Lease Abstraction, Lease Audit and Administration Services

Lease Abstraction Profile

OHI provides comprehensive and high quality lease abstraction, lease administration and lease audit related services. Our team of experienced leasing professionals are well versed with the nuances and technicalities of commercial, industrial and retail leases. Our high expertise in real estate sector developed over 12+ years helps us abstract and administer leases with multiple renewal options, rent abatements, amendments, tenant allowances and complex passthrough of CAM charges among others. We are also familiar with real estate terms such as Hold Over, Radius Restrictions, Go Dark, Eminent Domain/ Sub ordination and Subletting.

Our Credentials
  • 50+ real estate clients across North America in all major states and real estate sectors
  • High client satisfaction – Most of our clients have been with us since 8+ years
  • Fully integrated real estate service provider providing services in leasing, administration, accounting, analysis and allied services
  • Specialist real estate outsourcing services provider since 2006
  • Senior management team with rich outsourcing and management experience since 2003 in global companies
  • Staff with at-least six years of real estate outsourcing experience
  • High expertise in numerous lease abstraction interfaces such as ProLease, Accruent, Tango, MRI, Lease Harbor and Lease Query
  • 2 layer processing (3 layer for complex) with every lease being checked by dedicated reviewer staffing level
  • Spacious office set-up with modern facilities and uninterrupted power supply

Please email sales@outsourcinghubindia.com or call 1- 646-367-8976 for a no obligation customized cost benefit analysis of outsourcing opportunities in your organization.

Our Services

Lease Abstraction Services (For Landlord and Tenant)

OHI uses detailed lease abstraction templates to capture the key lease terms with proper section and page notations. Leases can also be tagged appropriately. Some of the salient features of our lease abstracts are as follows:

  • Rent Schedules with clear specification of monthly, annual and psf rents across each relevant period, renewal options and rent abatements
  • CAM, Taxes and Insurance Schedules with listing of Pro-rata shares, CAM Caps, Inclusions, Exclusions, Payment Period, Frequency and CAM audit terms
  • Fee Schedules covering late fees, administrative charges, miscellaneous fees
  • Tenant and Landlord Insurance Requirements
  • Termination Options with listing of notice dates
  • Tenant Allowances
  • Standard real estate clauses such as Assignment/Subletting, GoDark, Holdover, Radius and Uses Restrictions, Subordination
  • Lease Options and Rights
  • Lease Obligations
  • Guarantees and Waivers
Lease Administration Services (For Landlords)
  • Lease Abstraction
  • Setting up and maintenance of lease data in Yardi, MRI or other property management/leasing software
  • Monthly tenant billing, post rent charges and generate rent statements
  • Rent receipting and deposit processing
  • Review of receivables on weekly basis and coordination with property managers to expedite rent collection
  • Setting up and invoicing of CAM charges
  • Preparation of annual CAM reconciliation statements
  • Reporting of lease Information as needed
  • Preparation of customer statements, late fee notices, pending renewal notices, Etoppels and SNDAs
  • Review of broker agreements and prepare leasing commission calculations
  • Ad-hoc portfolio analysis including occupancy cost analysis, vacancy analysis, rent roll analysis, utility cost analysis among others
Lease Audit Services (For Tenants)

Our basic lease audit service performs an initial review of individual leases verifying and reconciling all landlord charges including:

  • Base Rent (including free rent and rent abatements)
  • Rent Renewals
  • Operating Expenses
  • Common Area Maintenance ( CAM)
  • Real Estate Taxes
  • Landlord Insurance
  • CPI Escalations
  • Porters Wage Escalations
  • Late Fees and Miscellaneous Charges Levied
  • Electricity and Submeter Charges
  • Overtime HVAC Rates
  • Tenant Improvement (T/I) allowances
Acquisition Support Services (for Landlord)

Significant time and efforts are incurred during due-diligence activities in real estate acquisitions. OHI’s team provides extensive acquisition support services to help your team’s due diligence efforts. These services can also be used to ensure correct lease and accounting data is integrated into your leasing and accounting systems.

  • Reconciliation of lease charges set-up with leases
  • Rental and Other Fee Income reconciliation: Reconciliation of bank deposits (rent collected) vs rent and other charges booked in property management software
  • Verify Outstanding liabilities such as AP bills, mortgage, payroll, real estate taxes, insurance among others at time of sale of the property/handover of the property
  • Check if all leases and invoices have been attached in the software
  • Transition lease and accounting data across software
  • Any custom service required during ownership transition of the property

Software Expertise

SOFTWARE
EXPERTISE LEVEL
ProLease
High
Tango
High
Accruent
High
MRI
Medium
Lucernex
High
LeaseQuery
Medium
Lease Harbor
Medium
Colliers 360
High
CoStar Real Estate Manager
Medium
Yardi
Medium
VisualLease
High

Pricing

Commercial & Retail Leases

$100 per lease

Onwards

Hourly Charges

$12-16 per hour

Lease audit and review services

Full Time Lease Administrator

$2350 per month

160 hours dedicated monthly staffing

Lease Abstraction Process

Requirements
  • Preliminary discussion with client to understand their abstraction requirements and preferences including the level of detail to be captured
  • OHI’s team reviews representative lease agreements used by client to understand the underlying complexity of the leases
  • The abstract template to be used is finalized with the client
  • Understanding lease abstraction timelines and preparation of delivery schedule
Transfer of Lease Information to Abstract

Client provides lease documents, rent roll, and additional information by uploading to the secured shared drives Dropbox or Google Drive

Lease Abstraction Work-Process
  • Lease Abstraction Status Tracker is set-up (if multiple leases are to be abstracted)
  • Lease documents are reviewed in detail by the leasing specialist
  • Missing document report is shared with the client
  • Sample abstract is prepared by the lease specialist in the agreed upon lease abstract template
  • Abstract contains detailed section and page references, index of documents, notes and open queries(if any)
  • Key data is summarized in clear and concise abstracting language into final deliverable format
  • A through lease audit is then done by a senior leasing specialist to ensure completeness, accuracy and quality of the lease abstract. All key figures are double-checked
Final Deliverables

Abstracts are delivered in the format as defined at the start of the project

Client List

1. A vertically integrated, full service real estate company based out of Bellevue, WA. They specialize in commercial properties. The firm has developed and built in excess of 81 properties and have more than 10,000 units under management.

2. A well-known fully integrated real estate investment cum asset management firm based in Tampa (FL). They manage a wide variety of commercial real estate assets and provide property management services to 3rd party commercial real estate owners.

3. A full service real estate investment management company. The company provides in-house acquisition origination, underwriting, transaction management, asset management, accounting and investor reporting for all investments. The company is based in Denver, CO.

4. A midsized real estate property management firm based out of Beverly Hills, CA. The firm manages over 50 properties, across 9 states, encompassing over 1200 tenants and nearly 1.5 million square feet.

5. A privately owned real estate management firm that specializes in the management of commercial and multi-family properties in the Greater Los Angeles area.

6. A well-known construction and development company in Canada specializing in construction and development of high rise concretes. It is a mid-sized firm and one of British Columbia’s most experienced and respected developers.


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