8 Best Lease Administration Software Options in 2024

Lease administration software has become an essential tool for businesses managing multiple leases whether for real estate, equipment, or other assets. These tools help streamline lease management, ensure compliance, and provide valuable insights into lease portfolios. Here we explore the best lease administration software available in 2024, detailing their features, pros, cons, and pricing.

1. Hemlane

Overview

Hemlane is a comprehensive property management software that includes robust lease administration features. Designed for individual landlords and small property management companies, Hemlane simplifies lease management through its integrated tools and user-friendly interface.

Features

• Lease Tracking: Manage lease terms, renewals, and expirations.
• Compliance Tools: Ensure compliance with local regulations and standards.
• Automated Notifications: Alerts for lease renewals, rent due dates, and other critical events.
• Document Storage: Centralized repository for all lease documents.
• Integration: Seamlessly integrates with Hemlane’s tenant screening and property management tools.
• Accounting: New accounting features simplify processes for your rentals. The best software for property management account.

Pros

• User-Friendly: Intuitive interface suitable for landlords and small property management companies.
• Comprehensive Management: Integrates lease administration with other property management functions.
• Automated Processes: Reduces manual workload with automated reminders and notifications.

Cons

• Limited Scalability: May not be as suitable for very large portfolios.
• Limited Product Functionality: While comprehensive, it may lack some advanced features found in more specialized lease administration software.

Pricing

Hemlane offers limited lease administration at no cost in their free* plans. Paid plans start at $30/month plus $2 per unit with additional features, and higher tiers available with even more comprehensive services. 

*Users who start a free trial on a paid plan will be automatically converted to the free plan if they have not subscribed within 14 days.

2. Visual Lease

Overview

Visual Lease is a leading lease administration software that offers robust solutions for managing real estate and equipment leases. It is designed to help organizations maintain compliance with accounting standards and optimize lease portfolios.

Features

• Lease Accounting Compliance: Ensures compliance with ASC 842, IFRS 16, and GASB 87.
• Lease Management: Centralized platform for managing all lease data.
• Reporting and Analytics: Advanced reporting tools for detailed lease analysis.
• Integration: Integrates with major ERP and financial systems.
• Automation: Automated lease abstraction and data entry.

Pros

• Comprehensive Compliance Tools: Excellent for maintaining accounting compliance.
• Scalability: Suitable for large enterprises with extensive lease portfolios.
• Advanced Analytics: Offers detailed insights and analytics.

Cons

• Complexity: May have a steeper learning curve for new users.
• Cost: Higher pricing compared to some other options.

Pricing

Visual Lease offers customized pricing based on the size and needs of the organization. Contact them directly for a detailed quote.

3. FinQuery

Overview

FinQuery specializes in lease accounting and administration, providing solutions that ensure compliance with accounting standards and streamline lease management processes.

Features

• Lease Accounting Compliance: Supports compliance with ASC 842, IFRS 16, and GASB 87.
• Centralized Lease Management: Manage all lease data in one place.
• Reporting Tools: Detailed reports for financial and operational analysis.
• Audit Trails: Maintain clear records for auditing purposes.
• Integration: Compatible with major ERP systems.

Pros

• Focus on Compliance: Strong emphasis on accounting compliance.
• User-Friendly: Intuitive interface and easy setup.
• Customer Support: Highly rated customer service and support.

Cons

• Specialized Focus: Primarily focused on accounting, may lack broader property management features.
• Pricing: Can be expensive for smaller businesses.

Pricing

FinQuery offers tiered pricing based on the number of leases managed. Contact them for specific pricing details.

4. MRI Software

Overview

MRI Software provides comprehensive lease administration and accounting solutions for real estate management. It is known for its flexibility and robust feature set.

Features

• Lease Management: Track lease terms, critical dates, and financials.
• Compliance: Ensure compliance with ASC 842, IFRS 16, and GASB 87.
• Reporting and Analytics: Generate detailed financial and operational reports.
• Integration: Integrates with other real estate and financial management tools.
• Automation: Automates lease data entry and management tasks.

Pros

• Flexible and Scalable: Suitable for businesses of all sizes.
• Comprehensive Features: Offers a wide range of tools for lease administration.
• Customizable: Highly customizable to meet specific business needs.

Cons

• Cost: Higher pricing, especially for smaller businesses.
• Complexity: Can be complex to set up and configure.

Pricing

MRI Software offers customized pricing based on the size and requirements of the organization. Contact them directly for a detailed quote.

5. Nakisa Lease Administration

Overview

Nakisa provides lease administration and accounting solutions designed to help businesses manage their lease portfolios and ensure compliance with accounting standards.

