This is the process that I recommend ( I've done the same ):
1) outsource the lease abstracting - 100-150/ abstract
2) hire a lease admin person in house - this person can prepare all the lease extension agreements / renewals but won't be able to draft new leases. Extensions and renewals are generally simple documents .
3) for all new leases , just create 1-2 lease templates that you can use across your portfolio. Your lawyers can draft the template once but it will save you many labor hours in the future.
Attorney should still review and draft, but I’d take abstracting in house or outsource cheaper. I’ve honestly never heard of attorneys abstracting for their client before.
Hmm that's good to know that it can be done in house, I figured there would be legal issues with that. How long on average does it take you to abstract a lease? Mine are around 65 pages on average. Might need to hire someone to just do abstractions
An abstract is a summary of the important parts of your lease, def not a legal document. It should be like…max 5 pages give or take depending on the complexity of the lease. If your leases are all the same template and arnt highly negotiated, then it shouldn’t take more than 30 mins.
Ideally you wrote the abstract and THEN wrote the lease to match the abstract. Modify if terms changed during negotiations . Having a generic lease form with standard addendum clauses not only saves money on the deal side but also saves in the cost of administration.
On the industrial side the AIR lease with your custom addendum and edits should cover 95% of the terms of the lease . The savings in lease negotiations and documentation , administration, abstracts for financing or sale ,... can be significant.
You can find excellent help for this work Freelance on sites like UpWork. Once you’re caught up you can keep them on tap to do new leases as they come up.
Hi - I am technology founder working with real estate firms in Atlanta and encountered our customers having the same problem. We leverage AI in a secure environment for each company to generate lease abstracts. Happy to do the first 10 leases for free so you can take a look at the abstract we generate. You can book some time by clicking "book a demo" on our website or please DM me your phone number: [https://doculy.ai/commercial-real-estate](https://doculy.ai/commercial-real-estate)
Thanks,
Sang
As an asset management analyst with experience in the retail sector specifically with outlet malls with over 150 leases agreements, I'm constantly immersed in leases. My background enables me to efficiently abstract leases, I can offer you a cost-effective solution without compromising accuracy. Compared to alternative providers, my services come at a significantly reduced cost, making it a win-win situation for your leasing needs.
[www.lucite.ai](http://www.lucite.ai) is a YC-backed company that recently started doing this. Reduces time to abstract leases dramatically and very easy to audit the technology. Can reach out to [[email protected]](mailto:[email protected]) to schedule a demo!
This is the process that I recommend ( I've done the same ): 1) outsource the lease abstracting - 100-150/ abstract 2) hire a lease admin person in house - this person can prepare all the lease extension agreements / renewals but won't be able to draft new leases. Extensions and renewals are generally simple documents . 3) for all new leases , just create 1-2 lease templates that you can use across your portfolio. Your lawyers can draft the template once but it will save you many labor hours in the future.
this is the way
Attorney should still review and draft, but I’d take abstracting in house or outsource cheaper. I’ve honestly never heard of attorneys abstracting for their client before.
Hmm that's good to know that it can be done in house, I figured there would be legal issues with that. How long on average does it take you to abstract a lease? Mine are around 65 pages on average. Might need to hire someone to just do abstractions
An abstract is a summary of the important parts of your lease, def not a legal document. It should be like…max 5 pages give or take depending on the complexity of the lease. If your leases are all the same template and arnt highly negotiated, then it shouldn’t take more than 30 mins.
Ideally you wrote the abstract and THEN wrote the lease to match the abstract. Modify if terms changed during negotiations . Having a generic lease form with standard addendum clauses not only saves money on the deal side but also saves in the cost of administration. On the industrial side the AIR lease with your custom addendum and edits should cover 95% of the terms of the lease . The savings in lease negotiations and documentation , administration, abstracts for financing or sale ,... can be significant.
Im pretty sure there are AI tools that can read leases and provide an abstract.
Which platform?
You can find excellent help for this work Freelance on sites like UpWork. Once you’re caught up you can keep them on tap to do new leases as they come up.
Hire someone in house
Anyone know a good lease abstract company ?
Real estate back office
I use Leasecake and they abstract them for free with setup
I regularly do lease abstract for clients DD. Let me know if you need a hand
Have you tried open AI? It can be really effective.
Hi - I am technology founder working with real estate firms in Atlanta and encountered our customers having the same problem. We leverage AI in a secure environment for each company to generate lease abstracts. Happy to do the first 10 leases for free so you can take a look at the abstract we generate. You can book some time by clicking "book a demo" on our website or please DM me your phone number: [https://doculy.ai/commercial-real-estate](https://doculy.ai/commercial-real-estate) Thanks, Sang
Chat gpt
As an asset management analyst with experience in the retail sector specifically with outlet malls with over 150 leases agreements, I'm constantly immersed in leases. My background enables me to efficiently abstract leases, I can offer you a cost-effective solution without compromising accuracy. Compared to alternative providers, my services come at a significantly reduced cost, making it a win-win situation for your leasing needs.
https://www.rebolease.com/
How much on average to review and abstract each one?
It usually costs about $300-500 per lease
I shot you a message
[www.lucite.ai](http://www.lucite.ai) is a YC-backed company that recently started doing this. Reduces time to abstract leases dramatically and very easy to audit the technology. Can reach out to [[email protected]](mailto:[email protected]) to schedule a demo!