It’s troubling to see how many people use Excel to track their tenant lease data. While it’s possible to use this tool to keep track of just a couple of key dates and terms, it’s not the best solution for monitoring the expenses of your company.
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Hughes Marino Track Details
Using Excel, you can create a list of the key dates and terms of each lease. You might also include the rent schedule and the security deposit, but these are only a couple of columns. You’ll most likely be missing important details, and the lease is over 84 pages long.
According to Hughes Marino firm´s team members, the only way to keep track of all of your lease’s details is to update it regularly.
Unfortunately, most executives are not able to thoroughly research their leases to ensure that they’re getting the correct charges. Instead, at Hughes Marino they rely on the property manager’s invoice to keep track of their expenses.
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Keep Track of Multiple Properties
Hughes Marino also advises on it. At the representation firm, they state that you need to keep track of the relevant terms and conditions of your lease to give your landlord some context when it comes to making a bill. Even though the lease may be over 84 pages long, it’s important to remember the details to make an informed decision.
If you receive a tax notice, you also need to remember the terms and conditions of the lease in section 28. Hughes Marino explains that this is because, over the lease’s term, you’ll likely have to retrieve the lease multiple times to try and determine if the landlord got the right language. This could lead to costly errors and overcharges.