LeaseLens

Q&A

What is LeaseLens?

LeaseLens is a free AI-based lease abstraction software. It utilizes machine learning to extract relevant data points from both real estate and commercial lease documents. This award-winning technology offers a time and cost-efficient method for abstracting information from lease portfolios.

What does LeaseLens do for my lease?

LeaseLens takes your lease agreement and uses machine learning to automatically extract important information, saving you time and effort that would be spent on manual data extraction. It produces an abstract of the extracted data which you can view for free, and then gives you the option to export this abstract to Excel or Word for $25.

How exactly does LeaseLens abstract my lease?

LeaseLens abstracts your lease by first passing it through optical character recognition (OCR). This enables the system to read and understand the document. After this, the AI scans the document and extracts relevant lease information using a machine learning algorithm that has been trained over 12 years to deliver accurate results.

What data points are extracted from lease agreements by LeaseLens?

LeaseLens can identify over 200 industry standard fields in lease agreements for extraction into your lease abstract. The data points it can identify include: title, critical dates, renewal options and square footage of premises among others.

What happens to my data after it is extracted by LeaseLens?

After LeaseLens extracts your data, it is immediately deleted. LeaseLens does not share your data with third parties, ensuring that your information remains secure.

Is LeaseLens safe to use?

Yes, LeaseLens is safe to use. They guarantee that they do not share user data with third parties and all leases are deleted after extraction, maintaining a high standard of user privacy and data security.

Who are LeaseLens's clients?

LeaseLens's clients are primarily firms from the AmLaw 100. More than 50% of these firms use their technology.

How much time can be saved by using LeaseLens?

The time saved by using LeaseLens varies but it's quite substantial compared to traditional methods. Most manual data extraction can take anywhere from four to eight hours per lease. In contrast, LeaseLens uses machine learning to extract the same data in minutes.

Can I upload multiple leases at once on LeaseLens?

Presently, LeaseLens only allows for one lease to be abstracted at a time. However, they are looking to build the capability for multiple lease abstraction in the future.

What is the $25 feature of LeaseLens?

The $25 feature of LeaseLens allows you to export your lease abstract to Microsoft Excel or Word. While viewing your abstracted data is free, exporting it for personal use incurs this flat fee.

How does LeaseLens help me save money?

LeaseLens can help you save significant amounts of money by reducing the costs associated with lease abstraction. Traditional abstraction services can take several hours and cost hundreds of dollars per lease. With LeaseLens, you can get the same service in just minutes and at a fraction of the cost.

What if I'm having trouble using LeaseLens?

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Can LeaseLens be used for both real estate and equipment leasing?

Yes, LeaseLens can be used for lease abstraction in both real estate, in the case of property management, and for commercial lease abstraction such as equipment leasing.

How can I export my abstracted data from LeaseLens?

LeaseLens allows you to export your abstracted data to Microsoft Excel or Word. This feature is available for a flat fee of $25.

What does the machine learning model of LeaseLens do?

The machine learning model of LeaseLens has been trained on thousands of lease agreements to identify and extract relevant data points. It takes lease agreements, identifies key information such as title, critical dates, renewal options, and square footage, and produces an abstract in minutes rather than the typical hours or days of manual methods.

What advantage does LeaseLens offer over traditional lease abstraction methods?

LeaseLens offers several advantages over traditional lease abstraction methods. It saves time by extracting data in minutes rather than hours or days. It also saves money by providing this service for free with optional export for a nominal fee. Moreover, it reduces errors caused by manual extraction and improves efficiency.

How is LeaseLens able to offer its service for free?

LeaseLens offers its services for free, making money by charging a fee for users to export their abstracted data to Excel or Word. This fee, which is much lower than the cost of traditional lease abstraction methods, allows LeaseLens to provide its software and maintain its operations.

Do I own the data generated by LeaseLens?

All data generated by LeaseLens is owned by the user. LeaseLens respects user privacy and does not share or hold on to any user data after extraction has been completed.

Does LeaseLens offer any customizable features?

Yes, LeaseLens provides customization options. Users can choose what information goes into their lease abstract, allowing them to quickly find the details they need.

Why does LeaseLens use cookies on their site?

LeaseLens uses cookies on their website to improve the user experience and provide more personalized services. They use just one tiny cookie to record user preferences so the user doesn’t have to make the same choice every time they visit the site.

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