Why Outsource Lease Abstraction?
Real estate businesses are increasingly embracing the process of lease abstraction services to regulate the technicalities of legal, business, and financial terms and conditions. Leases are comprehensive and time-intensive to extract pieces of information by reading the documents page by page. Moreover, the complexities and volume of real estate lease data can make the abstraction process less effective and prone to human errors.
Compared to residential property lease administration, commercial and retail lease administration is extensive. Successful lease abstraction and lease administration involves,
- Distilled summary of lease abstract
- Custom-made delivery for the client
Having lease abstraction gives investors, realtors, and the real estate team the upper hand in managing a property portfolio and effective decision making.
Leases come in different compositions; some are brief, long, and with appendix break-ups. Constantly reviewing a lease document carries the risk of losing essential detail amongst the numerous real estate terminology.
In today’s evolving corporate era, outsourcing the lease abstract
- Gives the company access to a brilliant team
- Protects an organization from any mistakes/liabilities
- Provides a steady knowledge of your real estate business’s operational costs and priorities
Quick Benefits of Outsourcing Lease Abstraction Services
1. Precise Abstraction
Real estate corporations need timely and efficient access to their lease summaries to fulfill their financial obligations. It is thus pertinent to have a high degree of precision and transparency in the abstract. The process of abstraction presents,
- A triple-layer audit
- A multilingual check and
- Error-free abstracts
2. Portfolio Management
The relevant data retrieved from the lease document is a summary of the lease. A 100% accurate lease summary is key to successful property portfolio management. An adequate lease abstract should
- Offer an efficient lease administration
- Track lease transactions and
- Produce machine-readable abstract
An internal team engaged to complete the arduous task of lease abstraction requires rigorous training. One tiny error in the abstract could cause severe financial implications. Hence the recruitment and training of in-house professionals are expensive. Outsourcing the lease abstract service is cost-effective because you
- Partner with a qualified team
- Leverage highly equipped IT infrastructure and
- Have cost flexibility – pay for what you use model
4. Efficient Resource Utilization
Lease abstraction, when handled internally, can take all the precious time of your in-house professionals. When you outsource the lease abstraction services, your in-house professionals can utilize their efforts to the most critical part of the project. A third-party service provides,
- A client preferred delivery
- Dedicated project managers and
- High-quality abstract
“A good lease abstraction service covers up to 70% of lease administration solutions.”
5. Compliance Management
The core agenda of outsourcing the service is to have an experienced team that collects, audits, and classifies all lease documents. A professional team goes through the following checklist for an error-free abstract:
- Is the abstract up to date?
- Are there any data compliance issues?
- Is the supporting software suitable for the client?
- How often should the risk analysis be done?
A change in lease term means an additional appendix to the document. Domain experts are proactive and do a timely update to the abstract.
6. Data Confidentiality
A trusted lease abstraction company understands the cruciality of the data you share with them. An experienced outsourcing firm provides,
- Complete confidentiality
- 24/7 data security and
- Scheduled data backup
7. Timely Delivery
An exclusive lease abstraction service can ramp up the workforce to evaluate numerous lease documents faster and with remarkable quality. An experienced lease abstraction company can abstract over 5000 documents in under 5 months and offers
- Bulk documents abstraction
- Workforce to handle short deadline
Lease abstraction requires an expert team to handle accurate lease abstracts while optimizing time and effort. Since one mistake can negatively impact the business, it’s essential to wisely choose your third-party service provider.
Why PreludeSys for Lease abstraction?
PreludeSys is a one-stop business provider for all lease abstraction and management services. With extensive industry experience handling 50+ clients (with the numbers increasing every day) in the real estate sector, we deliver timely, accurate results when working with legal, financial, and business data. We pioneer in providing distinct abstraction and portfolio management services in line with your business requirements.
Talk to us to explore your options with the PreludeSys lease abstraction service!