Understanding each provision within a lease and how they interact with one another while being able to leverage that awareness into opportunity is the essence of lease management. International leases add a whole new wrinkle to an already dense process. Global lease management may be a painstaking process, but it is not impossible. By working with your lease management services provider to establish these best practices, you can be assured that your real estate portfolio is fully optimized.
Data in Order
In order to fully realize the potential of your portfolio, you must have your data stored and organized in one, central database. It may seem obvious, but the necessity of an organized, easily accessible database cannot be understated. When all of your pertinent data is in one location, you are able to unlock some substantial cost savings as well as create other opportunities for your portfolio.
Centralizing your data supports accurate reporting across the board. Discrepancies can be reconciled in real time as opposed to needing to access separate databases and hoping that your team is able to catch any discrepancies.
React in Time
Once you have your data centralized, keep an eye on the market trends both here and abroad. Your international leases may not make up a large portion of your portfolio but you will still want to take advantage of any opportunities that may arise. The only way you can truly reap the full benefits of these opportunities is if you are ready when they arrive and aware of them in the first place.
Beyond this, there is a very basic reason why you should stay up-to-date on trends in the leasing market. Without doing so, how can you know if your strategy is even working? It is critical you are aware of what the market is bringing so that you can protect the health of your portfolio.
Abundant Growth
Speaking of your strategy, is it built for growth? It is not hard to fall back to a defensive strategy. You built your portfolio around an initial vision and once that vision has been realized, you will do whatever you can to protect it. This mindset can leave a lot of money on the table.
How aggressive you are in approaching your portfolio’s growth is entirely up to you, so long as you have the intention to grow. The last thing you want is for your portfolio to stagnate and to start to shrink as a result. Establishing a focus on growth can prove to be one of the best ways to protect your portfolio long-term.
Partners in Lease Management
One of the best things you can do for your real estate portfolio is to find a trusted lease management service who will ensure you are able to take full advantage of the opportunities the market is presenting. Scribcor is here to deliver accurate reporting and data management. If you are ready to take control of your real estate portfolio, reach out today!