Eliminate Errors with AI-powered Lease Abstraction Software in Australia

In Australia and globally, research indicates that approximately 1.3% of commercial leases are either over or undercharged, caused by human error in manual abstraction. For a portfolio of, say, $25 million in rent, this could translate to circa $325,000 per annum in over or undercharging. On a typical 5-year leasing deal, this could translate to millions of dollars.

As there are no standard commercial lease formats in Australia and multiple types of lease agreements, including leases and licences, incentive deeds and subleases, there is a significant risk of human error in document abstraction, creating compliance, legal and financial risks. This is because complex leasing data has been traditionally trapped in PDFs, which cannot be read by computer systems and, therefore, need to be manually entered, which is time-consuming, laborious and error-prone.

This is where AI-powered lease abstraction software like Accurait comes in.

AI-powered lease abstraction software automates abstracting key data points from lease agreements. It seamlessly links the abstracted text’s location in the document to other systems, such as lease and financial management systems. This includes critical data encompassing rents, lease expiries, rent reviews, options, bank guarantees, permitted uses, and up to 60 customisable clauses and definitions. Accuracy levels are 90% plus, and the AI is continuously learning and improving. This allows for seamless reviews of documentation and auditing.

The benefits of using AI in lease abstraction are proven and include:

  • Eliminating lease abstraction errors: Translating into significant savings or additional revenues.
  • Saving Time & Money: Automation can save your team valuable time from tedious data entry.
  • Creating Seamless Accuracy: Eliminating human error and ensuring continuous data accuracy by linking machine-abstracted data to lease and financial management systems.
  • Gaining Insights and Making Informed Decisions: Accurait allows you to search across a portfolio of leases for key terms such as Bank Guarantees, Rent Increases, Market Rent Reviews, and selected clauses and definitions, thereby searching and reporting on key portfolio risks and empowering better decision-making.

In conclusion, AI-powered lease abstraction software such as Accurait is a game-changer for lease management in Australia. Its accuracy, time and cost-saving capabilities, and ability to provide valuable insights make it an essential tool for landlords and tenants looking to streamline their lease management processes. With the increasing adoption of AI technology, we can expect to see even more advancements in this field.