What a difference a few years can make. As recently as 10 years ago, lease administrators typically reported to one manager and functioned largely as team support, spending the workday processing piles of paperwork and chasing down rent payments.
This final cautionary tale provides yet another example of how automated leasing software can greatly reduce the occurrence of making unnecessary payments on your lease.
This cautionary tale is about a smart, yet Excel-dependent victim unknowingly overpaying $157,920 on a property lease. Not because of a corrupt landlord or getting tricked into a scam. The significant overpayment was simply due to a lack of data insight and access to information.
Unfortunately, shocking accounts of overpayments on leases occur more often than imagined. In the case referenced above, the lessee used spreadsheets for lease administration and lease accounting, believing these tools to be sufficient.
Despite Excel being a useful application with countless benefits, the popular software does have limitations which can often lead to costly errors.