Lease Administration
After the due diligence or initial abstraction of the leases is performed, MarketPro becomes your off-site lease administrator.
An electronic copy of all lease abstracts and lease administration reports can be stored on our client’s internal network or shared drive. MarketPro will receive all leases, amendments and other relevant documents. New abstracts are generated or existing abstracts are updated and new electronic copies are provided to the client.
On a monthly basis a list of critical dates requiring verification or direction from management are forwarded to the property management contact. On a monthly basis, the MarketPro consultant updates the abstracts based upon the client contact response.
Finally, MarketPro forwards and/or uploads the updated abstracts along with the property’s updated Rent Roll, Stacking Plan, Expiration Report, and other reports as specified by the client.
How Our Lease Administration Service Benefits You
As an off-site lease administrator, we save costs in salaries, benefits, equipment, and office space. In addition, as a consulting service, our fees can usually be passed through operating expenses at the property.
Our critical dates report will detail critical information to you every month. If a Tenant’s proportionate share is scheduled to adjust, a letter of credit is up for renewal, an option expires or if an obligation (landlord or tenant) needs to be fulfilled, this checks and balances report ensures a timely response. In addition, the action will be noted on the abstract for future reference.
The abstract is your first point of reference for any lease information needed. Time is saved in digging through leases that are rarely standard. In addition, if you need to further research abstract information in the lease, the section and page are always noted in the abstract for quick reference.
For multiple properties, our standardized reports and abstracts simplify time-consuming interpretation for all parties.
The non-graphical stacking plan is linked directly to the abstract database ensuring up-to-date information every month.
If a specific issue, such as an encumbrance or right of first offer, needs to be addressed, our reports can be quickly referenced – specifically to one tenant or the entire building.
Once the database is in place, we can run critical dates reports and even project them out 20 or more years! Historical reports can be generated as well.
