This is a 10-week session. REGISTER today.
Condensing essential data into an abstract can reduce conflicts
Real Estate Businesses that Don’t Utilize Lease Abstracts Miss Opportunities to Prosper
A LEASE ABSTRACT is a concise, easy-to-read summary of a lengthy lease agreement. The abstract is typically easy to review and update and includes the most important legal, financial, and business details of a lease.
LEASE ABSTRACTION is a critical business function in the real estate industry as it condenses the essential information in the lease agreement into an abstract that is helpful in the resolution of a potential conflict between involved parties. Real estate businesses that do not utilize lease abstracts tend to misinterpret the clauses, deadlines, or obligations that severely affect the business.
On the flip side, a well-documented lease abstract benefits all business partners.
How so?
Property management companies, contractors, agents, property owners, and tenants ALL save time and stay clear on their responsibilities, terms, and obligations.
Although there are many excellent software solutions to help industry professionals manage their real estate portfolio, NOTHING compares to the importance of accurately extrapolating data from a lease. And because the abstracting role is currently still a manual task, this naturally leads to the possibility of human error.
There are efforts are underway to web enable leases, thus reducing the human element component of the task. It’s important to know this information to realize success in the real estate management profession. Fortunately, a comprehensive education curriculum on this concept will be discussed in NRTA’s next CCLA Course — Lease Abstracting.
The LIVE Learning series starts October 3. The 10-week session ends December 12. REGISTER today.