A leading US-based full-service Lease Administration company dedicated to helping global clients wanted to manage their commercial leases in a more efficient manner, saving time and money.
The lease administration wing of a real estate department is in charge of the rents, pay-by-dates, renewals, audits and management of leases. For a lease administrator or reviewer to manage multiple leases, he/ she must scan multiple lengthy and boring documents to identify critical lease info.
The process of lease abstraction would extract the critical data points and populate it into the lease database, making life easy for them.
It is very time-consuming to skim through large volumes of data and extract accurate value points from the documents. When operating manually, there is a requirement for highly skilled expert lease reviewers to spend long hours reviewing the documents. Experts must be familiar with lease terms for extracting actionable lease info. When done manually, only up to 25 docs can be scanned and reviewed per day, while spending anywhere between 8-15 hours at work.
Thanks to TechMobius’s AI and Machine Learning technology, the lease abstraction process is accelerated.
lengthy lease contracts are first fed into the AI system as input. AI platform segregates relevant doc sections with up votes and down votes. Rent amount, due dates, owner info are extracted from filtered sections. Extracted output reflects with the important value points.
For best practices of Lease Administration and Lease Abstraction, the data should be accurate, timely, relevant, complete and trusted and TechMobius offers exactly that.
With TechMobius, you can rest assured about the accuracy and consistency for migrating lease data into database applications or automated systems. What originally took around 15 hours of manual work, will now only take 3-4 hours with our highly agile AI bots. Your requirement for skilled resources will reduce by 60%, thereby cutting cost and time invested. And the quality and accuracy will be up to 95%! It’s a win-win.