The holiday season is a time of joy and celebration, yet for many lease administration departments, it also presents a significant challenge: staff shortages. As teams prepare for festivities and well-deserved breaks, the workload often skyrockets, leaving lease administrators swamped with tasks and struggling to manage the day-to-day lease administration activities and tasks.
According to recent industry reports, nearly 40% of businesses experience staffing shortages during the holiday season. For lease administration departments, this shortage can significantly impact efficiency and productivity, leading to potential delays in lease reviews, renewals, and crucial date management processes.
Challenges Faced by Lease Administrators
The holiday season exacerbates existing challenges in lease administrationn. With limited staff, meeting deadlines becomes a daunting task, potentially delaying crucial lease admin activities.
Overburdened staff are more susceptible to making errors or oversights in lease documents, potentially leading to compliance issues or financial ramifications.
Here are some strategies lease administration departments can adopt to mitigate the impact of staff shortages during the holiday season:
- Prioritize Tasks: Identify critical tasks that must be completed and prioritize them accordingly. Focus on high-impact activities such as lease renewals or payments and critical date alerts.
- Temporary Staffing: Consider hiring temporary lease administrators or freelance lease administrators to assist with the workload during this period. Outsourcing some lease administration tasks to reliable professionals can alleviate the burden on in-house teams.
- Leverage Technology: Invest in a good lease management software or tools that automate repetitive tasks, streamline processes, and enhance efficiency. Technology can help manage documents and workflows more effectively, even with reduced manpower.
Amidst these challenges, outsourcing lease administration to an experienced service provider like RE BackOffice offers several benefits:
- Expertise and Efficiency: Specialized lease services providers possess the expertise to handle diverse lease-related tasks efficiently, ensuring accuracy and timely completion.
- Scalability: Outsourcing allows for flexibility in scaling resources as per the workload fluctuations, especially during the holiday season, preventing bottlenecks and ensuring consistent operations.
- Cost Savings: By outsourcing, companies can avoid the overhead costs associated with hiring and training additional in-house staff, leading to potential cost savings.
- Focus on Core Business Functions: Delegating lease administration tasks to a reliable partner enables in-house teams to focus on strategic initiatives and core business functions.
While the holiday season brings its share of staffing challenges for lease administration departments, proactive measures such as task prioritization, temporary staffing, and technology adoption can help mitigate the impact. Outsourcing lease administration to experienced leas administration service providers like RE BackOffice not only addresses immediate staffing gaps but also offers long-term efficiency and expertise, ensuring seamless lease management throughout the year.
Rebolease.com, powered by RE BackOffice, Inc., is a premier provider of lease abstraction, administration, audit and accounting services. Headquartered in Pittsburgh, PA, we are a global boutique firm, providing high-quality services to top-tier clients across industry verticals, covering every type of lease and on any lease platform. We are proud to be a trusted partner, for 17+ years, to leading retailers, REITs, property owners/managers, and corporate accounts seeking a strategic advantage. All client projects are performed in-house.
Whether it is one clause, one amendment or a whole lease agreement, we can do it for you.