Tenants receive numerous benefits by having a qualified independent third party lease audit firm perform a thorough review of their real estate lease portfolio.
The most obvious benefit in performing a real estate lease audit is the direct financial recoveries that are obtained. By reviewing a lease portfolio and the associated related charges, billing errors and savings opportunities almost certainly are identified. These billing errors are then collected from the landlord and favorably impact the tenant’s bottom line.
In addition to the historical monetary recoveries obtained by a lease audit, a tenant will also achieve substantial future financial benefits from these identified savings opportunities. We estimate that for every dollar The Symphony Group recovers, our clients save an additional three dollars over the remaining term of the lease. Although this is just an estimate based on our historical analysis, it demonstrates that the benefits of a lease audit endure well beyond the historical recoveries we obtain.
Beyond the quantifiable historical and future savings The Symphony Group generates, we also are able to provide a substantial “information exchange” for our clients. Through our experience of having audited thousands of leases, we are able to educate our clients and assist them on how to better identify and collect billing errors and other savings opportunities. This education allows our clients to identify possible overcharges before they are paid.
This proactive approach allows our clients to save significant future dollars. After the completion of a lease audit initiative, The Symphony Group will also assist our clients with recommendations for improving lease language in future leases and renewals.