4 traits to look for in a lease abstraction firm
A lease abstract can be a vital tool for many players in the commercial real estate arena. But, with so many intricate details at play —and with very critical business decisions resting on the information contained in the report— partnering with a reputable lease abstraction firm can mean all the difference in your success.
Why is the information in the lease abstract so important? A lease abstract is a summary of all the key financial information that exists in a commercial real estate lease. It can bring to your attention any unusual lease provisions, financial obligations and more. They become important prior to acquisition, merger or sale —and they allow for better informed decision making. For property managers, on the other hand, a lease abstract can help by aggregating all lease information into one place, so they can better manage a portfolio of leases.
If you’re thinking about outsourcing or partnering with a lease abstraction firm, consider the following traits to look for:
#1. The Firm’s Experience
To really be able to trust and use your lease abstract, you need to be confident in its contents. This can only happen if you have complete trust in your firm’s ability to execute the abstraction. Before selecting a firm, make sure they have the commercial real estate experience needed for such a high-level task. You can also ask for professional references or examples to better understand the quality and consistency of the work.
#2. The Cost
The last thing you need is for the cost of a lease abstract to prevent you from getting one. Outsourcing the work to a third-party lease abstraction firm is a great way to keep costs low and quality high. When a firm specializes in producing lease abstracts, they already have the manpower, experience and resources needed to execute the job at a competitive rate. As you interview firms, be sure you have a thorough understanding of the costs and what you receive at that price point —including revisions and customer support.
#3. Process to Maintain Quality
What is the firm’s internal process to control and maintain the quality of their work? At Integrand Analytics, for example, we follow the following steps to maintain quality:
- The client provides access to lease documents, rent roll, and additional information
- Prepare missing document report and share with the client
- Upon receipt of all documents, start the abstraction of leases
- All abstracts to be reviewed by senior lease abstraction project leads
- Completed abstracts are delivered by email or through secure server access
- Unlimited revisions and support provided for 2 weeks post delivery of the project
#4. Turnaround Time
In the fast-paced world of commercial real estate, time is of the essence and decisions often need to be made quickly. When selecting a firm, be sure to have an understanding of their projected turnaround time —without sacrificing the quality and substance of their work.
The Right Lease Abstracting Firm for Your Needs
Whether you need a one-time lease abstract or have a changing portfolio of properties that needs abstracts on a regular basis, be sure to connect with our team at Integrand Analytics. Our team is lead by some of the top analytical talent in India, and looks forward to helping you achieve your lease abstract goals. Connect today.
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