How can you track lease contract terms and clauses over time?

1 Set up a lease database

The first step to track your lease contract terms and clauses is to create a centralized and accessible database that stores all your lease information. You can use a spreadsheet, a document management system, or a dedicated lease management software to do this. The database should include key data such as lease start and end dates, rent amounts and escalations, security deposits, operating expenses, tenant improvement allowances, options and clauses, and any other relevant information. You should also attach copies of the original lease documents and any amendments or addenda to the database.

2 Review and update your lease data

The second step is to review and update your lease data regularly and accurately. You should perform periodic audits to verify the accuracy and completeness of your data, and to identify any discrepancies or errors. You should also monitor any changes or events that affect your lease terms and clauses, such as rent reviews, renewals, extensions, terminations, subleases, or modifications. You should record these changes or events in your database and update the corresponding lease documents accordingly.

3 Use alerts and reports

The third step is to use alerts and reports to track your lease contract terms and clauses over time. Alerts are notifications that remind you of upcoming deadlines, actions, or opportunities related to your leases, such as rent payments, lease expirations, renewal options, or rent adjustments. Reports are summaries or analyses that provide you with insights into your lease portfolio performance, such as occupancy rates, rent roll, lease costs, lease liabilities, or lease compliance. You can use your lease database or software to generate alerts and reports based on your needs and preferences.

6 Keep learning and improving

The sixth and final step is to keep learning and improving your skills and practices in tracking and managing your lease contract terms and clauses. Lease contracts are constantly evolving and changing, as are the market conditions, industry trends, and best practices. You should stay updated and informed about the latest developments and innovations in the CRE field, such as new lease standards, technologies, or methodologies. You should also seek feedback and evaluation from your stakeholders, such as landlords, tenants, or colleagues, and use it to improve your performance and outcomes.