Benefits of Outsourcing Lease Abstraction Services

If you are a landlord, tenant, dealer, or possess some knowledge about real estate, you would be aware of the term lease abstract. It is a short and easy-to-read summary of a lengthy lease agreement. Lease abstracts contain the vital financial, legal, and other aspects of the lease and are helpful because they save time. It may include the tenant and landlord’s names, terms, expiration date, taxes and termination clauses, and related details. However, even though you might want to prepare and update the documents yourself, it is always a good idea to outsource your lease abstraction to services that possess expertise in this area. It has a lot of benefits, including cost-effectiveness and ensuring accurate data validation. Read on to find out the other benefits.

Get the information you want

When you hire a company for preparing a lease abstract, you can be assured that they will incorporate any information you want. Usually, they will add operating expenses, critical dates, square footage, options and rights, rent projections, items of concern, income projections, and other information. If you want to include any extra details, you can request them to do so.

It saves you a lot of money

Outsourcing your lease abstraction saves you plenty of money, both in the short and long term. Think about it this way. Despite a personal team to prepare the lease abstract, you will have to first provide them with the necessary training. It is crucial to get all the details right, particularly the data, since even a minor error could have significant financial implications. If you don’t have a team, you will have to recruit them first. On the other hand, outsourcing the lease abstraction management to a third-party provider is cost-effective. They possess updated technology and expertise, resulting in lower operating costs because of quick delivery. 

Timely delivery of lease abstracts

You might require the lease documents to be completed within a short time, and hiring a service to do that for you is the best way to do that. You can be assured of a quick turnaround time from them because they would have handled similar projects in the past and would probably be familiar with your requirements as soon as you assign them the task. They have the advantage of scalability and possess the required workforce to handle your work efficiently. A good company will automate the entire process using suitable software, thus expediting the process if required. 

Maximum utilization of resources

Outsourcing lease abstraction to a professional service also saves your in-house team a lot of time; they can utilize it on some other part of the project. To prepare a lease agreement or even its abstract, you will have to go through hundreds of pages to gather the relevant information, all of which takes up a lot of time and resources. A professional lease abstraction company will deliver the summary just as you want it, and you can also be assured of the highest quality at the same time. 

Compliance management

One of the reasons behind the increased demand for lease abstraction is the vital role in ensuring compliance with efficient operations, new accounting standards, and portfolio management. However, you must have the highest level of accuracy to achieve that, which only a team of experienced lease analysts can provide. They will also consider the update of the abstract, data compliance issues, suitability of supporting software for the client, and the frequency of risk analysis. You are saved from the risk of non-compliance and cost overruns since the service provider assures proper process governance. 

Receive the abstract in any language you want

Receiving the lease in a language of your choice is another advantage of hiring a company specializing in lease abstraction management. Your in-house team would most likely not have the resources or software to deliver the lease abstract in a language other than its own. A service provider will provide you with the abstract in a language of your choice while ensuring the highest accuracy with multiple language checks. A good company will usually handle more than 23 languages besides English. 

Data confidentiality

A trustworthy service understands the importance of data confidentiality when it comes to leasing abstracts and will take extra precautions to ensure the highest level of protection. They will also most likely have a scheduled data backup mechanism if there are problems like a failure of the operating system. 

The benefits of employing a professional service to prepare your lease abstracts are significant, as evident from the information mentioned above. It is better to hire the service of a reputed team if you are looking for a timely delivery that is error-free, accurate, and highest quality.