Commercial real estate industry, surprisingly, has not been the front runner in adopting technology, part of the reason being the absence of an end-to-end automated solution. Technology companies are seen as too fragmented in solutions they provide by the CRE industry. In the post Covid-19 world the trend is changing, where investors are using some form of automation whether it is property management software, asset and investment management system, or a document processing solution.
As technology evolves to become more sophisticated, commercial real estate investors are harnessing the potential of automation. This process helps share investors some load of vetting a new commercial property, managing locations, and selling.
It's no longer a choice to have CRE underwriting automation tools for your firm to automate mundane repetitive tasks. In this article, we talk about some of the best automated solutions that make your life easier as a commercial real estate professional.
Check out this list of five prominent commercial real estate software used by investors to boost their productivity -
ClientLook is a cloud-based CRM (customer relationship management) software solution that incorporates contact management, project collaboration, and corporate social networking in a single integrated solution.
The price offered by ClientLook falls under three segments -
Docsumo is an automated document processing platform that enables operation teams to accurately extract information from any document in any layout with no manual setup required.
Docsumo offers automated data extraction from a number of CRE documents such as T12 statements, Offering memorandum, and operating statements which helps simplify CRE underwriting. You can classify different document types using the auto-classification feature and extract data with 98%+ accuracy. With Docsumo, there's no need for manual data entry anymore.
Clik.ai is an automated underwriting software meant for commercial real estate (CRE). Investors utilize this platform to boost underwriting as-well-as asset management functions with blazing speeds.
They provide simple plug-n-play cloud software tools. These tools assist deal makers in executing their deal valuations and transaction due-diligence with no lags.
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Leverton is an award-winning AI-powered data extraction and contracts analytics tool that is meant for corporate and legal documents.
Leverton provides a comprehensive solution to digitize and automate lease abstraction, enforce a layer of human review, and deliver the results directly to top real estate platforms such as VTS, JDEdwards, MRI, Yardi, and Argus.
Visual Lease is a lease accounting and management platform, which provides automated calculations that extract the data points necessary to produce journal entries. This way, you spend less time devising accurate calculations.
As a property manager or a real estate investment manager, it's time for you to create space for automated solutions to streamline the most mundane tasks. The first thing to get started with is to figure out the tasks you need to automate. Hopefully, this blog was helpful for your initial research. There are a number of solutions out there which you can have a look at, compare them, and decide what works best for you.
If you're considering automating your data extraction workflow, we'd love to help. Schedule a demo with Docsumo and figure out how we can help you achieve 99% accuracy in data extraction and 90%+ straight through processing for CRE documents.
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
Optical Character Recognition (OCR) is the technology to convert an image of text into machine-readable text. It is the underlying technology for various data extraction solutions including Intelligent Document Processing. However, OCR is not smart enough to figure out the context in a document - it works simply by distinguishing text pixels from the background and finding a pattern. This limitation could cause inaccuracy in captured data that could directly impact the output of your data extraction model.
Accounts payable is a key financial function for any business. Corporations can have thousands of suppliers; even for relatively smaller businesses, the number of suppliers could be in hundreds. All the invoices they receive from these suppliers come in multiple formats, layouts, and templates - some semi-structured, some unstructured. Therefore, firms expend time and resources to capture invoice information through manual data entry and verification of accounts payable. Manual data entry is not feasible in the long run, definitely not on a large scale. Before we talk about how intelligent invoicing solves the problems associated with manual invoicing, let’s discuss the challenges in much detail.
As most of an organization's information is available in an unstructured format, processing it requires an automated system that can handle documents with minimum human interaction. OCR is one such technology, but its scope is limited as it requires human interaction and is highly dependent on the layout and structure of the document to be processed.These limitations are overcome by Intelligent Data Extraction.Using artificial intelligence, the Intelligent Data Extraction technology extracts data from documents and transforms it into useful information through the extraction process. It functions as a singular tool for extracting information from any type of document and aids in optimizing company operations.