Using our software review methodology, we’ve reviewed 20+ providers to find the best lease management solutions on the market. Some of our top picks include LeaseQuery, Visual Lease, and iLeasePro.
- LeaseQuery: Best Overall
- Visual Lease: Best for Lease Accounting
- iLeasePro: Great for Small Companies
- EZLease: Flexible Reporting
- Spacebase: Most User-Friendly Solution
- Leasecake: For Retail and Food & Beverage
- MRI ProLease: Best for Compliance
- DoorLoop: Best for Scalability
1 LeaseQuery - Best Overall
Why We Chose It: LeaseQuery is our top pick for lease management because it complies with FASB ASC 842, IFRS 16, and GASB 87 lease accounting standards. It also has international capabilities thanks to multi-currency support and translation features.
In particular, we enjoyed the user-friendly and easy-to-navigate interface. Other key features it offers include amortization schedules, automated date alerts, and data entry validation.
2 Visual Lease - Best for Lease Accounting
Why We Chose It: Visual Lease is a top pick for organizations looking to go beyond mere compliance by integrating lease administration and accounting together. This software’s flexibility makes it a good fit for various property management businesses with at least 25 leased assets.
Visual Lease also offers tools for carbon accounting, ESG ratings, and customizable ad-hoc reports. Users can even add their own reporting templates to maintain consistency with past records.
3 iLeasePro - Great for Small Companies
Why We Chose It: iLeasePro is our top pick for small businesses because it’s one of the lower-priced products on the market. This makes it an attractive option for small businesses needing vital lease management features without high costs. It also doesn’t incur additional fees for implementation, making it a smart choice for budget-conscious companies. Additionally, it has user-friendly features that make it easier to use and efficient for small teams. These include portfolio management capabilities, electronic lease document handling, and critical date tracking and notifications.
4 EZLease - Flexible Reporting
Why We Chose It: We picked EZLease for its 15 ready-to-use reports including lease summary reports, amortization schedules, and lease classification reports. Users can customize these using different fields like payment amounts, lease terms, and asset types. They can also filter reports based on various criteria like lease type, start and end dates, monetary values, or any custom-defined categories. Additionally, users can create custom calculations or apply specific formulas within the reports and export in various formats like Excel, PDF, or CSV. These reports assist businesses in effectively managing their lease portfolios, ensuring compliance with accounting standards, and providing insightful data for strategic decision-making.
5 Spacebase - Most User-Friendly Solution
Why We Chose It: Spacebase stands out in the lease management sector as one of the more user-friendly options. Its interface simplifies lease management, offering quick access to lease specifics, rapid retrieval of lease agreements, and streamlined document management. Its design is straightforward to navigate. Additionally, Spacebase is equipped with modern lease accounting features aligned with the ASC 842 standard, integrating smoothly with existing accounting and accounts payable systems. Finally, the Spacebase team customizes the platform according to specific business needs, and customer support is quick and responsive.
6 Leasecake - For Retail and Food & Beverage
Why We Chose It: Leasecake is our top pick for the retail and food & beverage industries. This is due to its multi-unit lease management, offering retailers a single source of truth to manage all lease details and rent schedules. It can also help track and manage compliance aspects alongside lease obligations, including health, safety, and environmental standards. With thin margins common in food and beverage and retail, effective tracking of lease-related expenses and financial reporting is critical. Leasecake allows for detailed expense tracking and generates reports that can aid in financial planning and analysis.
7 MRI ProLease - Best for Compliance
Why We Chose It: We found MRI ProLease a solid lease accounting pick for its compliance capabilities. It is designed to serve organizations requiring an all-encompassing solution for lease management, particularly those seeking to adhere to complex accounting standards like ASC 842 and IFRS 16.
MRI ProLease is not just a lease accounting application but also a space, maintenance, and project management, plus lease abstraction. Additionally, MRI ProLease integrates with MRI Contract Intelligence for data collection from contracts and legal documents, making it a more efficient tool for lease management.
8 DoorLoop - Best for Scalability
Why We Chose It: We picked DoorLoop property management software because it is great for scalability. It has the ability to handle properties in over 100 countries, support multiple currencies, and manage various property types, including residential, commercial, student housing, and more. All this makes it an ideal choice for diverse real estate portfolios.
DoorLoop’s features, such as rent collection automation, maintenance request administration, and prospective tenant management, streamline leased property management tasks.
What Is Lease Management Software?
Lease management software (also known as lease administration software) is a modern digital solution designed to optimize the management of lease agreements for businesses and organizations. This software offers a range of tools and features for centralizing lease data, tracking important dates, calculating financial obligations, and generating reports for compliance, financial planning, and decision-making. In essence, lease management software simplifies lease administration, helping businesses maintain organization, ensure compliance, and gain valuable insights into their lease portfolios.
Lease management typically goes hand in hand with lease accounting solutions to streamline control over your entire lease lifecycle. Lease management software keeps track of lease details, automates renewals, and manages lease terminations and buyouts. Lease accounting software tracks income and expenses and creates reports in accordance with the Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB), and International Accounting Standards Board (IASB) standards. User-friendly, integrated solutions with facilities management and lease accounting allow you to track lease terms and meet accounting standards from one place.
Recommendations for Choosing the Best Lease Management Software
Evaluate Pain Points
Identify the challenges the organization aims to address such as lease complexity, lease types, lengths, and the need for specific features like lease classification, modification tracking, and automated lease calculations.
Consider Lease Portfolio Size
The size of the lease portfolio is crucial, as more complex portfolios require enterprise-grade solutions, while smaller ones might get by with simpler tools.
Identify Must-Have Features
Determine key features essential for lease management needs, such as financial oversight, critical date alerts, expense tracking, lease classification, modification tracking, and automated calculations.
