Lease administrators manage a large portfolio of leases and their related contracts. In addition to tracking financial transactions, they need to be a jack of all trades, acting as a liaison between various departments, executives, landlords, and vendors. In this blog, we look at the 5 skills that every great lease administrator possesses.
1. Lease Interpretation
Many leases include pages of legal jargon that seem designed to make your head spin. The ability to read and accurately interpret the legal language in each of your leases is crucial for compliance. Even things as seemingly minute as punctuation can affect interpretation.
Managing a host of individualized lease agreements across multiple locations requires exceptional organizational skills. Processing new leases take time. Organizing lease data so that it can be easily located without having to go back and review the lease is vital. A centralized system that keeps you informed of critical dates will prevent penalties and unnecessary escalations.
While lease administrators aren’t accountants, a thorough understanding of lease accounting is increasingly necessary. Lease administrators play a key role in conforming with FASB standards. Accounting and finance rely on lease administrators to supply accurate and relevant data.
Succinctly communicating information to various departments within your organization is an important part of efficient lease management. Reviewing estoppels and coordinating letters of intent with your legal department are common occurrences and lease administrators certainly have a role to play in audits and reconciliations.
5. Industry Knowledge
When it comes to lease management, every industry has different terms and asset types. If you’re in telecommunications, you deal with everything from spectrum leases and cellular towers to fiber leases and circuit contracts. Brick and mortar assets on the other hand may require you to know the difference between patching a parking lot and a full resurfacing. A comprehensive understanding of your industry-specific assets, terms, and regulations are essential to successful lease management