Tenancy agreements in the private sector are often very straightforward. Apart from the house rules and the notice period, there is little that is exciting about the tenancy agreement for residential premises (and that is a good thing!).
It's different with tenancy agreements for companies. Especially for commercial operations, the contract landscape can become quite complex: Multiple locations, different types of rental properties, special contract conditions, renewal options, turnover rent and other special features make contract management a nerve-racking and time-consuming "side job".
The problem, however, is not strained nerves and extended working hours at the end of the month, but hard economic facts. For example, if you miss the deadline for exercising an option because you have lost sight of the contract in question, you will ultimately lose money.
Contractually agreed rent adjustments (rent increases, turnover rents, etc.) can also cause bellyaching if they are not duly observed: In this case, the budget of the new year would be calculated incorrectly, which would be worse than merely "unsightly".
Those who want to be sure to keep full track of all tenancy agreements theoretically have three alternative options :
1. summarise all important facts from all contracts in a clear list.
2. read through all contracts at least once a month and check whether any deadlines are due.
3. use lease management software.
Fortunately, the third option does not cost the earth. At least not as much as the numerous hours of work that would have to be spent on the first two options.
Basically, a lease management software does exactly the two options 1 + 2 mentioned above:
1. it records all relevant contract details in a structured form.
2. it checks the data continuously and points out deadlines.
Let us briefly turn to the first point: What details are relevant in tenancy agreements?
Here is a short checklist:
Rental agreements are data-intensive and include numerous regulations and deadlines that need to be carefully managed - for both tenants and landlords, whether private or business. Lease management software makes it easier to keep track of payments, deadlines and costs incurred and ensures that every piece of information is precisely documented. Such a solution ensures that all information is available at all times and without lengthy searches and that all parties involved are always on the same page. In addition, the software reduces errors and saves valuable time by allowing tasks to be organized and delegated efficiently. Companies and landlords can use the software to maintain a clear overview of all contracts and properties, which makes it easier to comply with legal requirements and enables a transparent presentation of income and expenditure.
Clear structuring of contact data using rental contract management software makes communication with tenants or other parties involved much easier. Telephone numbers or email addresses can be found quickly and easily. In the case of teams, the software has the further advantage that all members have access to agreed conditions, which simplifies the coordination and tracking of payment deadlines or contract ends. All contracts are also directly linked to the respective contact persons, so that it is immediately clear who needs to be contacted for which issues. This ensures smooth communication and professional dealings with tenants, which ultimately increases satisfaction on both sides.
Lease management software would add little value if you had to fill in all the details mentioned by hand. In this case, you might as well fill up an Excel spreadsheet! The contract management software ContractHero analyses the uploaded contracts using artificial intelligence and independently extracts the important details such as notice periods or rent.
Anything that is not automatically recognized and filled in can be added manually in a clear entry mask. The advantage of ContractHero over other software solutions for managing rental contracts lies in its flexibility: ContractHero comes with a"field construction kit". This allows you to define your own database fields as you wish.
Here are two examples:
In this way, contracts with any degree of complexity can be recorded in a structured way. Needless to say, you will never miss a deadline with ContractHero.
As tenancy agreements often contain sensitive personal data of tenants, they are subject to strict data protection regulations. In accordance with the principle of data minimization (Art. 5 Para. 1c GDPR), landlords should only collect and store data that is absolutely necessary for the tenancy. Unnecessary data collection must be avoided and the data must always be deleted after the tenancy has ended. There is also an obligation to provide information: tenants must be informed about the purpose for which their data is collected and processed. If data transfer is necessary, the data should always be encrypted and anonymized to ensure the highest level of protection.
Robust lease management software ensures that this data remains protected and that only authorized persons have access to it. A high level of security means that the information remains confidential and can be used in a controlled manner - an essential factor in property management that not only strengthens tenant trust, but also complies with data protection requirements. ContractHero offers additional security here thanks to ISO 27001 certification and GDPR-compliant data protection.
Companies often use different software systems in parallel. Without the ability to integrate, the introduction of a new tool such as a rental contract management software would mean additional effort instead of relief, as data would have to be transferred manually between systems. However, ContractHero's API and seamless integrations ensure efficient communication between systems, reducing errors and avoiding time-consuming manual steps.
In a nutshell: ContractHero simplifies rental contract management through AI-supported analysis and automatic data collection. The software protects sensitive tenant data with ISO 27001 certification and GDPR-compliant data protection and enables efficient communication with other systems in the company through seamless API integrations. This allows you to get the most out of managing your rental agreements.
Just give it a try!
You may also be interested in...
Contract automation: How modern technologies are revolutionizing the process
Recognizing and avoiding contractual risks: What to look out for?
Creating contracts step by step: challenges & solutions
.svg){kind=logo}
_EasiestSetup_EaseOfSetup.png)
