How To Prevent Document Drama in CRE

Can't find that corporate lease from nine years ago? Perhaps you're just unsure if your rent roll is 100% in line with your general ledger. Or maybe you want to model your rent roll data for some investors your pitching to but don't want to spend a week aggregating, exporting, and then graphing that data. Sound familiar?

There's good news: you're not alone.

A recent IREM survey conducted across 513 chapter members in the US and Canada said that managing internal legal and financial documents was their #1 pain point.

The solution?

Utilize a share-drive, if you're not already doing so. Also, consider "[a naming] convention for... documents, establish version control protocols [(PDF, DOC, DOCX etc.)], and restrict access to confidential [items]."

But their number one recommendation...

"A user-friendly document management system that serves as a central repository."

Many are already using such a management system, but it never hurts to upgrade. Especially, because skilled employees lose up to 10 hours per week manually tracking key data inside those documents.

This is where a solution like Leverton can help. You can manage all your CRE documents from one location, while using AI to organize and sift through the data. That means the corporate lease from nine years ago whose contract is set to end is already on your calendar and can be viewed from a single dashboard. Need details? No problem, just search for a specific keyword, like the name of the signer, date of signature, or company address and Leverton's AI will take you right to that section of the document.

It's the solution the CRE industry has been asking for (but didn't know it)!

*All citations, quotes, and data cited in this article were taken from the November-December 2019 issue of IREM's JPM magazine*