For years, Tango has provided enterprises with best-in-class solutions for predictive analytics, space management, lease accounting and administration, and other business processes. We’re pleased to be adding Lease Transactions to our lineup to further empower businesses as they navigate the opportunities and challenges of commercial leasing.
Whether you’re a retailer dealing with extensive lease options or a corporation with evolving office space needs, Tango Lease Transactions allows you to leverage your lease portfolio and make more informed decisions. Our solution saves organizations time and capital by simplifying negotiations, making key lease data actionable, and streamlining transactions processes.
Lease Transactions is an add-on module to our lease management solution, Tango Lease. It’s a subset of our Transactions software, providing an alternate option for Lease customers who don’t need the full suite of Transactions’ real estate capabilities. Lease Transactions covers all common lease option-based transactions, including:
- Terminations and cancellations
- Sales kickouts
Adding the Lease Transactions module allows Tango Lease customers to go deeper into the everyday transactions found throughout their lease portfolios. It centralizes relevant information from your portfolio, equipping stakeholders to more effectively and consistently decide when to renew, terminate, or start leases. Lease Transactions empowers organizations to manage the entire lease transaction process, streamline operations, comply with lease accounting standards, and integrate key data to achieve more successful lease negotiations and improve the structure of their leases.
“Occupancy costs represent one of the largest enterprise expenses, making effective management of these costs critical for organizations as they navigate the needs of their business as well as a rapidly changing macro environment,” says Pranav Tyagi, Tango’s President & CEO. “With Tango Lease Transactions, we are proud to deliver a solution that offers organizations a comprehensive understanding of all their lease options, empowering them to take actions that will improve their bottom line.”
Tango Lease Transactions is designed to let organizations see everything, negotiate holistically, empower the team, and eliminate mistakes.
When managing commercial leases, details matter. But when you’re tracking myriad transactions across a sprawling portfolio that spans numerous properties from different landlords, it’s easy for crucial information to slip through the cracks.
Lease Transactions cuts through the noise, letting you instantly see every in-progress transaction across all landlords. Our dashboards show you all the up-to-date details, helping you avoid information silos, and keeping you from missing opportunities. For example, you can look at any actual to see its status, transaction attributes, what type it is, who’s working on it, and more.
You’ll also gain insights into current market dynamics. Say you need to know the current market rent to verify that you’re getting a good rate. Lease Transactions lets you auto-populate information, such as cost per square foot, from nearby lease locations to see what they’re paying for similar spaces. Then you can calculate a market average for the area to determine whether your rate is at, above, or below it.
Securing ideal terms while negotiating a lease depends on your ability to leverage information. You’ll need to look at the entire lease—including quantitative and qualitative elements—to ensure it meets all portfolio requirements. And you may want to negotiate in bulk to decrease costs, leverage early options, or increase landlord contributions. Lease Transactions lets you do all of this and more.
In Lease Transactions, you can see all in-progress renewals, with all the necessary information assembled and ready. This will include integrated Tango Lease data, such as nearby locations and other locations with the same landlord.
When you open a specific lease and go to the lease details tab, you’ll see all the high-level information for that lease, including option data, rentable area, and new rentable area.
Let’s say you’re planning to downsize. When you put in the new rentable area you need, you can use Lease Transactions to compare what you’ve been paying per square foot with what you would be paying after the change, along with how much savings that translates to on an annual basis.
You can also use Lease Transactions to look at all of your stores grouped by landlord. The dashboard breaks down how much you’re paying for each property from a single landlord, alongside your average rates by landlord. This adds some context to your relationship with each landlord, and helps you understand which ones are giving you better deals. You’ll also be able to see when each lease from a given landlord expires, and from there you can look into negotiating multiple leases as a package.
Lease Transactions also provides qualitative analysis to help you factor for elements that don’t don’t necessarily come with a simple dollar figure attached. Because if you’re only negotiating based on money, you’re leaving all kinds of value on the table. Lease Transactions can help you determine things like whether you’re paying percentage rent that you could get rid of, whether you could secure an additional term at a highly profitable location, or whether there are any options you need to fix.
If your team is like most, you have a lot of different stakeholders involved in the process of negotiating and renewing leases. Lease Transactions gives them a centralized source of truth, and helps you avoid just-in-time responses to lease options by pre-approving economic deal points for negotiators, allowing them to act proactively.
You’ll get a template-based transaction schedule that includes role-based assignments and notifications, ensuring that everyone has access to what they need for their role, without being able to step in and make changes where they don’t belong. Our dashboards provide your team with key metrics for all active transactions, so they can monitor progress and view savings.
They’ll be able to view data from months out, in order to see what’s coming and get ahead of it. And they can display the data in a number of different ways depending on their role. For example, there are different views based on brands, transaction managers, outside negotiators, and more. This lets you define exactly who gets to see what, keeping potentially sensitive information away from those who don’t need access to it.
Lease Transactions also provides a dedicated area for deal terms, where you’ll keep track of information about write-ups for approval. Each stakeholder can leave relevant comments, and depending on the level of their role, they’ll have different levels of security to ensure their comments keep priority. For example, when the director says they want to negotiate a given deal, they can make the decision and select to protect that field from being changed. And then the portfolio manager, the facilities team, the legal team, and anyone else who needs to leave their input can do so as well.
When it comes to negotiating leases, mistakes can be costly. This isn’t just about typos in the paperwork—though they’re plenty problematic in their own right—it’s about penalties and fees from missed deadlines, or paying for major expenses you could have avoided with a little foresight. Lease Transactions helps you stay on top of everything, keeping you from paying for avoidable mistakes.
Our software takes into account the most common areas where mistakes arise and where details get overlooked, and provides solutions for keeping track of it all. This includes features like ad-hoc task management, milestone management, and document management. You’ll also be able to schedule transactions to be automatically created based on the timing you define prior to the critical notice date. And the dashboard shows you how many months out you have remaining, displaying details on any tasks that need to be completed along the way.
CapEx projects are another area where poor visibility into the lease portfolio can lead to costly mistakes. Perhaps you have a remodel coming up, but you’re on the fence about renewing. You’ll want to make sure you finish negotiations before committing to any construction, or you could end up paying for wasted renovations on a property you ultimately decide not to renew. And at the same time, you can use any upgrades the property needs as a bargaining chip during negotiations, and possibly get the landlord to contribute to the costs. Either way, Lease Transactions will keep track of all such important considerations for you, potentially saving you money whether you renew or not.
Tango Lease Transactions empowers organizations to manage the entire lease transaction process, integrate key data to achieve more successful lease negotiations, and improve the structure of their leases.
By adding Lease Transactions to your Tango Lease software, you’ll gain unparalleled insights into your lease portfolio, streamline your processes, keep all of your team on the same page, and save a lot of money along the way.
Ready to see what Tango can do for your organization? Request a demo today.