We added this tagline a number of years ago because while this industry has matured quite a bit and there are a lot of great ideas, technologies, and companies participating in it, it has also gotten a little complicated – or it at least that is how it seems. But does it have to be? What complicates it? Well, jargon, mixed motivations, loss leader pricing, and style over substance all play a role. Another major factor is a lack of standard definitions and specifications for the increasing and varied elements of the scope of work and deliverables. Even the term “lease administration” is confusing because it also includes more than just leases and more than just administration.
LEASE ADMINISTRATION PROFESSIONALS
With the changing industry, the Lease Administrator’s life has also increased in complexity by needing to include even greater organizational skills, more technology, relationship management and global considerations. To some extent they are also responsible to train and educate the users of their lease administration craft so that expectations can be met with deliverables.
In challenging our tagline and harkening back to my (pre-internet) days of tracking and managing (sub)leases for IBM, I thought about the “old school” methods of keeping track of documents, rents, key dates and other things. Interestingly, many of the basics are still the most important elements of the work. In fact, sometimes the increasing “style” elements overshadow the importance of the “substance” ones and they over complicate what should be, SIMPLE. Maybe these “old school” ideas need to be refreshed?
- Get/stay organized – There are dozens of technology tools to make this simple!
- Break things down & prioritize
- Follow up (and document) – Email makes this simple!
- Communicate clearly
- Check your work – Spell check, formula check make this simple!
- READ the lease! – Tools like Visual Lease, ProLease and HarborFlex make this simple…the lease is right at your fingertips!
- Ask your colleagues – IM and Linkedin Make this Simple!
LEASE ADMINISTRATION BUYERS
If you are a consumer of any “lease administration” service (software, project work, audits, or even partial or fully outsourced services), keeping lease administration, its use, or outsourcing “SIMPLE” might start with asking vendor partners: “How can you help us do this better, cheaper, and with less organizational frustration?”
- What processes do you follow?
- Who does the work?
- Which elements of each process will you do and which does our organization need to do to ensure your success in helping us?
- What tools can you offer us?
- What do each of these services cost independent of transactions?
Whether you are performing the work or receiving the results, you have to be able to reduce all of the complexity down to the basics.
If we can help you simplify lease administration, we’d welcome the opportunity to do that. We will provide a NO COST / NO OBLIGATION initial assessment to any company, department, or even competitor to discuss this topic. We believe everyone should aggressively manage this important function, and we are committed to helping raise the bar as a key contributor in this industry.
- It is Simple – You have a virtual assistant doing the work and emailing the information directly to you for forwarding to your client.
- It is Internet-based – You don’t have to abstract or enter the information yourself because one of our service groups takes care of it and makes it Internet accessible for you.
- It is Affordable – It is priced to apply to all of the leases you plan on representing in the future.
- It is “Broker-based” – Perfect for a trusted advisor and their clients.