Features

• Lease Accounting Compliance: Ensures compliance with ASC 842, IFRS 16, and GASB 87.
• Centralized Lease Management: Manage real estate and equipment leases.
• Reporting and Analytics: Detailed financial and operational reports.
• Integration: Integrates with major ERP systems.
• Automation: Automated lease data entry and management.

Pros

• Focus on Compliance: Strong compliance tools for accounting standards.
• Comprehensive Features: Wide range of lease management tools.
• User-Friendly: Intuitive interface and easy to navigate.

Cons

• Cost: Higher pricing for advanced features.
• Complexity: Can be complex for new users to set up.

Pricing

Nakisa offers customized pricing based on the size and needs of the organization. Contact them directly for a detailed quote.

6. Accruent

Overview

Accruent provides lease administration software that helps businesses manage real estate and equipment leases effectively. It focuses on ensuring compliance and optimizing lease management processes.

Features

• Lease Accounting Compliance: Supports compliance with ASC 842, IFRS 16, and GASB 87.
• Centralized Lease Management: Manage all lease data in one place.
• Reporting and Analytics: Advanced reporting tools for lease analysis.
• Integration: Integrates with major ERP and financial systems.
• Document Management: Centralized storage for lease documents.

Pros

• Comprehensive Compliance Tools: Excellent for maintaining accounting compliance.
• Scalability: Suitable for large enterprises with extensive lease portfolios.
• Advanced Analytics: Offers detailed insights and analytics.

Cons

• Cost: Higher pricing for comprehensive plans.
• Complexity: May have a steeper learning curve for new users.

Pricing

Accruent offers customized pricing based on the size and needs of the organization. Contact them directly for a detailed quote.

7. LeaseAccelerator

Overview

LeaseAccelerator offers a comprehensive lease administration and accounting solution designed to ensure compliance and optimize lease management processes.

Features

• Lease Accounting Compliance: Ensures compliance with ASC 842, IFRS 16, and GASB 87.
• Centralized Lease Management: Manage real estate and equipment leases.
• Reporting and Analytics: Detailed financial and operational reports.
• Integration: Integrates with major ERP systems.
• Automation: Automated lease data entry and management.

Pros

• Focus on Compliance: Strong compliance tools for accounting standards.
• Comprehensive Features: Wide range of lease management tools.
• User-Friendly: Intuitive interface and easy to navigate.

Cons

• Cost: Higher pricing for advanced features.
• Complexity: Can be complex for new users to set up.

Pricing

LeaseAccelerator offers customized pricing based on the size and needs of the organization. Contact them directly for a detailed quote.

8. IBM TRIRIGA

Overview

IBM TRIRIGA provides integrated workplace management solutions, including robust lease administration tools. It is designed to help businesses manage their real estate portfolios effectively.

Features

• Lease Accounting Compliance: Ensures compliance with ASC 842, IFRS 16, and GASB 87.
• Centralized Lease Management: Manage all lease data in one place.
• Reporting and Analytics: Advanced reporting tools for lease analysis.
• Integration: Integrates with major ERP and financial systems.
• Document Management: Centralized storage for lease documents.

Pros

• Comprehensive Compliance Tools: Excellent for maintaining accounting compliance.
• Scalability: Suitable for large enterprises with extensive lease portfolios.
• Advanced Analytics: Offers detailed insights and analytics.

Cons

• Cost: Higher pricing for comprehensive plans.
• Complexity: May have a steeper learning curve for new users.

Pricing

IBM TRIRIGA offers customized pricing based on the size and needs of the organization. Contact them directly for a detailed quote.

Frequently Asked Questions (FAQ)

What is lease administration software?

Lease administration software is a specialized tool designed to help businesses manage and organize their lease agreements efficiently. It automates and streamlines processes such as lease tracking, rent payments, compliance management, and reporting. This software helps ensure that all lease-related tasks are handled accurately and on time, reducing the risk of errors and missed deadlines.

How much does lease administration software cost?

The cost of lease administration software can vary widely depending on the features offered, the size of the business, and the number of leases being managed. Prices can range from a few hundred dollars per month for basic packages to several thousand dollars per month for comprehensive solutions with advanced features. Some providers also offer customized pricing plans based on specific business needs.

Learn more about Hemlane's pricing here.

Is lease management the same as lease administration?

While lease management and lease administration are closely related, they are not exactly the same. Lease management typically encompasses a broader scope, including strategic planning, portfolio management, and financial analysis related to leases. Lease administration, on the other hand, focuses more on the day-to-day operational tasks such as maintaining lease records, processing payments, and ensuring compliance with lease terms. Both functions are essential for effective lease oversight and often overlap in their responsibilities.