Category Archives for "Lease Abstract"

3 Reasons Why You Shouldn’t Use that Lease Abstract Template You Found Online

By Meredith Beasley | Lease Abstract Template

Lease abstracting is often seen as dreaded busy work that you want to get off your plate as fast as possible. Luckily, a quick Google search uncovers a mix of ready-made templates. But what seems like a handy time-saver today might leave you in a sticky situation tomorrow.

The lease abstract templates you find online are by no means bad or faulty. The problem is there isn’t a one-size-fits-all approach to abstracting. The templates you find online are the size that fits the person or organization that created them.  They may save you from having to create a template from scratch, but they don’t support the unique needs of your portfolio.

So, before you click the download button, let’s discuss the reasons you shouldn’t use the lease abstract template you found online.

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Why Lease Abstraction Services are Not a Replacement for Lease Management Software

By Meredith Beasley | Lease Abstracting , Lease Management Software

On a daily basis, we often face situations that require a little bit of flexibility.  If I’m in a pinch and don’t have eggs when I’m baking, I can turn to unsweetened applesauce. The restaurant I’m dining at doesn’t have Coke? Sure, I’ll take a Pepsi. These replacements aren’t going to be exactly what I need or want, but they’re close enough and will get the job done.

Some things, however, aren’t interchangeable. A great example of this is lease abstracting services and lease management software. In this case, one shouldn’t replace the other. Software alone isn’t an effective solution. Services alone aren’t an effective solution. The two have to work together in order to create effective lease management.

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Seven Tips for Efficient and Accurate Lease Abstracting

By Meredith Beasley | Lease Abstracting

When was the last time you built a puzzle? It may have been a rainy day or a long vacation, but no matter the occasion, we all start off the same – you open the box and dump the pieces out on the table. From there, we all employ our own building strategy. Some start with the corner pieces and build the frame, while others take the time to sort out all of the pieces by color or pattern. 

Lease abstracting is a lot like a puzzle. You start out with all the pieces – terms, rent schedules, options amendments and assignments – and get to work piecing together the final pretty picture, an organized portfolio. Just like building a puzzle, everyone has their own approach or strategy to abstracting, because leases come in all shapes and sizes, and sometimes show up with a missing piece. 

No matter if you’re just learning how to abstract or are a seasoned expert, we wanted to share some of our favorite tips and tricks to get that “picture perfect” lease abstract. 

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Lease Abstraction and Artificial Intelligence

By Guy Gray | Artificial Intelligence , Lease Abstract

When someone mentions the letters “AI,” what comes to mind? Perhaps it’s a young robot boy who is programmed to love and looks like Haley Joel Osment. Or, maybe it’s a Turing test that involves a human being’s relationship with an intelligent humanoid robot, a la Ex Machina. The bioengineered androids of Blade Runner are also often associated with artificial intelligence.

Whatever your mind conjures up, it’s likely not the 1s and 0s of software that you use on a daily basis. But, the truth is, most of the AI we deal with is just that: software. In terms of the commercial real estate world and lease abstracts, AI can be extremely beneficial for organization and efficiency. Let’s take a look at how the artificial intelligence you’ll find in CRE automation software isn’t too far removed from the friendly “AI” robots you see in the movies.

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