A lease analyst works in property management to keep track of lease documentation, financial data generated by such leases, and to communicate with tenants about their contracts on occasion. This position is frequently created by the employer who has advertised it to help both the leasing and accounting departments of a property management company. Applicants should be prepared to perform a wide range of responsibilities. A bachelor’s degree and relevant experience in the property management industry are typically required for employment.
The hiring employer typically posts and finalizes the responsibilities for this type of job based on the company’s needs. Lease analysts can work on both commercial and residential leases. Financial record keeping, preparing and sending out invoices, and tracking document preparation through each stage of development are common responsibilities. Most companies require applicants to have a Bachelor’s Degree in a related field, so students interested in working in this field should take courses in finance, accounting, and real estate.
A lease analyst is usually in charge of processing any lease-related charges. This could include keeping track of whether or not tenants have paid their monthly rent, exterior management fees, and security deposits. As fees become due, the employee may be asked to send out bills and reminders, as well as mail out invoices once they have been paid. She can also handle any billing issues that arise between the landlord and the tenant during the term of the lease.
Depending on the complexity of the legal language both the tenant and the landlord wish to include in the document, leases can take anywhere from two weeks to six months to complete. Residential leases are typically short and follow a standard format established by the landlord. Before moving in, tenants may be required to pay a security deposit, undergo a background and credit check, and sign legal waivers. The lease analyst may act as a point of contact for the tenants, requesting signatures on documents and processing all background information requests.
A commercial property lease is typically much longer than a residential lease and does not follow a standard format. A landlord may send an initial lease draft to a tenant for approval, and the tenant may then return the documentation with a list of requested changes. Before the final document is fully signed, the negotiation process between the legal entities of both parties may require two or three drafts. The lease analyst frequently keeps a clerical track of the document throughout the negotiation process, alerting all relevant parties once it has been completed, signed, and returned to the tenant. She may also let tenants know when they are able to move into their new space and must start paying rent.
A lease analyst’s responsibilities may also include generating initial requests for the creation of new lease documents. She may also be called upon to make changes to existing documentation for tenants who are changing leases or negotiating the renewal of a contract that has already expired. Lease data is commonly used by analysts to create a variety of financial tracking reports. In general, these reports calculate current and future rents on existing properties, as well as the profit margin the landlord can expect from each signed lease.