Lease Abstraction, Lease Audit and Administration Services

Lease Abstraction Profile

Skilled and experienced Leasing Administrator/Leasing Analysts at very economical rates. OHI team members have good understanding of standard leasing terms such as Right of First Refusal (RFR), Right of First Offer(RFO), NNN, Expense Recoveries etc. They have high expertise in RE Info, Prolease, Lease Harbor, Work Track, Virtual Premises, Leosoft, RE Flex and MRI . Our services are used by 50+ commercial and residential real estate companies in California, New York, Texas, Florida, Colorado, Kansas and Washington among others.

Our Lease Abstraction Services are outlined below

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

  • Abstracting commercial lease documents (leases, amendments, subleases) (can also handle residential lease abstraction)
  • Abstraction and entry of lease information related to move-ins, renewals, and extensions. Following Information is typically entered:
    • Tenant Details
    • Unit Details
    • Operating expenses
    • Security Deposit
    • Renewal Options
    • Square footage’s
    • Rent projections
    • Income projections
    • Reimbursements and Expense Recoveries- Utility, Tax, Insurance, CAM including Expense Stops, Expense CAPs
    • Options- Right of First Refusal (RFR), Right of First Offer(RFO) etc.
    • Rights- Sublet/Co-tenancy rights, Repair rights and similar rights
  • E-filing or document management of lease related documentation including leases, lease amendments, and temporary agreements
  • Running Rents and sending customer statements (in commercial tenants)
  • Rent Receipting and deposit processing
  • Rent variance analysis
  • Preparation of annual CAM reconciliation statements
  • Perform real estate tax calculations

While acquiring new properties, a major concern for any buyer is the accuracy of the leasing data set-up in leasing and accounting books of the seller in software such as Yardi, Appfolio, OneSite among others. Some Common Questions that arise are

  • Are the tenant lease information such as lease start-date, expiry date and renewals terms in software as per the lease terms
  • Is the tenant being charged late fees and other fees such as parking fee, pet fee etc. as per the lease terms
  • Are the security deposit amount and terms reflecting the lease terms?

Potential inaccuracies and inconsistencies in lease terms and software data can lead to multiple issues such as billing issues, move-outs, legal disputes, inaccurate accounting data and lower incomes.

OHI’s lease audit and reconciliation service is an economical way to ensure that any such gaps in data vs lease terms is identified and corrected for future billings.

The following parameters/lease terms are checked:

  • Tenant Information such as Name, Forwarding Address, Contact Numbers
  • Lease Start Date and Lease Expiry Date
  • Rents booked vs Rents specified in leases
  • Tenant Charges of Late Fees, Other fees vs lease terms
  • Rent Enhancement/Change in multi-year leases
  • Lease Renewal Terms
  • Security Deposit Amounts
  • Other lease terms

  • Rental and Other Fee Income reconciliation: Reconciliation of bank deposits (rent collected) vs rent booked in 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
  • Checking if all leases and invoices have been attached in the software
  • Transitioning of lease and accounting data across software
  • Any custom service required during ownership transition of the property

Client List

1. A well-known commercial real estate firm based in Tampa (FL). They manage close to 5 million sf of office and retail space.

2. A vertically integrated, full service real estate company based out of Bellevue, WA. They specialize in commercial properties.

3. A leading independent commercial real estate brokerage and property management firm in the Central Valley.

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 real estate firm in Tampa (FL). The company currently manages over $60M in commercial real estate assets.

Software Expertise

SOFTWARE
EXPERTISE LEVEL
RE Info
High
Prolease
High
Lease Harbor
High
Work Track
Medium
Virtual Premises
High
Leosoft
Medium
RE Flex
Medium
MRI
High
LeaseQuery
Medium
VisualLease
Medium

Contact Us

Company Name*

Contact Person*

Contact No.*

Country*

Email*

Comments