An Inside Look into Custom Lease Management Software
Today’s ultra-competitive real estate industry is faced with multiple challenges when it comes to managing each aspect of business. Without the proper lease management software in place, organizations are being forced to use outdated practices—costing them time and money.
For NYC Short Lease (NYCSL), that’s just one of the many reasons they approached our team. Looking to solve their most pressing concerns, they required more than “out of the box” solutions could deliver. Ready to move beyond manual processes, they enlisted the help of Sprinterra to build custom lease management software for their growing business. From the initial meeting to project completion—our lead Project Manager, Tatiana Galeva, dished out the details below on how the project played out.
Building Custom Lease Management Software for NYCSL
Why did NYCSL initially approach Sprinterra?
From an outdated website to legacy tools that didn’t provide data in real time—along with a number of systems including reservation, background checks and document signing that were not integrated; NYCSL lacked a modern way of communicating with clients and assigning tasks to their agents.
What were some of NYCSL’s concerns regarding their current business process?
Without a listing management solution in place, NYCSL was unable to be on par with competitors and serve customers in a timely manner .
Lacking a centralized location to input rental and lease details led to time consuming and inefficient paper practices—including manually processing payment receipts from tenants who were unable to make payments directly through a website.
Additionally, using their outdated system resulted in dozens of hours wasted on manual reporting. And despite their best efforts, they still struggled to track data, phone logs and showings.
What was NYCSL specifically looking for when it came to developing a customized lease management system?
Initially, NYCSL wanted a system that could be integrated at least with payment, background check, accounting and document e-sign third party systems. As the project evolved, NYCSL refocused on complete automation of the rental process to fit their business model.
Goals of new system were set to increase online interaction with clients and prospects, build a listings management solution for agents and provide one system to input, store, manage and create reports using available data. They also requested a portal for tenants to easily log in, view notifications and order maintenance.
Lastly, NYCSL needed an accounting tool that would give them a detailed view of who had paid their rent, utilities and maintenance. Most importantly, everything needed to be integrated into one efficient, user-friendly system.
Was there something in particular that NYCSL wanted to customize that wasn’t available in “out of the box” systems? For NYCSL, out-of-the-box systems couldn’t provide satisfactory accounting features to track commissions and rent payments, or provide the specific reports they needed to remain efficient. Moreover, solutions available on the market did not support integration with the third party systems used by NYCSL. Going the custom route was really the only effective way to go.
Once NYCSL became a client, how did Sprinterra determine the best course of action?
In order for us to fully understand their specific needs, we conducted an in–person meeting to get a good handle on their current workflows along with the problems they wanted to solve.
After establishing the parameters of what NYCSL was looking for in a customized lease management system, our team began to visualize the processes and pinpoint potential weaknesses. We investigated references to systems with similar qualities in order to provide a functional breakdown of what the system would entail and a proper estimate for development.
After analyzing NYCSL’s business processes and workflows, how did the Sprinterra team come to develop a customized lease management system to fit NYCSL’s requirements?
We worked to ultimately uncover a number of scenarios that would help the client reach their goals. To ensure quality and predictability in the finished product, we applied the Agile/Scrum methodology to the development process.
Implementation was segmented into two week long sprints. At the end of each sprint new functionality was released and discussed with NYCSL—who ultimately decided what they felt would work best for their business. The frequent feedback helped to shape the system into an efficient, robust and intuitive platform.
What did the final version of the customized system include and how do these attributes affect the client’s workflow?
To meet the many requirements of NYCSL, Sprinterra developed a professional, responsive, easy-to-use interface that allowed potential renters to search listings and apply for apartments online.
Additionally, the customized lease management system included a reservation management system that automatically handled everything from recurring payments to cleaning schedules. It also has a modern payment platform that quickly calculates rent and assists with workflow automation. The Content Management System incorporated into the solution, allows NYCSL managers to swiftly react to any changes in the market and easily update web site content whenever is required.
How did Sprinterra’s knowledge of the real estate business process help in designing and developing this system?
As with every client we work with—our business analysts dig deep into domain area to learn about industry, business and processes. We research into methods used by our client competitors to address particular issues and specific requirements from our client — to get a holistic understanding of how to build a system that would satisfy all client’s needs.
What benefits has NYCSL experienced with their custom lease management solution?
Having a fully automated rental process in place, they have been able to greatly decrease the time it takes to list and manage available properties. From quick response times to a more efficient client approach—they’ve improved their company image tremendously. Additionally, new responsive design and well-thought-out user interface has enhanced online interaction between renters, prospects and the NYCSL team.
These benefits have not only helped revitalize the NYCSL brand—but given the ability to measure their performance; the new system set the stage for continued growth.