eBrevia recently announced an exhibition for their Lease Abstractor, a groundbreaking software that would dramatically make it easier and more accurate to extract vital financial and legal data from real estate leases. The new software is not designed to replace but rather to augment manual lease reviewers. Featuring a variety of various types of lease information, including renewal, terms, rent, options, and more, the software is capable of analyzing batches of 50 leases in under one minute. Furthermore, users can opt to customize the type of information extracted in order to meet industry or company-specific needs.
How the Software Works
Trained by commercial real estate professionals and attorneys, the software is capable of extracting concepts rather than performing a simple keyword search. As a result, the software works accurately regardless of the vocabulary used to express those concepts.
This is significant because it means that the software is capable of extracting critical information scattered throughout the lease. Reviewers are also able to link back to other portions of the source document. Any text that is extracted is highlighted within context of the original source document.
With the benefits offered by the Lease Abstractor, real estate professionals will be able to deploy the power of artificial intelligence technology in order to extract data for property management, portfolio optimization, due diligence, compliance, cost recovery, audits, and even budgeting and forecasting.
Benefits for the Real Estate Industry
Lease abstraction has proven to be vital to commercial real estate companies in the last few years. Even so, the process of extracting key information has traditionally proven to be extremely labor and time-intensive. Whether the process is outsourced or performed in-house, traditional lease abstraction relying on reviewers manually reading leases and extracting the necessary data can be extraordinarily expensive. The Lease Abstractor software was designed to save money and time over the current process.
As professionals continue to work with the eBrevia system, the software is capable of continuing to learn. As a result, the software can become tailored to the specific needs of individual departments, reviewers, and even entire organizations. The eBrevia team is also continually working to broaden and enhance the various types of information the software is able to extract and summarize. Since the software is made available as a service through a firm's web interface, users are able to take continual advantage of the most up-to-date enhancements without the need to install new versions of the software onsite.
Once data is extracted from leases, it can then be sent directly to a firm's own lease management database or stored within eBrevia's system. With two options available, the software ensures that users are able to take maximum advantage of the information extracted from leases.
Founded in 2011 by a computer scientist and Harvard Law School graduates, eBrevia first launched machine learning technology that is now relied upon by corporate legal departments and commercial real estate firms. The Lease Abstractor is actually based on the revolutionary natural language processing technology developed by eBrevia.