Leases by themselves are complex but critical business documents. Getting leases abstracted and managed accurately and efficiently directly benefits the bottom-line. While companies may have their own lease portfolio management teams in-house, a significant number of them tend to outsource at least some part of their lease portfolio management function. This trend is increasingly catching up with the telecom industry players as well, as they realize the benefits of having a vendor specialized in lease portfolio management take care of their cell-tower leases. However, when it comes to telecom lease abstraction and administration, there are a few key areas to consider before you zero-in on a vendor to manage your cell-tower lease portfolio. This blog post tells you what they are.
Experience
When we talk about bringing an experienced cell-tower lease abstraction and administration vendor onboard, we have to look at it from 3 angles.
- Overall lease abstraction and administration experience- It is important that the vendor you choose is well-experienced in lease abstraction and administration on the whole. Though cell-tower leases have their specifics, the basics of lease abstraction and administration remain the same.
- Experience in lease abstraction and administration of cell-tower portfolios: An experienced vendor who has a thorough understanding of key elements of cell-tower portfolio management such as Due Diligence requirements, SLAs, zoning permits and acquisition documents will be able to add more value.
- Software experience: Your new vendor should have had hands-on experience working on your lease administration, accounting and telecom document management software. Their industry-specific lease abstraction software experience will enable them to offer you quick turnaround times for your tower lease administration and abstraction projects.
Proficiency in multilingual lease abstraction
This is important if you have cell-tower leases of different languages. Working with a single lease abstraction and administration vendor who can manage all your leases regardless of their language will add to the efficiency of your cell-tower lease portfolio management process.
Accuracy
This is obvious and of course, expected from a reputed, experienced telecom lease abstraction and administration service provider. But, you’ll be surprised to learn that there are very few such vendors in the market who will be willing to guarantee 100% accuracy on their services. And, with something as critical as your telecom leases, you don’t want to be less than 100% sure!
So, there you go! Make sure you consider these 3 things before you outsource your telecom lease portfolio management to a vendor.