Category: Lease abstraction

Leveraging AI in Lease Abstraction: Enhancing Efficiency While Valuing Human Expertise

 

Lease abstraction stands as a foundational pillar for lease portfolio estate management. Lease abstraction involves distilling complex lease agreements into manageable and actionable data points, essential for strategic decision-making and compliance. Traditionally, this task has been arduous and time-consuming, often requiring manual extraction and interpretation of pertinent information from lengthy lease documents.

However, with the advent of Artificial Intelligence (AI), the landscape of lease abstraction is rapidly evolving. AI technologies such as Natural Language Processing (NLP) and Machine Learning (ML) are revolutionizing how lease data is extracted, analyzed, and utilized. This paradigm shift not only enhances efficiency but also underscores the continued importance of human expertise in interpreting nuanced lease terms and conditions.

Understanding AI in Lease Abstraction:

AI technologies, particularly NLP and ML, are at the forefront of transforming lease abstraction. NLP is a branch of AI concerned with the interaction between computers and human language. It enables machines to understand, interpret, and generate human language in a manner that is both meaningful and contextually relevant. In the context of lease abstraction, NLP algorithms analyze lease documents, parsing through vast amounts of text to identify and extract key information such as lease terms, rental obligations, and renewal options. By leveraging NLP,  lease abstraction and administration teams can automate the process of extracting critical data from leases, significantly reducing the time and effort required for abstraction.

ML algorithms, on the other hand, learn from data inputs, continuously improving their ability to identify relevant lease terms and clauses over time. Machine Learning, a subset of AI, empowers computers to learn from data inputs and make predictions or decisions without being explicitly programmed. In lease abstraction, ML algorithms play a pivotal role in enhancing accuracy and efficiency. These algorithms analyze patterns and relationships within lease documents, continuously improving their ability to identify relevant clauses and extract key information over time. As ML algorithms are exposed to more data, they become increasingly adept at discerning nuances and complexities within lease agreements, resulting in higher accuracy rates and fewer errors.

In practical terms, AI can swiftly sift through voluminous lease documents, identifying critical data points such as lease commencement dates, rent escalations, renewal options, and lease obligations. This automation significantly accelerates the abstraction process, saving valuable time and resources for real estate professionals.

The Synergy of NLP and ML in Lease Abstraction:

When combined, NLP and ML technologies create a powerful synergy that revolutionizes the lease abstraction process. NLP algorithms parse through lease documents, converting unstructured text into structured data, while ML algorithms analyze this data to identify patterns and extract key information. This seamless integration enables real estate professionals to rapidly and accurately abstract lease agreements, unlocking valuable insights that drive strategic decision-making and compliance.

Examples of AI in Action in Lease Abstraction:

Consider a scenario where there’s a large portfolio of  diverse commercial leases. With AI-powered abstraction tools, crucial information can be swiftly extracted  from lease agreements, enabling the concerned parties to proactively manage lease expirations, anticipate rental increases, and mitigate compliance risks.

Benefits of AI-based Lease Abstraction

1. Accelerated Processing Speed:

AI-powered lease abstraction tools have the remarkable ability to process vast quantities of lease documents in record time. Unlike manual abstraction methods, which can be laborious and time-consuming, AI algorithms can swiftly extract key information such as lease terms, renewal options, and rent escalations with unparalleled speed. This acceleration in processing time not only enhances operational efficiency but also enables real estate professionals to respond swiftly to changing market conditions and tenant needs.

2. Enhanced Accuracy and Data Quality:

Manual abstraction processes are inherently prone to errors and inconsistencies, which can have significant ramifications for decision-making and compliance. In contrast, AI-driven abstraction ensures a higher level of accuracy and data quality by leveraging advanced algorithms and machine learning techniques. By continuously refining their understanding of lease documents, AI systems minimize errors and discrepancies, thereby instilling confidence in the reliability of the extracted data.

3. Scalability and Flexibility:

As real estate portfolios expand and evolve, the scalability of lease abstraction processes becomes paramount. AI-powered abstraction offers unparalleled scalability, allowing real estate firms to efficiently manage growing portfolios without compromising accuracy or efficiency. Whether dealing with a handful of leases or a vast portfolio of properties, AI-driven solutions can adapt to the scale and complexity of the task at hand, ensuring seamless data management and analysis.

