Lease Administrator Salary & Job Requirements
A Lease Administrator provides a financial analysis for property management and lease administration by collecting data on the value of property and rental rates in the market. The Lease Administrator function is also known as Commercial Lease Administrator.
What are the duties of a Lease Administrator?•
The Lease Administrator is responsible for managing occupancy charges and keeping the lease expenses, or revenues, within the targeted rates.
• The Lease Administrator has to ensure that all lease-related transactions like property rent, property insurance and common area charges are properly recorded.
• The Lease Administrator participates in lease negotiations
• Undertake financial reviews on owned and leased properties
• Keep records of property values and rents in the market
• Provide financial analysis reports for the management
• Reconciliation of monthly payments and expenses
• Process utility bills and other regular charges
• Take care of security deposits and amounts that are due on the lease termination date
• Coordination of the insurance administration
• Preparation of correspondence between the property managers, attorneys and external companies that provide services
In addition to the above, the Lease Administrator has another important task in abstracting lease. Abstracting Lease is about taking the important information about square feet requirements, base rent and a list of documents to modify the lease terms.
A Lease Administrator usually reports to a corporate real estate department or the accounting department of a company.
What Education and Skills does a Lease Administrator need?•
An Associate’s degree
• A B.A or B.S degree in accounting or Finance
• A minimum of three years’ experience in operational expenses
• Between three and five year experience in commercial real estate
• Excellent computer skills
• Excellent analytical skills
• Strong verbal and writing skills
• Strong commercial interest
Lease Administrator Salary
The average salary of a Lease Administrator is between $50,000 and $70,000. This salary is depending on the level of experience and the value of the leases that are under your responsibility. In general most Lease Administrators will earn between $30,000 and $50,000 if they are three years on their job.
Lease Administrator Careers
The demand for talented Lease Administrators is high and recent college graduates have the best opportunities to start with corporate tenants. Lease Administrators with accounting and auditing experience could obtain for a position in an independent serving firm.
Eventually a Lease Administrator can become a Senior Lease Administrator with the responsibility to manage relationships with internal and external servicers. The top positions for Lease Administrators are to become consultants for real estate vice presidents and directors.
Lease Administrator Unions and Associations
The CoreNet and CCIM Institute organize training programs and industry conferences to improve networking and career opportunities.