periodically, based on the market conditions, tenant feedback, and property performance. A good property management system should be able to help landlords analyze and improve their lease terms and conditions, by providing tools and features such as market research, benchmarking, surveys, reviews, recommendations, and simulations. By optimizing their leases, landlords can increase their occupancy rates, rental income, tenant retention, and customer satisfaction, as well as reduce their vacancy rates, operating costs, tenant turnover, and customer complaints.

5 Lease innovation

The fifth step to enforce leases is to innovate them constantly, by adopting new technologies, trends, and models that can enhance the value and efficiency of the rental space. A good property management system should be able to enable and support the innovation process, by providing tools and features such as smart contracts, blockchain, artificial intelligence, internet of things, cloud computing, and co-working. By innovating their leases, landlords can create more flexible, secure, transparent, and collaborative rental arrangements, that can attract and retain more diverse, loyal, and profitable tenants.

6 Lease education

The sixth and final step to enforce leases is to educate both landlords and tenants about the importance, benefits, and best practices of lease enforcement. A good property management system should be able to provide and promote the education process, by providing tools and features such as guides, tutorials, webinars, podcasts, blogs, forums, and newsletters. By educating both parties, landlords can increase their credibility, reputation, and trust, as well as reduce their risks, liabilities, and conflicts. Tenants, on the other hand, can increase their awareness, understanding, and compliance, as well as reduce their costs, hassles, and disputes.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?