Before acquiring a property, Workspace must analyze and abstract leases as a critical part of its due diligence. The process is highly technical and laborious, involving locating and summarizing all significant lease elements—such as rent, specific tenant and landlord rights, and timelines—in a concise document for easy evaluation. In the past, Workspace relied on a third-party agency to compile the abstracts. They managed these documents in spreadsheets that made locating specific property details difficult and were prone to manual data errors. Each lease abstract could take several months to complete and cost up to $1,000, a significant investment with 300 to 500 leases per property acquisition. And this process delayed sending timely invoices and renewals on the new leases.
Workspace turned to Conga AI Analyze to automate the lease abstracting process. Using a sample abstract from the Workspace library, Conga’s team identified the necessary fields to include and deployed Conga AI Analyze to automatically generate a completed abstract. The process took a fraction of the time needed for hand-produced abstracts and resulted in far fewer data errors. It also saved the company valuable time and money over a specialized, third-party provider. The completed abstracts are securely stored in a live, searchable database that authorized users from operations, finance, and legal can access on demand.
- Reduced abstraction costs by 25%, saving as much as $125,000 per acquisition
- Shortened lease abstraction process by 50%
- Gained comprehensive visibility into lease data through a searchable database
- Achieved faster, error-free lease cataloging and faster revenue creation
"Conga AI is a groundbreaking technology, providing an innovative and seamless solution for lease analysis and management. Documents are at the heart of our business, and we trust Conga AI Analyze to help us find and organize the most important details inside of them."
Mike Gervasio | Workspace Property Trust