How Omega Fitness Abstracted 74 Leases For Free, using Cakebot
Omega Fitness, a thriving Anytime Fitness franchisee, encountered challenges managing leases across 74 locations following a company acquistion. Bob Folsom, overseeing Real Estate and lease management, grappled with manual consolidation, scattered documentation, and the absence of a centralized database. This case study explores how Omega Fitness addressed these issues with Leasecake’s free AI abstraction tool, Cakebot.
After an acquistion, Omega Fitness faced complexities in consolidating real estate records and leases across 74 locations. The absence of a centralized database made tracking leases, especially with the expanded reach, an overwhelming task. Over half of the leases lacked organized documentation, stored inconsistently on Google Drive or as scattered scanned PDFs. Extracting critical lease information became intricate due to diverse lease structures and varying documentation levels.
Omega Fitness is the second largest Anytime Fitness platform in the U.S. with nearly 70 gyms in the United States.
With nearly 70 gyms across Wisconsin, California, and Florida, Omega is operated by proven leaders in the Anytime Fitness franchisee space, and was recently acquired by Rainer Partners.
Units and Growing
Unit Growth Goal in 2024
Avg Abstraction Time
To Learn Cakebot
The urgency to consolidate and manage leases became apparent as Omega Fitness aimed to close 50 new deals within the year. Additionally, there was a pressing need to get organized and start on the right foot after the company M&A. The lack of a centralized system hindered collaboration and decision-making, impacting the business’s overall growth strategy. Upon comparing available technologies, Bob found Leascake’s Lease Management platform to be the only consolidated, affordable solution designed specifically for service-retail and franchise operators to tackle a situation like this.
Omega Fitness solved its challenges by utilizing Leasecake’s Cakebot – a free, user-friendly AI abstraction tool, included in their Lease Management platform. Cakebot simplified the abstraction process, enabling Omega Fitness to abstract, load leases, and centralize their database faster and more cost-effectively than other options. The tool’s efficiency in extracting lease details, including commencement dates and key terms, was noteworthy.
Cakebot’s capability to read scanned PDFs and other spreadsheets allowed it to gather essential information for Bob and his team. This included property addresses, landlord contact information, CAM responsibilities, and much more. Cakebot presented this information, enabling Bob to effortlessly input each location into Leasecake with all the relevant details. Consequently, the entire team could use Leasecake to easily search, verify, and interpret lease information across their entire portfolio.
"We were ambitious in trying to get this project done in a few weeks. We were actually able to pull it off in a few days instead, using Cakebot."
Implementation and Results
Bob Folsom, with a decade of lease management experience, faced challenges due to the lack of historical knowledge about the 74 locations. Cakebot, an innovative solution, streamlined the extraction process, saving substantial time and effort. The tool’s search function facilitated swift identification of key terms, enabling Bob to navigate through leases seamlessly.
The standout achievement was the extraction of 74 leases in days, surpassing initial estimates of weeks and avoiding significant outsourcing fees. Bob’s commitment, coupled with Cakebot’s intuitive functionality, accomplished the task in a week and a half, which initially seemed like a four-week endeavor.
“Once I got the hang of Cakebot, I could abstract leases with the needed information in under 5 minutes. It’s a very swift tool.”
Cakebot’s expertise facilitated easy navigation through lengthy leases, making it accessible even for individuals without an extensive real estate background.
As Omega Fitness continues its growth, Leasecake’s role extends beyond abstraction. It aids in tracking historical data, improving lease accessibility, and facilitating informed negotiations during renewals.
Leasecake + Cakebot enabled Omega Fitness to overcome the challenges of implementing and rolling out a new lease management process, saving time and resources. Leasecake’s easy to use platform and great customer service set the foundation for an organized, collaborative, and strategic approach to lease management, aligning with Omega Fitness’s ambitious growth plans.