You decide what data is important for your organization, then customize Realogic Abstract to standardize the way in which this data is captured.
For leases, determine the clauses and provisions to be abstracted and establish custom Clause Lists to standardize the abstracting process throughout your organization. Any clause or provision that you feel is important can be included in the Clause List, and must be addressed by your abstract team for all leases within a building.
Also, many of the drop downs in Realogic Abstract may be customized for the needs of your organization.
Finally, create a different Form Template to define the information you would like to capture for each type of non-lease document to be abstracted (i.e., mortgages, partnership agreements, service contracts, appraisals, etc.). Then use the template as a starting point in the abstracting process, insuring that the same information is captured for each document type.
Realogic Abstract is entirely web-based, delivered as a “SaaS” (Software as a Service) application. Rather than purchasing the software and loading on to your network or individual machines, you subscribe to the software for a fee and access the application via a secure log-in and password from a web browser. Advantages of SaaS delivery include:
- Lower Total Cost of Ownership: There is no additional software or hardware investment required on your part. Realogic manages all software and hardware from a secure, SAS 70 compliant co-location site. All that you need is a high-speed internet connection.
- No Maintenance Fees: Your subscription fee is inclusive of maintenance. You are always running the latest version of the software with nothing to install on your end.
- Anytime/Anywhere Access: You do not need to be sitting at your desk at work to access Realogic Abstract. As long as you have access to a computer with an internet connection, the ability to abstract and/or report on your data is at your fingertips.
- One Database: Because all data is stored in a single database regardless of the location of the user, abstracting for a project can be performed from multiple locations.
Originally designed to meet the needs of the lease abstractor and administrator, Realogic Abstract now accommodates the abstraction of data from all documents related to commercial real estate assets.
Lease data captured via a comprehensive yet easy-to-use interface facilitates the slicing and dicing of financial and non-financial lease data in a manner unlike any other software system available on the market.
Through the use of “Forms”, non-lease documents (including, but not limited to, mortgages, partnership agreements, management and leasing agreements, reciprocal easement agreements and service contracts) may be abstracted and reported upon for due diligence and ongoing administration. Lenders can facilitate the loan underwriting process by abstracting appraisals, environmental/engineering and other reports and then using the built-in export feature to create an Excel based “data tape”.
Unlike Excel or Word, where significant cutting and pasting or re-keying of data is required to generate reports other than the abstract, enter lease and non-lease document data once into Realogic Abstract and avail yourself to the numerous reports that are dependent upon such data. Rent Roll, Expiration, Occupancy, Critical Date and Option/Clause Detail Reports, among others, are available with a few clicks of the mouse.
Never lease encumbered space again! Floor-by-floor details of encumbrances are available via the Encumbered Space Report.
Need to see your exposure to termination options, co-tenancy or other options? View the Option and Clause Detail reports that let you select an option or clause and see the lease terms for all leases in your building.
Need to drill down into a clause to see which tenants have caps on recoveries? Or how many days the tenant has to respond to an estoppel request? Run the Lease Provision report.
How about color-coded lease expirations on a floor-by-floor basis? Color stacking plans are also available.
If that isn’t enough, all reports may be exported to Excel, Acrobat PDF, XML, CSV, TIFF or Web Archive.
One of the biggest challenges facing an organization is the management of numerous “action” dates outlined in lease and other documents. Failing to have a tenant renew a letter of credit upon expiration or missing an option notification date can result in devastating monetary consequences.
Realogic Abstract removes this challenge by proactively e-mailing upcoming critical lease dates to those inside or outside of an organization that need to know. While also available via the Critical Date Report and the Realogic Abstract dashboard, proactive e-mailing of critical dates on a scheduled, recurring basis makes users accountable for such dates without having to log into the program.
Do you have to search through file cabinets to find your documents? Have your documents been scanned but the images are sitting on your internal network? Upload your scanned document images directly into Realogic Abstract to make them available for access and viewing anytime and anywhere you have access to the Internet.
Make data entry easier, faster and more accurate with the use of templates, wizards and snippets.
- Create ‘Template Leases’ containing the language in your standard lease form as the starting point for abstracting. Create ‘Form Templates’ to standardize the abstracting of non-lease documents. Use Realogic Abstract’s copy functionality to duplicate entire projects, buildings, leases or forms or to copy recovery, option or clause data within a lease record.
- Built-in wizards expedite the process of entering repetitive data, such as floor records within a building or recurring charge records within a lease that have the same dollar per square foot or percentage increases.
- Eliminate typing of standard lease language via the insertion of a small piece of reusable text.
- Calculate notification, effective or other key dates when a specified date is not provided within the documentation.
“Abstract Status” categories built into Realogic Abstract let you know if an abstract is complete, in process, pending review or not started. The Abstract Status Report then provides statistics regarding where you stand in the abstracting process for a particular building at any point in time.
The “Document Inventory Status” allows you to track which of your documents are missing, missing pages or exhibits, or are unexecuted.
With web-based applications, security is always an issue, especially when sensitive lease data is involved. We have taken painstaking measures to insure that your data is secure from the outside and from within.
Realogic Abstract is hosted at a third-party co-location site whose business revolves around providing the highest levels of security for hosted applications and data. The services and data center facilities of our co-location provider are SAS-70 compliant.
Data transmission is also protected via secure socket layer (SSL) encryption.
Finally, role based security can be used to limit the screens, reports and projects to which a user has access. Define the roles that work for your organization, and apply these roles to users to insure that no user can inappropriately view or edit data.