Like companies in different industries, leasing companies can benefit from automation internally to speed up workflows or by offering a platform to digitalize interactions with customers.
A lease management software solution can be the only thing required to help any leasing business unlock numerous benefits from cost reduction to higher customer satisfaction.
Today, we are sharing a complete guide about lease management software, its benefits, features, and more.
What is a Lease Management Software Solution?
A lease management solution or platform is a software solution that can help leasing businesses of all types digitally automate their workflows and deliver a better customer experience.
The solution can let leasing businesses manage their internal operations, data, documents. While allowing customers to submit requests, sign contracts, renew them. Or do anything else from a web browser or a mobile application.
A lease management platform can be a pre-developed one or a custom one. The custom developed one can address a specific business needs as it is designed and built for one business in mind.
Basic functionalities of a lease management software solution
There are some basic functionalities to expect from a lease management solution, whether for helping your internal workflows or delivering a fast service to your clients powered by a digital platform.
From the side of internal processes:
- Creating lease agreements and managing their details
- Sharing documents and signing them
- Calculating finances automatically and accessing them in real-time
- Setting reminders for collections and contract ends or renewals
- Accessing customer profiles
- Qualifying new leads
From the side of customers:
- Accepting an offer and viewing all of its details
- Renewing or canceling existing contracts
- Checking contract history
- Requesting additional help or change in a detail
- Updating personal information
- Paying installments online
Benefits of a lease management system
Saved time and costs
Any digitalization process leads to time and cost savings as a main benefit. For lease management, it is no different.
Using a digital platform means less redundant work and more saved time, which translates directly into cost savings, as operations are smoother, and less hirings are needed.
The more productive employees focusing less on repetitive tasks like data entry will definitely be more motivated and will have more room for innovation and delivering outstanding service to customers.
More satisfied customers
Tha faster service delivered to customers while operating internally with a digital lease management system will definitely mean higher satisfaction. However, this is not everything.
Customers can be even more satisfied with the ability to do anything at any time from their phones, from submitting requests to managing existing contracts. Also viewing their profiles with the company and being able to edit their data. This saves their time, makes their life easier, and relieves the burden on your customer service so it becomes better.
Making better decisions
Leasing specialists and consultants can make more informed decisions with more data in their hands. With a lease management platform, they can access any detail about the client, and advanced reports related to anything instantly.
Enhanced visibility and compliance
Having a lease management platform can help in enhancing the visibility into all data related to your business. While reducing the likeliness of errors with less humans involved.
This visibility doesn’t only give more trust to all involved parties, but can also eliminate any sort of fraud. In some countries, it can help you comply more easily with regulations and standards required for accounting and tax reporting.
The top features you need in a lease management software
While you can expect the basic functionalities of different lease management platforms to be similar, there are features you need to consider to ensure you have a great platform not giving you a less competitive solution compared to your competitors.
You can ask for such features in a pre-developed or you can develop your own custom programs to include all of them and never miss a competitive opportunity. Here are some features to consider.
Great user interface
A great user interface must be a consideration for every business software solution. Without a great interface, employees won’t be able to take full advantage of the platform’s features and can become relatively less productive.
Customers also won’t be able to have the best experience possible, which should be alarming as a competitor out there is definitely delivering a good experience with a great user interface that people love.
Insights, analytics and reports
Insights, analytics, and advanced reports can help you make more informed decisions, whether generally or when related to a specific contract. They also allow you to access information that wasn’t accessible before.
For example, you can instantly generate the number and value of properties you own and classify them or filter them. You can also view the revenue and earnings through a specific time period, view historical information of clients and performance; or view overdue or pending lease payments expected over a certain upcoming period.
Advanced reporting features also save time for your employees to spend on more valuable tasks, as they don’t have to prepare a manual report every time. Reports can also be generated automatically according to a schedule to give you the insights you need, just at the right time, without even having to remember to generate a report.
Integration is critical for lease management software solutions, as it can help them become more powerful and feature-rich.
In some countries, it is possible to integrate the solution with the governmental database of basic citizen and company information. Some leasing companies are even able to integrate a database of car number plates.
This facilitates the onboarding, qualification, and contract preparation processes for both the company and the customer, helping the experience become smoother than ever.
A good lease management platform can’t miss data and document management features. The more data you bring to the digital platform, the better, as your data will be more secure and no bottlenecks will exist in your operations. Normally, you can expect the platform to allow you to ditch paperwork by 100%.
The platform can also allow you to store and manage documents without having to use another tool. While offering collaboration and sharing tools. Electronic signatures can also be an essential feature.
Security and data protection
When choosing a pre-developed platform or developing a custom one, you need to put security a priority. You can ensure this with a secure architecture and encryption. Cloud storage can also be a great way to keep your data secure outside your premises.
There should also be access levels and permissions when it comes to employee accounts. So that every employee is only able to access relevant features and data, making a data breach less likely.
Developing a solution VS using a pre-developed one
One of the most important questions to answer when getting a lease management system is whether you will use a pre-developed solution or build a custom solution. Here is a quick comparison between both choices:
A lease management system can be a game-changer for leasing companies. As it adds huge value to customers and greatly enhances operations. There are features you need to put in mind when you decide to use one, and you also need to decide whether to build a custom solution or use a pre-developed one.
B5 Digital has outstanding experience with lease management solutions. If you still can’t decide about the features, or whether to build a custom solution or use a pre-developed one, we can help you further with a free consultation without any obligation.