Lease Abstraction | Lease Admin Consulting
210
page-template-default,page,page-id-210,ajax_fade,page_not_loaded,,qode_grid_1300,footer_responsive_adv,qode-content-sidebar-responsive,qode-theme-ver-10.1.1,wpb-js-composer js-comp-ver-5.0.1,vc_responsive

Lease Abstraction

lease abstraction

Getting your data summarized at low cost is one thing but ensuring that the data was accurate is another. We trust that you are making the right choice for yourself – Cost vs Quality!

 

According to Deloitte survey:

Data accuracy and integrity remains a challenge. Ensuring the quality of data was considered to be a very significant challenge by 30% of tenants, 40% of building owners, and 51% of service providers. Employing reliable and consistent data is essential for accurate reporting and sound management decisions.
But why focus so much on abstraction when you have carefully drafted the lease agreement?

• You might be probably using some system: Property Management or Excel sheet in which you cannot input each and every line of Lease agreement. So, you would like to have abstracted/summarized data.

• Based on this abstracted data, you are/might be pulling out fancy reports which the Company Management, Leasing Department, Finance & Accounting Team will be using to make important decisions.

 

So, if you are concerned of making a right decision then it is important to have correct and accurate lease abstraction.

How will we ensure the accuracy? What makes us different from others?

You might have already heard of fancy terms like ‘Lease Abstraction Engine’, ‘Six Sigma process’, and other which our companies are using but in the background they rely on their human resources to deliver accurate data – which they are not able to do so.

 

What is the whole point if even after hearing heavy jargons the data was not accurate.

 

To ensure accuracy of data we take the following steps:

  • Utilise software for performing initial extraction.
  • Post extraction utilize humans to review and confirm the data.
  • Summarise or abstract the data.
  • Get the data reviewed by 2nd human to make sure that there aren’t any mistakes or left out.
  • Perform final level review especially of Dates and Dollars to make sure that financials are 100% perfect. If there is any confusion or query we will update the same in abstract.
  • Post abstraction you can always review the abstract text and provide your feedback / ratings.
Abstraction Process

Our vision is to re-design the processes, and that is exactly what we have done with lease abstraction process.  Take a look at our simplified abstraction workflow.

 

Lease Abstraction workflow

Your data is much more importance to us because it is our bread and butter.

 

You might be paying heavily to your Attorney while carefully drafting your lease agreement then why be irresponsible when selecting service provider to abstract data – based on which you take critical business decisions. Incorrect / Incomplete data will directly affect your decisions – no matter how brilliant they may be.

 

To have further discussion and clarify your doubts email us as info@leaseadmin.ca or give us a call at +1 (587) 926-8321.