Lease Abstractor: The Lease Abstractor automates the lease abstraction process to provide key data to commercial real estate firms, landlords, tenants, and lenders, by reducing the time and cost involved in manual data abstraction. Once abstracts are complete, export them to Excel, Word, Yardi, Argus, or your proprietary lease management system.
Reduce costs. Enhance efficiency. Improve accuracy.
Lease abstraction and administration is critical to commercial real estate firms, yet the process has historically proven to be extraordinarily time and labor intensive. Whether performed in-house or outsourced, it consists of reviewers reading leases and manually extracting data.
eBrevia’s Lease Abstractor significantly reduces the time and cost associated with the lease abstraction process while improving accuracy. Our software enables landlord/tenant firms, property management firms, brokers, REITs, and law firm real estate departments to more effectively extract the information they need from leases for purposes of lease compliance, lease audits, cost recovery, budgeting/forecasting, and property management.
Manage your lease portfolio with confidence.
eBrevia’s lease abstraction software simplifies a lease reviewer’s workflow by extracting content from leases and bringing the reviewer directly to the most relevant portions of documents. Extracted data can be stored within eBrevia’s system or sent directly to a company’s own lease management database. The Lease Abstractor is capable of extracting a wide variety of lease information (rents, term, renewal, options, assignment, etc.) and can analyze a batch of fifty leases in less than a minute. Types of information extracted can be customized to meet company or industry-specific needs. Designed to augment the current manual lease abstraction process, the software is not meant to replace lease reviewers, but rather to assist them in doing their job significantly more accurately and efficiently.
Commercializing Columbia University technology.
The Lease Abstractor is based on cutting-edge natural language processing technology which eBrevia is commercializing from Columbia University. The software is robust because it doesn’t rely on keywords or pre-canned search criteria to find key provisions within leases. Instead, it uses an artificial intelligence technique called “machine learning” to learn what provisions and concepts look like from large numbers of examples. It then recognizes the concepts regardless of the vocabulary used to express them. This is important because the software is able to extract relevant concepts even as they wind their way through multiple places in a lease, capturing scattered defined terms and other pertinent information. The software extracts the most relevant information for a given provision with an unparalleled granular focus that increases efficiency by leaving extraneous text behind. The software also always allows reviewers to easily link back to relevant portions of the source document for further background information as desired. Extracted text is highlighted within the context of the source document.
Maintaining the security of clients’ legal documents is a central design goal of the eBrevia system. All documents are protected in transit between clients and eBrevia’s servers using industry standard Secure Sockets Layer (SSL) 256 bit end-to-end encryption. To protect documents while stored in the cloud, eBrevia uses only top-tier service providers that have passed annual SOC 1/SSAE 16/ISAE 3402 audits. These providers maintain data centers with extensive physical access controls, including professional security, intrusion detection, video surveillance, and two-factor authentication for all personnel. Finally, these providers also provide redundancy against natural disasters or system failure by backing up and replicating customer data in physically distant data centers. eBrevia can also offer the option for clients to host the eBrevia system in their own data centers. This means the documents never even traverse the firewall, and are always under complete control of the firm’s or company’s IT department.
Getting smarter everyday.
One of the most exciting aspects of the software is its ability to continue to learn as professionals work with it. This allows the software to tailor itself specifically to the needs of individual reviewers, departments, or whole organizations. At the same time, eBrevia’s team is constantly enhancing and broadening the types of information and provisions the software can extract and summarize. Because the software is offered as a service through the company’s web interface, customers are always able to take advantage of the latest enhancements without having to install a new version on site.