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How can PMS help you manage lease expirations and renewals?

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Managing lease expirations and renewals is a critical task for corporate real estate professionals. It involves negotiating the best terms, avoiding costly penalties, and ensuring optimal space utilization. However, keeping track of multiple lease agreements, deadlines, and clauses can be challenging and time-consuming. That's where a property management system (PMS) can help you.

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1 What is a PMS?

A PMS is a software application that automates and streamlines various aspects of property management, such as accounting, maintenance, reporting, and tenant communication. A PMS can also store and organize lease data, such as contract dates, rent amounts, renewal options, and termination clauses. By using a PMS, you can access and update lease information from any device, generate alerts and reminders, and create reports and dashboards.

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Paulo da Rocha Loures Pacheco Jr

Especialista em Lan?amentos de Alto Padr?o & Luxo | Executivo em Negócios Imobiliários | Real State Agent High-End & Luxury Properties | Top 1% LinkedIn SSI
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Um Sistema de Gerenciamento de Propriedades (PMS) pode auxiliar no controle de vencimentos e renova??es de aluguéis através do acompanhamento automatizado de prazos, envio de lembretes, organiza??o de documentos contratuais, e fornecendo uma vis?o geral centralizada para facilitar a tomada de decis?es sobre renova??es ou rescis?es contratuais. Isso ajuda a otimizar o processo, evitar atrasos e garantir uma gest?o eficiente das propriedades locadas.

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林本鸿

作为HomeWise的房地产顾问和联合创始人，我在香港房地产市场拥有超过20年的经验。我在评估、谈判和交易各类房产方面拥有广泛的知识和技能，从豪华公寓到舒适的工作室。我的使命是帮助客户找到并安顿到他们理想的家园，无论是搬迁到香港还是寻找更好的住所。我提供个性化和专业的服务，根据每位客户的需求、偏好和预算量身定制。我还与知名的中介机构、房东和服务提供商合作，确保顺利无忧的过渡。
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Property Management Systems (PMS) streamline lease expiration and renewal management by providing automated notifications and reminders. PMS platforms can generate reports that detail upcoming expirations, allowing for proactive planning. Additionally, they often offer templates for lease renewal documents, simplifying the renewal process. By centralizing lease information and automating key tasks, PMS enhances efficiency, reduces the risk of oversight, and ensures that property managers can effectively navigate lease expirations and renewals within their portfolios.

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2 How can a PMS help you manage lease expirations?

One of the main benefits of a PMS is that it can help you monitor lease expirations and avoid missing important deadlines. A PMS can send you notifications and alerts when a lease is about to expire, when a renewal option is available, or when a rent increase is due. This way, you can plan ahead and prepare for lease negotiations, renewals, or relocations. A PMS can also help you compare lease terms and conditions, analyze market trends and benchmarks, and evaluate the performance and profitability of your properties.

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Brice Wilkerson

Attorney | Tech-forward Solo Practice | Small Landlords & Businesses
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Many PMS also offer helpful reports that will show and summarize upcoming lease expirations by unit type and month. These reports are helpful to review monthly in order to maintain a desirable distribution of lease expirations on an annual basis so that there aren’t too many, or too few, at any given time. If you do identify an undesirable distribution, consider offering offsetting terms, like 11 or 13 month leases, to correct the problem. (Note, in some cases, local laws should also be considered before offering nonstandard terms).

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3 How can a PMS help you manage lease renewals?

Another advantage of a PMS is that it can help you manage lease renewals and optimize your tenant retention. A PMS can help you communicate with your tenants effectively, understand their needs and preferences, and offer them incentives and value-added services. A PMS can also help you track tenant satisfaction, feedback, and complaints, and address any issues promptly. By using a PMS, you can build long-term relationships with your tenants, increase their loyalty, and reduce turnover and vacancy rates.

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Paulo da Rocha Loures Pacheco Jr

Especialista em Lan?amentos de Alto Padr?o & Luxo | Executivo em Negócios Imobiliários | Real State Agent High-End & Luxury Properties | Top 1% LinkedIn SSI
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Um PMS ajuda a gerenciar renova??es de aluguéis fornecendo lembretes automáticos, acompanhamento de prazos, armazenamento de documentos, histórico do inquilino, comunica??o eficiente e análise de desempenho, simplificando o processo e promovendo decis?es informadas.

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4 What are the best practices for using a PMS?

To make the most of your PMS, you should follow some best practices. Begin by selecting a PMS that suits your needs, budget, and goals. There are different types of PMS available in the market, such as cloud-based, on-premise, or hybrid. Compare the features, functions, and costs of each option and select the one that meets your requirements. Additionally, keep your PMS updated and secure by ensuring compatibility with devices, systems, and software. Protect it from unauthorized access, data breaches, and cyberattacks using strong passwords, encryption, and backup solutions. Lastly, provide adequate training and support to your staff and tenants on how to use your PMS effectively and efficiently. Also solicit feedback and suggestions from them on how to improve your PMS and its usability.

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Paulo da Rocha Loures Pacheco Jr

Especialista em Lan?amentos de Alto Padr?o & Luxo | Executivo em Negócios Imobiliários | Real State Agent High-End & Luxury Properties | Top 1% LinkedIn SSI
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Best practices for using a PMS include regular data updates, thorough staff training, customization to specific property needs, utilization of automated features, secure data management, and proactive issue resolution for efficient property management.

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5 How can a PMS boost your career?

Using a PMS can also boost your career as a corporate real estate professional. A PMS can help you demonstrate your skills, knowledge, and expertise in managing lease expirations and renewals, as well as other property management tasks. A PMS can also help you showcase your results, achievements, and impact on your organization's bottom line. By using a PMS, you can enhance your reputation, credibility, and value in the industry, and open up new opportunities for career growth and advancement.

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6 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?

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How can PMS help you manage lease expirations and renewals?

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1 What is a PMS?

2 How can a PMS help you manage lease expirations?

3 How can a PMS help you manage lease renewals?

4 What are the best practices for using a PMS?

5 How can a PMS boost your career?

6 Here’s what else to consider

Corporate Real Estate

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How can PMS help you manage lease expirations and renewals?

1

2

3

4

5

6

1 What is a PMS?

2 How can a PMS help you manage lease expirations?

3 How can a PMS help you manage lease renewals?

4 What are the best practices for using a PMS?

5 How can a PMS boost your career?

6 Here’s what else to consider

Corporate Real Estate

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