Real estate is a tough industry to survive in. Even if you are a seasoned player, you have to be on your toes to sustain your market position. You can imagine the stiffness of the competition from the fact that more than 75% of sellers sell their homes with the first agent they interview. It simply means that as a real estate broker/agent your chances of getting second-hand leads are almost minuscule. To survive in such a tough environment, you need to focus on your core operations more than ever before.
Lease abstraction for sure is an integral part of your operations, but certainly does not qualify as your core business. So, it makes sense to outsource this process to a good service provider. Outsourcing lease abstraction services offers a plethora of other benefits that add value to your business. Let’s find out what these benefits are:
Enhanced ROI
Lease abstraction is a rather intricate process that involves going through thousands of pages and summarizing the key points incorporated in them. It allows real estate managers and agents to understand all the details easily. They can check out the relevant details in a single glance. But to perform this time-consuming task they have to employ well-trained and experienced resources.
While hiring such employees is an expensive proposition, maintaining a team of lease abstraction experts further puts a dent into your finances, thereby impacting the overall ROI. This is simply because commercial lease abstraction services do not contribute directly to your revenue generation. In such a scenario, it makes sense to outsource lease abstraction services to a reputed vendor. By doing so, you not only save on operational costs but also get customized services within a quick turnaround time. As a result, your ROI increases, which you can utilize to enhance your core operations.
Accuracy of Data
When it comes to lease abstraction, accuracy matters a lot. Even the slightest mistake can render a lease agreement null and void. In addition, you have to make sure that the information snapshot that you get is relevant and as per the laws governing the lease. You as a real estate dealer cannot afford to dissipate your time and energy in maintaining the accuracy of data. But lease abstraction companies can easily do it for you as doing so is their core business. Besides, they have access to resources who are experts in the trade and understand the significance of data accuracy. So, outsourcing not only saves a lot of your productive time and resources but also ensures the accuracy of your data.
Customized Reports
As your in-house teams are busy handling your core business, they are not in a position to give you the desired information on demand. Even if they try to do so, your business might get impacted. But your outsourcing partner holds expertise in these tasks and can send you customized reports well within the stipulated timeframe. All you have to do is send them a request with the desired parameters and it will be done. Thus by outsourcing your lease abstraction services you are not only able to concentrate on your core job of selling and leasing properties but can also get on-demand reports in your desired formats.
Competitive Edge
The JLL’s Future of Work study of 2018 gives interesting insights into how outsourcing lease abstraction is being embraced by the industry players. Out of the 561 global real estate directors surveyed, 42% said they outsourced at least 50% of their lease administration services. Another 36% said they planned to outsource more of these services in the coming three years. These findings simply indicate that if you don’t leverage outsourcing, your competition stands a good chance of capturing your market share. So, if you want to keep your competitive edge in the real estate market, outsourcing your lease abstraction services is a great idea.
Summing Up
Lease abstraction is a niche process that calls for highly experienced resources. Given the competition in the real estate market, a majority of industry players cannot afford to maintain an in-house team to take care of this non-core but business-critical function. In such a scenario, an increasing number of businesses are embracing outsourcing and sustain their operations and ROI. If you are a real estate manager, it’s high time you started outsourcing your lease abstraction services, well before your competition. SunLexis is a reputed name in the legal support services arena with a proven track record of providing customized lease abstraction services to a variety of businesses across the globe. For more information on our services drop an email at info@sunlexis.com and we will be happy to assist you.