Your leases have a lot to say. Their pages tell a story about all the opportunities, obligations, and risks associated with your space. Unfortunately, getting to the bottom of that story is no easy task. Commercial real estate leases are lengthy, dense and complex. There’s so much involved with leases that it can make your head spin.
Though lease abstracting is no walk in the park, it’s totally worth it in the end. It’s the only way to ensure that you’re organized and tracking accurate data. It’s one of the most important parts of lease management, but it’s just one piece of the puzzle. With the help of lease management software, the data you abstract from your leases can come alive and help you stay on top of key dates, obligations, and opportunities.
Let’s take a closer look at how Quarem’s lease data abstraction and lease management software work together towards effective lease management.
Closing Data Gaps
Managing multiple leases can feel like you’re playing a game of telephone while juggling, and someone keeps throwing new objects into your pattern. You have to stay on top of the dates and obligations for each lease, keep an eye on the documents, and track the changes that come with the lifecycle of a lease. Not to mention, you’re constantly communicating with your team, brokers, or landlords, and it’s all too easy for things to get lost in the mix. This balancing act leads to major gaps in your data and big question marks when it comes time to make decisions.
It would be great if we could get organized with the push of a button, but that’s simply not possible. Closing the gaps in your data requires the human touch. Though Quarem’s lease management software helps you keep the gaps closed in the long run, it’s the lease abstraction services that help you get there.
Abstracting your leases helps you understand the entire story of your lease so you can identify your obligations and avoid risk. In order to do that, your leases have to actively communicate with you. Enter lease management software. By abstracting the data and entering it into a system like Quarem, you’re able to get organized and recognize patterns or issues before they become a risk. The critical date notifications keep you one step ahead of things like options or expirations, the reporting helps you analyze and plan, and the document storage ensures that you’ll never lose a document again!
Your leases contain a lot of time-sensitive actions. Expenses, options, or even rent relief in times of need are just a few examples. When you really need an answer or have to make a decision, you don’t have time to dig through each individual lease. With Quarem, your data and their associated clauses are just a few clicks away. Additionally, you can securely store all documentation on a secure, cloud-based system that is accessible any time, anywhere and on any device. Collaborate with your team on the abstract data, control who has access to your documents and monitor changes with activity time, date and author stamp.
Quarem helps you simplify the lease compliance process as well. The process starts with a simple checklist that helps you determine whether an agreement is a lease, what class it falls into (operating or finance), the criteria for including lease options and the ideal method for compliance (IFRS or FASB). From there, the tool helps you gather all of the metrics needed for your lease data abstract and helps you create detailed and fully customizable reporting.
If you’re interested in seeing how Quarem can help with your lease data abstraction, request a demo today.