If I have lease administration software, why do I need a lease administration provider? It’s a common question that we receive at National Lease Advisors. As a lease administration provider, of course, our answer is a resounding “Yes!” Here’s why a lease administration provider is critical in getting the most out of lease administration software.
First, the importance of lease administration software can’t be understated. We use it every day and for all our clients. The software solutions have evolved to be great tools for companies with a portfolio of real estate. But it’s just that, a tool for lease administration as a whole. A lease administration provider will help you go the rest of the way to get the most out of the software and much, much more.
Here are some key reasons why a lease administration provider is important:
Expertise and Experience
One of the most significant advantages of a lease administration provider is their expertise and experience. These providers specialize in managing leases, so they have an in-depth understanding of the legal and financial implications of leases. They’re familiar with all the nuances of lease agreements, which can be incredibly complex, especially in the case of commercial or industrial leases.
A good lease administration provider will have a team of experts who are well-versed in all aspects of lease management. They’ll be able to offer advice and guidance on lease negotiations, contract management, and compliance with regulatory requirements. They’ll also be able to identify areas where you can optimize your lease agreements, such as reducing costs or increasing flexibility.
Another advantage of a lease administration provider is their ability to provide tailored solutions. While lease administration software can be useful, it’s a one-size-fits-all solution. In contrast, a lease administration provider can customize their services to meet your specific needs.
For example, if you have a large portfolio of leases, a lease administration provider can provide a team of experts to manage them for you. They can also provide the best software for your portfolio to help you manage your leases more efficiently.
Managing lease administration in-house can be time-consuming and resource-intensive, taking away valuable time and resources from other business priorities. Lease administration providers can help companies save time by taking care of lease administration tasks such as lease abstracting, lease review, and lease accounting. This allows companies to focus on core business activities, rather than administrative tasks.
A good lease administration provider will audit all operating expense budgets and reconciliations received by a client. This practice will uncover critical opportunities for costs savings. At National Lease Advisors we regularly saved our clients over a million dollars, in aggregate, each year.
Data Management and Analysis
Lease administration software is an essential tool for managing lease data, but it can only do so much. Lease administration providers offer a range of services that go beyond just software, including data management and analysis. They can help companies collect and organize lease data, as well as provide analysis and insights into lease performance, costs, and trends. This information can be used to inform strategic decision-making and improve overall real estate management.
Risk Management and Compliance
Lease administration providers can help companies mitigate risk and ensure compliance with lease requirements. They can provide ongoing support for lease compliance, including tracking critical dates, monitoring lease clauses, and identifying potential risks. This can help companies avoid costly penalties, legal disputes, and other issues that can arise from non-compliance.
While lease administration software is an essential tool for managing real estate leases, it is not a substitute for the expertise and services offered by lease administration providers. By partnering with a lease administration provider, companies can benefit from expert knowledge and support, customized solutions, lease audit recoveries, data management and analysis, risk management and compliance, and time-savings.
National Lease Advisors is a leader in the lease administration sector of the commercial real estate industry. The firm focuses on clients with multiple locations both regionally and globally and helps them manage their lease contracts, and provides lease accounting, transaction management, and audit services.