Compliance and Regulatory Requirements:
- Ensure the software complies with relevant accounting standards (like IFRS 16, ASC 842) and other regulatory requirements.
- Consider the software’s ability to adapt to changes in regulations.
Integration Capabilities
- Evaluate how well the software integrates with existing systems, such as ERP or accounting software.
- Check if it supports data import/export in formats used by your organization.
Stakeholder Collaboration
- Look for a lease management platform that eases stakeholder collaboration and provides quick access to lease-related information.
- Check for an online portal that centralizes lease details, critical dates, and other essential information to enhance collaboration.
Vendor Evaluation
Take into account aspects like the vendor’s market standing, the quality of customer service, user-friendliness of the software, and the breadth of functionalities provided by the software.
What Does Lease Management Software Do?
| Feature | Functionality |
|---|---|
| Document Management | Create lease abstraction templates, store signed lease agreements and clauses, and other important documents like service contract agreements, tax forms, maintenance requests, and renters insurance information. |
| Date Tracking | Track lease start dates and expiration dates, as well as other critical dates like past due payment dates. Receive automatic notifications and alerts for upcoming expiration or overdue rent payments. |
| Application Management | Manage application submissions, screen applicants, and create custom application forms. |
| Leased Asset Management | Track the condition and preventative maintenance details for leased assets. |
| Property Management | Manage income and expenses involved in managing both residential and commercial properties, such as rent collection and maintenance. |
| Marketing | Improve occupancy rates by advertising online to find new tenants or customers faster than through traditional outreach methods. |
| Reporting | Review information on current and past lease data to find opportunities for improvements in rent collection, occupancy, maintenance request fulfillment, or portfolio management. |
What Are the Different Types of Lease Management Software?
Lease management software is used by a variety of businesses as an all-in-one way to manage their lease data including:
Residential and Commercial Real Estate Lease Management Software
Real estate professionals use lease management software for single-family and multifamily properties, commercial properties, and other property rentals. The software will store lease information including contract agreements, expiration dates, tenant contact information, and rental payment due dates. Automatic notifications can be sent out to tenants for upcoming renewals and reminders to pay overdue rental payments.
When it comes to residential properties, software can account for both single- and multi-family leases. Lease management can also assist commercial real estate owners when serving multiple renters. Systems can integrate with full property management software solutions which include modules for work orders, accounting, and more.
Equipment Lease Management Software
Lease management software stores lease information, as well as data about all types of leased assets including tools, vehicles, machinery, and more. Details like the current condition of your equipment and customer contact info can all be stored within your system. Advanced software even has GPS tracking to determine the real-time location of your equipment.
Depending on the exact scope of your business, you may want to consider including fleet management software and equipment rental software to build a more robust lease management system.
Employment and Service Contract Software
Finally, lease management software can help businesses manage lease data for employment and contracted services. The software will store 1099 forms, signed contractual agreements, and information about the contracted employee or service such as employee contact information, service rates, and description of services rendered.
What Are the Benefits of Lease Management Software?
Adding software to your lease tracking practices can provide many long-term benefits to your operations.
Effective Document Management
Manually managing leases can lead to a lot of problems. To start, physical lease documents are prone to being lost or damaged far more easily than their digital counterparts. Lease management software allows you to create digital lease agreements, store important documents virtually, and manage lease information online. The streamlined solution makes it easy for real estate managers to create new templates and modify existing ones within your lease portfolio, saving you time on drawing up paperwork for new tenants in the future.
Important lease documents from renters, customers, and contracted employees can be uploaded and stored securely within the system. These documents include renters insurance, pet and vet records, signed agreements, asset condition documents, 1099 and other tax forms, and more.
Software also tracks expiration dates and rental payment due dates. When renewals or payments are due, the system will automatically send out email notifications to your customers to encourage timely responses.
Easier Application Management
Some lease management solutions allow businesses to accept rental applications online with a customizable application form. The form can collect applicant information like contact info, social security numbers, and addresses of previous residences. Potential renters can also upload documents for proof of income, asset documents, recommendation letters, and even pet veterinary records. If required, the potential renter can then pay the application fee right from the form, greatly reducing overall paperwork for everyone involved.
Lease management software also assists with tenant screening. Pre-screening tools can provide basic background checks for criminal activity, evictions, and credit issues and verify employer information. Some tools can also screen an applicant’s social media accounts for potential behavioral issues.
Additional Lease Software Options
Lease management solutions can be paired with other software to provide even more ways to manage your workflow:
Leased Asset Management
Lease management software keeps records of your leased assets including who is using the asset, the condition of the asset before and after use, and important preventative maintenance deadlines. Keeping track of an asset’s condition before and after being rented is important for determining if any damage occurred while in use.
The software can also notify you when preventative maintenance is due. Keeping your leased assets well-maintained allows you to continue renting them out, improving your ROI and keeping your clients happy with working equipment or vehicles.
Lease Accounting Software
Lease management software often integrates with lease accounting software or at least includes basic accounting functionality. The accounting solution providers allow equipment and property rental businesses to record their rental income and business expenses, invoice renters, and create financial reports.
Financial reporting is especially important for rental property owners in order to be compliant with domestic and international lease accounting standards. The most recognized standards are GASB 87, the IASB IFRS 16, and the FASB ASC 842, all of which determine what types of leases need to be recorded on the balance sheet.
How Much Does Lease Management Software Cost?
Lease management software pricing generally depends on how you want to deploy your system and how many users or leases you need. On-premise software often requires a one-time installation fee, along with some costs related to training or maintenance. SaaS plans range from monthly to annual subscription payments, ranging from $25 per month to $50 per month.
