In-house Legal Use Cases

Leasing Agreement
Process Automation

Leasing Agreement Process Automation

Revolutionize and automate the leasing agreement process
to facilitate faster turnaround time and better client experience
Revolutionize and automate the leasing agreement process to facilitate faster turnaround time and better client experience

The Challenges

The manual process of collecting and validating tenant information for a commercial leasing agreement is often time consuming and requires the sales team to copy-paste information across different systems and agreement templates. This creates unnecessary risk of human error in the drafted agreements, lengthening the time to value for both tenants and the leasing organization. However even after the agreement has been drafted, tracking the status of approval is still a challenge.  This is often because the approval process is managed via email and therefore provides low visibility around who its stuck with and how long it will take to get approved. On top of this the sales team also needs to manually determine which stakeholders need to be involved, depending on the size of the agreement. All of these issues combined thus means that the sales team is unable to provide a streamlined and quality experience for the tenant, which is often critical to the success of the leasing organization.

How Checkbox Solves The Leasing Agreement Process

Challenges How does Checkbox address it?

There is usually a high turn-around time for Leasing Agreements due to the manual nature of the information capture and agreement generation process. The sales team collects information from the tenant and from internal systems like the property register and then has to re-key this into the agreement which is extremely time consuming and opens the organization up to risk due to the possibility of human error.

Checkbox’s no code App builder empowers users to create smart forms that streamline the data collection and validation process alongside populating information from centralized sources e.g., property information. The platform allows users to put proper checks in place and eliminate the risk of manual data entry when creating leasing agreements.

Once the leasing agreement has been drafted, it requires approval from legal teams and/or the head of sales. This process is difficult to coordinate as the agreement is sent back and forth through email with very low visibility over the status of the approval. It is also important to note that many agreements have the potential to be 100% self-serve. However, given the absence of a process, legal is unnecessarily reviewing these.

With Checkbox, users can leverage workflows to facilitate approvals and escalate agreement drafts to the legal team for review. Checkbox’s complex decision engine and conditional clauses also escalates agreements with special terms to other necessary approvers.

If clients or tenants find an error in the final lease agreement, the organization can experience serious reputational damage.

Checkbox allows organizations to build versatile yet standardized agreement documents that reduce the risk of human error.

 

These documents are automatically customized and can feature:

1. Conditional clauses – only the relevant clauses are inserted into the document and numbered automatically.

2. Dynamic tables to structure information in rows and columns that are adjusted automatically to the content.

No visibility for the sales team, lawyers, or tenant on the progress of the leasing agreement and minimal analytics on the agreements previously generated for the organization to develop expertise or insights.

Track the real-time status of leasing agreements with Checkbox dashboards where information such as application status, and approval timestamps can be displayed.

Generated and signed agreements are all stored in Checkbox and can be sent to store in other document repository systems such as Google Drive, SharePoint, iManage, or NetDocuments.

With younger tenants expecting more streamlined and automated leasing processes, legal teams are faced with the challenge of:

1. Enabling the sales team with the right tools to provide a better experience.

2. Keeping up with the demand and pressure from the sales team.

With Checkbox, legal teams can automate the end-to-end leasing agreement process, allowing the sales team to draft agreements faster, track the status of approval, keep clients engaged with live updates and faster turnaround times and have full visibility over past analytics, all using drag and drop.

Key Features

Benefits

  • Facilitate faster turnaround time for the sales team and tenants

    Empower the sales team to draft agreements faster and escalate them to appropriate approvers so that they can spend more time on the needs of the client

  • Eliminate agreement errors and maintain a strong reputation

    By using compliant-by-design standard templates, operational excellence and a consistency in the leasing agreement is achieved.

  • Improve tenant experience

    Moving from manually generated agreements to automated agreements with e-signature makes the process convenient and effortless so your sales team can provide a quality experience every time.

  • Track the agreement and e-signature status

    Track the progress of the leasing agreement across all stages of the process via Checkbox dashboards. Upon signature, documents are automatically directed to the repository of choice and sent to assigned stakeholders.

What’s the Return on Investment?

On average, with Checkbox, clients save 2 hours* through streamlining the entire end-to-end journey. By assuming that 1,000 documents are generated per year, 2,000 hours from the legal team can be used to re-focus on higher priority work. This tool can also be used indefinitely as the business grows.

* Dependent on the document size

Integrations

How Does Checkbox Automate This?

1. Launch your leasing agreement approval request in Checkbox

Checkbox’s smart forms provide an easy-to-use leasing agreement form for the sales team to launch their request. Get an email notification with a transcript of your initial submission for records keeping.

2. Automatically determine the necessary approval path for your leasing agreement

Checkbox’s complex calculation engine will automatically route the leasing agreement process to the appropriate approval path based on inputs from the business user. Automatically assign stages of the process to the appropriate business stakeholders for review, and approval using Checkbox’s drag and drop workflow functionality.

3. Collect an e-signature from your final signatories

Using Checkbox’s native e-signature integrations, automatically trigger the final execution of your documents through Checkbox.

4. Store your leasing agreement request and stakeholder approval transcript

Automatically store your executed document, along with an approval transcript in Checkbox along with your leasing agreement request. Integrate with third party file repository systems to store the generated audit report for future reference.

5. Track the leasing agreement progress along its path to approval using Checkbox's customisable dashboards

View real time status of all your leasing agreement requests. Identify current approvers of your document.

Get started with your digital transformation journey

See how Checkbox fits in with your organization by contacting us and requesting a free demo