Design a lease abstraction platform for managing lease documents and extracting key information from them, making it easier for the users to summarize their lease agreements

LeaseAbstract AI Web App

Research, UX Workflows, UX Design, UI Design/High-fidelity mocks
Design Goal
Creating an MVP version for a "Lease Abstraction" that helps the property managers to get a summarized lease document in minutes
Team
CEO, SME, Developers
Overview
Lease abstraction involves extracting key data points from lease agreements, such as rent amounts, lease terms, renewal options, and important dates. Real estate companies often use lease abstraction services to help them extract, organize, and analyze lease data across their portfolios, enabling efficient lease administration, reporting, and decision-making.

Since the data is huge and historically lease abstraction has been conducted manually, automating lease abstraction offers time savings, improved accuracy, cost efficiencies, better reporting capabilities, and enhanced compliance.

By leveraging AI technology to streamline the lease abstraction process, the goal of the LeaseAbstract platform is to optimize lease management and make more informed decisions based on accurate and accessible lease data.

Who? (Users)

User Groups
Following are the group of users who use LeaseAbstract AI platform for lease abstraction
- Lease Administrators‍
- Legal Teams/Attorneys
- Real Estate Consultants
- Lease Abstraction Service Providers

Why? (User Pain Points)

Time-Consuming Manual Process:
‍It's time-consuming for users to do lease abstraction manually often with multiple team members involved for multiple review levels. With automation, large volumes of leases can be abstracted quickly and efficiently.

Accuracy and Consistency Issues:
Manual lease abstraction can be prone to errors, such as overlooking or misinterpreting crucial information. Automation reduces the risk of human error, ensuring consistent and accurate data extraction across multiple leases.

High cost-to-benefit ratio:
‍Automating lease abstraction can result in cost savings over time. By reducing the time and effort required for manual abstraction, organizations can allocate their resources more effectively.

Multiple touch points with no streamlined process: An AI-powered lease abstraction software can integrate with existing lease management systems, creating a streamlined workflow. The extracted lease data can be automatically populated into the system, eliminating the need for manual data entry. This integration enables organizations to have centralized and up-to-date lease information, making it easier to manage and monitor lease portfolios effectively.

User Journeys/Workflows

Before: Manual Lease Abstraction User Workflow
The manual lease abstraction process takes 2-3 hrs on an average to extract about 50-100 fields from lease agreement contracts. The accuracy is less than 70% in most of these cases and involves 2-4 team members to perform and review the abstracted report (with Review Levels 1, 2 and 3) at each step along the way.
Shown below are basic 8 steps that are required to perform lease abstraction manually:
After: AI-Powered Lease Abstraction User Workflow
With AI performing lease abstraction, the goal is to reduce the time taken to abstract a single lease to <2 mins. With minimum human intervention required, the steps are reduced to half after automating the lease abstraction process.

Feature List

As shown in the 'After' workflow, we decided to focus on the following features that were a must in order to launch the MVP version for this feature. A few upcoming features are still a WIP and will be worked on in Phase 2 of this project.
Lease Abstraction Dashboard
A dashboard page displaying the total no. of leases abstracted, and displaying the benefit of AI powered lease abstraction upfront in terms of cost + time savings for all client projects
Lease Management Listing Page
A dedicated page to organize and manage lease documents, allowing users to upload, categorize, search, and update lease information efficiently.
Lease Abstraction Results Page (powered by AI)
An AI-powered page that automatically extracts key lease information from uploaded documents and presents it in a structured format for easy review and analysis.
Lease Abstraction Profile Creation
A feature that enables users to create customizable templates with predefined fields and rules for consistent and efficient lease abstraction across projects.
Reporting Templates
Ready-to-use templates that generate standardized reports summarizing lease abstraction results, allowing users to easily communicate findings and insights.
Workflow/Project Management
A feature that helps users define and manage the workflow and stages of lease abstraction projects, assign tasks, set deadlines, and track progress to ensure efficient collaboration and timely completion.
Upcoming
User Activity Dashboard
A dashboard that provides users with an overview of their activity within the software, including recent actions, project updates, and notifications, enhancing transparency and enabling quick access to relevant information.
Upcoming

What was designed?

Shown below are high fidelity screens for the final MVP depicting the common elements picked from different use cases/user pain points encountered during the lease abstraction process.
View Prototype
User Pain Point
Manual gathering and grouping of lease documents
Design Fix
Users can now upload multiple lease documents in one go using this screen
User Pain Point
Identify and highlight key data points
Manually create the abstraction template and enter required data
Design Fix
Colored checkboxes denote the data that is automatically filled up by AI, indicating how many fields have been abstracted

Additionally, the user can also highlight/annotate the text and add the abstracted field to their abstraction template
User Pain Point
Streamlining Lease Management
Manual storage, retrieval and sharing of abstracted lease documents across devices, and different cloud storages like Dropbox, GDrive, other Property Management Systems
Design Fix
All abstracted leases in one-place displaying the abstraction statuses that can be shared/viewed with the entire team
‍
Depending on the user rights, the users can abstract the leases, create reports, add/delete/edit the documents and do much more..
User Pain Point
Manually create the abstraction template and get it ready to be shared with the team so they can manually enter the required data
Design Fix
Users can create and save 'custom' abstraction profiles for the team's perusal making the lease abstraction process streamlined and time-saving.
User Pain Point
After data entry, convert reports to PDF documents manually in the desired report format and share with the client or other teams members via email
Design Fix
Here the user can select a report format from multiple report options (Commercial, Retail, Industrial, etc.) and generate a report in the PDF, Excel or Word format, with 'one-click' to be shared with clients or other team members
User Pain Point
Lack of centralized process for reporting, approvals and sharing purposes
Design Fix
Here the users can view the existing reports, and download (PDF, Word, Excel formats) or share these reports with their respective clients

Impact and Next Steps...

Phase 1 design of LeaseAbstract AI was launched in 2019-2020.

The goal of this design overhaul was to enhance the user experience (UX) and improve the overall usability and aesthetic appeal of this web application and this is currently being implemented by the tech team.

We wanted to make sure that we are revamping the visual and interactive elements of the user interface (UI) to align with the current design trends while addressing user pain points.

Once the AI component is launched with the current design screes, the product intends to achieve the following metrics when performing lease abstraction.
90% Reduction in manual labour and savings ($$$)
10X Reduction in turnaround time for lease abstraction
95% Accuracy in abstracted data fields
Next steps (WIP) for this product are to design the following features:
1. Workflow Management : This is to ensure task management for different team members and
2. User Activity Page : This is to track who has performed which task in the lease abstraction process.
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