Sometimes called lease management, lease administration is the process by which an administrator tracks, processes, and finalizes a lease. This process often entails the auditing and validation of documents and relevant paperwork needed to ensure that both the property owner and the tenant are cleared to enter a lease agreement.
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Real estate and property management companies often have lease administrators employed to oversee their lease portfolios, and this person is typically tasked with the intake, organization, and analysis of an increasing amount of documents and regulatory forms. This means that real estate offices can face challenges surrounding document storage and workflow.

Until recently, lease administrators and property managers were forced to create lease abstracts by hand. This was inevitably a lengthy process, requiring administrators to juggle dozens and dozens of different documents, obtain input from a variety of sources, and ultimately determine the most efficient manner of presenting the information.
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With the advent of intelligent document processing, however, lease abstracts can be created in a fraction of the time and with even less manual effort. An intelligent document processor (IDP) like ADEx, which is purpose-built for the real estate and property management industry, can automate the lease abstraction process. ADEx is pre-trained to comprehend over 2000 relevant document types, which means that it can vastly accelerate the information gathering process by extracting relevant data points from complex leases, insurance and financial documents, and service contracts. It can then analyze, organize, and present this information in useful and easy-to-understand formats, all while removing the risk of human error.

Absolutely. Lease administrators and property managers would all agree that the human touch is a crucial element of success in the real estate industry, but they are often bogged down by document-heavy processes and manual workflows. An AI-powered document processor can take the busy work out of your day and enable you to manage your lease portfolio with more accurate data and allow you to focus your efforts on interacting with clients.

In simple terms, a lease abstract serves as a summary of the most important and relevant details of a lease. Lease abstracts provide landlords, property owners, and tenants with an easy-to-understand overview of a lease’s key provisions, such as the economic agreement between the landlord and tenant, property values, legal information, and financial entities involved in the transactional process. The abstract enables underwriters, property managers, legal counsel, appraisers, and tenants to better understand the core components of a lease agreement.

An IDP will enhance your lease administration workflow in the best ways. In today’s data-driven climate, businesses often rely on accurate, current, and relevant data to make key decisions, and lease administration is certainly not an exception. However, the real estate industry in general has been relatively slow to adopt automation tools and artificial intelligence, relying on manual document processing and analysis.
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Introducing an IDP to your lease administration process can put your business ahead of the curve. IDPs not only speed up and streamline labor-intensive workflows; they also are built to extract more relevant and helpful data. For example, a lease administrator might spend several days working through insurance documents while struggling to locate the relevant data points within hundreds of pages of information. This may leave them with incomplete or inaccurate data, ultimately hampering their ability to make informed decisions. An IDP like ADEx, on the other hand, is capable of extracting all the relevant data and information while performing complex analysis at a rate far faster and with less error than a human. This places lease administrators in a better position to formulate and execute strategic initiatives, which will increase ROI, decrease overhead, and ultimately enhance any lease administrator’s practice.