Considering a Leasing Software Platform Switch?

Last Updated on May 2, 2024 by Morgan Beard

Technology debt in the form of inefficiencies, siloed data, and clunky interface are common reasons why organizations begin to explore a software platform switch. A recent survey from Deolitte, found that 61% of commercial real estate development teams still rely on legacy techstacks and roughly 50% of those teams are looking to upgrade their software systems in the coming year.

In this blog post, we delve into the considerations and challenges involved in contemplating a leasing software platform switch. 

Understanding the Leasing Software Switch Impact

One of the key considerations when contemplating a software platform switch is understanding what impact and what goal the adoption of a new leasing software tool will have on your business. 

At Occupier, we understand the significance of this decision. That’s why we’ve crafted a platform specifically tailored to meet the needs of modern commercial tenants in the retail and restaurant verticals. As you weigh the prospect of transitioning from your legacy platform to a more contemporary solution, it’s essential to evaluate the potential business impacts that such a move can bring.

1. Single Source of Truth &  Data Accuracy:

Centralizing lease management and accounting processes onto a unified platform ensures data accuracy and integrity. With Occupier, you can bid farewell to the discrepancies and inefficiencies inherent in disparate systems, empowering your team with a single, reliable source of truth for all lease-related information.

2. Team Collaboration:

Effective collaboration is foundational for real estate leasing success. By migrating to Occupier, you facilitate seamless communication and collaboration among various departments, enabling real-time updates, shared insights, and enhanced decision-making capabilities. Think real estate talking to accounting and construction as well as facilities and c-suite.

3. Time Savings – Automating Daily Tasks:

Daily lease administration tasks can be cumbersome, manual and tedious. Modern automation workflows built from the perspective of the commercial real estate tenant save your team time.
Occupier streamlines lease administration tasks, automating repetitive processes and freeing up valuable time for your team to focus on strategic initiatives and value-added activities.

4. Monetary Savings – Never Miss a Critical Date:

Missed deadlines and overlooked obligations can have costly repercussions. With Occupier’s robust notification system and intuitive dashboard, you’ll never miss a critical lease date again, mitigating the risk of financial penalties and operational disruptions that often occur with legacy tools.

5. User Happiness:

A user-friendly interface and intuitive design are at the heart of Occupier’s platform. By prioritizing user experience, and real estate + accounting team workflows we ensure that your team loves using Occupier, leading to increased satisfaction and productivity across the board. In fact, Occupier was named easiest to use lease administration software by G2! 

6. Productivity:

Ultimately, the goal of any software platform switch is to boost productivity and efficiency. Occupier empowers your team to work smarter, not harder, by providing powerful tools and features that streamline workflows, minimize manual effort, and drive measurable results.

Data Migration & Integrity

The old adage “good data in, good data out,” rings true here. At Occupier, we recognize the critical role that accurate data plays in driving informed decision-making and optimizing operational efficiency. That’s why we offer comprehensive lease abstraction services, ensuring that lease abstracts, lease agreements, lease amendments, and all necessary business data are meticulously recorded in our lease management software.

As real estate experts, we understand that the importance of lease abstraction services cannot be understated. Yet, it’s a service that is often overlooked or unavailable in legacy software tools. Data migration and data integrity represent the first crucial steps in elevating your lease management system to new heights.

Occupier boasts an in-house team of leasing professionals dedicated to supporting your data migration process. We understand that every lease contains unique complexities and nuances, which is why we deploy a collaborative quality assurance and testing period during the onboarding process. This ensures that both your team and ours have successfully and accurately abstracted each lease data point, laying the foundation for a seamless transition to our platform.

Onboarding & Implementation Timeline

At Occupier, we understand that a successful leasing software transition to our platform hinges on effective onboarding and implementation. Leveraging our expertise in lease management and technical lease accounting , we offer a seamless and structured process to guide your organization through every step of the journey.

Our team of Customer Success and Accounting Solutions Consultants leasing experts is dedicated to ensuring that your real estate, accounting, finance, and C-suite teams are equipped with the knowledge and tools they need to maximize the value of Occupier. From showcasing the platform’s capabilities to tailoring customizations and automated workflows to technical lease accounting configurations and implementation. 

