Obviously that depends on a number of factors, including the number, size and complexity of the leases you
want us to review and the depth of that review. That said, with more than 100 full-time Abstract Specialists,
our turn-around time is unparalleled in the field. Our first question to the client is always, “When do you
need this work done?” We can abstract a small number of leases in less than 24 hours. We have abstracted
hundreds of leases within a few weeks and thousands of leases within a couple of months. We never accept
a project that we cannot complete within your required time frame. When we make a commitment to a deadline,
we keep it.
How do we get documents to you and how do you send them back to us?
This can be accomplished in whatever way works best for you. Documents can be uploaded to our website with a
secure user ID and password. Leases can be uploaded to LeaseProbe’s FTP server or you can send them to us on a
compact disc (CD). Of course, leases can also be sent to us the old fashioned way, as hard copies. In this case,
we scan the leases and send the data to you electronically. Should you require the hard copies back, we return
them; otherwise, they are securely shredded.
Do you have sample LeaseProbe lease abstracts available for us to see?
We have a number of different types of samples that you can review. We provide three ready-made abstract
forms: a comprehensive, standard and minimal abstract. Additionally, we have prepared abstracts specifically
formatted for Investor-Owners, Tenants, Lenders, and Property Management Companies. Alternatively, you can
create your own customized abstract. We will abstract any provisions you choose and additionally have compiled
a Checklist to help you select what you would like us to abstract.
Our pricing reflects the level of scope and detail requested, as well as the complexity of the leases,
but an average lease will cost between $250 and $400 to abstract. We have clients who ask for a one-page
abstract ($125) and we have clients who ask for a 14-page abstract ($850). Some clients prefer that we provide
them with a per-lease cost. In order to do this, we must review the documents before we can accurately quote a
fair price. Our standard hourly rate is $75, which is typically less than half the fee charged by attorneys providing
the same exact product. Even better rates may be available for large volumes of work or work that is not time
sensitive. Please note that the hours and pricing we quote include (1) organizing the lease files, (2) reading
every word of every page of the complete lease file, (3) having a second specialist review and verify every data
point on the completed abstract, and (4) uploading the lease abstract to the client. Unlike law firms, we do not
charge you for printing of the lease. We also provide fixed-cost ready-made abstract forms that can be found here.
In general, we have the capacity to be flexible and we are committed to being your best choice and lowest cost
lease abstracting provider.
Can you abstract into our proprietary format or software database? Because we are
the nation’s only focused specialists in commercial lease abstraction, we can deliver abstracts in any format
requested: the abstracting venue is irrelevant to us. LeaseProbe regularly abstracts into Microsoft Word, Excel
and Access. We also abstract into all industry-leading landlord and tenant software programs. Finally, many clients
request that we abstract directly into their own proprietary software. Our goal is to provide you with your critical
lease information in whatever format you require.
Who does your lease abstracting?
LeaseProbe has more than 100 full-time Abstract Specialists who receive a minimum of four months
of intensive commercial lease abstract training. We have four highly experienced real estate attorneys and two
expert accountants on staff who supervise and review the leases and who are always available for questions that
arise from time to time.
Does LeaseProbe perform other forms of due diligence support besides lease abstracting?
Although perhaps the most time-consuming element of the due diligence process, lease abstracting
is but one of a myriad of tasks that need to be accomplished in the process of acquiring commercial real estate.
Working seamlessly with LeaseProbe is our sister company Real Diligence, LLC. Together, the two companies handle
the entire financial due diligence process from beginning to end. Real Diligence scrutinizes the financial records
of any real estate, requesting and gathering all documentation and then pouring over all documents received in order
to provide accurate, reliable and timely analyses of past performance, growth potential and possible trouble spots.
LeaseProbe performs a thorough review of lease documentation, reading and analyzing all lease documents, aggregating all
relevant information and creating a master summary with referenced section headings. This unique partnership gathers
under one roof all of the components required to accomplish a full financial due diligence review.
Yes, we do Argus modeling. While we have developed and utilize our own proprietary
tool for cash flow modeling, Argus modeling remains the industry standard tool for cash flow projections for commercial
real estate. So, when a client requests an Argus run, we certainly provide it.
Every sector in the commercial real estate industry requires lease abstraction services.
