Background
A multinational corporation with a global lease portfolio of 500 locations was facing substantial challenges with their previous lease administration service provider (a large full-service real estate company). Issues included inconsistent lease abstracts, lack of real estate knowledge, prolonged completion times for lease abstracts, and a disorderly lease administration software system that contained numerous open past critical dates. Recognizing the need for a more effective service, they transitioned lease administration to National Lease Advisors.
Objective
NLA’s goal was to seamlessly transition the client without disrupting operations, to improve the quality of service, and to enhance the overall understanding and management of the client’s lease portfolio.
Implementation
Seamless Transition
Despite the prior service provider’s difficulties, NLA initiated a seamless transition that allowed the client to continue using their existing system, thereby minimizing disruption. We meticulously evaluated the existing system and determined a course of action that would ensure a smooth switch to our service.
Improved Communication and Understanding
NLA prioritized enhancing communication with the client. Our dedicated domestic team made sure they fully understood the client’s goals and communicated effectively with both the client’s real estate and accounting team to address their concerns promptly.
Rapid Response and Turnaround Time
With a thorough understanding of the client’s needs and a dedicated team in place, NLA was able to significantly reduce the response time and the turnaround time for lease abstracts. This efficiency was a noticeable improvement over the previous service provider.
Real Estate Knowledge and Lease Abstracts
The NLA team demonstrated extensive real estate knowledge, which was instrumental in creating consistent and accurate lease abstracts. Our domestic team ensured the lease abstracts were completed quickly and accurately, marking a vast improvement from the inconsistency experienced with the previous provider.
System Cleanup and Organization
One of the major challenges was the disorderly state of the lease administration software system. NLA initiated a comprehensive cleanup, addressing the open past critical dates and organizing the system for improved efficiency and ease of use.
Enhanced Understanding of Lease Portfolio
Through better communication and service delivery, the client began to gain a more comprehensive understanding of their lease portfolio. This knowledge has proven invaluable in making strategic decisions related to their real estate holdings.
Results
The transition to NLA’s lease administration services proved to be a remarkable success. The client experienced no disruption in service during the transition, despite the complex challenges posed by the previous provider’s service.
The improvements in communication, response time, lease abstract quality, and system organization led to increased satisfaction levels for the client. The NLA team’s superior real estate knowledge, quick turnaround times, and dedicated domestic team significantly improved the client’s lease administration experience.
The client now has a clearer understanding of their lease portfolio, which is invaluable for strategic planning and decision-making. Additionally, the cleanup and organization of their lease administration system have significantly improved efficiency, making the management of their 500-location portfolio more manageable and effective.