4. Cost-Efficiency:

In an industry where operational costs can quickly accumulate, AI-driven lease abstraction presents a cost-effective alternative to traditional manual methods. By automating repetitive and time-consuming tasks, such as data extraction and organization, AI systems reduce reliance on manual labor, resulting in significant cost savings over time. Moreover, the efficiency gains achieved through AI-driven abstraction enable real estate professionals to allocate resources more strategically, maximizing the return on investment for their organizations.

5. Empowering Data-Driven Decision-Making:

At the heart of AI-driven lease abstraction lies the ability to transform raw lease data into actionable insights that drive strategic decision-making. By consolidating and analyzing lease information in a centralized platform, real estate professionals gain unprecedented visibility into their portfolios, enabling them to identify trends, mitigate risks, and capitalize on opportunities. Armed with comprehensive and accurate data, decision-makers can make informed choices that optimize portfolio performance and drive sustainable growth.

Moreover, AI-driven abstraction facilitates seamless integration with existing real estate management systems, ensuring a cohesive and data-driven approach to lease portfolio management. By automating mundane tasks, real estate professionals can focus their energies on strategic initiatives and value-added activities, thereby maximizing operational efficiency and profitability. . From accelerating processing speed and enhancing data accuracy to enabling scalability and empowering data-driven decision-making, AI-powered solutions are reshaping how lease data is managed and utilized in the industry. 

The Invaluable Role of Human Expertise:

However, it’s essential to recognize that while AI enhances efficiency, human expertise remains invaluable in interpreting nuanced lease terms and navigating complex contractual agreements. Therefore, successful lease abstraction strategies strike a delicate balance between leveraging AI-driven automation and harnessing human insight and expertise. Lease Analysts  possess a deep understanding of industry-specific nuances, legal frameworks, and market dynamics that AI algorithms may struggle to comprehend fully. Interpretation of complex lease terms, negotiation of agreements, and strategic decision-making require the nuanced judgment and experience that only human experts can provide. Moreover, human intervention is essential in resolving ambiguities and addressing unforeseen circumstances that may arise during the abstraction process.

Striking the Delicate Balance:

Successful lease abstraction strategies strike a delicate balance between leveraging AI-driven automation and harnessing human insight and expertise. While AI enhances efficiency by automating repetitive tasks and accelerating data extraction, human experts provide the critical oversight and judgment necessary to ensure accuracy and compliance. By integrating AI technologies into abstraction workflows, real estate professionals can amplify their capabilities, leveraging AI’s speed and scalability to enhance productivity and mitigate risks.

The Synergy of AI and Human Expertise:

The synergy between AI-based lease abstraction and human expertise is where the true power of lease abstraction lies. By combining the efficiency of AI-driven automation with the nuanced judgment of human experts, real estate professionals can unlock new possibilities and drive operational excellence. AI technologies augment human capabilities, empowering lease abstraction and administration professionals to focus their energies on strategic initiatives and value-added activities while AI handles routine abstraction tasks. 

Simplify and Thrive: The Strategic Advantages of Outsourcing Lease Abstraction

 

Navigating through the complexities of lease agreements is essential for ensuring efficient operations and maximizing returns on investment. One crucial aspect of this process is lease abstraction – the systematic extraction of key information from lease documents. In this blog, we delve into the significance of lease abstraction and explore the advantages of outsourcing this critical task.

At its core, lease abstraction involves extracting vital information from lease agreements into a concise and structured format. This information typically includes key dates, financial obligations, terms, and conditions. By abstracting lease data, real estate professionals can gain quick access to crucial information without sifting through lengthy documents, thereby streamlining various aspects of property management.

Importance of Lease Abstraction in Real Estate Management

Lease abstraction plays a pivotal role in enhancing efficiency, mitigating risks, and facilitating informed decision-making in real estate management.

Firstly, by abstracting lease data, tenants and landlords can efficiently access essential information, enabling them to respond promptly to inquiries, monitor lease expirations, and track financial obligations. This streamlined approach saves valuable time and resources, leading to improved operational efficiency.

Secondly, lease abstraction aids in risk management by identifying potential liabilities and obligations outlined in lease agreements. By having a clear understanding of contractual terms, real estate professionals can proactively address compliance issues, anticipate financial obligations, and mitigate legal risks.

Furthermore, lease abstraction empowers decision-makers with comprehensive insights into lease agreements, enabling them to make informed choices regarding property management strategies, lease negotiations, and investment opportunities. This informed decision-making process is crucial for maximizing the value of real estate assets and optimizing lease portfolio performance.

