{"id":3517,"date":"2019-05-27T12:08:44","date_gmt":"2019-05-27T12:08:44","guid":{"rendered":"http:\/\/localhost\/outsourcinghubindia\/?p=3517"},"modified":"2024-05-01T13:35:59","modified_gmt":"2024-05-01T13:35:59","slug":"lease-administration-the-growing-real-estate-necessity","status":"publish","type":"post","link":"https:\/\/dev.uiplonline.com\/ohi-wordpress\/lease-administration-the-growing-real-estate-necessity\/","title":{"rendered":"Lease Administration: The Growing Real Estate Necessity"},"content":{"rendered":"

The U.S. Bureau of Labor Statistics (BLS) foresaw projections for Lease Administrators<\/a> to grow at a faster than average rate of 10% from 2016-2026. Interestingly, Real Estate Sales Agents were projected to experience a 6% rise in jobs in the same period.<\/span><\/p>\n

Why Outsource Lease Administration?<\/span><\/h3>\n

Very few businesses possess in-house, a lease administrator\u2019s expertise. Setup from scratch would take significant time and capital. To carry out this specialized function; outsourcing to those who follow the industry closely would be a more efficient way to manage portfolios.<\/span><\/p>\n

Context<\/span><\/h3>\n

The Lease Administrator has found its niche in the administration world of commercial real estate, where a shortage in communication was starting to make itself felt. Critical to Operations and Accounting teams, the Lease Administrator works closely with the Property Management team to focus on specialized tasks the others couldn’t do as effectively.<\/span><\/p>\n

Tasks of a Lease Administrator<\/span><\/h3>\n

A Lease Administrator supplements actions that go beyond the view of the other teams. They range all the way from Property Performance to the Defaulters List and continue well unto Documentation and Legal reviews. Included in the responsibilities are:<\/span><\/p>\n

1. Leasing<\/span><\/h3>\n

Lease Audits, Renewals, & Amendments and Critical Lease Dates.<\/span><\/p>\n

2. Documentation<\/span><\/h3>\n

Accounting and Processing, Insurance Notices, Document Storage & Maintenance, and Lease & Rental Reviews.<\/span><\/p>\n

3. Legal<\/span><\/h3>\n

Lease Abstracts, Letters of Intent, Client Estoppels and Interpretation of Lease Language, Terms, & Conditions.<\/span><\/p>\n

4. Expense Reports<\/span><\/h3>\n

Common Area Maintenance Charges, Occupancy Cost Analysis, Operating Expense Review, Monitoring Rental Payments, Arrears, etc. and all actions that impact Cash Flow.<\/span><\/p>\n

5. Damage Control<\/span><\/h3>\n

Communication with tenants, Solving tenant alterations, Repairs and Maintenance, and Defaulters\u2019 List.<\/span><\/p>\n

These tasks hint at an experienced professional honing several skill sets. A good lease admin doesn\u2019t need to be a polymath, just a good administrator in its truest sense. Here\u2019s what to look for:<\/span><\/p>\n

Skill Set:<\/span><\/h3>\n