Lease Abstraction, Lease Audit and Administration Services
OHI provides comprehensive and high quality lease abstraction, lease administration and lease audit related services. Our team of experienced leasing professionals are well versed with the nuances and technicalities of commercial, industrial and retail leases. Our high expertise in real estate sector developed over 12+ years helps us abstract and administer even complex leases with multiple renewal options, rent abatements, amendments, tenant allowances and complex passthrough of CAM charges among others. We are also familiar with real estate terms such as Hold Over, Radius Restrictions, Go Dark, Eminent Domain/ Sub ordination and Subletting.
OHI’s team has experience working in leading leasing and property management software such as Prolease, Lease Harbor, Yardi, MRI, Visual Lease, RE Flex , CoStar among others. Our services are used by 50+ commercial, retail and residential real estate companies in California, New York, Texas, Florida, Colorado, Kansas and Washington among others.
Contact Us for a customized NO OBLIGATION proposal for outsourcing your Lease Abstraction and Administration Services.
300+ Clients in USA (50+ commercial and residential real estate firms)
30-50% cost savings compared to in-house hired staff or onshore service providers
Staff with at-least four years of relevant real estate experience across leasing and accounting
Lease Abstraction Services (For Landlord and Tenant)
OHI uses detailed lease abstraction templates to capture the key lease terms with proper section and page notations. Leases can also be tagged appropriately. Some of the salient features of our lease abstracts are as follows:
Rent Schedules with clear specification of monthly, annual and psf rents across each relevant period, renewal options and rent abatements
CAM, Taxes and Insurance Schedules with listing of Pro-rata shares, CAM Caps, Inclusions, Exclusions, Payment Period, Frequency and CAM audit terms
Fee Schedules covering late fees, administrative charges, miscellaneous fees
Tenant and Landlord Insurance Requirements
Termination Options with listing of notice dates
Standard real estate clauses such as Assignment/Subletting, GoDark, Holdover, Radius and Uses Restrictions, Subordination
Our basic lease audit service performs an initial review of individual leases verifying and reconciling all landlord charges including:
Base Rent (including free rent and rent abatements)
Common Area Maintenance ( CAM)
Real Estate Taxes
Porters Wage Escalations
Late Fees and Miscellaneous Charges Levied
Electricity and Submeter Charges
Overtime HVAC Rates
Tenant Improvement (T/I) allowances
Acquisition Support Services (for Landlord)
Significant time and efforts are incurred during due-diligence activities in real estate acquisitions. OHI’s team provides extensive acquisition support services to help your team’s due diligence efforts. These services can also be used to ensure correct lease and accounting data is integrated into your leasing and accounting systems.
Reconciliation of lease charges set-up with leases
Rental and Other Fee Income reconciliation: Reconciliation of bank deposits (rent collected) vs rent and other charges booked in property management software
Verify Outstanding liabilities such as AP bills, mortgage, payroll, real estate taxes, insurance among others at time of sale of the property/handover of the property
Check if all leases and invoices have been attached in the software
Transition lease and accounting data across software
Any custom service required during ownership transition of the property
Preliminary discussion with client to understand their abstraction requirements and preferences including the level of detail to be captured
OHI’s team reviews representative lease agreements used by client to understand the underlying complexity of the leases
The abstract template to be used is finalized with the client
Understanding lease abstraction timelines and preparation of delivery schedule
Lease Abstraction Process
Transfer of Lease Information to Abstract
Client provides lease documents, rent roll, and additional information by uploading to the secured shared drives Dropbox or Google Drive
Lease Abstraction Work-Process
Lease Abstraction Status Tracker is set-up (if multiple leases are to be abstracted)
Lease documents are reviewed in detail by the leasing specialist
Missing document report is shared with the client
Sample abstract is prepared by the lease specialist in the agreed upon lease abstract template
Abstract contains detailed section and page references, index of documents, notes and open queries(if any)
Key data is summarized in clear and concise abstracting language into final deliverable format
Prepared lease abstract is then reviewed by a senior leasing specialist to ensure completeness, accuracy and quality of the lease abstract. All key figures are double-checked
Abstracts are delivered in the format as defined at the start of the project
real estate clients
50+ real estate clients across North America in all major states and real estate sectors
High client satisfaction - Most of our clients have been with us since 8+ years
Fully integrated real estate service provider providing services in leasing, administration, accounting, analysis and allied services
Specialist real estate outsourcing services provider since 2006
Senior management team with rich outsourcing and management experience since 2003 in global companies
Staff with at-least six years of real estate outsourcing experience
High expertise in numerous lease abstraction interfaces such as ProLease, Accruent, Tango, MRI, Lease Harbor and Lease Query
Spacious office set-up with modern facilities and uninterrupted power supply
15 MBPS high speed dedicated internet leased line
Custom packages of 25, 50 and 80 hours per month available
A vertically integrated, full service real estate company based out of Bellevue, WA. They specialize in commercial properties. The firm has developed and built in excess of 81 properties and have more than 10,000 units under management.
A well-known fully integrated real estate investment cum asset management firm based in Tampa (FL). They manage a wide variety of commercial real estate assets and provide property management services to 3rd party commercial real estate owners.
A full service real estate investment management company. The company provides in-house acquisition origination, underwriting, transaction management, asset management, accounting and investor reporting for all investments. The company is based in Denver, CO.
A midsized real estate property management firm based out of Beverly Hills, CA. The firm manages over 50 properties, across 9 states, encompassing over 1200 tenants and nearly 1.5 million square feet.
A privately owned real estate management firm that specializes in the management of commercial and multi-family properties in the Greater Los Angeles area.
A well-known construction and development company in Canada specializing in construction and development of high rise concretes. It is a mid-sized firm and one of British Columbia’s most experienced and respected developers.
Learn More About Our Lease Abstraction and Administration Services
Leasing Specialist have experience in lease administration, real estate accounting, or property management with exposure to residential and commercial leases.
At least 2 years of work experience in real estate and asset management in a lease administration or accounting function. The overall outsourcing experience is about two to four years.
A bachelor’s degree in business,accounting or Finance. Many staff members have also advanced accounting/finance qualifications.
Familiarity with gross/net leases, lease renewals, lease options, CAM expense recoveries (including terms like base year, expense cap), percentage rent and lease terms such as SNDA, holdover, restoration, go dark clause etc.
Highly motivated, self-starter with good written communication skills. Extremely organized with an eye for detail.