Lease administrators generally work at a large real estate firm with a rental portfolio or even a property management company, and their job is to oversee (and keep up-to-date) all contracts pertaining to rental of the properties owned or managed by the company and ensure that any necessary documentation is communicated. They also keep track of all related payments and obligations which may be part of those contracts, such as homeowner's association dues.
Most of the lease administrator's job focuses on computation, invoicing, and ensuring that lease payments are made on-time and according to schedules. For residential properties, this can be fairly straightforward; for commercial properties, there may be contractual obligations under which part of the lease payment is based on revenues or sales.
Typically, the lease administrator is the first person to initiate action on leases which may be in arrears; he/she may be involved with the company's accounts or collection department in this regard. In some cases, the administrator may be responsible for establishing contact with the lessor to determine a means for receiving payment and establishing terms for such a plan. If further action is required, he/she may need to initiate it. Lease administrators are also responsible for notifying renters as leases near their termination and they may seek to extend the lease, establish new terms, or work out details for the separation of the contract.
Most employers prefer candidates who have at least an associate's or bachelor's degree in a business or administrative discipline. Companies with large rental property portfolios may prefer those with prior practical experience in property and lease management experience, as well. Lease administrators generally work traditional weekly business hours.
Lease Administrator Tasks
He/she is responsible for the abstraction, data input and review of commercial real estate properties and leases on both a client and project basis.
The Lease Administrator also delivers portfolio management services, including monitoring and reporting clients’ critical dates, facilitating payment of rents and other payment obligations, performing CAM audits/reconciliations.
Assists and supports in the delivery of portfolio management, lease administration and lease abstraction services.