Make your leases work for you with managed services
Today’s real estate departments are challenged to manage complex portfolios with increased efficiency and in alignment with the larger organizational strategy. Lease Administration Services helps real estate teams work smarter to meet demands and drive digital transformation and collaboration.
Lease Administration Services helps establish a series of standardized policies and procedures for real estate applications to meet the goals and objectives of the firm, the customers, and the corporate real estate department. Our managed services provide a framework to accomplish this through aligning the real estate department, synthesizing information, and extracting the appropriate elements.
Managed services include rent payment processing, lease audits, lease abstraction, lease accounting compliance, and more. For nearly 30 years, our experts have helped clients more quickly realize the value of their technology investments, improve real estate decision-making and alleviate burdensome manual processes.
Leverage lease data with efficient lease abstraction services
Lease abstracts give real estate organizations the power to leverage lease data for the benefit of the business. They enable staff to easily review all relevant lease information without taking the time to search and read through each page of the lease – essentially providing an outline or summary of the lease with the ability to access more details and lease provisions within each section.
However, the process of creating lease abstracts is tedious work for your staff and takes up valuable time. MRI Lease Administration Services offers managed services for lease abstraction, allowing this task to be handled by professional experts who excel in this core competency. Aggregating the lease information helps your organization properly manage a portfolio of leases while saving significant time.
Mitigate occupancy risks with lease auditing
Lease auditing can uncover hidden costs and identify savings opportunities by reviewing all financial considerations related to the lease. It can also involve a review of management and financial reports to ensure FASB and IFRS compliance. If you manage subleases, an audit can help identify breakpoints that allow for increased rent collection from sublessees.
Conducting regular lease audits using MRI Lease Administration Services validates charges and ensures that the amounts billed are correct per the negotiated lease contract, mitigating risk for your business. Typically, a significant portion of lease costs come from the tenant’s obligation to share in building operating costs, taxes and utilities. Because leases and these charges can be complex, these expenses should be reviewed regularly. In many cases, the obligation rests with the tenant to identify errors and bring them to the landlord’s attention within a specified time period. This can lead to overpayments that can recur year after year.
Rent & lease payment processing
Keeping track of rent payments and critical dates can become cumbersome as your real estate business expands. Our experts can process rent payments for you through a monthly reconciliation process, which compares invoices received from landlords to rents abstracted from your contract and highlights any differences. This method is proven to effectively ensure timely payments to vendors, save time for your team, and protect you from errors in billing charges.
Efficiently manage your rent and lease payments with best-in-class reporting. Our experts track payment changes from month to month, monitor landlord reconciliations, provide detailed reports on payment processing, and more. Reduce the burden on your staff and scale your business efficiently by outsourcing the management of your rent payments and lease obligations to our team of experts.
Key Facts
+40k
Global contracts administered
$1.2B
in rent payments processed per year
$100M
collected each year
$10.5M
recovered per year for clients
Manage your leases with confidence
Whether you want to stay up-to-date with current compliance standards, understand the costs associated with managing your workspace, or partner with a services team to outsource time-consuming lease administration tasks, MRI can assist you with lease administration, lease accounting, compliance, and abstraction.
Lease Administration Services
Security deposit and tenant improvement allowance
Expedite collection with a list of your properties for which a refund for the security deposit and/or tenant improvement allowance reimbursement is needed. Our team follows up with landlords to find out when the amount will be paid, and we record it in the system once it is recovered.
Budget preparation
Dynamic budgeting and forecasting tools monitor your budgets and keep track of progress, comparing budget to actuals at all levels of detail, by section, region, business group, division, portfolio, building, lease holder and more.
Property tax tracking and administration
Easily manage the property taxes in your portfolio. Our experts can assist in monitoring the payment of real estate taxes to avoid any delinquencies and coordinate efforts to audit real estate tax payment with highly specialized tax audit consultants nationwide.
Help desk work order assistance
Streamline workflow with an integrated work order system. Get automated alerts when customer requests are approved, rejected and completed.
Insurance certificates
Ensure timely delivery of Insurance Certificates to landlords while fulfilling the lease obligations. Our experts can process the request for an insurance certificate and design automated processes.
Contract administration
Effectively manage your contracts and ensure compliance with terms and conditions, as well as document and agree on any changes or amendments that may arise during its implementation or execution.
CAD & data uploading
Upload image and CAD files, push and pull data from a variety of sources including other real estate software applications, AP/AR systems to save time and money.
Project tracking
Organize everything you need to complete a project in one spot. Break large goals into manageable pieces, attach files, and set due dates. Easily track overall progress and individual contribution, and never miss a deadline while maintaining a full log of any user-defined topic or project.
International capacity
Our team administers contracts on a global basis assisting with translating and summarizing non-English contracts, processing rent payments in Canada and the UK and reporting rent files for payment disbursement in South America, Europe, Asia and Australia.
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