A Specialty Within a Niche?
Years ago, lease administration was just a niche within the real estate services industry, but now, it has become an equal and important service component in and of itself. Interestingly, even within the lease administration service or niche there are several other niches or specialties worth considering:
- Specialty (i.e.Telecommunications, Oil/Gas, Other)
While corporate leases get a lot of our time and attention, they’re usually pretty straightforward and the clauses (albeit negotiated) predictable. However, other leases have special requirements, restrictions or rights that can have a tremendous impact on the organization even with small nuances. These intricately described conditions can often be overlooked if the people abstracting the leases or managing the activity aren’t trained with them.
PSG has provided services to both retailers and healthcare customers for years but it is with these specialties and intricacies in mind that we have now delineated 4 specific practice areas.
If you’d like to learn more about how we’re sharpening our focus so that you can focus on your core business….ASK PSG!
Well, we’re almost through another Operating Expense Reconciliation season and everyone’s basking in the glory of the expenses they avoided, the subtenant recapture they’ve collected and the accolades they’ve received from management right? OK, maybe not, but we should be wrapping up soon and if not, consider sending the Landlords that have NOT sent you a reconciliation notice that they need to do so soon in order to comply with the lease. If you are finished with that process, here are some other worthwhile projects to consider next:
Quality Control Checks
Even with multiple reviews on an individual location, it’s important to look at the database holistically on a regular basis. Are there any leases with NO options? Are there rents that are outlandishly high or freakishly low? Do you have rents scheduled past the expiration date or a lease with no rent charges in the last 2-3 years of a lease? It could be that something got missed during the data entry process. We regularly run cross sections of the database for ALL records just so that anything missing or out of range will pop right out when juxtaposed against the other records. This is a great way to find any problems before they become problems and at a minimum, make sure that everything is entered consistently. These quality control reviews can be targeted toward different areas each quarter so that each year the whole portfolio gets yet another review.
- Missing Dates or Date Outliers
- Rent Outliers
- Open Critical Exceptions (ie missing dates or documents)
- Security Deposit After Expiration
- Insurance After Expiration