Full Service Lease Administration
In Commercial Real Estate, lease administration has evolved to become a critical foundation for cost savings initiatives, risk mitigation and strategic portfolio optimization. Scribcor Global’s lease administration services proactively identify savings and cost avoidance opportunities, enable strategic planning and portfolio optimization and support real estate compliance with financial reporting requirements.
What is Important
A key priority for any corporate real estate leader is understanding the role of and potential for a well-managed lease administration function to drive cost savings, organizational effectiveness and risk mitigation. Scribcor Global Lease Administration will work closely with you and your team to ensure compliance with Sarbanes Oxley, GAAP, lease capitalization and financial reporting requirements.
A proactive lease administration program has many benefits:
- Creates a centralized lease administration database that ensures organizational transparency and provides insight to lease issues and upcoming critical dates
- Provides better financial reporting capabilities and better decision making
- Offers better data intelligence, allowing you to reconcile landlord charges and portfolio changes
- Reduces risk with secure data, backup, and documentation
Without a specific focus on lease administration, a corporation’s real estate assets are likely to be underutilized, resulting in missed opportunities to capture value, streamline operations, and avoid costs. When these opportunities are missed and inaccurate charges are unknowingly paid, the result is an asset portfolio that is more expensive and more difficult to manage. It also becomes increasingly difficult to remain compliant with regulatory requirements such as the new FASB and IASB lease accounting standards.
Our approach is both flexible and scalable. We customize our service level to fit your business needs whether you need basic lease abstraction and accounting services, compliance auditing and/or rent payment services. You are in control and choose the level of service you require. We maintain a “bullet proof”, reliable and accessible real-time real estate database on your behalf. We can even assist you in selecting a database software platform that best meets your needs; however, we are software agnostic and do not advocate any one system nor do we offer a proprietary software.
Scribcor Global provides customized rent payment services through a variety of methods:
- Provide actual payments to landlords
- Work with your current or any newly-implemented lease administration software to export payment files directly to your accounting system. We are experienced in the use of all industry-leading software platforms.
- Review and approve rent schedules prepared internally
Scribcor Global’s rent payment services begin with preparation of rent schedules from portfolio information contained in the database. To facilitate this effort, our team receives monthly statements/invoices directly from landlords as well as invoices for any non-recurring charges. Our team reviews these for accuracy and consistency with the corresponding lease provisions. This information is then reflected in our payment schedules to you.