Lease abstraction is one of the biggest administrative burdens in retail leasing. The manual processing of entering key data points from leases is a pain point for any company managing a significant number of leases. So the team at LeaseInfo has created the perfect solution with automation. It’s been in the market for more than a year and some early adopters have taken advantage of the new technology.
Accurait®, is a cloud-based platform revolutionising the automation of lease abstraction. It converts a normal PDF lease into structured and meaningful insights by creating a data repository for portfolio management, lease audit, analysis and financial standards compliance.
Accurait® was created by LeaseInfo, the largest retail leasing data provider in Australia. They understand the burden lease abstraction can have on a business, having spent the past 15 years extracting key data from thousands of lease contracts each year.
Along with CSIRO’s Data61, one of the world’s most respected data research agencies, the challenge of creating Accurait® was coming up with a digitisation and extraction solution that could cater for the large range of contracts in Australia that differ in their structural complexity from overseas. This is why international software can’t be used straight out of the box here in Australia.
Accurait uses Artificial Intelligence to scan through each lease and extract the information needed such as the base rent, rent increases and key dates. It uses a suite of machine learning technologies to allow the system to continually learn with each contract the system sees. This means Accurait® will only become more and more powerful over time.
Put simply, Accurait® works by feeding a lease contract into the cloud-based, secure system, then in just a few seconds Accurait® will show you an extraction of key data points for you to quickly audit and approve. It is then exportable to Excel, CSV or to a portfolio management system, like LeaseInfo’s My Portfolio.
Lease abstraction isn’t the only thing Accurait® can do. Built in are features like Advance Search, allowing you to search your entire portfolio for key clauses; bulk upload let’s you load multiple leases at once; document search which gives you the ability to tag entire clauses throughout all your leases; calendar reminders of important dates; estimate rent and marketing levy; and document compare which gives you the ability to compare two similar documents to check for changes.
Accurait® is currently being used by landlords, retailers, government agencies and organisations with large portfolios of leases. All are claiming to have improved efficiency and saved thousands of dollars in processing errors.
One early adopter of Accurait®, Swarovski say they save 2,000 hours over the life of a lease contract, because they don’t have to spend the usual six hours to reread the contract each time it needs to be consulted. All key data and clauses are captured and cataloged in Accurait® for the life of the lease and beyond.
Swarovski say, “We anticipate Accurait® could save us in excess of $100,000 per year in terms of increased productivity, reduction in additional labour, legal and accounting costs and savings in rent from processing errors.”
Michael Miller, Director NSW Small Business Commission says “Accurait® is an innovative tool that will help us to quickly deliver insights into our landlord and tenant clients and thereby deliver how we may better serve their needs.”
CEO and Co-Founder of Panthera Property Group says ‘’Panthera Group have been an early adaptor of Accurait®. It created efficiencies in our Retail Asset Management Platform. We use Accurait® for due diligence of other shopping centres to check passing rent, produce future cashflow reports and diarise critical dates. It is a part of our ongoing strategy to be a market leader in the adaptation of technology for the shopping centre industry.’’