Friday, 29 July 2022 10:53

How To Vet the Best Lease Administration Services for You

Commercial leases can be difficult to navigate, understand, and negotiate. With the right commercial real estate consultant, you can gain peace of mind knowing you’re getting the most out of your commercial leases. But before you sign on the dotted line, it’s important to carefully vet the provider of your lease administration services first.

At Lavoro Consulting, education is a big component of our everyday business. That’s why this blog provides information on how to go about choosing the right lease administration services for your needs.

5 Ways to Compare Lease Administration Services and Find the Best Choice for You

Real estate in the corporate world can be complicated. Many moving parts are involved in a successful real estate transaction, and it all ultimately boils down to the details of your lease. A CRE transaction often takes a long time and involves multiple steps. And without an experienced real estate professional working on your behalf when you're buying or leasing a property, it can be difficult to avoid the common pitfalls.

Here are a few different ways that can help you compare the best commercial lease management services for you:

1) Ask around

Talk to other tenants and landlords who have used a company's services and ask them what they liked most and least about their experience with the company. If you consistently hear great things about one CRE services company, then you know you've found a good fit.

2) Look at their website

What kind of information is presented on the company's website? Is there any kind of video or testimonial section? Do you see any pictures of properties that were leased through the company? Can you find details about what’s included in the lease administration services?

These are all things to look out for. A well-designed website will make it easy for potential clients to learn more about the company and its services so you can make an informed decision.

3) Check references

Make sure that your CRE specialist is able to provide you with references from previous clients. It’s additionally a good idea to check if the company offers a work guarantee or something similar. Some CRE specialists and lease management companies offer a money-back guarantee if you aren't satisfied with their work.

4) Get quotes

Once you've narrowed down your list of candidates, start booking some consultations and get estimates from each one. Don't just go with the first quote you receive. Take some time to gather quotes and review each estimate in detail to make sure that the price is reasonable and that the terms are fair.

5) Interview the candidate

If you have not done so already, be sure to speak directly with each CRE candidate to see which one seems like the best fit for you. Be prepared to discuss everything from the type of properties they specialize in to whether or not they charge by the hour or per project. Here are a few helpful questions to ask during your consultation:

  • What is included in your lease management services?
  • Do you mainly work with small, medium, or large businesses?
  • Can you describe what an occupancy cost analysis is and how you approach it?

Your CRE consultant may use lease administration software to track and report key points of leases, and this software is available for anyone. However, there is a good amount of hands-on work that is needed to abstract the leases and manage the information. The only way to experience a thorough/all-encompassing service is to work with someone who specializes in lease administration services.

What Sets Lavoro Apart?

We're proud to offer best-in-class assistance for corporate real estate consulting. We wholeheartedly believe that operating in the right location helps you achieve long-term growth and sustainable business success. However, finding the right fit for your budget can be quite challenging. The good news is that we're here to help you get started stress-free, and save you a lot of money.

We've helped companies and clients save millions of dollars in just one deal. How do we accomplish this repeatedly? We're proactive problem solvers who will always advocate for your best interest.

Ready for Lavoro to Help You?

Contact us today to set up your initial consultation with our CRE expert.