Lucernex! Providing You A Lease On Life. The Real Estate Life.
William Rose profile photo
April 05, 2018

Lucernex! Providing You A Lease On Life. The Real Estate Life.

Score 8 out of 10
Vetted Review
Verified User
Review Source

Modules Used

  • Lease Administration & Accounting for Real Estate

Overall Satisfaction with Lucernex Lease Administration & Accounting, an Accruent company

We currently use LX to house over 800 store leases, mainly for use by our Corporate Accounting and Real Estate departments. We pay all rental transactions through the system, which integrates to our ERP. We book straight-line rent and percent rent accruals and are now in the middle of the transition to FASB 842. Real estate uses the system to run reports used in lease negotiations, or lease admin, such as notice dates. Our Financial Reporting department utilizes many different reports within LX for disclosures in our SEC reporting packages.
  • Large product family allows them to use technology from one product to improve another
  • Helpdesk/Ticket system is very user-friendly, Support team responds very quickly to answer issues
  • They have been very receptive and inviting to user feedback as far as improvements to the software
  • Would like to see more webinars/online training or best practice sessions and documentation on various modules within Lucernex
It is our one and only software solution to put our company into FASB compliance. I have been very impressed with the response by the company to create, test and institute the necessary modules to complete this transition. We have been able to test the new modules for over a year, and feel comfortable with the process as we move forward to go-live.
Many of our leases have rather complex percent rent terms/time periods. It was a bit of a struggle to get some of these calculations to come out correctly as the Landlord would expect. Lucernex worked with us to set these difficult scenarios up on numerous occasions and we have been very happy. We are currently exploring the idea of entering our equipment leases into Lucernex but are still in the discovery phase.
  • Lease negotiation process has improved, we are able to make quicker, sound decisions with all the data at our fingertips
  • Internal and external reporting has been enhanced through the use of the reporting module. Reports can be easily made and tailored for reporting needs
  • Percent rent and straight line accruals are now automated through the system which cuts down on manual user error from previously using spreadsheets
  • N/A
I cannot recall exactly what other products we reviewed before choosing Lucernex, but one of the leading factors was how highly customizable the software was. We had previously been using Retail Lease which was an older program with buckets of data stored everywhere. During the data mapping process, we were able to easily find a home for all of this "random" data.
The Lucernex software can be perfectly tailored to suit a company's needs. If certain data needs to be captured within your portfolio that isn't delivered out of the box, data fields and customization can easily be placed on pages to house this data. I think any company large or small could use Lucernex, as little or as much as they want to. As a company, we started out planning to use it for tasks A & B, and now use it for C,D,E & F! It also works as a great tool for our Lease Admin folks to keep track of lease renewals and terms.