Efficient lease administration process in any company aids the organization to achieve a scalable, streamlined and convenient processing of commercial real estate operations. It further helps in eliminating cost redundancy and unnecessary legal exposure.
Unlike administration that merely deals with rent collection and lease obligation fulfillment, lease administration process can play a complex role in the management of all lease-related tasks. The lack of an efficient lease administration process in your company can lead to the following issues:
- Inefficient decision making and lease negotiation due to inadequate information on lease-vs-buy options, lease length, lease structure and other deal aspects of lease performance
- Unnecessary fees and charges due to mismanagement of tasks such as upcoming renewals, lease update data and operating expense management
- Lack of updates and real-time accounting system may open the scope for erroneous accounting and mismanagement in conducting of the lease administration process
- Hiring and training of efficient lease administration process administrators
If you are familiar with all the above issues and looking for a solution for all your lease administration related problems, we recommend the following (below).
Build the perfect lease administration process and gain a top-edge over all your lease administration needs.
Steps to Building an Effective Lease Administration Process:
Step 1: Selecting the right administration team
The selection of the right administration team is of foremost importance in the conduct of efficient lease administration process building. This can be done through training and development of existing staff, outsourcing lease work or hiring of employees with relevant expertise.
Step 2: Choosing efficient administration software
Investment in the right software for the lease administration process can help the company to automate invoicing, reporting, notifications, convenient access to lease data and tracking of relevant changes.
Step 3: Regular real-time update tracking
Identification of the order of operational lease administration process to timely identify and rectify errors caused by non-adherence. This can prevent panic and chaos in operations as a result of management errors and further reduce cost and time redundancy in the company.
Step 4: Maintenance of Data-Integrity
Building lease administration process involves abstraction of accurate data that is relevant to the lease requirement. Further due care may be exercised in this step to maintain the integrity of the data and store the same with adequate quality maintenance and authorization access.
Step 5: Track statutory regulations and compliance
Government regulation in regards to real estate and property can change without any action from the part of the lease administrators. This can lead to unwarranted legal actions in the lease administration process. Therefore, it crucial for companies to stay updated with the latest regulatory and statutory compliance changes. Further, all changes in connection to accounting standards and filling requirement may also be adequately tracked and maintained.
To make this complex lease administration process a convenient and easily manageable endeavor, utilize our expert consulting services.
OHI is a fifteen-year-old real estate services company working with 50+ commercial and residential real estate developers, funds and property management companies across USA. Our deep expertise in real estate accounting, financial analysis, lease administration and asset management has helped clients cut associated costs by 40-50%. We currently provide these services to a portfolio of 50000 units across clients.
We invite you to experience leasing and accounting outsourcing through us.