What is LeaseQuery?
You say 85% of tenants overpay rent. How does that happen?
How do you ensure your clients are not overpaying rent?
What are your results?
What is your motto?
What is LeaseQuery?
LeaseQuery is software that helps businesses transition to the new lease accounting rules and avoid overpaying rent. Stop using unreliable excel spreadsheets and start using a purpose built tool to solve your problem.
You say 85% of tenants overpay rent. How does that happen?
Tenants overpay rent by:
- Simply paying the invoice from the landlord which has an incorrect payment due amount;
- Not realizing a monthly payment is not required (often leases can have certain months of free rent);
- Missing an opportunity to renew the lease because they forgot to notify the landlord within the notice period, causing their payments to automatically escalate.
- CAM (common area maintenance) overcharges.
How do you ensure your clients are not overpaying rent?
- LeaseQuery lets you know exactly what your payments are each month without you having to refer back to the lease contract, so if your landlords invoice has a higher amount, you will know instantly that it is wrong before you pay it.
- LeaseQuery sends you alerts when you need to notify your landlord of your intent to renew, so that you do not miss this critical date.
- LeaseQuery calculates CAM based on the original contract, so you will not be overcharged.
What are your results?
95% of our clients used LeaseQuery to identify payment errors in their leases. We saved one client $23,800 on 4 small leases (average square feet on the leases were 1,900SF, and the client only had 25 total locations). But excel works just fine for me.
Why shouldn’t I keep using excel spreadsheets to track my leases? For starters, the client referenced above was also using excel spreadsheets, and they had “only” 25 locations. So good luck with that. Excel’s additional limitations are:
- No alert systems: You cannot set an alert in excel to tell you when you need to notify your landlord of a renewal. Also, there are no alerts that notify you of payment changes in excel. LeaseQuery sends you alerts for all critical dates.
- Prone to error: there could be errors within the spreadsheets that go unnoticed. LeaseQuery requires approval of any additions or modifications to the system. Without that approval, the changes are not made. As a result, all leases in the system are reviewed by a second person, which eliminates errors.
- No accountability: If someone makes a change to the spreadsheet, there is no way to determine who changed what and why. LeaseQuery keeps an audit trail of who entered, changed, and approved a lease.
What is your motto?
Don’t Overpay Rent, Ever again. That’s a Great Motto! Thanks, we really do mean it!
New Lease Accounting Rules FAQ
Who is affected by the New Lease Accounting Rules?
Is there an executive summary of the new lease rules?
Who is affected by the New Lease Accounting Rules?
Public companies and Private companies that have to issue GAAP financial statements. It will NOT affect private companies that DO NOT issue GAAP financial statements. So mom and pop stores will not be affected by the new lease accounting rules.
Is there an executive summary of the new lease rules?
Yes, see the link here: New Lease Rules Summary