Criteria for selecting the lease abstraction firm that’s right for you
Outsourcing your lease abstraction project is a big business decision and you want to make sure you do it right. In our blog this week, we discuss a few key criteria that you should consider when hiring a lease abstraction vendor.
This is one of the most important considerations because a lease abstraction firm that’s backed by years of experience will most likely be fulfilling the other criteria that follow. But, apart from the number of years the lease abstraction vendor has been in the business, also consider their experience in working with either tenants or landlords. This angle is important because leases are complex legal documents and a lease abstraction vendor who has experience working one of either lessors or lessees over the years has a much more honed and focused perspective than someone who has been typically involved with both of them. Another factor to consider is their experience with leases of your industry.
Ask your lease abstraction vendor for references. No matter how big or small, always ask them to provide you with client references. Reaching out to their former/current clients will provide you with the insight you need to make a decision. It will also shed light on their ties with clients and the quality of their client services process.
You know how important it is to maintain 100% accuracy when it comes to lease abstracts, and you should demand no less from your lease abstraction vendor. Also, remember that the lease abstract template they use matters a lot. The template becomes the backbone of the abstraction project, simplifying the complexity and scaling to manage the volume of leases in a portfolio. Your core business focus area is not lease. Your lease abstraction vendor should have enough expertise and experience to suggest the lease abstraction template that’s right for you. If your existing lease abstract templates fail to capture critical information, your lease abstraction vendor must be able to catch that and fix it. They should be able to guide you through the process of streamlining and designing optimal lease abstraction templates. Our blog post, Is your lease abstraction set up accurate, offers more information on this.
Accurate and timely lease abstracts are a must to stay on top of your lease portfolio management process and picking the right vendor will help you make better operational and strategic decisions; accurately, consistently, and fully.