At many airports, unused property and buildings can often be leased and incorporated into the airport with parking lots, car rental agencies, concession stands, and private hangars. These leases are one of the most reliable and consistent sources of revenue for airports. However, keeping track of all the details of each lease is often the biggest challenge. Every aspect of each lease is subject to change, so it is crucial for airports to keep careful and updated records.
Some airports keep their lease records manually, on paper or with Word and Excel spreadsheets. In fact, smaller airports may have only one staff member to manage all of the airport’s leases. The massive amounts of paperwork make keeping all lease information accurate and up to date very difficult and time consuming. When records fall behind, leases expire, tenants leave and properties remain empty. Empty properties still have to be maintained, and when they don’t bring in revenue, airports lose money.
Automating the process of lease management is a great option to help airports stay on top of their leases. By switching over to lease management software, airports can gain greater insight into the conditions of their lease properties at every step of the leasing process.
In a digital, cloud-based format, all lease information becomes easily accessible and adjustable by airport staff from any device. Issues regarding the conditions of any given lease can be viewed and resolved instantly, with lease information at the airport’s fingertips at all times. Airport operators and leaseholders can be notified automatically notified in advance of expiring leases or insurance policies. Any expiring leases can be updated and renewed, and newly available airport properties can be easily tracked and leased to new tenants. The quick turnaround of leases, results in a steady or even growing revenue stream for the airport.
In short, software that can track an airport’s leases is highly convenient. It eliminates the ineffective process of going through stacks of paperwork and replaces it with just a few clicks on an intuitive software.