Outsourcing back-office processes, controls, and lease management tools has become a fast-growing trend. As increasing numbers of office and retail tenants turn to outsourcing portions of their lease administration activities such as lease abstracting assignments, many have found outsourcing to be a valid resource to enhance their existing lease administration capabilities.
Some obvious reasons for this satisfaction are cost savings and proven reliability to meet deadlines. In addition to these notable advantages, there are numerous other reasons why tenants consider outsourcing strategies. These “pluses” include immediate access to people, processes, technology, efficiencies, and best practices.
Most successful managers in the real estate industry understand that lease administration functions—such as lease abstracting—require a significant commitment of valuable staff time. The time and resources needed to staff and train their lease administration department to properly administer successful data migration, or data validation projects, can prove to be costly! Furthermore, this investment of time and money still does not ensure budget and critical timelines will be met.
Outsourcing this type of subject matter to experts such as Eximius BPO becomes a natural extension of the company’s in-house capabilities. Some lease managers also like the added ability to turn their outsourcing resource “on” or “off” easily. This shared commitment ensures a natural fit for both the tenant and service provider, enabling both to work together to produce better results. Any experienced lease administration manager will confirm, because of the tedious nature of the work, it never hurts to have more than one set of eyes looking at each abstract.
The trend is clear; third party service providers are more likely to utilize latest best practices because their services are focused on lease administration. Eximius BPO managers prioritize continuous improvement while keeping up with outsourcing trends and the latest changes in the industry.