Lease abstracting is often seen as dreaded busy work that you want to get off your plate as fast as possible. Luckily, a quick Google search uncovers a mix of ready-made templates. But what seems like a handy time-saver today might leave you in a sticky situation tomorrow.
The lease abstract templates you find online are by no means bad or faulty. The problem is there isn’t a one-size-fits-all approach to abstracting. The templates you find online are the size that fits the person or organization that created them. They may save you from having to create a template from scratch, but they don’t support the unique needs of your portfolio.
So, before you click the download button, let’s discuss the reasons you shouldn’t use the lease abstract template you found online.
The template was built for a particular job function
Often times, professionals structure their abstracts based on their job function. It could be a great template, but it might only cover what matters to a Landlord, Broker, Lawyer, or Tenant.
There’s no such thing as a one-size-fits-all abstract
No two leases are the same, which means you aren’t going to find an abstract template that fits every occasion. Checking the boxes on a random template means you might miss key obligations, dates, or metrics that are unique to your leases.
Abstracting alone isn’t enough
Even if you find a template that’s the perfect match, you still have to balance the other parts of your lease management strategy. What about your documents? Critical date reminders? Reports? Projects? You need more than just a template.
Not to worry – Quarem has your back. All of your lease management needs are met under one roof. Not only does our software have a detailed lease abstract, document management, date reminders, reporting, and so much more, our client services team will abstract the leases into the software for you.
With Quarem, you don’t have to worry about mastering the art of abstracting. Schedule a demo of the software and let’s talk more about getting your leases abstracted & organized so you can make better decisions about your real estate.