Are you migrating your lease data from one lease management platform to another? Then make sure you don’t do so blindly. In fact, Data Migration from one application to another is a good opportunity to audit your lease data and lease abstract data, identify mistakes and gaps and fix them. When you are shifting to a new application anyway, why not ensure you are doing it right in every aspect? Importing inaccurate lease data from your old lease application to the new one doesn’t serve any purpose. Also, pay attention to the data structure. Even if your existing lease data is found to be accurate after an audit, you still need to ascertain the accuracy of data structure post-migration by ensuring all data fields are mapped correctly at the time of migration. If you truly want to leverage your new lease management system, you need to make sure you input the right data into it because the output will be largely based on what you feed into the system.
Changes in technology could require you to revisit your leases. For example, migration from spreadsheets to a robust lease administration platform, or even from an existing lease administration platform to another. Such events could be termed as catalyst events that trigger lease abstract updates. The goal is to ensure that you leverage such catalyst events to benefit your entire organization and to optimize your lease portfolio management process. And, we can help you do that!
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 15+ years, to leading retailers, REITs, property owners/managers, and corporate accounts seeking strategic advantage. All client projects are performed in-house.