Frequently Asked Questions about Lease Lens
What is Lease Lens?
Lease Lens is an AI-powered lease abstraction tool that rapidly and accurately extracts essential data from lease documents, leveraging machine learning technology to enhance efficiency and reduce costs.
How do I use Lease Lens?
1. Upload your lease document.
2. The AI extracts the relevant lease data.
3. Review and export the data to Excel or Word.
What types of leases can Lease Lens process?
Lease Lens is suitable for both real estate and commercial lease abstractions, including property management and equipment leases.
Can multiple leases be abstracted simultaneously?
Currently, Lease Lens processes one lease at a time, but a multi-lease abstraction feature is in development.
What are the benefits of AI in commercial real estate (CRE) lease abstraction?
AI-based CRE lease abstraction tools can extract data in minutes, significantly reducing time and cost compared to manual methods. This leads to faster due diligence, easier lease management, and more efficient contract handling.
How does Lease Lens generate revenue?
Lease Lens is free to use for data viewing, with a $25 fee for exporting the lease abstract to Excel or Word.
How does Lease Lens operate?
Lease Lens employs optical character recognition (OCR) to interpret lease documents, with AI algorithms that extract relevant information. These algorithms are trained on extensive datasets accumulated over 12 years.
What information is included in a Lease Lens abstract?
Lease Lens can identify over 200 industry-standard fields, such as title, critical dates, renewal options, and square footage. Users can also customize the abstracts to include specific provisions they need.