What does a Lease Analyst do?
A lease analyst works in property management to track lease documentation, financial data generated by such leases, and to occasionally communicate with tenants regarding the terms of their contracts. This position is often crafted specifically by the employer who has posted it to facilitate both the leasing and accounting departments of a property management group. Individuals who apply should be prepared to perform a wide variety of duties. Qualifications for employment generally consist of a Bachelor's Degree and related experience in the property management industry.
The responsibilities for this type of job are typically posted and finalized by the hiring employer based on the needs of the company. A lease analyst may work on either commercial or residential property leases. Duties tend to include financial record keeping, preparing and sending out invoices, or tracking document preparation through each stage of development. Most companies require that applicants hold a Bachelor's Degree in a related field, and students who wish to pursue a career in this industry may find it beneficial to take courses on finance, accounting and real estate.
A lease analyst is often in charge of processing any charges associated with a lease. This can include tracking whether tenants have paid their monthly rent, exterior management fees and security deposits. The employee may be asked to send out bills and reminders as fees become due, and to mail out invoices once they have been paid. She can also handle billing disputes that may occur between landlord and tenant during the length of the contract.
Leases tend to take between two weeks and six months to generate, depending on the complexity of the legal language both the tenant and the landlord wish to place in the document. Residential property leases are generally short and adhere to one standard format developed by the landlord. Tenants may be asked to provide a security deposit, background and credit check, and to sign legal waivers before taking residence. The lease analyst may serve as the point of contact for the tenants, asking them to sign documentation and processing all requested background information.
A commercial property lease tends to be much longer than those used in the residential market, and does not follow one general format. A landlord may submit an initial lease draft to a tenant for approval, and will then receive the documentation back from the tenant with a list of requested changes. The negotiation process between the legal entities of both parties may require two and three drafts before the final document is fully signed. The lease analyst often follows the document clerically through each phase of negotiations, and alerts all appropriate parties once it has been completed, signed, and returned to the tenant. She may also notify tenants once they are able to move into their new space and are required to begin paying rent.
Other job requirements for a lease analyst may include generating initial requests for the creation of a new lease document. She may also be required to make revisions to existing documentation for tenants who are changing their leases or negotiating the renewal of an expired contract. Analysts frequently use lease data to generate a variety of financial tracking reports. These reports generally calculate current and future rents on existing properties, and the profit margin the landlord can expect to make through each signed lease.
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