AUTHOR: Nikki Keeley
DATE: October 30, 2019
Thinking of Leasing Retail Premises in a New Country? 5 Reasons to Choose Multilingual Lease Abstraction
As more and more successful retailers with an established national market share look to expand to premises in new countries, Lease Abstraction is rapidly becoming an essential support service for the global corporate real estate sector. Yet many retail property portfolio managers are either unaware of its existence or uncertain of its benefits. Guildhawk, as always, are on hand to advise!
In a nutshell, Guildhawk’s Multilingual Lease Abstraction service involves analysing a foreign language commercial property lease and presenting the relevant points in English (or any language of the client’s choosing), in situations where a full translation is surplus to requirements. Our experienced team are skilled in both the legal and the linguistic, so we can cut through the small print and provide a fine-tuned summary of the terms and conditions relating to that particular lease.
You can read more about our Lease Abstraction experience here.
In the meantime, here are our top 5 reasons for choosing Lease Abstraction for your current and future international retail property transactions.
1. English translation is not as simple as it seems
Chances are your company already employs multilingual staff in other capacities. It might seem logical, therefore, to rely on fluent speakers of the contract language to provide an in-house English translation. But it’s not quite as simple as it seems. Expert knowledge of legal terminology is vital to the successful outcome of any contract negotiation, and this can differ quite significantly between different forms of English – most obviously between UK English and US English. Getting it wrong can be costly, time-consuming and, at worst, potentially litigious. At Guildhawk we have linguists based in each country for which we are abstracting, ensuring that domestic usage is meticulously, accurately and consistently represented in all our delivered content.
2. Every industry has different needs
Just as legal terminology differs within and across languages, so do real estate requirements vary widely from industry to industry. For manufacturers, size may be more important than location; for logistics companies, the priority may be ease of access; for the creative sector, office design will often be a deciding factor; for service industries, functionality is crucial… the list goes on. Guildhawk recognised this from the start, which is why we go to great lengths to employ project managers and linguists with specific industry experience. We can either work to a client’s template, or help them create one, which itemises the contractual terms that are essential, desirable, or optional for them, and extract this precise information from the lease accordingly. This has the added advantage of allowing clients to compare a range of leases to find the deals that most closely match their unique requirements.
3. One-size-fits-all is a myth
It is often assumed by those unfamiliar with the dynamic world of professional language services that all it takes is a computer program and a basic level of competence to render the most complex of texts as a perfect version in another language. This is, of course, very far from the truth – as anyone who has ever tried to follow the instructions on the latest hi-tech gadget will know only too well. Certainly, there are occasions when a quick automated translation is a useful short cut to get the gist of, for example, a simple email enquiry or a brief news item. But when it comes to serious material – legal documents in particular – there are simply too many risks involved in relying on generic technology. At Guildhawk we will guide you through every stage of the process and provide exactly the amount of input you request, depending on need. Our bespoke Lease Abstraction service is cost-effective, efficient and user-friendly – but that’s where the similarity with automated programs ends.
4. The stress-free solution to secure data management
Many of our clients lease retail premises all over the world, yet lack a centralised system for data management. Important documents may be scanned or photocopied, increasing the chances of loss or damage and preventing the application of advanced technology for retrieval and storage. Lease Abstraction provides the context for a company to create a unified system for its entire property portfolio, bringing every aspect of lease management under central control. Guildhawk also guarantees maximum security and confidentiality thanks to our in-house tailored data management systems, so clients can place their complete trust in our team to deliver a smooth, stress-free, future-proof solution.
5. A global portfolio prospers with multilingual support
Language skills are a vital component of successful lease management on a global scale. No matter that the corporate real estate team is highly proficient in the legal aspects of lease management – negotiating multiple leases in many different languages calls for an exceptionally high level of linguistic expertise that most companies will not find in-house. Lease Abstraction enables a company to create a practical framework in the form of a template into which similar information can be abstracted from each lease and presented in the same chosen language, making it easy to compare contract terms and cross-reference data. Guildhawk’s multilingual specialists are hand-picked for their ability to work across languages, often spanning less common language combinations, and their mastery of specialist vocabulary. This service adds a valuable extra dimension to a company’s global property management operation.