Lease Administrator
Job Overview
The Lease Administrator has primary responsibility for reviewing, profiling and managing Leases and associated content from origination (or acquisition) to termination (or sale). This begins with properly profiling new Leases, preparing abstracts, ensuring that they are entered properly in company systems, and capturing critical dates and clauses. Particular attention is paid to clauses requiring action or decisions upon certain events or on specific dates. Over time, the Lease Administrator performs regular and ad-hoc audits, and conducts regular compliance checks. The Lease Administrator is a source of information to the company regarding current and past Leases, and communicates with key colleagues to ensure that leases are properly managed. In the event of a default or other non-compliance, the Lease Administrator coordinates appropriate activities.
Organizational Impact
The Lease Administrator can focus on agreements where the organization is either the lessor or lessee. By properly abstracting leases and ensuring that they are entered properly into company systems properly, the Lease Administrator helps avoid costly downstream errors. In addition to managing critical dates and important clauses, the Lease Administrator can also monitor that lease related activities (and billing) are performed in accordance with the terms of the lease, either as a process-step or via spot-checks.
Effective Lease Administration relieves stress across multiple participants. Leasing Agents or Executors focus on getting deals done, while Operations team members rely on accurately profiled Leases. Accounting and Compliance benefit from accurate information, complete files, and appropriate billing.
Key Systems
The Lease Administrator works closely with the organization’s Lease or Document Management System, and typically has access to the CRM or Accounting System to verify the proper entry of relevant Lease terms. If the organization has a unified Task Management System or Shared Calendar, the Lease Administrator will access that system to set alerts for key dates. If the organization has a Compliance system or Checklist system, the Lease Administrator will engage with that for the purpose of performing audits and quality assurance.
Inputs
Incoming Leases and supporting documents are routed through the Lease Administrator, typically from Legal, Real Estate, or Leasing, as are modification or termination of Leases. Requests for activity are received via email, assigned ticket, or verbal request. Date-based alerts and recurring tasks are originated by a workflow or calendar system. The Lease Administrator may also be alerted by systems such as a CRM, ECM, or workflow engine.
Outputs
The Lease Administrator can output information directly into a Lease or Document Management System, CRM, Accounting System, or similar, or can convey an abstract or verified document to another department to be properly profiled. Audit reports and instructions to take specific actions (such as need to decide whether to exercise a lease option, or to correct an error) are circulated to appropriate coworkers. The Contract Manager can also maintain and circulate a Lease Administration Calendar, and respond directly to ad-hoc requests. Of particular importance are notifications to decision makers on a regular basis of date-sensitive items like compliance requirements or expiring options and elections. The Lease Administrator may also communicate directly with counterparties, either to request or provide information, or to make or request key elections.
Activities
- New Lease On-Boarding
- Abstracting / Profiling Leases
- Lease Clause Abstracting
- Data Entry of Lease Terms and Parties
- Quality Control
- Error / Missing Items Resolution
- Lease Audits
- Lease File Audits
- Option Exercise Management
- Critical Date Management
- Lease Compliance Management
- Review of Billing vs Lease Terms
- Lease Reporting
- Lease Administration Calendar Management
- Comparison of Leases
- Lease Off-Boarding
Recommended Items
- Standard Lease Templates
- Standard Lease File
- Sample Leases with Exceptions Noted
- Checklist for Lease Review
- Glossary of Terms
- Lease Options Definitions
Content Example
- Real Estate Leases
- Equipment Leases
- Lease Option Elections
- Referral / Commission Agreements
- Lease Reporting / Compliance Packages
Sample Event-Driven Tasks
- Coordinate Lease Execution
- On-Board New Lease
- Prepare Lease Abstract
- Profile Lease into Relevant System
- Initiate Requests for Information
- Respond to Requests for Information
- Respond to Date-Driven Alert
- Coordinate Default-Related Activities
- Calculate CAM Escalations and Other Adjustments
- Off-Board Lease
Sample Scheduled Tasks
- Prepare Lease Administration Report
- Perform Scheduled Lease Audit
- Perform Scheduled Lease File Audit
- Lease Compliance Check per Schedule
- Review Open Lease Clauses / Options
Sample Infill Tasks
- Lease Data Governance
- Spot-Check Critical Dates
- Identify Common Errors
- Review Large Leases
- Review Old Leases Contracts
- Contact Lease Originators