There is probably nothing more cumbersome than finding the key details buried in 50+ page lease documents and abstracting them to make a meaningful and searchable document. Yet, it should be done since a lease abstract is an integral part of property management. Any property manager would be very happy if there is a technical solution for this activity. Artificial Intelligence (AI) is the new hot thing.

AI is an exciting technology, and it is a great solution for lease abstraction. AI uses programming logic and language algorithm, which combs every word, clause, sentence and section of the lease to provide a meaningful abstract. A lot of training of the system has to be done so that it can produce meaningful results. AI has come a long way in the last few years and today it can produce an abstract that is ‘error free’ to a large extent and with human audit we can provide 100% accuracy.