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While buying any property you will have to read 200-page documents with a lot of hard-to-understand jargon. What’s worse is that because of how difficult it can be to understand, some people tend to skim through very important details and facts, and in doing so, it can prove to be a costly affair in the future. To solve this problem, you can rely on an Automated Lease Abstraction.
It is a document that mentions details and intricate information about the property. You can have the advantage to get to see crucial information in an organized manner instead of figuring it all out on your own. The process involves professionals extract financial, business, legal, and other data and make a report based on that.
You get a compiled report placed at the centrally located database so that the organization can make informed decisions. You get information such as the property address, tenant’s address, lease dates, property description, rent, security lease renewal options, parking fee, maintenance charge, hidden termination clause, and many more.
All sorts of stakeholders get multiple benefits from the lease abstraction, but when we use automation, the benefits are double or triple. Here is how.
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Benefit of lease abstraction
The automation process saves lots of time that goes into feeding the data and extracting it. Once every property in the city is automated, the lease abstraction document will get automatic updates.
If anyone makes a purchase or sells the property, the data will reflect on the document. When the banks and other financial institutions will provide mortgages, the data will automatically start reflecting on the document in real-time.
It takes human resources, digital devices, and many more resources to enter the data manually in the system. The cost increases manyfold when we follow the physical document process. However, in automation, you need to pay only initially, later on, the system will do all the work in an integrated manner.
You get unlimited scalability with real-time data updates, share alerts and notifications, tax calculation overdue calculation, and much more with automation.
An automated lease abstraction covers all types of rights and obligations of every stakeholder. It makes it very easy to comply with all the property-related rules.
Lease abstraction also mitigates any error in financial data along with outlining important financial and legal information. You will not miss any taxation, local laws, regulations with automated lease abstraction.
Humans are very prone to error and you always face a high risk of all sorts. You get complete peace of mind and risk aversion with automated lease abstraction.
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· Benefiting from Data Analytics
It has become relevant to follow a data-first approach in the real estate sector. The combination of technology and lease abstraction gives anyone a competitive edge. As an individual or as a business, you can exploit data from lease abstraction systems that may enhance your real estate portfolio and business prospects.
It becomes easy for everyone to make managerial decisions such as divestments, acquisitions, diversification, etc with the help of an automatic lease abstraction process.
· Value creation
With the above advantages, you can see that they are adding value to your business operation and process. You could potentially find value in your real estate dealing which might not be possible in the physical document process.
Automated Lease Abstraction grants opportunities, such as cutting-edge analytics, data validation, and lots of time, cost, effort, etc. It eliminates any type of human error and brings integration into your business processes.