Lease administration
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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 and maintenance, information management and reporting, occupancy cost analysis, operating expense review, and document storage and maintenance.
Once a lease is in place, lease administrators continue to manage and monitor rental payments, coordinate any tenant alterations, and handle 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 estate accounting, construction, and property management.
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.
[edit] 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. Software tools include database management, critical date management, lease auditing, expense management, lease accounting and ad-hoc reporting.
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- OSCRE - Open Standards Consortium for Real Estate - [www.oscre.org]
- NRTA – National Retail Tenants Association - [www.retailtenants.org]
- NRF – National Retail Federation - [www.nrf.com]
- CORENET - CoreNet Global - [www.corenetglobal.org]
- REALCOMM - [www.realcomm.com]
- RILA - Retail Industry Leaders Association - [www.rila.org]
- RMA - Retail Merchants Association - [www.retailmerchants.com]
[edit] External links
- Lease Management Software and Commercial Leases - Software overview, compliance, etc.
- ProLease Lease Administration Software - Lease Administration, FASB Lease Accounting, Project Management, Document Management, Critical Date Management, Reporting.
