LeaseLens

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

Q&A

What is LeaseLens?

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.

What kind of documents can LeaseLens work with?

LeaseLens can work with any commercial and real estate lease documents.

How does LeaseLens save me time?

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.

Does LeaseLens only work with real estate leases?

No, LeaseLens doesn't only work with real estate leases. It can also be used for commercial lease abstraction for those who lease equipment.

Can I trust LeaseLens with my data?

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.

Who typically uses LeaseLens?

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.

Can LeaseLens abstract multiple leases at once?

Yes, LeaseLens has the capacity to abstract multiple leases at once, depending on users' requirements.

Does LeaseLens offer export options?

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.

Is there a cost to using LeaseLens?

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.

How does LeaseLens use machine learning in abstracting lease data?

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.

What kind of information can LeaseLens extract?

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.

What is the advantage of using LeaseLens over traditional lease abstraction methods?

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.

Can I customize my lease abstract with LeaseLens?

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.

Is there a review option in LeaseLens?

Yes, for bulk lease review projects, LeaseLens can connect an experienced lease abstraction firm to provide an extra level of human review.

What are the limitations of using LeaseLens?

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.

How does LeaseLens process my uploaded documents?

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.

Can I import my LeaseLens abstract into other systems?

Yes, LeaseLens abstraction results can be received in an ETL spreadsheet format to upload into lease administration or property management systems, such as Yardi.

What is the cost for the human review of my LeaseLens abstraction?

Human review of a LeaseLens abstraction for bulk lease review projects should cost an additional $50–70 per lease.

What is lease abstraction?

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.

Can LeaseLens support equipment leasing data extraction?

Yes, LeaseLens supports data extraction not only for real estate leases but also for equipment leasing, making it highly versatile.