Augment lease abstractors with AI-powered quick, highly accurate abstraction summaries
Auto-summaries of Lease in Minutes
The AI-driven algorithms help you obtain key financial and legal information from your lease documents quickly and accurately; without requiring multiple manual reviews.
Streamline lease abstraction process
The platform makes sense of variations in files - any format, layout, source including old scans – and digitizes the output in structured formats for easy analysis
Detect Lease Risk Clauses
With a customizable dashboard get a bird’s eye view of your lease so that you can better interpret and communicate risk clauses both within the team and to external entities
Grouping of related lease documents
Automated creation of document sets to organize multiple lease-related documents into a single view, where can be worked on as a single entity
Harness the power of AI to track over 1,000 key data points across complex lease documents, integrate deep insights into your lease related decisions; and export concise, accurate lease abstracts.
Automatically extract over 1,000 key data points from any type of scanned documents (including terms and conditions like Common Area Maintenance (CAMs) assignments, amendments, escalations, clauses, rights, expense reimbursements etc.), across multiple templates, document sources and formats; and from groups of related lease documents.
Searching leases based on the presence or absence of any provision, text within a provision, and presence or absence of custom tags, which can be applied at the document or provision level; and at a document-set level.
Create custom reports and dashboards; provide insights to SMEs and pro lease abstractors to take actions or decisions; report on virtually any information found including the document type, tags, review status, and much more.
The cloud-based platform enables sharing of extracted data points across your team and systems providing actionable intelligence for due diligence or asset management etc; Integration to downstream lease systems, property management or accounting software using our APIs; Custom organizational workflows can be set up based on user roles and business-specific need.
Augment pro lease abstractors and SMEs efforts - reduce manual tasks, automate processes end-to-end, cut costs and simplify operations.
Enable lease abstractors and teams to easily navigate across related documents (document set) with a click
Capture not only text but images and tables, signatures, and site maps in real-time - the solution can extract information from scanned documents.
Evaluate the entire document package from a shared location and auto-uploads every new document without human intervention
Easy export and integration with downstream tools, property management, or accounting software using our APIs.
Interpret & analyse the extracted data points, removing more manual review than other lease abstraction too
Still have questions?
Please chat with our support team.
What is lease abstraction?
Lease abstraction is a process that involves the extraction of financial, business, or legal data that is critical to property portfolio management and creation a concise, simple-to-read summary to enable the understanding of important aspects of the lease in an easy manner.
In the real estate world, capturing critical elements of a lease such as key provisions, terms, landlord and tenant rights, obligations, duties, liabilities, risks, sublet options, co-tenancy clauses etc. is important - the summary helps landlords, tenants, property managers, lawyers, investors etc. quickly assess important aspects of the lease and take decisions or actions. It could be further used for underwriting, M&A etc.
How does AI help automate the lease abstraction process?
AI reads and understands leases like a pro lease abstractor and warrants 100% error-free results. A lease abstract eliminates all the distractors and offers a high-level overview of the lease demands and expectations, thereby saving significant time and effort.
Lease abstractions can take anywhere from 4 to 12 hours per lease. The process involves a significant amount of time to go over scanned documents. Complex leases have details that need attention and review such as - terms and conditions of Common Area Maintenance (CAM) charges, assignments, amendments, escalations, co-tenancies, etc. The Botminds solution saves lease abstractors from reading large volumes of long, tedious lease documents. In most cases, there are multiple, related documents per lease and abstracting across documents in a set is huge challenge, leading to errors when done manually.
What is Botminds Lease Abstraction Automation?
Botminds Lease Abstraction Automation solution is an automated lease processing solution that helps the accountant team accurately extract data from any document in any layout without manual setup. The solution can obtain 1000+ key data points such as rights, obligations, duties, liabilities, and risks from your lease documents and summarize them in minutes, irrespective of variations in document formats, layouts, and language. Botminds uses AI and Machine Learning to extract and validate data from documents to reduce manual errors and save operation teams countless hours every month and let them concentrate on more crucial tasks. Pro abstractors need to spend minimal time to review the extracted summary (human-in-the-loop validation). Unlike other automation solutions that work only for fixed layouts and templates, Botminds works with documents in any layout with 99% accuracy.
What is the advantage of Botminds Lease Abstraction Automation?
The Botminds Lease Abstraction automation solution generates highly accurate lease abstraction summaries based on pre-trained models which can extract 1000+ relevant data points. The models can be further customized to specific context.
The Botminds solution creates a document set which is hugely beneficial for users - it groups and organizes multiple documents (such as addendums, revisions, amendments etc.) related to a lease into a single set and one lease ID to enable easy navigation and abstraction.
Learn how Botminds Intelligent Document Process can drive ROI, reduce costs, and save time for your business.