Microsoft Excel can be a valuable tool for tracking basic information for one to two tenant representation situations. With more complicated leases and when managing six or more locations, a Microsoft Excel spreadsheet quickly is not recommended. Firstly, it only captures some of the important details of lengthy leases, leaving room for costly errors and overcharges if the executive does not vet each invoice from the landlord. This, as Hughes Marino specialists point out.
Secondly, it is a passive data storage system that requires manual input and is virtually impossible to manage accurately with extensive lease details across multiple properties. Hughes Marino specialists state that to avoid these issues, businesses should have an in-house team member who understands their lease’s details. An alternative approach could involve engaging an outsourced experienced buyer representation specialist as a team member.
At Hughes Marino, our best practice process begins with abstracting complexity out of each lease document and uploading them to a secured cloud environment that stores key reminders connected with dates and penalties in a searchable manner for easy access. Our teams also use real-world ‘fail-safes’ to validate data and ensure all critical components are correctly addressed. Accountants and controllers can provide detailed operating expense statements.
Still, they need to be more experts in property leases, and renting out commercial space requires endless coordination between tenants and landlords over car parking spaces, subleases, rent increases, and more, leading many people to consider leasing administration functions as too complex. The direct approach according to Hughes Marino could be hiring your full-time lease to restructure administrator; however, this involves taking on another full-time salary with benefits.
At Hughes Marino, we understand how painful exorbitant costs can become, so we make sure you maximize both your time efficiency and financial resources by overseeing various tasks such as sale-leaseback transactions, project management, construction management plans, physical distancing analysis, portfolio lease administrations/advisory services, lease accounting advice as well as providing specialized culture consulting during your purchase or investment decision process, so you don’t fall prey to any post transaction problems. Allow Hughes Marino to address your leasing needs today so you can focus on running your business in the most efficient manner possible while having peace of mind knowing all important documents are monitored closely by us.