(Feb 2021 - Jun 2022)
2 Product Designers
1 Head of Design
1 Product Manager
We want to make it easier for clients to manage the leases for their workplaces. Lease Management is a tool we’re creating for clients to help them understand and act on their lease portfolio.
Companies have to process copious amounts of information. Each lease contains a great deal of data points, including critical dates, rent schedule, expenses, taxes, lease clauses, contractual rights and obligations, upcoming or ongoing build outs, contacts, etc. All this data needs to be organized and compared across leases in order to facilitate real estate planning and short-term decision-making. Accessing, processing and understanding lease is time consuming process that requires hours of searching for data and data compilation.
Companies may find information about their leases scattered across a number of desktop folders, or in spreadsheets and emails that aren’t connected to one another which makes it virtually impossible to identify key information quickly
How might we make it easier for clients to manage their leases?
Help our clients track all of their work place leases,understand their contractual obligations and options built into their lease and stay on top of critical dates
Our brokers are the secondary users who will be able to assist leases on behalf of the client. We’ll allow them to upload and create leases for the client, view and manage lease details to help clients keep track of the critical events.
Primary User - Large companies with multiple leases
Secondary User - Small companies with single lease
Understanding Lease Journey
Typically, lease management consists of the obligational tasks that take place after a lease has been agreed upon. To understand day-to-day lease management duties, we needed to understand the journey a lease takes.
1. Office Space Secured
Once the search is completed, lease is then finalized by both parties including the tenant and landlord.
2. Lease Abstraction
It's a process that highlights all the basic key terms, providing a summary to the critical information from the agreement.
3. Lease Management
By tracking and optimizing every aspect of a client's real estate portfolio. this process can help a tenant significantly reduce the expenses associated with leasing.
responsible for managing our various office spaces around the country
I am trying to
be better informed and stay on top of the leases for all of our offices so that I don't miss key dates or make decisions that harm our business
it is difficult to find the related documents and quickly make sense of the critical information for each lease, leading to missed opportunities in lease related decisions
my leases are buried in my emails and I am not an expert on leases
which makes me feel
overwhelmed and concerned
I’m tired of spending time digging and searching for all of the leases and abstracts
I have to go through my emails, spreadsheets and other software just to find my lease
I need a way to monitor the company’s real estate finances in a simpler format
It’s painful to go through spreadsheets and it doesn’t help if we don’t look at it.
It’s super difficult to keeping track of all the changes, rent increases, renewals and so forth.
Why is this month’s rent more than last month’s rent?
Centralize real estate portfolio
Enable clients to centralize all lease agreements in a single platform, allowing them to monitor critical dates, important key terms associated with even the most complex leases.
Quickly Manage and access documents
Central repository makes documents and abstracts easily accessible
Stay on top of critical events
Missing key dates and options within lease agreements can be costly. With Lease management, client will recieve alerts based on lease-critical dates that requires their attention.
Simplify Lease Details
Lease Abstract - Provides tenant a summary of their lease and a concise analysis of the abstract in a format that is easily understood.