Leasecake Review: Pricing, Ratings, Pros, Cons,
We like how Leasecake’s team meticulously extracts data from clients’ leases and inputs it into the system. Their deal projects functionality also helps manage all the steps that come before lease execution.
We don’t recommend Leasecake for private entities or enterprises that have sunk considerable time and resources into their current solution. It’s also less optimal for private companies and government entities.
- Modern and intuitive interface
- Provides lease abstraction services
- Deal projects functionality
- Pricing requires consultation call
- Not ideal for office and government entities
- Incompatible with private companies
- Developer Leasecake Inc
- Client OS iOS, Android, Web
- Deployment Cloud Hosted
What Is Leasecake?
Leasecake is a cloud-based SaaS lease management software that provides a single source of truth for all lease and location information, storing data like licenses, permits, assets, franchise agreements, and more. The platform facilitates collaboration and automates reminders, helping business owners and multi-location operators manage time-sensitive, mission-critical events and minimize risk. We sat down with the Leasecake team to evaluate the software based on ease of use, features, responsiveness, and value.
Our Ratings
| Usability - 10 | Easy-to-use interface with modern, simple dashboards; navigable and intuitive for first-time users. |
| Support - 7 | 24/7 monitoring and backup; does not provide phone support but offers email and real-time chat support; responsive to customer feedback; implements new features based on user suggestions. |
| Scalability - 7.1 | Compatible with NetSuite, Sage, QuickBooks, and Restaurant 365; enterprises heavily invested in current lease management software might find the transition to Leasecake challenging. |
| Security - 10 | Includes various user roles that can restrict access to certain parts of the software; all services and data are hosted in the cloud by Google Cloud Provider (GCP) facilities. |
| Value - 8 | Implementation fees not included in monthly subscription; lease abstraction and triple net reconciliations are charged as additional services; users report these were worthwhile investments. |
| Performance - 10 | Fast and responsive as users move from module to module; no caps on document storage and reporting; maintains uptime of 99.95% or higher. |
| Key Features - 7.2 | Supports location and lease management with file storage for various contracts and documents; tracking maintenance and repair costs for all locations is challenging; not able to preview reports before downloading, but Leasecake provides full reporting for COIs, personal guarantees, renewal options, etc. |
Who Uses Leasecake?
We found Leasecake best suited for businesses ready to transition from spreadsheets to a more automated software solution. This platform helps companies manage multiple rental locations, offering comprehensive lease and location management services.
While it’s best for organizations with 30 to 200 locations, Leasecake’s scalable architecture accommodates over 1,000 locations. It primarily caters to the needs of retail, food and beverage, and franchise businesses and those operating corporate-owned stores.
Lease Abstraction Services
Leasecake’s lease abstraction services shine by facilitating a seamless transition to their platform. For an additional fee, Leasecake’s specialists diligently transfer crucial lease data into their system. This allows businesses to keep track of numerous details associated with each location, which is essential for companies managing multiple units.
This service isn’t just for the initial transition from spreadsheets to Leasecake – it’s available for ongoing use. For businesses growing quickly, adding new leases to their portfolio can be time-consuming and complex. For an additional fee, Leasecake can easily incorporate new documents into the system, keeping all lease data updated and accessible.
The lease abstraction process also contributes to Leasecake’s differentiator, offering lease and location management. This means storing leases and other documents such as licenses, permits, vendor contracts, etc. It’s all part of a broader service that helps businesses manage multiple aspects of their locations, not just their leases. This detailed, comprehensive approach to lease abstraction helps ensure that Leasecake can serve as a single source of truth.
What Features Are Missing?
- Private company compatibility: Due to regulations and reporting standards, private companies often have unique lease accounting and management that differs from public companies. While Leasecake offers flexibility and customization to a certain extent, private companies with highly specialized needs may find that alternative software options better align with their requirements.
- Transparent pricing: Companies interested in Leasecake must contact their team for a pricing consultation. Leasecake works with clients to create custom pricing based on business scale, budget requirements, and the company’s unique needs.
Pricing Plans
Leasecake employs a flexible pricing model based on the number of locations. Pricing can vary depending on the level of software service or real estate services required. When signing up, the majority of clients opt for lease abstraction. Another service available is triple net reconciliations, a valuable feature that helps handle variable costs associated with property insurance, property taxes, and more.
The Start plan begins at $8 per location per month and requires a minimum of 5 locations. The Elevate plan, which is ASC 842-ready. begins at $12 per location per month. Finally, Grow is $18 per location per month. The monthly price is based on annual billing.
However, potential customers should know that Leasecake charges upfront fees for these services. While these services incur additional costs, they significantly streamline lease management, making them a worthwhile investment for many businesses.
Alternatives
Summary
We recommend Leasecake for its modern, intuitive interface, comprehensive features, and powerful lease abstraction services. It fits food and beverage, retail, franchise, and corporate-owned stores well. It offers full reporting capabilities and a deal projects module to track the entire real estate life cycle. Finally, Leasecake demonstrates fast and responsive performance and integrates with popular accounting software.
We don’t recommend Leasecake for office and government entities. It does not support the regulations and reporting standards required by private companies. The pricing structure is variable, which can hinder customers seeking transparency. Placing a consultation call to obtain a quote might be inconvenient for some potential clients. Overall, Leasecake is comprehensive, user-friendly, and responsive, a versatile tool for businesses with multiple locations.
User Reviews of Leasecake
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- Food Retailer
No More Stress
Managing our leases was becoming a real headache, especially as we grew from 30 to 82 locations. Leasecake has been a game-changer for us, organizing our lease management and ensuring we never miss a critical date. It streamlined everything, allowing us to focus on our expansion plans. With Leasecake’s excellent support and automated reminders, we’re now confidently aiming to surpass 100 locations without the administrative stress we faced before.
- Diversified Financial Services
- 10K-50K employees
- Annual revenue $1B-$10B
Would not recommend to a client due to too much manual work
Would not recommend to a client due to too much manual work needed to create reports for audits. Worked with Lease Query and Visual Lease much better experience. Wish Leasecake would implement some of the features mentioned earlier.
Pros
Very easy to use
Cons
Cannot generate consolidated reports Cannot generate a lease rollforward for FS reporting Cannot generate support for FS reporting such as weighted average lease term, average interest rate etc.
- Medical Practice
Significant Financial Savings
Having over 400+ practices’ lease agreements was overwhelming until we discovered Leasecake. Its intuitive interface and dashboard features provide immediate clarity on our lease portfolio. It has automated reminders so we never miss deadlines. The support from the Leasecake team has been helpful.
We have benefitted from significant financial savings and transformed our lease management. I highly recommend Leasecake for any organization dealing with complex lease management.
