When getting your leases abstracted, you should consider the stakeholders who will be using the lease abstract information. This is important because only when you identify the stakeholders and each of their requirements, will you be able to create lease abstracts that capture all the data they need.
When it comes to identifying the stakeholders and their requirements in terms of the lease data being abstracted, communication is the key. You need to find out who will be relying on the lease abstracts and for what purposes. Stakeholders can be found across your organization, in different teams including-
- Operations
- Accounting
- Finance
- IT
- Legal
All of these teams will have an interest in the various different aspects of leases and you need to find out what they are and ensure that your lease abstracts cover those elements. Once you clearly identify all the stakeholders, the next step is to understand their requirements. What information will they need from the lease abstracts? The answer to this question will help you arrive at the key data points that are to be abstracted.
At the time of finalizing the data points based on the various stakeholder’s requirements, you may come across various data capture requests. As a best practice, you can divide them into two different categories–one that lists the must-have data fields and another that lists those data fields which are good to have, along with reasons why. You can use this list to later finalize your lease abstract data elements.
Bringing all the stakeholders onboard and understanding their needs before you start your lease abstraction project will ensure that your abstracts are comprehensive and don’t miss out any key information. Otherwise, you may miss out on critical data elements, requiring you to go back and get your lease abstracts updated by adding abstracts of those clauses later on.
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 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.
