For lessees, managing multiple leases across various landlords, properties, and equipment can quickly become complex and time-consuming. As your business expands, so does the number of leases you have to track, and managing rent schedules, compliance requirements, and operational tasks becomes increasingly challenging. This is where Yardi Corom comes in—a comprehensive solution designed specifically to help lessees centralize and streamline their lease management processes, empowering you to take control and confidently manage your leases.
This blog will explore lessees' core challenges and how Yardi Corom can simplify lease administration. We’ll also highlight why working with a Yardi consultant for implementation and support can ensure a smooth experience and maximize the benefits of this powerful tool.
Key Challenges Faced by Lessees
When managing leases as a lessee, the complexities go beyond paying rent. Lessees must deal with multiple landlords, equipment rental agreements, varying lease terms, and ensuring compliance with financial reporting standards. Here are some of the primary challenges:
1. Tracking Multiple Leases: With leases spanning different properties and landlords, keeping track of rent due dates, payment schedules, and lease obligations can be overwhelming. It’s easy to lose sight of essential renewal dates, leading to financial penalties or missed opportunities.
2. Expense Management: Lessees must monitor rent expenses, operational costs, and maintenance fees across multiple leases. Without a transparent system, seeing total leasing expenses and allocating budgets effectively is challenging.
3. Compliance with Reporting Standards: Complying with financial reporting standards such as FASB ASC-842 and IFRS 16 requires a detailed and accurate record of all lease agreements, terms, and obligations. This compliance is crucial for accurate financial reporting but can be challenging to maintain without the right tools. Yardi Corom offers peace of mind by ensuring compliance with these standards, making you feel secure and reassured about your financial reporting.
4. Maintenance and Facilities Management: Lessees must maintain leased spaces and equipment. However, keeping track of maintenance schedules, work orders, and inspections can be difficult, especially when dealing with multiple properties and landlords.
5. Payment Automation: Ensuring that all rent payments and equipment lease fees are made on time is critical to avoiding late fees and maintaining good relationships with landlords. However, managing these payments manually across different leases can lead to errors and inefficiencies.
How Yardi Corom Can Help Lessees
Yardi Corom is an advanced platform designed to help lessees overcome these challenges by centralizing all aspects of lease management into one unified solution. Whether you’re leasing commercial spaces or equipment, Yardi Corom streamlines the entire process, helping you stay organized and compliant.
Here’s how Yardi Corom can improve your lease management:
1. Centralized Lease Management: For lessees managing multiple properties and equipment leases, Yardi Corom is a central hub, consolidating all lease data into a single platform. This gives you complete visibility into lease terms, payment schedules, and renewal dates across all your leases, whether with a single landlord or multiple property owners.
2. Expense and Budget Tracking: Yardi Corom allows lessees to track rent payments, maintenance fees, and other expenses in one place, helping you stay on top of your leasing costs. This feature also supports better budget allocation, enabling you to optimize spending and control costs across multiple leases.
3. Compliance with FASB ASC-842 and IFRS 16: Financial compliance is critical for lessees, especially with global reporting standards like FASB ASC-842 and IFRS 16. Yardi Corom simplifies this process by automatically capturing the required data and generating reports that meet these regulatory requirements. This reduces the burden on your accounting team and ensures accuracy in financial reporting.
4. Facilities and Maintenance Management: Yardi Corom helps lessees maintain leased properties and equipment. The platform tracks work orders, schedules inspections, and ensures preventative maintenance is performed on time. This leads to better operational efficiency and less downtime for leased assets.
5. Automated Rent Payments and Invoicing: Yardi Corom automates rent payments and equipment lease invoicing, reducing the risk of late fees and payment errors. The platform also handles subleases, making tracking payments and revenue from subletting spaces or equipment easy. This feature saves time and ensures accuracy and consistency in your financial transactions.
Why You Need a Yardi Consultant for Implementation and Support
While Yardi Corom is a powerful tool, proper Yardi implementation and ongoing yardi support are essential to ensure you get the most out of the platform. A Yardi consultant, a professional with extensive knowledge of Yardi Corom and lease management, can tailor the system to meet your business's unique needs, streamline workflows, and provide ongoing technical support.
Key Benefits of Working with a Yardi Consultant:
• Tailored Implementation: A Yardi consultant will customize Yardi Corom to align with your specific lease management processes, ensuring a smooth transition.
• Ongoing Support: From troubleshooting issues to optimizing system performance, Yardi consultants provide continuous support to ensure efficient platform use.
• Expert Guidance: With extensive knowledge of lease management and compliance requirements, Yardi consultants can help you navigate complex regulations and seamlessly integrate Yardi Corom into your existing operations.
Conclusion: Simplify Your Lease Management with Yardi Corom
Managing leases as a lessee is no easy task, especially when dealing with multiple landlords, properties, and equipment. Yardi Corom is the ultimate solution for streamlining lease management, from automating payments to ensuring compliance with reporting standards. By centralizing your lease operations into one platform, Yardi Corom saves you time, reduces errors, and helps you manage costs more effectively.
Working with a Yardi consultant is essential to fully leveraging Yardi Corom's capabilities. Their expertise will ensure that your implementation is smooth and that you receive ongoing support to optimize the platform for your business.
Request a demo of Yardi Corom today and discover how it can transform your lease management processes as a lessee. Let Assetsoft’s trained Yardi consultants guide you through the implementation and support to maximize Yardi Corom's value for your business.