Abacus Property Group selected MRI Contract Intelligence powered by Leverton AI to automate all lease data abstraction and integration across its Australian Real Estate Investment Trust (REIT) business as part of a new three-year agreement.
With an investment portfolio concentrated in the commercial property and self storage sectors, Abacus is now using MRI Contract Intelligence to digitise about 700 legacy leases initially. Once done, time spent by the internal legal team and property managers handling contract-related queries is forecast to drop significantly.
Also, Abacus intends to use the new cloud-based Artificial Intelligence (AI)-powered solution from MRI to also produce feasibility reports, financial modelling, and trend trackers, and manage lease creation, storage and queries across their finance, legal and property teams.
David Bowie, MRI Software’s SVP and managing director for Asia Pacific, said the proptech-fuelled “cloud-change” is consistent with a broader trend in Australian property management and real estate investment firms.
“We’re hearing a lot more from progressive property leaders like Abacus wanting better, smarter, data-informed insights to underwrite their post-COVID growth plans,” said Bowie.
“They refuse to be stunted by slow, manual processes and are discovering that having meaningful access to deep volumes of data not only makes things faster, but uncover revenue opportunities such as rent-roll comparisons and anomalies in key lease terms that are picked up with deep machine learning AI capabilities,” he said.