6 Essential Questions to Ask Your Lease Abstraction and Administration Vendor Before Partnering
Effective lease abstraction and administration are essential for businesses managing large and complex lease portfolios. From ensuring compliance with financial regulations to handling intricate stakeholder collaborations, the right vendor can significantly enhance efficiency and scalability.
However, selecting the right vendor requires more than a superficial review. It demands a deep understanding of their capabilities, processes, and fit for your business needs.
At Springbord, we provide customized lease management solutions that make it easier for businesses to handle these challenges. In this blog, we’ll discuss six key questions to ask potential vendors to ensure you find the right partner for your lease management needs.
1. Who Handles the Work, and Where Is It Performed?
It is essential to know how a vendor handles their work and whether it’s done in-house or outsourced. Many vendors rely on subcontractors, which can create risks. For example, data security has become a concern since 63% of data breaches come from third-party vulnerabilities. Outsourcing can also lead to delays and a lack of accountability, affecting project deadlines and quality.
Vendors with in-house teams are more reliable. They have direct control over the work, ensuring better quality and faster delivery. They’re also more likely to follow important rules, like ASC 842 and IFRS 16, which help businesses avoid legal and financial issues.
When choosing a vendor, ask about their processes, security measures, and confidentiality practices. At Springbord, we handle everything in-house to deliver secure, accurate, and timely lease management solutions.
2. What Is the Team’s Capacity to Scale and Deliver Quality?
Scalability is crucial in lease management, especially during significant changes like mergers, acquisitions, or portfolio growth. A report by Deloitte found that more than 50% of companies struggle to scale their lease management processes during such periods. This makes it essential to work with a vendor who can handle increased workloads without losing quality or accuracy.
The ability of a vendor to deliver is mainly dependent on the size and experience of their team. A skilled team ensures tasks are done accurately, even under tight deadlines, while a larger team can take on more work when needed. Without these capabilities, delays and errors can quickly become costly.
When choosing a vendor, ask how big their team is and what kind of experience they have. Check if they’ve successfully managed large projects during busy periods. Springbord’s expert teams deliver scalable, accurate, and timely lease management solutions.
3. How Will You Align with Our Internal Teams and Processes?
Managing leases effectively requires vendors to work closely with your internal teams, such as legal, accounting, and operations. Poor collaboration can lead to delays and mistakes.
Good collaboration ensures smoother processes and more accurate handling of lease data. Vendors who communicate well with your team can quickly resolve issues like payment discrepancies and ensure compliance with rules and regulations. Tools like shared dashboards or communication platforms can make the process even more efficient.
When choosing a vendor, ask if they’ll work directly with your stakeholders and what tools they’ll use to stay connected. Springbord specializes in seamlessly working with client teams, ensuring smooth workflows and efficient lease management.
4. What proof can you provide of your track record in our industry?
When choosing a lease management vendor, ensuring they have experience in your industry is essential. Different sectors, like telecom and retail, have unique challenges and regulations. A vendor familiar with these specifics can more effectively handle your needs.
Ask the vendor for references, testimonials, and business case studies like yours. To be sure of their claims, contact past clients to hear about their experience and check reviews or independent feedback for more details.
Find out if the vendor can provide case studies showing how they’ve successfully handled similar projects and ensured ongoing client satisfaction. Springbord’s industry-specific case studies and feedback highlight our proven ability to deliver reliable results.
5. What Client Support Systems Do You Have in Place?
Good client support is essential for smooth lease management. Quick responses to issues or questions can prevent delays, while having a dedicated point of contact, like a project manager, ensures precise and consistent communication. A Zendesk report shows that 76% of customers value fast problem-solving as the most essential part of customer service, making vendor responsiveness critical.
Businesses can experience miscommunication, missed deadlines, and unnecessary frustration without proper support. For global companies, support across different time zones is especially important. A well-structured process for handling problems ensures that issues are resolved quickly and efficiently.
When choosing a vendor, ask about their support hours and whether they offer a dedicated project manager for your account. Springbord offers 24/7 support and assigns a single point of contact, ensuring quick responses and seamless communication throughout your project.
6. How Do You Customize Your Services to Meet Our Needs?
Lease management isn’t one size fits all. Different industries, like real estate and telecom, have unique needs. For example, real estate businesses might need detailed reports for audits, while telecom companies must follow FCC rules. A good vendor should be able to adjust their services to match your industry’s specific requirements.
Customization improves accuracy and saves time. For example, integrating a vendor’s system with your internal tools can speed up workflows and reduce errors. Customized reports can also make audits more manageable and ensure compliance with regulations, cutting down on manual work.
When choosing a vendor, ask if they can tailor their services to meet your industry’s needs and ensure their tools work with your systems. At Springbord, we offer customized lease management solutions that fit your business perfectly, helping you streamline operations and achieve your goals efficiently.
Conclusion
Choosing the right lease management vendor is key to keeping your operations smooth, accurate, and compliant. These questions will help you find a reliable partner who understands your needs and helps you achieve your goals.
Make lease management easier with Springbord’s tailored solutions and expert team. From handling compliance to scaling your operations, we’re here to support you every step of the way. Contact us today to see how we can improve your lease management!