LeaseProbe works with some of the largest REITS, private real estate companies, national retailers, lenders,
accounting and law firms in the country. Typically, LeaseProbe abstracts leases for Investor-Owners, Tenants,
Lenders, Property Management companies as well as attorneys and accountants. Investor-Owners utilize our
services immediately prior to an acquisition and also to organize their current holdings. We have also done
significant work for large tenant holders looking for a better handle on their lease information or for assistance
in their conversion to new lease tracking software. Lenders turn to us to assist them in the underwriting process
and in the review of key legal and financial terms. Attorneys and accountants leverage our lease expertise and
fast turn-around time by outsourcing their lease review work to us. We are happy to offer references if desired.
How can we trust your accuracy?
Accuracy of information is what we do and we do it well. LeaseProbe has two
separate and distinct departments. Upon arrival, leases are reviewed by the Abstracting Department. Each word of the
lease is read and summarized according to the client’s required scope. Upon completion, the abstract is then reviewed
against the lease by our Proofing Department. This ensures at least two sets of eyes reviews each abstract. A third
level of review occurs on a random basis to spot-check the Proofing Department. Additionally, for your protection,
LeaseProbe also carries Errors and Omissions Insurance.
How do you compare with other lease abstracting companies?
When it comes to lease abstracting, LeaseProbe is in
a class of its own. LeaseProbe is specifically dedicated to lease abstracting and lease-related services for commercial
real estate. Other companies handle lease abstracting as just one ancillary service among many others. Our Abstract
Specialists are all highly trained, native English speakers who understand the nuances and challenges of American commercial
real estate. Motivated and proactive in their work, they read leases closely, then thoughtfully analyze and summarize
the findings. Other companies only expect their workers to perform cut-and-paste jobs. Our Abstract Specialists benefit from
on-going training in the latest developments in the U.S. real estate market. Other companies make little attempt to upgrade
their work force. When you turn to LeaseProbe, you draw upon the support and expertise of dedicated lease abstracting
professionals. We take the time to discuss and understand your unique needs and requirements. You then receive the highest
quality lease abstracts. And this, in turn, is the best way to ensure you make profitable decisions. LeaseProbe also benefits
from having a very stable workforce. Since 2004, we have had the same team of lease abstracting professionals, boasting a
retention rate of 98%.
What is the relationship between LeaseProbe and Real Diligence?
Recognizing that real estate acquisitions and portfolio management require careful lease analysis
integrated into a financial due diligence service, LeaseProbe joined forces with Real Diligence, LLC, a highly respected
financial due diligence "boutique firm." This unique partnership gathers under one roof the various components required to
accomplish a full financial due diligence review, with each company bringing its own high level of expertise to the table.
Offering a wide array of financial due diligence services resulting in a turnkey solution for commercial real estate owners and investors, Real Diligence scrutinizes the financial records of any real estate for internal audit or possible acquisition. In this process, Real Diligence takes charge in requesting and gathering all documentation and then we pour over all documents received in order to provide accurate, reliable and timely analyses of past performance, growth potential and possible trouble spots. Upon completion, Real Diligence then compares its findings to the numbers presented prior to its analysis and compiles the results in an easy-to-read Executive Summary with all necessary backup documentation.
When working separately, each company offers its own highly targeted services for the real estate industry. When working in tandem, the two companies offer turnkey solutions to the unique business needs of the commercial real estate community.
Offering a wide array of financial due diligence services resulting in a turnkey solution for commercial real estate owners and investors, Real Diligence scrutinizes the financial records of any real estate for internal audit or possible acquisition. In this process, Real Diligence takes charge in requesting and gathering all documentation and then we pour over all documents received in order to provide accurate, reliable and timely analyses of past performance, growth potential and possible trouble spots. Upon completion, Real Diligence then compares its findings to the numbers presented prior to its analysis and compiles the results in an easy-to-read Executive Summary with all necessary backup documentation.
When working separately, each company offers its own highly targeted services for the real estate industry. When working in tandem, the two companies offer turnkey solutions to the unique business needs of the commercial real estate community.
How do you handle confidentiality of information?
LeaseProbe, LLC understands that the information provided by clients is highly sensitive, and therefore we go to
great lengths to protect the confidentiality of that information. To read the details of our Confidentiality of Information Policy,
please click here.
Does LeaseProbe have E&O insurance coverage?
Yes. Even though it has never been used, LeaseProbe has $2 million of coverage per occurrence.
Do you handle document organization prior to Lease Abstracting?
Yes, we provide document organization support. If your lease documents are in disarray or if you have a voluminous amount of
paperwork that is not properly organized, we are able to provide an organizational structure and arrange all of your lease files
in preparation for Lease Abstracting.
