“Dynamic lease abstraction in few clicks”
Combing through real estate lease documents page by page can be puzzling and stressful. The sheer density of lease documents makes it seemingly difficult for someone trying to deduce the lease data and end up overlooking crucial information. The process of summarizing the key information from the lease agreements can take a week or even a few days, requiring an expert to evaluate it. The entire manual data capturing process is grueling and vulnerable to roadblocks prior to delivery. Instead, an AI-augmented real estate lease abstraction compresses the overall process by accelerating data extraction while improving the model’s performance with consistent accuracy—AI assists in transforming unstructured data into structured data in a much suitable format for analysis.
The key extraction fields for AI-enabled lease abstraction can be customized as per the business requirements and simplified for analysis— such as payment, lease commencement date, term of the lease, expiration date, address, square footage, and many others. Thus, automation proves to be beneficial not only for real estate firms but also to lenders, venture capitalists, and property investors to procure more data at reduced time and resource investment.
Why AI Managed Lease Abstraction Is Beneficial?
AI-enhanced real estate lease abstraction effectively identifies vital obligations and clauses from lease agreements and extracts them.
Automated lease abstractions eliminate clerical errors and speed up the entire process of lease abstraction. Generally, the automation process is a mixture of Optical Character Recognition (OCR), Natural Language Process (NLP), and Machine Learning (ML).The automation process involves six simple steps of document scanning(OCR), training (ML),self-learning (NPL), evaluation, execution, and integration.
The real estate sector is often labeled slow-footed when it comes to adopting technology in its day-to-day workflow. However COVID-19 pandemic has forced the real estate industry to choose AI for their property management—leveling the playing field.
“The playing field is poised to become a lot more competitive, and businesses that don’t deploy AI and data to help them innovate in everything they do will be at a disadvantage.” — Paul Daugherty, Chief Technology and Innovation Officer, Accenture
Accuracy
Self-learning algorithms for lease abstraction make it possible for the AI to apply and adapt the abstraction more quickly. Interestingly, this learned knowledge is used to distill each document with impeccable accuracy and consistency. AI engaged lease abstraction tirelessly runs through every word, clause, and appendices of the lease for maximum accuracy at every level. The AI-based real estate lease abstraction provides 80% of crucial info, and human intervention is mandatory to offer high-quality lease abstraction. AI for lease abstraction offers
- Data abstraction from unorganized lease documents and
- Consistently improve the level of accuracy.
Effective Time Management
To acquire an updated lease abstract manually takes time. Whereas, implementing an AI-enabled lease abstract process will be beneficial as it consistently updates the lease abstract with the changes as it goes. Automation not only provides accurate abstracts but also eliminates any manual error. An efficient and effective solution is automation that takes only minutes to abstract. In just a few clicks, a customized lease summary will be available instantaneously. So how AI helps you save time?
- Automatically populate specific data as per requirement
- Quick turnaround time and
- Reduce 40% in time-consumption.
Flexibility
An advanced lease abstraction software extracts data from lease contracts of any format and jurisdiction. In addition, it can custom-build a template to generate a lease summary that supports the real estate firm’s business requirements. Also, the delivered lease abstract can be provided in a format that is suitable for your company’s existing lease administration software. Unique features of lease abstraction software are:
- Ability to derive a suitable template summary and
- Extract data from any language.
Diverse Applications
Automated lease abstraction process scans through every word of the contract and abstracts error-free data without the difficulties of traditional data entry. The lease abstraction software is an imperious tool for creating a searchable database of lease documents and property-related documents later exported to document or image format such as Excel, Word, pdf, jpg, etc.
Summary
Lease abstraction is the crux of real estate administration, making it the most pivotal step of business growth. AI-powered lease abstraction is a valuable upgrade to quicken the abstraction for more fluid real estate administration and make competent business decisions.
Working with over 100 clients and over ten technology partners, PreludeSys has developed a proven, systematized, and flexible real estate lease abstraction. Our experienced legal analysts synthesize a business solution that best fits your organization. We ensure to understand your business dynamics and provide services that will support all your lease administration needs.
Reach our experts today to learn more about our lease abstraction services.
