Lease Administration is a department that usually falls under an organization’s real estate department. Lease Administration involves, but not limited to: receiving rents from facilities they own and paying rent for the facilities they lease. It has become an integral part of the accounting, administrative, and legal requirements normally associated with a real estate portfolio. Job responsibilities for lease administrators and real estate professionals include:
"Lease review and abstracting, Accounting and processing, Lease Audits, CAM charges, Lease Renewal Options, Repairs & Maintenance, Information management and reporting, Occupancy cost analysis, Operating expense review, and Document storage and maintenance."
Once a lease is in place, Lease Administrators continues to manage and monitor rental payments, coordinates any tenant alterations, and handles lease amendments when necessary.
Depending on a corporation’s departmental structure, Lease Administration or Lease Management can make up just one department under the umbrella of a corporations real estate structure. Other departments may include Facilities Management,
Real EstateAccounting, Construction, Property Management, etc.
Lease administration can be handled either internally or through outsourcing. The sizes of the organization’s portfolio and the corresponding complexity of creating automated management and accounting systems are factors that influence an organization's decision to perform lease administration in house or to outsource the function.
Lease Administration Software
Software solutions arose in the mid 1990s to help companies and lease administrators manage their real estate portfolio and deal with increased government regulations such as Sarbanes Oxley. Effective Lease Administration Software includes tools for database management, critical date management, lease auditing, expense management, lease accounting and ad-hoc reporting. Lease Administration Software has the advantage of enabling an organization to automate and streamline its corporate real estate processes, enabling more cost-effective management of the real estate portfolio, accurate FASB reports and improved compliance with SOX guidelines.
* Siterra [www.siterra.com]
* Property Works [https://www.propertyworks.com/] - Property Works provides commercial lease administration services and software in a single-point approach. We offer the flexibilty of purchasing lease administration services, our easy-to-use web-based lease management software, or a combination of both. [www.propertyworks.com]
* Virtual Premise [www.virtualpremise.com]
* ManagePath [http://www.managepath.com]
Organizations related to Lease Administration
* NRTA – National Retail Tenants Association [www.retailtenants.org]
* NRF – National Retail Federation [www.nrf.com]
* CORENET - CoreNet Global [www.corenetglobal.org]
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