Outsourcing Lease Abstraction

Given the intricate nature of lease abstraction, many real estate management firms opt to outsource this task to specialized service providers. Outsourcing lease abstraction involves delegating abstraction activities to third-party experts who possess the requisite skills and resources to efficiently abstract lease data.

Outsourcing lease abstraction offers several benefits to real estate management firms. Firstly, it provides access to specialized expertise in lease abstraction, ensuring accurate and reliable abstraction results. Additionally, outsourcing allows firms to reduce operational costs associated with in-house abstraction efforts, as outsourcing partners often offer cost-effective solutions tailored to specific requirements. Moreover, outsourcing enables scalability, allowing firms to adjust abstraction efforts according to workload fluctuations and business needs. By outsourcing lease abstraction, real estate management firms can focus their resources on core business functions while leveraging the expertise of external partners to streamline lease management processes.

Strategic Advantages of Outsourcing Lease Abstraction

Cost Efficiency

Outsourcing lease abstraction delivers significant advantages in two key areas. Firstly, it slashes overhead costs by eliminating the necessity of hiring and training in-house staff, thereby curtailing expenses related to recruitment, salaries, and benefits. Secondly, outsourcing offers scalability benefits, enabling organizations to adjust resources according to their workload demands, without the obligations of maintaining a full-time workforce.

Access to Expertise

Outsourcing lease abstraction presents distinct advantages rooted in specialized skill sets and industry knowledge. Partnering with outsourcing firms grants access to specialized skills tailored for thorough and accurate abstraction of lease agreements. Additionally, these firms offer invaluable industry expertise and adhere to best practices, ensuring compliance with regulatory standards and enhancing overall operational efficiency.

Time Savings

Outsourcing lease abstraction not only ensures accelerated turnaround times due to dedicated teams focusing solely on abstraction but also enables organizations to redirect internal resources towards core business activities, thereby fostering growth and innovation.

Quality Assurance

Outsourcing lease abstraction guarantees precision and uniformity through rigorous quality control measures, effectively minimizing errors and discrepancies. Moreover, outsourcing firms adeptly navigate regulatory requirements and compliance standards, thereby mitigating risks associated with inaccuracies or oversights in lease abstraction, ensuring a streamlined and compliant process.

Outsourcing lease abstraction offers strategic advantages such as cost efficiency, access to expertise, and improved efficiency. It simplifies processes, allowing organizations to focus on core activities and thrive. We encourage organizations to explore outsourcing opportunities for lease abstraction, leveraging cost savings, efficiency, and expertise to drive business success.

Best Practices for Outsourcing Lease Abstraction

While outsourcing lease abstraction offers numerous benefits, ensuring its effectiveness requires adherence to best practices. Let’s delve into some key strategies to maximize efficiency in outsourcing lease abstraction.

Clearly Define Requirements: Before engaging with a lease abstraction vendor, it’s imperative to articulate clear objectives and requirements. Outline the specific data points and formats essential for your operations. Providing sample leases can offer clarity on expectations and streamline the abstraction process. Clear communication at this stage sets the foundation for a successful partnership.

Choose the Right Partner: Selecting a reputable and experienced lease abstraction vendor is paramount. Look for firms with a proven track record in lease abstraction services and a deep understanding of real estate terminology and legal nuances. Assess their expertise, technological capabilities, and quality assurance processes. Client testimonials and case studies can provide valuable insights into their reliability and performance.

Implement Robust Data Security Measures: Lease agreements often contain sensitive information, necessitating stringent data security protocols. Ensure that your  lease abstraction vendor adheres to industry-standard security practices, including encryption, access controls, and compliance with regulatory requirements such as GDPR or HIPAA. A non-disclosure agreement (NDA) can further safeguard confidentiality.

Establish Clear Communication Channels: Effective communication is essential for seamless collaboration. Establish clear channels for regular updates, queries, and feedback exchange. Define escalation procedures for resolving any issues promptly. Maintaining open lines of communication between your organization and your lease abstraction vendor fosters transparency and ensures alignment with project timelines and deliverables.

Utilize Technology for Efficiency: Leverage technology to streamline the abstraction process and enhance accuracy. Automated tools for optical character recognition (OCR) and natural language processing (NLP) can expedite data extraction from lease documents. Additionally, implementing a centralized repository or lease management software facilitates easy access to abstracted data, fostering greater operational efficiency and decision-making.

