The complex process of negotiating and managing commercial leases can be streamlined through the innovative use of technology.
From drafting and negotiation to execution and management, the lifecycle of a commercial lease involves a variety of strenuous and complicated tasks that require strategic thought and attention to detail.
However, this once arduous task of commercial lease management is being increasingly simplified by the smart use of technology.
Cowell Clarke’s bespoke Leasing Portal is one such example. It provides clients with a complete solution that streamlines all of their commercial leasing matters, driving efficiencies that result in the negotiation, finalisation and ongoing management of commercial leases in a hassle-free manner.
In this blog, we highlight how a solution like our Leasing Portal enables clients to take real-time control over their leasing matters.
Real-Time Status of Negotiations
Lessors need a secure workspace where they can communicate with advisors including solicitors and agents; collate data and information relevant to their proposed transaction; and monitor how the preparation and finalisation of leasing documentation is tracking. The Leasing Portal enables lessors to see how their transaction is progressing in real-time at the click of a button, ensuring they are never left in the dark and can verify the status of lease negotiations at any time.
Automated Reminders for Risk Management
Commercial leases comprise many critical dates, such as rent review dates; expiry dates; periods in which an option to renew can be exercised; the application of incentives; and timeframes for compliance with make good obligations (to name a few).
Managing these critical dates is paramount for just one commercial lease, let alone for a property portfolio comprising multiple leases. The process can be overwhelming, time consuming, and expensive for property owners. Missing even one critical date can have devastating consequences potentially causing economic loss or adverse legal consequences.
For example, if a lease contains a specific period within which a market rent review must be undertaken and the lessor or the lessor’s agent misses that period, the opportunity to undertake the review will be lost. This could cost the lessor a significant amount of money, especially if it occurs across multiple tenancies or properties.
Cowell Clarke’s Leasing Portal provides automated reminders to demonstrate which leases are approaching a critical date (such as a rent review, option period or expiry) as well as an interactive dashboard of lessee details, rental figures, special conditions and risk factors within leases. Automated reminders can save lessors considerable money, and the consolidation of the data into one place gives peace of mind to property owners that enables them to focus their time and effort on other matters.
Ease of Access to Documents
Storing business information, leasing documentation and ancillary documents in a secure, easy to access location can be a cumbersome task, particularly when leasing arrangements continually change. Clients can access the Leasing Portal from any location at any time and are able to store, review and execute documents whenever they want.
Simplicity and Customisation
Every lease is different. Every leasing portfolio is different. However, this does not mean that solutions need to be overly complex and rigid. The Leasing Portal is not only user-friendly but can be completely customised to suit the individual needs of each client.
This publication has been prepared for general guidance on matters of interest only and does not constitute professional legal advice. You should not act upon the information contained in this publication without obtaining specific professional legal advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication and to the extent permitted by law, Cowell Clarke does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting or refraining to act in relation on the information contained in this publication or for any decision based on it.