In our blog this week we discuss how RE BackOffice deployed its state-of-the-art Lease Abstraction Software, LeaseAI to successfully complete a large-scale lease abstraction project for its client
Who was our client?
Our client was an American fast-food corporation with a global footprint, having over 3,800 franchised or company-operated restaurants spanning across the United States and 43 foreign countries.
What were the client’s requirements?
Client required RE BackOffice to
- Abstract critical financial and non-financial information from their leases
- Conduct a lease document audit which involved downloading the lease documents from the client’s document management system, renaming them as per the standard nomenclature provided by the client and notifying them of any missing or unexecuted document.
The client used Lucernex software platform for their lease accounting and administration purposes, so Team RE BackOffice worked extensively on Lucernex during the course of this project.
Challenges
- RE BackOffice had to review 20,000+ documents and classify them under specific categories as requested by the client
- There were multiple versions of the same document that had to be spotted and eliminated accurately.
- Keeping track of active leases, subleases, sub-subleases, easement agreements belonging to a particular store to ensure no lease was missed out.
The REBO approach
- RE BackOffice deployed a team of 30 lease analysts and 20 quality analysts and 5 document reviewers to the project
- REBO’s in-house lease abstraction software, LeaseAI was leveraged for the non-financial abstraction phase of the project, which helped REBO scale up its production and delivery to match the client’s timelines
- RE BackOffice followed a hybrid approach, which meant that every lease abstracted by LeaseAI was further checked by an experienced lease quality analyst to ensure it was accurate and edits were made where required
- On the document management front, Team RE BackOffice updated each lease document name to reflect its Execution Date to avoid confusion, as to whether the document in hand is the final/latest version or not
- The documents used for abstraction were uploaded to the database for future reference
- Weekly submissions were made to ensure the client has enough time to review the leases and suggest any modifications to the abstracts.
The entire project spanned over 15 weeks and was successfully completed within the timeline provided by the client.
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.