To facilitate a smooth onboarding process, it’s imperative to have a dedicated team responsible for implementation. Here at Occupier, we have found that having one to two point people in your organization aids in an effective and seamless transition to Occupier. Assigning clear roles and responsibilities to team members fosters accountability and ensures efficient execution of the implementation plan.

Ongoing Lease Management and Lease Accounting 

Occupier stands at the forefront of modern lease management and lease accounting solutions, offering an intuitive platform designed to streamline leasing workflows for commercial tenants. Yet, the decision to transition to a new software solution can be met with apprehension, particularly in organizations comfortable with the status quo.

However, the reality is that clinging to legacy, outdated technology comes at a cost. It hampers your team’s productivity, diminishes morale, and exposes your organization to unnecessary risks. The short-term pain of adopting a new leasing software is far outweighed by the long-term business gains it facilitates.

Software Benefits To Consider When Switching

When considering a software platform switch, it’s crucial to evaluate the potential benefits it can offer to your organization. While every business has unique requirements, there are several common benefits that a new software platform can provide. 

By embracing a modern, best-in-class technology like Occupier, organizations can unlock a plethora of benefits, including:

1. ROI: Investing in a modern leasing software yields significant returns on investment by streamlining processes, reducing errors, and improving overall operational efficiency. The cost savings and revenue opportunities generated far surpass the initial investment, positioning your organization for sustained growth and success.

“The opportunity cost of not having Occupier is far too great. The real ROI is in not missing an option. It keeps us in control of our lease dates and due diligence timelines.”

Doug Lister, Asset Manager

2. Time Saving: Time is a precious commodity. Dealing with a clunky, outdated interface isn’t a great way to spend your workday. Occupier empowers your team to reclaim valuable time by automating repetitive tasks, centralizing data, and providing real-time insights, allowing them to focus on strategic initiatives and value-added activities.

3:  Improved Efficiency: A modern software platform often comes with advanced features and automation capabilities that can streamline your business processes. It can eliminate manual tasks, reduce errors, and enhance overall operational efficiency.

4. Enhanced Collaboration: Many new software platforms offer collaboration tools that enable teams to work together seamlessly. Features such as document sharing, real-time updates, and task management can greatly improve communication and teamwork within your organization.

5. Future Scalability: As your organization grows and evolves, so too must your technological infrastructure. Occupier is built with scalability in mind, offering flexible solutions that adapt to your changing needs and support your long-term growth objectives. Whether you’re managing a small portfolio or a vast real estate empire, Occupier scales seamlessly to meet your requirements.

While the decision to adopt a new leasing software may entail short-term challenges, the long-term benefits far outweigh the initial hurdles. Occupier offers a pathway to modernize your leasing workflows, drive business growth, and empower your organization to thrive in today’s competitive landscape.

Budget & Return on Investment

It is not uncommon for leasing software providers to engage in a race to the lowest price in a bid to win new business. However, at Occupier, we take a different approach. We believe in the value of our software and the expertise of our services and implementation teams to deliver the best lease management tools and experience for our customers.

While cost is undoubtedly a factor in any decision-making process, we prioritize delivering exceptional value rather than simply competing solely on price. Our commitment to quality, innovation, and customer satisfaction sets us apart in the leasing software market.

At Occupier, we understand that every organization has unique leasing needs and budget considerations. That’s why we work collaboratively with you to tailor a solution that aligns with your financial requirements while addressing your specific challenges and objectives. Our goal is not just to meet your budget but to exceed your expectations, delivering a robust, ROI-driven solution that drives tangible business results.

By partnering with Occupier, you’re not just investing in software – you’re investing in a long-term relationship built on trust, transparency, and mutual success. We’re committed to helping you achieve your leasing goals while maximizing your return on investment, both in the short and long term. If interested in chatting with our customer, we are always happy to set that up or take a peek at our G2 reviews and employee glassdoor reviews. 

Software Platform Switch

The cumulative cost of outdated systems, fragmented data, and cumbersome interfaces that hinder productivity and innovation are too great to leave to the status quo.  As businesses evolve, so too must their technological infrastructure. Recognizing this is imperative, especially as AI, machine learning and modern technology solutions are introduced

Considering a software platform switch is a significant decision that can have a profound impact on your organization’s efficiency, productivity, and overall success. Embrace the change and leverage the capabilities of a modern software platform to streamline operations, enhance collaboration, and future-proof their digital ecosystem.