This is a guest post from Arian Nemati, Co-Founder and CEO at InteLease.
If you work in the commercial real estate industry, you know how time-consuming it can be to review legal documents such as contracts, investment offerings, or leases. It’s a daunting task, even if you want to find just a few key provisions. Now scale the tedious work to entire teams, who are spending valuable time manually reviewing and tagging documents. This inhibits productivity, as highly-skilled teams are spending time on low-skill work.
Aside from its tedious nature, this manual work is also risky, in that skipping over just one clause can have dire consequences for the business. For example, a REIT considering a property with hundreds of tenants can easily miss a term from a dense clause specifying an individual tenant’s right to early termination. Such a human error can end up costing the firm millions of dollars since the departure of an anchor tenant would drastically reduce the property’s value.
InteLease Box Skill
Box is a cloud content management platform that enables businesses to manage, share, and access data from anywhere securely. In addition to its core content management capabilities, Box empowers you to work with your content in much more versatile ways using various artificial intelligence (AI) technologies. The Box Skills framework lets you quickly gain deeper insight into your files in Box by enhancing them with AI. Specifically, the InteLease Box Skill alleviates the burden of document review in real estate. You can see an example document for the InteLease Box Skill here.
How does it work?
After you upload a file into Box, a Box Skill examines the file using InteLease’s machine learning technology. The Skill unlocks the critical data from the document within just a few minutes and the discovered information is displayed in the Box user interface for your quick perusal. All of the extracted information is also indexed for search in Box, and can be used to trigger workflows and polices to drive broader solutions.
Powered by a backend that uses machine learning models built on top of a layer of proprietary natural language processing, InteLease guides you to — and through — the exact facts and figures you need. This best-of-breed AI technology has been trained and tested on thousands of lease documents.
How does it help you?
For example, you may need to compare the rent schedules for a property’s tenants. Although the schedules exist in the leases’ PDFs, you still have to transfer the tables into spreadsheets for further analysis. This process is made trivial by the InteLease Box Skill, which automatically locates the rent schedule and links to a complete abstract that can be exported as an Excel file (or to other software) with the click of a button.
Gone are the days of searching, copying, and pasting information from large documents (or, even worse, typing in the found text manually). You can now discover and inspect complicated language, clauses, and tables in just a fraction of the time and effort, as they are now automatically summarized on a sidebar of the Box file. You can also log into the InteLease app to work with the information directly.
InteLease uses AI to extract and analyze actionable insight from legal and financial documents; thus, it can assist in abstracting leases, comps, debt and more. It provides an intuitive user interface for reviewing your documents, but behind its user-friendly frontend lies a powerful backend engine. InteLease utilizes deep learning models to learn from a large corpus of existing legal documents. It also incorporates individual users’ behavior in real-time AI models, so the document review process dynamically adapts and conforms to their needs.
The resultant summaries enable you to slice and dice data, shedding new light on your decisions. You can easily export them to create customized reports that can be linked to any cloud APIs. Ultimately, InteLease enables you to reimagine the ways that data can be harnessed for your company.
Discover how the InteLease Box Skill can improve the accuracy, time-management, budgeting, and decision-making of your organization. If you’re a developer, please explore the developer docs on Github. You can also visit www.intelease.com or email email@example.com for additional information.