Prioritize Quality Assurance: Quality assurance mechanisms are essential for ensuring the accuracy and reliability of abstracted lease data. Ensure your lease abstraction vendor implements rigorous quality checks and validations at various stages of the abstraction process. Regular audits and peer reviews can help identify and rectify errors promptly, maintaining data integrity and trustworthiness.

Optimize Scalability and Flexibility: Real estate portfolios evolve over time, necessitating scalability and flexibility in lease abstraction services. Choose a lease abstraction vendor capable of accommodating fluctuations in workload and adapting to changing requirements seamlessly. Scalable pricing models and customizable service offerings enable tailored solutions aligned with your organization’s needs.

Invest in Training and Knowledge Transfer: Effective knowledge transfer is critical for fostering a collaborative partnership and ensuring continuity in lease abstraction processes. Provide comprehensive training on your organization’s specific requirements, terminology, and systems. 

Monitor Performance Metrics: Establish key performance indicators (KPIs) to assess the performance of your lease abstraction vendor objectively. Track metrics such as accuracy rates, turnaround times, and adherence to SLAs (Service Level Agreements). Regular performance reviews facilitate ongoing improvement and enable timely intervention to address any issues or deviations.

Cultivate a Strategic Partnership: View your lease abstraction vendor as an extension of your team rather than a mere service provider. Cultivate a strategic partnership based on trust, collaboration, and mutual respect. Engage in regular dialogue to align on long-term objectives and explore opportunities for process optimization and innovation.

Outsourcing lease abstraction offers myriad benefits in terms of efficiency, accuracy, and cost-effectiveness. By adhering to best practices and fostering a collaborative partnership with a reputable outsourcing firm, organizations can unlock the full potential of lease abstraction, empowering informed decision-making and driving operational excellence in real estate management.

The Transformative Power of Outsourced Lease Abstraction

 

When it comes to managing a large lease portfolio, there are many challenges. However, outsourcing lease abstraction stands out as a practical solution, offering streamlined processes and valuable insights. Let’s explore how tapping into outsourced lease abstraction transforms real estate management, leading to increased efficiency and better decision-making.

The Power of Outsourcing Lease Abstraction

1. Expertise and Efficiency:

Outsourcing lease abstraction to specialized service providers brings a wealth of know-how to the table. These experts excel at unraveling complex lease agreements, swiftly extracting vital information, and presenting it in a clear, straightforward manner. By tapping into their specialized skills and resources, organizations can simplify the abstraction process, saving time and ensuring accuracy.

2. Cost Savings:

Conducting lease abstraction in-house can be resource-intensive, demanding dedicated staff, training, and technological infrastructure. Outsourcing lease abstraction offers a cost-effective alternative, eliminating the need for additional overhead costs associated with hiring and training personnel. Furthermore, outsourcing providers often operate on a scalable model, enabling organizations to manage their abstraction needs flexibly without incurring unnecessary expenses.

3. Focus on Core Competencies:

Real estate management entails various tasks beyond lease abstraction, including property maintenance, tenant relations, and financial analysis. By outsourcing lease abstraction, organizations can redirect internal resources toward core competencies, such as strategic planning and portfolio optimization. Outsourcing frees up valuable time and manpower, allowing teams to concentrate on activities that drive business growth and innovation.

4. Access to Advanced Technology:

Outsourced lease abstraction providers leverage cutting-edge technology and automation tools to enhance efficiency and accuracy. From optical character recognition (OCR) to machine learning algorithms, these technologies streamline the abstraction process, reducing manual errors and improving turnaround times. By partnering with providers who invest in technology infrastructure, organizations gain access to top-notch solutions without the need for upfront investments.

5. Scalability and Flexibility:

The real estate landscape is ever-changing, with shifting demand and evolving market conditions. Outsourced lease abstraction offers scalability and flexibility to adapt to changing needs and business requirements. Whether managing a single property or a diverse portfolio, organizations can tailor their outsourcing arrangements to align with their specific objectives and scale operations as needed.

Outsourcing lease abstraction is more than just a cost-saving measure—it’s a strategic decision that unlocks efficiency, expertise, and agility in real estate management. By partnering with specialized providers, organizations can harness the power of outsourcing to streamline processes, reduce costs, and drive informed decision-making. In an increasingly complex and competitive market, leveraging outsourced lease abstraction emerges as a key differentiator, empowering organizations to navigate challenges with clarity and confidence.

