FAQ from Lease Lens
What is Lease Lens?
Lease Lens is an AI-based lease abstraction software that allows users to extract relevant lease data quickly and accurately. It uses machine learning technology to abstract information from real estate or commercial lease documents, saving time and cost.
How to use Lease Lens?
1. Upload your lease document. 2. Wait for the artificial intelligence to extract the relevant lease data. 3. View and export the abstracted data to Excel or Word.
What types of leases can LeaseLens abstract?
LeaseLens can be used for real estate lease abstraction in the case of property management and commercial lease abstraction for those who lease equipment.
Can I abstract multiple leases at once?
Currently, you can only abstract one lease at a time on LeaseLens. However, multiple lease abstraction is being developed.
What are the benefits of AI in CRE lease abstraction?
AI-based CRE lease abstraction tools can extract data in minutes, saving time and cost compared to manual data extraction. This results in accelerated due diligence, simplified lease administration, and more efficient contract management.
How does LeaseLens make money?
LeaseLens is free to use, but exporting the lease abstract to Microsoft Excel or Word costs $25 per abstract.
How does LeaseLens work?
LeaseLens uses optical character recognition (OCR) to read and understand lease documents. Its AI then scans the document and extracts relevant lease information using a machine learning algorithm trained over 12 years.
What lease information does a LeaseLens abstract contain?
LeaseLens can automatically identify over 200 industry standard fields, including title, critical dates, renewal options, and square footage of premises, among others. Users can also customize the abstract to include specific provisions they want to look for in their leases.