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iLeasePro is a robust lease management software that serves as a centralized repository for all lease-related information, solving the …
Overview
What is iLeasePro?
iLeasePro is a lease management and administration system offered by iLease Management LLC. It is designed to streamline lease-related processes for businesses of various sizes. According to the vendor, iLeasePro is widely used by real estate professionals, property managers, lease administrators, finance...
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What is iLeasePro?
iLeasePro, from iLease Management headquartered in Beverly, MA, offers an uncomplicated approach to lease accounting for Lessees & Tenants of real estate and equipment leases.
Entry-level set up fee?
- No setup fee
For the latest information on pricing, visithttps://www.ileasepro.com/pricing/
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
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Product Details
- About
- Tech Details
What is iLeasePro?
iLeasePro is a lease management and administration system offered by iLease Management LLC. It is designed to streamline lease-related processes for businesses of various sizes. According to the vendor, iLeasePro is widely used by real estate professionals, property managers, lease administrators, finance and accounting professionals, as well as legal professionals.
Key Features
iLeasePro Dashboard: The iLeasePro Dashboard provides users with a summarized view of lease information through its intuitive user interface. According to the vendor, it includes a Lease Summary section that displays key metrics for easy reference.
Lease Portfolio Management: iLeasePro allows users to create an electronic library of leases, providing a centralized location for lease organization, management, and analysis. The vendor claims that the system is fully customizable to fit the specific needs of each organization.
Critical Date Tracking: iLeasePro enables users to effectively manage and receive notifications for critical dates defined in leases, such as lease expiration, option dates, and insurance renewals. According to the vendor, the system offers flexible management and customizable creation of critical dates.
Document Management: Users can create a comprehensive electronic library of lease documents within iLeasePro. The system serves as a central repository for leases, amendments, insurance certificates, photos, and other lease-related documents, ensuring easy access to all necessary information, as stated by the vendor.
Contact Management: iLeasePro provides a single source for all lease-related contacts. Users can assign roles to contacts for each lease, including lessors, asset managers, bankers, brokers, attorneys, and utility providers, facilitating communication and collaboration, according to the vendor.
Rent And Rent Step Escalations: According to the vendor, iLeasePro eliminates errors and standalone calculation processes by allowing users to perform complex lease term rent calculations easily. The system offers pre-defined rent payment types, concessions, and escalation methods for accurate and efficient rent calculations.
Comprehensive Lease Abstracting: iLeasePro enables users to manage and track critical dates defined in leases, such as lease expiration, option dates, and insurance renewals. The vendor claims that the system offers flexibility in managing these dates and allows for customizable creation of critical dates.
Enhanced Reporting: iLeasePro offers over 50 standard reports with filtering capabilities, according to the vendor. Users can produce variations of key data for lease portfolio analysis. Reporting categories include account level, lease analysis, lease audit, and more, providing comprehensive insights for informed decision-making.
iLeasePro Technical Details
| Operating Systems | Unspecified |
|---|---|
| Mobile Application | No |
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Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
- Pros
- Cons
iLeasePro is a robust lease management software that serves as a centralized repository for all lease-related information, solving the business problem of scattered and disorganized lease data. Users have praised the software for its ability to keep track of lease details such as monthly payments, commencement and expiration dates, enabling them to easily monitor their lease portfolio.
Another significant problem addressed by iLeasePro is the complexity of lease accounting and compliance with ASC 842 regulations. Users have found that the software simplifies and automates these processes, providing efficient reporting and calculation of future lease payments. With iLeasePro, users can generate an ASC842 report that breaks down short-term and long-term liabilities, ensuring compliance and eliminating the need for manual calculations.
One common pain point for users is the time-consuming task of data entry across multiple leases. However, iLeasePro offers a solution by providing a tool to upload changes, saving users time and eliminating errors associated with manual data input. This feature allows users to focus on data analysis rather than data entry, streamlining the process of amortizing leases.
Users appreciate how iLeasePro visualizes monthly amortization amounts and trends in an easy-to-understand format. This feature helps them analyze their leasing expenses effectively and make informed financial decisions. Additionally, iLeasePro stores leases digitally, providing users with convenient access to vital lease information at any time.
The software's ability to calculate right-of-use amortization and lease liabilities ensures compliance with ASC 842 and GAAP standards. Users no longer need to worry about manually keeping up with payment changes or expirations using spreadsheets. iLeasePro replaces these manual processes, saving time and improving productivity for businesses.
In conclusion, iLeasePro solves various business problems related to lease management. From centralizing lease information to simplifying accounting procedures and ensuring compliance with regulatory standards, this software provides valuable solutions for businesses looking to streamline their lease management processes and make data-driven decisions.
User-Friendly Interface: Multiple users have mentioned that iLeasePro has an intuitive and easy-to-navigate interface, allowing them to start using the software without any difficulties. They found the login process straightforward and appreciated how all sections of the software were clearly understood.
Central Repository for Lease Documentation: Several reviewers have praised iLeasePro for serving as an excellent central repository for lease documentation. It provides a convenient way to organize and access all lease-related information in one place, making it easier to manage leases across multiple locations.
Cost-Effective Pricing: Some users have highlighted that iLeasePro offers cost-effective pricing compared to its competitors, particularly benefiting small to medium-sized businesses. This advantage allows them to efficiently handle their lease management needs while staying within their budget.
Slow Performance: Some users have experienced issues with the software's performance, noting that it has been slow at times.
Lack of Adaptation to ASC 842 Lease Accounting Standards: Reviewers have pointed out the drawback of iLeasePro not adapting to the new ASC 842 Lease Accounting Standards, which hinders accurate recording of ROU and Lease Liability asset accounting.
Limited Reporting Customization Options: Users have found the reporting features in iLeasePro to be generic and lacking in customization options. This limitation requires them to supplement with separate spreadsheets for sufficient reporting.