What is third party lease abstraction?
Lease abstraction has become the talk of the town, due to its impact upon the improving efficiency of the real estate clients across the globe. The majority of these lease abstracts are made by third parties. Still, some of the businesses refuse to adopt the new technological advancements which will reduce the paperwork and resolves the issue of missed critical dates. So here you will get acquainted about third party lease abstraction and why you should go for it.
What is lease abstraction and a lease abstract?
Lease abstraction is the procedure in which crucial information from the voluminous set of the agreement is extracted and made compactly. For a firm possessing a large number of properties on rent/ lease; critical dates are of utmost importance. Searching through those bulky agreements is tedious, hectic, and kills productive time reducing the overall efficiency. Hence, it is advised to procure such extracted documents termed as lease abstracts.
Why opt for the third party rather than own employees?
It may seem like a very good idea to carry out the lease abstraction through own employees, reducing time and expenditure, but this proves out to be a hoax due to the following reasons:
- Skill investment: As the employees are not trained in the lease abstraction process, they require training and proper guidance for it. This will add up the burden upon the total revenue generated.
- Financial Burden and Productivity: These selected employees will perform the procedure either in their work-time or after office hours, demanding additional stipends, making expenditure larger. If they work in office hours, their actual work will get hampered causing a loss in productivity.
- Quality: Even after proper training and spending additional money, the quality of the abstract will not suffice, as it will be more prone to errors and omissions, which fails the ultimate purpose of lease abstraction.
The additional costs incurred are more in majority of the cases ultimately leading the organizations to opt for third party lease abstraction. Chances of omissions and errors are cut down exponentially as there are multiple reviews of the document by highly experienced lease administrators.
Third-party lease abstraction creates a lease abstract that is agreeable to both the parties. Third-party will always ensure that every critical date is mentioned along with clear penalties and failure clauses. This helps in easy resolution of any future dispute amongst the parties, acting as an unbiased witness/mediator. The third-party lease abstract entirely covers all the legal aspects related to it, which may be omitted by the employees. Third-party lease abstraction will also help in efficient administration as the whole portfolio of all properties owned/ rented will be managed. This will ensure that no critical date is missed so that no skyrocketing penalties are levied.
Through third party lease abstraction, the performance of each property can be easily tracked which will influence upcoming decisions regarding the property. Furthermore, they will ensure that every lease abstract of your organization caters to your specific demands. Even customized legal abstracts can be procured through third-party lease abstraction. Hence, it will be beneficial to outsource the lease abstraction process to one of the finest firms of the industry, SKJ Juris. With their vivid and vast experience in serving diverse client demands, they will provide you with high quality, customized third party lease abstract, without any delays.