Lease Abstraction Project Management and Communications

A key aspect to consider before you sign on a lease abstraction partner is their project management and communications protocol.

Lease abstraction

Familiarize yourself with your lease abstraction partner’s abstraction process. Learn more about the team that will be deployed by them to work on your project. Get more information on the team size, availability, point of contact, etc.

Quality control

This is one of the most important parts of your lease abstraction project. Ask your lease abstraction partner about their quality check process. Find out how many tiers of quality check your lease abstraction partner will be performing as part of the standard operating procedure. Check if they offer a 100% accuracy guarantee and have errors and omissions insurance. After all, when it comes to lease abstracts, accuracy is really everything and inaccurate data can have far-reaching effects, including heavy financial losses and sometimes, even lawsuits.

Data security

Data security is a very real concern when outsourcing your lease administration and abstraction processes. Make sure you are comfortable with your lease abstraction partner’s data storage, handling and disposal process.

Communications

Find out how many points of contact will be provided to you. You would need at least two so you can reach out to one, in the event the other is unavailable. Also, check their availability in terms of timing – a key factor to consider if your lease abstraction partner operates in a location separate from your own.

Lease portfolio management is an ongoing process and not a set-it-and-forget-it kind of activity. So, if you are collaborating with a lease abstraction/administration vendor, it makes sense to sign on someone who can offer quality, ongoing lease administration and support you throughout the entire lease lifecycle consistently.