Home / Insights / Recover excess rent charges through AI-enabled, risk-free audit review Recover excess rent charges through AI-enabled, risk-free audit review June 17, 2024 The problem Commercial leases often face overcharges, affecting an estimated 1.3% of all leases. A rent roll of $25 million translates to approximately $325,000 in lost income annually. The absence of a standard Australian commercial lease format makes quality assurance and cross-referencing during audits time-consuming and costly. Compliance and litigation risks are significant sleeper issues arising from these inaccuracies. The solution: AI-enabled lease audits An AI-powered lease audit service offers a risk-free solution to identify and correct these issues. Here’s why lessees should consider authorising an AI review of their rent roll: No irregularities, no charge: If you have no irregularities, there will be no charge to you. Revenue recovery: A fee for any additional income identified over the lease term for any discrepancy found. Similarly, tenants should audit their rent rolls using this AI service for the following reasons: Cost savings: There is no charge if no irregularities are found. Undercharged rent recovery: Identified undercharged rental costs result in charging a fee equal to the savings over the lease term. What is AI lease auditing? AI lease auditing uses advanced technology to automate lease data abstraction, creating a searchable database of key fields. This ensures accurate, efficient, comprehensive lease audits tailored to commercial leases. Worked example: Rent Costs: $25 million Percentage of Leases Overcharged: 1.3% Annual Savings: $325,000 Savings Over a 3-Year Term: $975,000 One-Off Fee: $195,000 Professional audit service An AI-enabled professional audit service delivers several benefits: Inaccuracy identification: Ensures accurate lease data. Fee-free overcharging audits: No cost if no overcharging is found. Compliance: Reduces risks and liabilities by identifying undercharging and capturing lost revenue. Benefits of the review An AI review corrects errors in abstracted lease terms, even if it does not find undercharged rents. The review covers: Critical Dates Outgoings Areas Compliance Security Deposits Insurances Options Incentives A customisable report writer provides detailed insights, addressing all potential issues. By leveraging Accurait’s AI-enabled lease audit, commercial tenants and landlords can recover lost income, ensure compliance, and reduce risks—all risk-free. Learn more about Accurait by visiting our About Us or book a demo to see how it can help you today.
