Lee Baron successfully pilots MRI Software’s Contract Intelligence solution to digitalise lease abstraction processes
Lee Baron, a specialist property management firm, has successfully piloted the AI-powered MRI Software Contract Intelligence solution as a risk-mitigation tool to automate the abstraction of information from leases and validate against operational data.
The technology is added to a business software suite that already includes MRI Qube PM as a core back-office system – allowing them to consolidate their leases and accounts into one central structure and increase productivity as a result.
Lee Baron has sought to integrate innovative tech solutions within the business that focus strongly on high-quality client servicing. The firm acknowledges the importance of investing in long-term tech solutions to enhance their work, with this pilot marking the first collaboration of its kind between the Contract Intelligence application and Qube PM.
Contract Intelligence is dual faceted and allows Lee Baron employees to maximise their efficiency, as well as offer their clients access to the platform itself. By investing in technology to link client-facing information with the data from its leases, the firm can guarantee the highest degree of cohesion and accuracy throughout their business model.
When taking on a new instruction of 13 new buildings, the programme assisted with the set-up and review of leases to ensure that all the necessary information including dates was saved on the system. It used machine-learning technology to review approximately 90 leases, saving a significant amount of time instead of going through each individual lease manually. The software also raised queries on some key dates that did not match with what was uploaded onto Lee Baron’s system, allowing the team to eliminate any potential errors. To build upon this success, Lee Baron intends to link the Contract Intelligence module output to Qube PM, which will further cut out a massive keying operation in the future.
Tim Love, Chief Technology Officer, Lee Baron, says: “We know that, through the AI and algorithms of the MRI’s innovative product, we can create an even more efficient service for our clients and make sure that our team can focus on what really matters in their day-to-day work. Bottom line is that we have freed up lots of surveyor time that would otherwise have been spent extracting lease details. We look forward to continuing to work with MRI to build on the tech and are keen to help shape additional features and product developments in the future.”
Richard Belgrave, Sales Director, MRI Software, adds: “We’re delighted to complete this latest phase of the project, helping to further maximise value from MRI’s leading AI capabilities and integrated property management solutions. It’s a pleasure working with the forward-thinking team at Lee Baron and we are excited about potential of our continued innovation and collaboration.”
Lee Baron has invested in this cutting-edge technology as part of their continued efforts to increase company productivity. The firm has continued to provide all its services to clients throughout the Covid-19 pandemic and is committed to taking a leading role on the wider use of efficient tech solutions across the industry.