Effective contract management is essential for portfolio managers who are inundated with real estate contracts, leases, vendor contracts, and property agreements. The process of creating, negotiating, executing, and tracking contracts can be highly complex and typically includes multiple parties. The stakes are quite high – real estate contracts often involve large amounts of money, are highly regulated, and have long-term consequences. When parties fail to meet contractual obligations or when contracts are not negotiated advantageously, the financial impact can be serious.
Contract management software can help by streamlining the process of managing contracts, automating routine tasks, and providing greater visibility into the contracting process. While the market is full of contract management and contract tracking software products, only a few products will automate workflows, integrate easily with existing technology, and enable teams to customize the application for their needs.
As a Dynamic Workplace Management platform, Quickbase offers commercial real estate management software that dramatically simplifies contract management. With Quickbase’s no-code application development tools, real estate management teams can easily adapt the software for the requirements of each new real estate project and the specific workflows of each team.
The challenges of contract management
Contract management software must help real estate teams overcome several key challenges in creating, executing, and managing contracts.
Organizing documents
To operate efficiently, real estate teams must be able to quickly identify and access contracts, keep track of changes and the most recent versions, share documents easily with relevant parties, and accelerate the signature process. These tasks are nearly impossible when teams attempt to manage contracts with a variety of apps, emails, and spreadsheets. A contract management system should provide a centralized repository of documents and tools that make it easy to share, sign, edit, and track documents.
Getting approvals
Securing contract approvals can be a notoriously drawn-out process. When approvals drag out and issues arise, it can threaten the viability of real estate deals, property agreements, and vendor relationships. The right contract management software will include approval workflows that accelerate timelines and avoid costly errors at every stage of the process.
Monitoring contract activities
Teams need real-time visibility into every change, approval, and signature for each document. The right software should alert team members whenever activity on a contract has occurred and provide access to latest contract details via any device, from any location.
Ensuring compliance
To improve compliance with various laws and regulations, contract management software should standardize contract language and monitor every change and deviation from those standards. Superior management software will also track every contract stipulation and deadline to ensure that obligations and deadlines are met.
Contract management with Quickbase
Quickbase enables teams to tackle projects of limitless complexity by building custom software, automating workflows, and continuously improving business technologies. Quickbase’s visual development environment and no-code tools empower users with any level of development experience – or no experience at all – to create and customize powerful solutions for managing complex workflows.
Quickbase offers templates and pre-configured solutions for portfolio management and real estate asset management that include a variety of contract management capabilities. With Quickbase, your teams can easily manage contracts for an entire portfolio in one place.
Quickbase enables your real estate teams to:
Find information quickly. With a centralized place for storing documents across an entire real estate portfolio, team members can easily access contracts, property details, service reports, and transaction information safely and securely.
Answer questions instantly. With access to real-time contract data, teams can act quickly to protect profitability, mitigate risk, and increase agility. Customer reporting features produce valuable insights for optimizing business processes, enhancing compliance, and increasing efficiency.
Minimize routine work. Quickbase contract management software eliminates redundant and tedious administrative work, allowing teams to focus on closing deals faster. From intake and contract creation to negotiation and execution, Quickbase streamlines workflows to increase efficiency and profitability.
Integrate information seamlessly. Quickbase contract management software integrates easily with existing storage, CRM, ERP, and procurement systems. Teams can continue working with familiar file and folder structures, using Quickbase’s visual tools to orchestrate workflows and integrate data and applications.
Quickbase solutions for other industries
Along with real estate and service contract management software, Quickbase offers a broad array of templates and pre-built solutions that solve business challenges in many industries.
Construction companies rely on Quickbase to equip teams with real-time information, minimize change orders, centralize documents, and integrate programs seamlessly.
Manufacturing firms trust Quickbase to track inventory, performance, suppliers, and processes. Quickbase powers process improvements to eliminate waste, increase efficiency, and streamline manufacturing workflows across teams.
Government agencies choose Quickbase to digitize public sector data and workflows while maintaining transparency and security.
Educational institutions use Quickbase to automate everyday operations, improve communication with personalized dashboards, and improve educational experiences for educators, administrators, and students.
Real estate businesses rely on Quickbase to manage every stage of real estate projects with greater efficiency, connectivity, integration, and security.
Healthcare organizations turn to Quickbase to enhance workflows, streamline programs, consolidate data, and maintain the focus on patients.
Property management companies use Quickbase for personalized dashboards and reports, granular multi-stakeholder permissions, mobile capabilities, and real-time visibility into the status of every project.
Solar installers use Quickbase to work leads, streamline processes, eliminate errors, and manage multiple, simultaneous projects.
Why customer choose Quickbase
By making application development accessible to developers with a variety of technical backgrounds, Quickbase makes it easy to create custom solutions faster and with fewer resources.
Customers choose Quickbase for a variety of essential features. A secure and flexible governance model ensures that IT retains control over the development process, while professional and citizen developers create solutions to the problems they understand best. In-product guardrails ensure that each new application and modification adheres to design standards, regulatory requirements, and security best practices. A full set of enablement services accelerates adoption and onboarding, enhances innovation, and helps businesses realize value sooner. Technical support available 24/7 ensures that IT teams and users can get help quickly when they need it.
FAQs
What is contract management?
In real estate, contract management is the practice of creating contracts, managing signatures, organizing documents, and ensuring that all stipulations and requirements of a contract are fulfilled in a timely manner and in compliance with local, state, and federal laws.
What are the benefits of contract management software?
By simplifying the process of creating and managing contracts, contract management software increases efficiency, improves accuracy, simplifies compliance, streamlines approval processes, and enables real estate teams to make faster decisions.
