Lease Administration - Solutions

Full Service Lease Administration

A retailer wanted to lessen the administrative load on their corporate staff so the real estate group could concentrate on planning and transactions and the financial group could insure that real estate accounting tasks were handled with the necessary expertise.


Solution

CRS conducted an operations review and designed a lease administration program to strengthen the relationship between the client's real estate and accounting groups.  CRS created a new set of lease files with detailed lease abstracts and established a database of lease information. 

CRS took over the day-to-day lease administration responsibility, reporting to both the real estate department and the accounting department. In addition to handling lease-related correspondence and the review and vouching of bills, escalations, and reconciliations; CRS also calculated and prepared percentage rents due. 


Results

The CRS monthly reporting system enabled the client to quickly process lease-related payments and track expenses, critical dates, and current activities for all locations, helping to eliminate late fees and take timely action on strategic plans. Billing errors of over $1.3 million were detected and corrected prior to paying.