Hughes Marino buyer and tenant representation firm is a global company offering various advisory services and solutions to other businesses. One of these key services relates to lease administration, and the company helps businesses overcome challenges they face when managing and monitoring their lease(s). For instance, let’s look at how relying solely on Microsoft Excel.

 

This, to maintain lease information comes with numerous limitations. Excel can capture only a few details in the lease records, such as the document’s key dates and basic terms. This leaves so much information that must be recorded and tracked for proper lease auditing. Secondly, Hughes Marino states that excel is a passive data storage system and requires you to open a file to make necessary updates, making it hard to identify and correct errors on time. In addition, with excel, you cannot track the numerous details in a lengthy lease across several properties.

 

Considering the issues that Excel can cause in lease accounting, businesses need a viable solution for tracking lease information. One option is to rely on an in-house employee who knows the lease(s) inside and out to check and correct any errors. Hughes Marino states that if you don’t have an in-house employee, you can consider hiring one as an additional expense in your payroll. 

 

The other option involves outsourcing lease administration services from a company with a qualified, experienced team. The rep firm´s Portfolio Lease Administration & Advisory services allow our customers to enjoy various services. Our team at Hughes Marino will ensure your lease(s) are easily accessible in a searchable system. Secondly, we secure the lease by uploading it to a secured cloud. Moreover, our professionals develop keywords that make it easy and efficient to retrieve information from leases. 

At Hughes Marino, we also efficiently store all key reminders relating to penalties, dates, and critical terms and conditions. With expert advisors, entrusting the lease administration role to a team of professionals will give you peace of mind knowing that expertise is being applied to monitor and manage your leases.