For tenants and landlords alike, real estate lease files are the foundation for all real estate functions, including administration. Technological advances have improved many organizations’ productivity and contributed to a “do more with less” staffing philosophy for their teams’ lease administration services. Unfortunately, many organizations have not applied advances in technology to their document management philosophy. Their mission-critical lease files, in particular, have been neglected.
Surprisingly, many property portfolio managers still rely solely on paper lease files. Almost every administrator can share a story when a critical file has gone missing and can attest to incurring significant costs due to that single missing or incomplete file. One auditor confessed that in past cases, when the original lease was not available, he was forced to perform audits without actually referencing the leases.
Some outside lease administration services resource companies, like Eximius BPO, have been able to leverage their document management capabilities to assist several large retail, health care, and insurance organizations to control costs. At the same time, Eximius has been able to implement document management initiatives and provide support for planned software transitions.
Customers realize the actual cost of doing these projects in-house is prohibitive. As the project scope is developed, they begin to understand that it is important to consider not only the staff-hours and equipment required for the project, but also the costs incurred to manage and deliver the project. These expenses are compounded by the cost of day-to-day operations that are set aside to accomplish the task. When you compare these expenses against the increased productivity realized by implementing document management technology for locating and retrieving lease files, the value of having a reliable “paper taming” resource becomes immediately evident.
As the economy continues to force companies into “lean-and-mean” cost control strategies, outside lease administration services are proving to be a viable, cost-effective option. These specialists can quickly respond to the needs of landlords and tenants alike, clients who need “all hands on deck” to control spending, implement better performance methods, and improve bottom line positions. Outside lease administration specialists make effective cost control partners.