Tool Information
LeaseLens is an AI-based lease abstraction software designed to identify and extract relevant data from real estate or commercial lease documents. The software utilizes machine learning technology to quickly and accurately abstract information from the entered content. The complex process of lease abstraction, which can often be error-prone and expensive, is seamlessly and efficiently automated by LeaseLens, saving both time and resources. Users can view abstracted data for free or opt to export the results to Excel or Word for a fee. LeaseLens supports both single and multiple lease extraction, making it a versatile solution for diverse needs. The software can cater to specific requirements including property management and equipment leasing. Additionally, LeaseLens maintains the confidentiality of the data uploaded. The software processes the lease documents through optical character recognition (OCR), then uses machine learning to identify and extract relevant lease data. It can identify over 200 standardized fields to form the lease abstract. The softwares versatile nature allows users to customize their lease abstracts according to their individual needs. There is also an option for human review of the extracted data if required. Users interested in streamlined lease administration, accelerated due diligence, and enhanced contract management may find significant value in LeaseLens.
F.A.Q (20)
LeaseLens is an AI-based lease abstraction software that uses machine learning to extract relevant data points from real estate or commercial lease documents very quickly, freeing users from the time-consuming, costly and error-prone manual lease abstraction process.
LeaseLens can work with any commercial and real estate lease documents.
LeaseLens saves users time by automating the lease abstraction process, extracting relevant data in minutes rather than the hours or days it typically takes with manual methods.
No, LeaseLens doesn't only work with real estate leases. It can also be used for commercial lease abstraction for those who lease equipment.
Yes, LeaseLens maintains strict data privacy standards. It does not share user data with third parties and lease documents are deleted after they have been abstracted.
Entities such as property management firms, equipment leasing corporations, and more than half of the AmLaw 100 law firms rely on LeaseLens for their lease abstraction needs.
Yes, LeaseLens has the capacity to abstract multiple leases at once, depending on users' requirements.
Yes, with LeaseLens, users view their abstracted data for free and can choose to export the results to Excel or Word for a nominal fee.
There is no cost to view abstracted data in LeaseLens, when a user wants to export an abstract to Microsoft Excel or Word, it costs $25. This is significantly cheaper than other lease abstraction services.
LeaseLens uses a machine learning model trained on thousands of lease agreements to identify and extract the relevant lease data quickly and accurately. Data points such as title, critical dates, renewal options, and square footage are among the many elements it can identify.
There are over 200 standard industry fields that LeaseLens can automatically identify and extract into the lease abstract, depending on the type of lease and provisions specified by the user.
LeaseLens allows users to abstract information quickly and accurately for free, replacing traditional manual methods that can be time-consuming, costly, and prone to errors. It modernizes lease administration and accelerates due diligence while providing more efficient contract management.
Yes, LeaseLens allows users to customize their lease abstracts. Customers decide what goes into their lease abstract, enabling quick access to specific details as per individual needs.
Yes, for bulk lease review projects, LeaseLens can connect an experienced lease abstraction firm to provide an extra level of human review.
Currently, LeaseLens only allows one lease to be abstracted at a time. However, they're working to develop the capability of abstracting multiple leases simultaneously.
LeaseLens processes uploaded lease documents by passing them through an optical character recognition (OCR) system. This enables LeaseLens to read and understand the document, after which the AI scans it to extract the relevant lease information.
Yes, LeaseLens abstraction results can be received in an ETL spreadsheet format to upload into lease administration or property management systems, such as Yardi.
Human review of a LeaseLens abstraction for bulk lease review projects should cost an additional $50–70 per lease.
Lease abstraction is a process in which specific, critical data is extracted from a comprehensive lease document and then put into a summary, helping users to quickly understand essential lease obligations and terms.
Yes, LeaseLens supports data extraction not only for real estate leases but also for equipment leasing, making it highly versatile.
Pros and Cons
Pros
- Free data abstraction
- Time-efficient automation
- Trained on thousands leases
- Provides abstract in minutes
- Exports to Excel
- Word
- Real estate lease support
- Equipment leasing support
- Doesn't share user data
- Data deletion post-abstraction
- FAQ section for information
- Single lease extraction
- Supports multiple lease extraction
- Data confidentiality
- Optical Character Recognition usage
- Identifies 200+ standardized fields
- Customizable lease abstracts
- Human review option
- Streamlined lease administration
- Accelerates due diligence
- Enhanced contract management
- Export costs $25 only
- Can handle large volumes
- Supports bulk lease abstraction
- Allows specific data extraction
- Upload into most systems
- Connects lease abstraction firm
- Supports diverse abstract requirements
- GPT-4 powered summaries
- Supports multiple lease types
- Use by leading law firms
- SAAS based tool
- Identifies critical lease information
Cons
- Can abstract one lease at a time
- Charges for exporting results
- No built-in human review option
- No integration with lease administration systems
- Not evident 24/7 customer support
- Limited customization options
- Bulk lease review requires email contact
- Special formatting for upload not clarified
- No offline functionality
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