New technology will redefine how business owners and operators navigate the complexities of lease agreements
WINTER PARK, FL / ACCESSWIRE / September 14, 2023 / Leasecake, a leading provider of lease management software, today announced Cakebot, the first AI-enabled conversational bot and lease summarization tool for lease management. Cakebot is set to redefine how business owners and operators navigate the complexities of lease agreements, streamlining processes and empowering users with newfound efficiency. Cakebot is the first in a series of AI innovations Leasecake will make available to customers.
"The acceleration of generative and conversational AI technologies has reached a point where many commercial real estate challenges can be solved in seconds instead of hours or days," said Dave Schrader, Chief Product Officer of Leasecake. "With Cakebot, customers can now speak directly with their own data in a conversational way, getting not only specific details but real-time summarizations of lengthy contracts. In many ways, Cakebot is like an extension of their own team."
Lease agreements have long been notorious for their intricate and lengthy language, often posing challenges for tenants. Deciphering these documents requires intensive analysis, especially for real estate and accounting experts who aren't legal specialists. With the introduction of Cakebot, users gain access to data and insights without the need to have decades of real estate or legal experience.
Cakebot harnesses the power of large language models (LLMs) to simplify the leasing process. Users can ask Cakebot questions about their lease and get quick answers. The AI-powered tool analyzes and extracts vital information from even the most complex agreements and provides assistance on lease-related questions. In addition, Cakebot offers concise, easy-to-understand summaries of otherwise complex legal critical clauses.
"Our objective has always been to simplify lease management. With Cakebot, we're making our award-winning software even more user-friendly. Our customers can now operate with heightened efficiency, eliminating the need to onboard costly specialists," said Scott Williamson, Chief Executive Officer of Leasecake. "Leasecake's innovation is fueled by our customers and actualized by our talented team. Cakebot is just the first of many AI-enabled innovations we will make available to our customers in the coming year."
Leasecake's focus on driving the cost of lease management to lower price points has benefited greatly from AI. Results from beta tests of Leasecake's AI-infused technology have so far resulted in operational efficiencies for customers and Leasecake of 30% for key lease management processes.
To learn more about Leasecake's Cakebot, visit our website at www.leasecake.com.