Real estate is as competitive as ever. Regardless of if we are facing a boom or a bust period, the margin for error is slim, and stakeholders need to be able to leverage every opportunity they can. Not to mention, the sector was not spared the challenges of the pandemic. New construction was paused as building costs skyrocketed, and businesses had to navigate restrictions, supply chain issues and many more obstacles, just to stay afloat. As these issues subside, each stakeholder is looking to grow again.
There are plenty of opportunities emerging, but only the swift and nimble will be able to take advantage of them. Lease management services not only help you with the day-to-day management of your portfolio but also identify ways in which you can leverage opportunities in your favor. Let’s take a look at a few key ways that you can grow your portfolio through lease management.
Clarity Is Key
One of the most valuable ways lease management can help you grow your portfolio is by making your current position clear. Lease abstraction allows you to understand all of the key clauses in your lease agreement. These agreements can involve some dense legal terminology, so by taking advantage of lease abstraction services, you can gain the clarity you need without getting a law degree.
By understanding the nuances of everything you have agreed to, you can map out your growth strategies with greater precision. We all love to dream big when it comes to portfolio growth, but that dream is much more likely to become a reality if you understand your current position.
Protect Your Business
You can’t grow your portfolio without first protecting your foundation. Lease management services help you have a clear understanding of all of the nuances within your lease agreements. Not only does this allow you to efficiently manage your leases — saving you time — but you are also able to ensure that you are compliant with your agreements.
Being non-compliant can be incredibly costly for business owners. Paying penalties and legal fees can quickly add up and put a strain on your profit margins. Incurring fees that could easily be avoided will hamstring your business. On top of the fees, finding yourself non-compliant can strain your business relationships as well. At the end of the day, people want to be confident in the companies they chose to work with. Lease management helps you to remain a valuable and respected partner.
The Need for Speed
In real estate, landscapes can change swiftly and you want to be ready to move along with them. By working with a lease management service, you will be prepared to act when opportunity knocks.
Lease management is much more than a way to automate rent payments and manage lease renewal; lease management services collect data that allows you to react the moment a discrepancy becomes apparent. Whether the issue is on your end or not, you will be able to be proactive in your solution.
For example, if you discover for yourself that you have been non-compliant in some way, you will be able to take steps to correct it in a way that will reflect well on your business. This sort of agility is only possible by partnering with a lease management service.
Lease Management Done Right
Scribcor has provided lease management services for companies all over the world. We take pride in our ability to organize the chaos and simplify the complex for our clients to grow. When you are ready to hand off your administrative duties so you can focus on the big picture, schedule an appointment!