Rebolease.com, powered by RE BackOffice, Inc., is a premier provider of lease abstraction, administration, and CAM Reconciliation services. Headquartered in Pittsburgh, PA, we are a global boutique firm, providing high-quality services to top-tier clients across industry verticals, covering every type of lease and on any lease platform. We are proud to be a trusted partner, since 2006, to leading retailers, REITs, property owners/managers, and corporate accounts seeking a strategic advantage. All client projects are performed in-house.

Whether it is one clause, one amendment or a whole lease agreement, we can do it for you.

Understanding Lease Abstracts: A Guide to Commercial Lease Abstraction Services

 

Lease abstracts play a crucial role in the realm of real estate and property management, providing a concise yet comprehensive summary of the key terms and provisions within a lease agreement. In the commercial real estate sector, understanding lease abstracts is essential for both landlords and tenants. In this article, we will delve into the concept of lease abstracts, the importance of lease abstraction services, and how commercial lease abstracts contribute to effective property management. By emphasizing the importance of lease abstracts, the role of lease abstraction services, and the specifics of commercial lease abstracts, this article aims to be a valuable resource for those seeking insights into commercial lease abstraction.

What is a Lease Abstract?

A lease abstract is a summarized document that highlights the essential details of a lease agreement. It serves as a quick reference guide, condensing complex legal language and lengthy contracts into a more manageable format. Key information typically included in a lease abstract comprises lease duration, rental amounts, renewal options, and any specific obligations of both the landlord and tenant.

Lease Abstraction Services

Lease abstraction services are specialized services offered by professionals to extract, organize, and present vital information from lease agreements. These services aim to simplify the complexities of lease documents, making it easier for property owners, managers, and tenants to comprehend the terms of their agreements. The meticulous process involves identifying critical data points, categorizing them, and presenting a clear and concise summary.

Commercial Lease Abstracts

Commercial lease abstracts specifically focus on lease agreements related to commercial properties. These can include retail spaces, office buildings, industrial facilities, and more. Given the often intricate nature of commercial leases, having a well-prepared lease abstract is instrumental in ensuring that all parties involved fully grasp the terms, minimizing the risk of disputes and misunderstandings.

The Significance of Lease Abstracts

Lease abstracts offer several advantages in the world of real estate and property management. They facilitate efficient decision-making, enabling stakeholders to quickly assess the terms of a lease without delving into the entire document. This is particularly beneficial during property transactions, lease renewals, or negotiations.

In conclusion, lease abstracts are indispensable tools for navigating the complexities of lease agreements, especially in the commercial real estate sector. Leveraging lease abstraction services ensures that stakeholders can make informed decisions, ultimately contributing to smoother property management processes.

Lease Abstraction Essentials: Key Questions and Answers

Lease abstraction is a critical element of lease portfolio management. This blog discusses some of the basic questions related to lease abstraction and their answers.

What does lease abstraction mean?

The term, lease abstraction, refers to the process of extracting the key financial and non-financial data from a lease and summarizing it so it is meaningful and easy to understand. Lease information thus extracted is known as a lease abstract, since it provides an abstract version of the original lease.

Why have leases abstracted?

Leases have a lot of information and run into hundreds of pages. As a result, some critical information may be overlooked, which can result in a breach of contract of the lease and attract penalties, fines, premature lease termination and sometimes, even legal action. A lease abstract captures the essence of the lease and highlights the key financial and non-financial obligations ensuring they are not overlooked. Examples  include:

  • Rent amount due
  • Date when rent is due
  • Notice period for termination
  • Notice period for lease renewals
  • Rent increase dates, rent increase percentage, etc.
  • Having abstracts of your leases allows you to stay on top of your lease portfolio and prevents any accidental oversight of lease obligations.

How to get leases abstracted?

If the next question on your mind is who prepares the lease abstracts or who typically abstracts leases, the answer is, a lease abstractor. A lease abstractor, also often referred to as a lease analyst usually does the lease abstraction. A lease analyst has a strong hold over the lease language and terms therein. Leases use a lot of legal terminology and not everyone is well versed in it to be able to decipher the actual meaning of the lengthy lease clauses. A lease analyst is also someone with a lot of experience in working with different lease administration software platforms.

What does a lease analyst do?

