Staying on top of your lease portfolio management should always be a priority. If your lease portfolio is not up-to-date, you will be suddenly looking at an exhausting backlog which will mean delays in dues and payments.
Staying on top of your lease portfolio will certainly be beneficial in the long run and can give you a considerable competitive advantage. But, what if your current lease administration team is already overwhelmed? Is adding a new lease administration resource advisable?
Well, it depends. If you are looking to grow your lease administration function by adding in-house resources you need to be prepared for the following:
Finding the right resources and ensuring they are ready to hit the ground running will take time.
The hiring process will take time. Lease administration is a critical business function and you want to make sure the person you hire is qualified and ready to handle your lease administration process effectively. Even if you do find the right person, there will always be a company/process-specific learning curve
Hiring in-house lease administrators can increase your HR expenses significantly.
Hiring full-time lease portfolio managers or lease administrators can add to your HR expenses significantly. Adding employees means incurring additional costs related to training, healthcare 401(k) and other overhead expenses.
Consider outsourcing your lease administration function: You add cost-efficiency, scalability and flexibility to your lease administration process.
You can overcome the challenges discussed above by outsourcing your lease portfolio management to a trusted lease administration services provider, like Mohr Partners, that has a proven track record. Outsourcing lease administration services help you become more efficient by eliminating training and HR-related expenses and saving on lease agreement interpretation and translation costs. It also gives you the flexibility to scale up or down as needed.
When you hire a lease administrator in-house to manage your lease portfolio, it is a long-term commitment, irrespective of your fluctuating needs. You have to continue paying them whether you have enough work for them or not. With outsourced lease administration services, you have full control and flexibility to navigate your lease administration needs.
Outsourcing the lease administration function makes sure that you don’t miss critical timelines due to resource shortages and get timely access to important lease data that help drive key strategic decisions – even if you are short on resources.