Every law firm may not have a dedicated leasing team to handle all things related to commercial lease. That said, lease abstracts play a critical role in managing real estate investments, acquisitions and even litigations. These summaries provide key business, financial and legal data extracted as per due diligence requirements and standards. While gleaning information using lease abstracts is easy and simple, the process of lease abstraction is hardly so.
It entails poring over lengthy and voluminous lease agreements, analyzing the data, extracting key information, and summarizing it in a user-friendly format. The entire process is tedious, complex, time consuming and above all requires dedicated time and resources with in-depth understanding of commercial lease agreements. Considering these challenges, it isn’t surprising why lease abstraction, as a service, is increasingly being outsourced by real estate companies to specialized third party service providers. Law firms can also adopt this approach to gain several advantages. Top three benefits include:
Trained and dedicated talent pool
By outsourcing lease abstraction law firms can free up their in-house resources time and optimize utilization and focus on more pressing, critical, and strategic work. By partnering with professional services, you gain access to individuals with necessary skill, knowledge, and training. This also helps you avoid investing in hiring and training resources to get this work done. Outsourcing works as an extended administrative arm of your firm providing professional and timely services without the added burden of continuously investing, managing, and maintaining resources in-house.
An age old advantage of outsourcing services. While today outsourcing offers way more than simple cost savings, it still remains one of the top reasons why companies choose to outsource. Seeing as how every organization is always trying to optimize cost, outsourcing offers substantial cost benefits. You still get access to a dedicated team of trained lease abstracters when you outsource it to a third party service provider. But you can get this done at a fraction of a cost than what you would invest in setting up the same team in-house, thus saving substantial cost.
High accuracy and data integrity
Since outsourcing model is based on ensuring third-party providers achieve a certain level of accuracy across every service level agreement (SLA) in order for engagement to continue and be profitable, the accountability is extremely high. Every transaction is tracked, monitored, and closely checked using stringent practices of quality assurance to ensure every parameter is met. By outsourcing law firms can rely on the information in lease abstracts are up-to-date and transparent with high level of accuracy. Since this is their core business, professional services providers have robust and stringent data privacy and integrity policies and practices that guarantee complete data protection.
Springbord has been a partner of choice for several global leading real estate companies. We have been assisting our clients with timely and accurate commercial lease abstracts for years. Our team of lease experts brings years of experience, knowledge about commercial lease types, and are aware of industry best practices. Connect with us with any queries you may have about any type and scale of lease abstracts and we will be happy to discuss.