A lease analyst or a lease abstractor’s job can be split into 3 steps. The first is to read the leases, related amendments, addendums, side letters and any other document connected with the lease agreement thoroughly. The second step is to identify the key financial and non-financial elements of the lease and the third step is to capture them in a lease abstraction template or a lease administration platform, as requested by the client.

While the lease analyst will capture the key fields that are generally included in all lease abstracts as a norm, such as rent, commencement date and others, they may also include information about other clauses if the client requests them to do so.

Does everyone with a lease portfolio have a lease analyst for lease abstracting their leases?

Lease abstracts are a must if you want to stay on top of your lease portfolio. Retailers, corporate clients, REITs, property managers and property owners often require the services of not just one lease analyst but a whole team! This is because, their lease portfolio tends to be large with hundreds and sometimes thousands of leases spanning across different geographical locations. But, having a lease abstraction team in-house poses its own challenges, which is why a lot of them choose to outsource their lease abstraction and administration tasks to a trusted lease abstraction and administration vendor. This post tells you more about these challenges and how outsourcing lease abstraction is a viable solution.

Rebolease.com, powered by RE BackOffice, Inc., is a premier provider of lease abstraction, administration, audit and accounting services. Headquartered in Pittsburgh, PA, we are a global boutique firm, providing high-quality services to top-tier clients across industry verticals, covering every type of lease and on any lease platform. We are proud to be a  trusted partner, for 15+ years, to leading retailers, REITs, property owners/managers, and corporate accounts seeking a strategic advantage. All client projects are performed in-house.

 

 

 

Should you opt for AI-based Lease Abstraction?

 

AI-based lease abstraction, also known as machine learning powered lease abstraction refers to the process of abstracting leases using a lease abstraction software. Typically, AI-based lease abstraction involves uploading the lease and its related documents onto a lease abstraction platform or software, which then uses artificial intelligence to extract the key financial and non-financial data from the documents and presents it in the desired format. The output is usually based on a standard template that is already uploaded or present in the system. AI-based lease abstraction is becoming increasingly popular because it offers some great advantages over the traditional, manual lease abstraction process. Some of the benefits of AI-based lease abstraction include-

Volume and speed

Since AI-based lease abstraction involves deploying a lease abstraction software to abstract the leases, it is way faster than manual lease abstraction. Depending on the type of lease and accompanying documents, abstracting a lease manually could take anywhere from one hour to three, which can be accomplished in just a few minutes using a lease abstraction software. This lightning speed also makes it possible to get more leases abstracted within a short time period, thus improving the overall volume of leases abstracted significantly.

Standardization

With AI-based lease abstraction, you enjoy greater consistency and standardization when it comes to your lease abstracts. For example, when you have lease analysts abstracting leases, chances are, 2 different lease analysts may abstract a clause that’s essentially the same in different manners. While the meaning may still be the same, the overall sentence structure and words used may vary. Similar challenges may be observed in numerical fields as well. For example, someone may put the date as Jan 1, while another lease analyst might use January 1. When you have a lease abstraction software abstracting your leases, you don’t have to worry about consistency and standardization.

Better utilization of resources

With AI-based lease abstraction in the picture, you can divert your in-house lease analysts (if you have a in-house lease abstraction team) towards other, more critical lease portfolio management tasks such as CAM audits, Expense recovery, Invoice processing, etc.

Scale up faster without pressure on your in-house lease team

AI-based lease abstraction allows you to scale your lease portfolio without overburdening your in-house lease abstraction team. It ensures you have the lease abstracts of all the leases in your portfolio, no matter how recent. Just input the lease documents into the software and wait for a couple of minutes to get an abstract that you can use for your lease administration purposes.

AI-based lease abstraction can thus play a key role in

  • Helping you stay on top of your lease portfolio
  • Make your lease portfolio management more cost-effective and efficient
  • Allowing you to scale your lease portfolio without additional pressure on your existing lease analysts
  • Helping you easily create and  maintain a standardized set of lease abstracts

However, AI-based lease abstraction does have a major drawback. It may not be as accurate and trustworthy as manual abstraction done by expert lease analysts. Leases are complex documents, sometimes running to hundreds of pages, with multiple addendums and amendments. There may be emails or in some cases even handwritten notes specifying changes to them. While AI-based lease abstraction software platforms are intelligent, there are chances that something may slip through the cracks affecting the accuracy of your lease abstract. Hence it makes sense to have experienced lease analysts review all the leases abstracted by lease abstraction software platforms to ensure 100% accuracy of your lease abstracts.