Matching Lease Applications With Needs

Sorting Through the Maze of Options... The last few weeks I have been wrapping up a consulting assignment for a major service provider who wants to better understand the options in the lease administration sector.   What are the advantages of fully-Internet based applications versus client/server software that has web capabilities via Citrix?  Is traditional "shrink-wrap" software still an option?  Do I need lease abstracting services in addition to the technology platform? Who should we select from the list of fifteen plus vendors?

The answer depends on what functional criteria are most important to the user.   The needs of an international conglomerate with currency and metric conversion issues, versus a retail chain with 1,000 locations, versus a broker who wants to track critical lease dates for a dozen clients are obviously quite different. There is not one lease solution that is head and shoulders above the others -- rather the applications have distinct "personalities" as a result of certain features.  Pricing is divergent as well, ranging from subscription rates as low as $1.00 per lease per month to full-scale, license-based systems costing upwards of $225,000. 

The user should refine his needs by prioritizing several upfront questions.  As a starting point, I've matched a few of the applications that specifically solve certain functions well.  Is real-time data integration with my enterprise's financial and accounting systems essential for 10K reporting, billing and operational control? ... Strategen ... Are really strong percentage rent calculators, retail oriented reports and data fields key? ... National Facility Group's SLIM ... Am I looking for a simple ability to project detailed rental and operating expenses on a going forward basis? ... ProLEASE ... Are automatic e-mail notifications and ticklers via a contact management system an important element? ... MyContracts ...   Will this be a tool for my attorneys and property managers to track critical lease clause issues? ... AMTdirect ...   Am I interested in a low-cost, fast, user-friendly system for my brokers?  ... LeaseHarbor ...  Is integration with GIS/mapping systems, CAD and facility occupancy benchmarks critical? ... workplaceIQ ...  Is linking with a transaction and workflow manager desirable? ...VirtualPremise ...  The answer to the "best-fit" application for your organization should match the core competencies of the vendor.  NOTE: Other vendors also provide these functions. This is just a partial sampling to give a flavor for particularly well-executed features.

-- Eileen Circo