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Lease abstraction is an important process for commercial real estate participants. Whether it's a retail lease, ground, office or industrial lease, it needs to be abstracted. However, lease abstraction can be quite time-consuming and tedious. This is where RE BackOffice steps in.
RE BackOffice has been providing lease abstraction services to a variety of leading commercial real estate firms since 2006. Over the years, we have successfully completed numerous lease abstraction projects, amounting to over 300,000 lease abstracts. Our highly trained and experienced lease abstraction team is capable of producing a quality output of 1500+ lease abstracts/audits per month. Our lease analysts are well versed in numerous lease abstraction interfaces including Virtual Premises, RE Info, RE Flex, Quorum, Leosoft, Class, Prolease, MRI, Lease Harbor, Work Track and more!
Plus, we offer lease abstracts in multiple formats including XML, PDF and Microsoft Excel and Word. We can also have the lease abstracts directly updated onto your custom interface depending on your requirements.
Our lease abstraction team includes highly qualified lease analysts and quality control executives all of whom are college graduates, with many holding a Master's degree, as well as 5+ years of experience in lease abstraction services. Our Lease abstraction process is one of the best in the industry with a 3-tier quality check system driven by the Six Sigma process to ensure every lease abstract we deliver is of the highest quality.
Our Standard Operating Procedures for lease abstraction are well documented and ISO 9001:2000 certified. Our lease abstraction process will soon be ISO 27001 certified. ISO 27001 is one of the most widely recognized, internationally accepted independent security standards. Plus, we carry Errors & Omissions insurance of up to 2 Million US Dollars.
We utilize technology to enhance the client experience by utilizing the web-based Lease Project Management System Project Track, developed in-house by RE BackOffice. Project Track enables us to better manage our lease abstraction projects by minimizing the potential for error and enhancing transparency and accountability between our clients and us. ProjectTrack is a web-based lease project management platform that has been designed to meet the requirements of our clients, so that the end result is a well-executed lease abstraction project. As an important element of our lease abstraction process, ProjectTrack is a powerful tool to effectively manage your project.
Upon request, we can also share the ProjectTrack access with you to provide real time feedback and timely updates on your lease abstraction project's progress. You will know at any point in time-the exact status of your lease abstraction project. All the details related to your project such as number of leases abstracted along with the date of abstraction, name of the lease analysts who worked on them, name of the quality analysts related to each of those leases, quality grading awarded to each lease by our quality control teams and even the errors identified at the time of quality grading. This ensures 100% transparency and accountability at every stage of the lease abstraction project. Thanks to ProjectTrack, generating exemption and discrepancy reports will only take a few clicks of the mouse - a relief from the tedious filtering and sorting required enabling you to integrate your project management team with ours.
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Also known as the REBO format, the standard lease abstraction covers most clauses and all key dates and dollar amounts. If you are looking to get all the information from your leases captured in a way that's easy to understand and assimilate, then our standard lease abstract is your best choice.
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If you are looking to capture only the key financial terms from your leases, then our basic lease abstracts are your best bet. Access important financial factors like critical dates, dollar amounts and important options instantly with our basic financial lease abstracts.
Do you know exactly what you are looking for in your lease abstracts? Or, perhaps the purpose of your lease abstraction is very unique. In that case, we offer a custom lease abstraction option. You pick the terms/clauses that are to be abstracted and we give you a custom lease abstract, suited to meet your specific requirements.
We also offer comprehensive lease audit/data clean-up services that can help you validate previous lease abstracts with the most recent amendments, confirm the accuracy of existing data and prepare for FASB 17.
The process of lease administration involves A to Z management of current and future lease contracts. Our lease administration services help you remain current with the critical details of leases in your portfolios. Our lease administration services enable you to have easy access to vital data at the right time.
Common area maintenance is a key component for Tenants as it has a significant impact on cash flow and so Tenants need to ensure they are never being overcharged. RE BackOffice's Desktop CAM audit services can help ensure that the CAM charges are being recovered in an accurate and timely manner. Our auditors will review your leases along with related documents such as annual reconciliation statements, insurance certificates, invoices and any other relevant correspondence to ensure that the CAM charges levied or paid were accurate.
We also offer PDF bookmarking, document tagging and data migration services that help you locate key lease terms in just a few clicks. Make your leases and other documents easy to read and navigate - no matter how large they are! Use our document tagging services to electronically link your lease abstract data to the relevant section of the lease, so that it is accessible in a single click. Whether you want to cross-check the lease abstract information against the lease, or simply want to keep the original reference handy, document tagging is a great solution!
At RE BackOffice, we have been catering to clients all over the globe since 2006. That means, we have rich experience abstracting English and non-English leases. Even if your leases span across continents and are in multiple languages, we can abstract them efficiently and accurately. Contact us to know more about our lease translation services.
You send us a couple of sample leases along with the abstraction guidelines and standards that you want us to follow. If you are not sure of the standards/guidelines, we would use our lease abstraction guidelines and best practices to abstract your sample lease. Alternatively, we could develop custom guidelines for your abstraction project, upon request. Post abstraction, we will send you the lease abstracts for review and approval. At this stage, you may suggest modifications in terms of standards/guidelines. Once you sign off on our pilot leases, we will provide you with a quotation for the entire project based on the scope of work and your requirements.
RE BackOffice gets started with your project. ProjectTrack - our lease abstraction project management system is deployed to ensure smooth, effective, efficient and error-free management of your lease project. We train our lease analysts to meet any specific requirements/standards that you want us to meet. Throughout the project implementation stage, our project manager will stay in touch with you to ensure that the abstraction team at RE BackOffice and your team are in agreement on the abstraction standards and interpretations. Thus, during the course of the entire project, you have a single point of contact from RE BackOffice, at your service.
At RE BackOffice, we strive to ensure that our lease abstracts are as complete and accurate as possible; and playing a key role in this effort is our document management process. Our document management process starts with allocation of your lease documents to our document management team, who are then responsible to download/procure the document from the source you indicate. Similar leases are grouped together for abstraction by one team of analysts to ensure enhanced productivity. In case of any discrepancies in the documents, the document management team notifies the project manager who in turn will get in touch with you. This will be done prior to commencement of production, thus ensuring that your lease abstraction project does not face any glitches during the production phase. All discrepancies and exceptions are also recorded in ProjectTrack making it easy to generate a discrepancy report at any stage of the lease abstraction project.
RE BackOffice has a 3 tier quality check process to ensure that our lease abstracts are of the highest quality. After abstraction, leases are submitted for first level quality review. Post review, the lease abstract is passed back to the lease analyst to implement the edits suggested by the quality analyst. After the edits are made, the lease abstract is sent for a second level quality review. Post review, it is again sent to the analyst to complete the necessary edits, if any. A random quality review is then performed on the abstracts that have undergone 2 levels of quality review and updated. At this stage, RE BackOffice signs-off on the lease abstract. Thus every lease abstract that we provide you has been rigorously reviewed multiple times to ensure 100% accuracy.