Gaps in lease information challenge data digitisation

An average of 70% of the information contained in leases is missing from real estate companies’ digitised data systems according to Martin Betts, Vice President, Commercial Real Estate, EMEA, at proptech company NTrust.

“On average a company only has 30% of all the data in one given lease in the system – it’s on paper somewhere or it’s sitting in an archive somewhere but they can’t utilise that information,” Betts said.

The missing 70% has to be important or it would not be in the lease he added. However, the paper records are themselves unreliable. “Because we do a lot of lease abstractions the documents are given to us and 35% of all these documents and associated amendments are also incomplete,” he added.

Betts said there is a great need for data aggregation and his company creates a common platform on which data can be collected from a wide variety of sources and in a wide range of file formats.

“We will effectively take any style of data and ensure that it meets all their business validation rules and ensure that the data is correct, clean and then available in a source for them to utilise in their own systems moving forward,” Betts explained.

“We can give you that 100% completeness of the data, whether it be a lease, equipment lease, a vendor contract, a loan, a joint venture agreement.”

“But it isn’t just about leases,” he added.

“Real estate data is everything, even down to the fabric of the buildings, and all that data is somewhere in their offices and we are striving to bring that data in a digitised format for them to utilise in their day-to-day lives.”

Please click on the video above to watch the full interview or listen to the podcast below.

Author: