Top 5 CRE Underwriting Automation Tools to Get You Started
Jan 30, 2023
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Commercial real estate industry, surprisingly, has not been the front runner in adopting technology, part of the reason being the absence of an end-to-end automated solution. Technology companies are seen as too fragmented in solutions they provide by the CRE industry. In the post Covid-19 world the trend is changing, where investors are using some form of automation whether it is property management software, asset and investment management system, or a document processing solution.
As technology evolves to become more sophisticated, commercial real estate investors are harnessing the potential of automation. This process helps share investors some load of vetting a new commercial property, managing locations, and selling.
It's no longer a choice to have CRE underwriting automation tools for your firm to automate mundane repetitive tasks. In this article, we talk about some of the best automated solutions that make your life easier as a commercial real estate professional.
Top CRE underwriting automation tools
Check out this list of five prominent commercial real estate software used by investors to boost their productivity -
ClientLook is a cloud-based CRM (customer relationship management) software solution that incorporates contact management, project collaboration, and corporate social networking in a single integrated solution.
Every detail on each property
Build your property universe
Link contacts and properties
Email marketing with email integration
Manage listings and track comps
Updates and activities
The price offered by ClientLook falls under three segments -
$0 for new brokers
$89 per user per month (paid annually)
$129 per user per month (paid monthly)
Cumbersome integration with the company's email.
It requires better filtration on advanced searches.
No reporting capabilities.
No cross object filtering.
Docsumo is an automated document processing platform that enables operation teams to accurately extract information from any document in any layout with no manual setup required.
Docsumo offers automated data extraction from a number of CRE documents such as T12 statements, Offering memorandum, and operating statements which helps simplify CRE underwriting. You can classify different document types using the auto-classification feature and extract data with 98%+ accuracy. With Docsumo, there's no need for manual data entry anymore.
Data extraction from images/pdf
Seamlessly download data into multiple formats
Swift processing of documents in real-time
Integration with API or Webhooks
Smart Filters for dates, numbers, and other regular expressions
Auto-classification of documents
Validation of captured data
Growth - Ideal for start-ups & businesses that need to automate one or two document types.
Business - Perfect for businesses that need to capture specific data points from documents and train on their data.
Enterprise - Ideal for enterprises that need to process multiple document types, train on their data, and implement custom workflow.
More detailing is required in the API documentation segment.
The requirement to extend support to process handwritten documents.
Clik.ai is an automated underwriting software meant for commercial real estate (CRE). Investors utilize this platform to boost underwriting as-well-as asset management functions with blazing speeds.
They provide simple plug-n-play cloud software tools. These tools assist deal makers in executing their deal valuations and transaction due-diligence with no lags.
Efficient document and keyword search across loan files.
You can easily move data from documents to servicing softwares.
Shared servicing for cost efficiencies.
Ask for price
Cluttered UI experience
Lack of customization features
Requires time to understand navigating through the platform
Leverton is an award-winning AI-powered data extraction and contracts analytics tool that is meant for corporate and legal documents.
Leverton provides a comprehensive solution to digitize and automate lease abstraction, enforce a layer of human review, and deliver the results directly to top real estate platforms such as VTS, JDEdwards, MRI, Yardi, and Argus.
Image and Document extraction
Seamless integration with top real estate accounting and data firms
Legal AI for Due Diligence.
$59 per month for a single user.
The absence of sophisticated integrations with Accounting Software.
Less user-faced customization options.
Absence of automation in complex contract analysis.
Limited outreach into other industry sectors.
Visual Lease is a lease accounting and management platform, which provides automated calculations that extract the data points necessary to produce journal entries. This way, you spend less time devising accurate calculations.
Critical Date Alarms
Lease Accounting and Auditing
Localization and Reporting
Ask for price
Limited functionality in features like project management.
Inaccuracies in mapping.
Implementation sometimes gets tedious.
As a property manager or a real estate investment manager, it's time for you to create space for automated solutions to streamline the most mundane tasks. The first thing to get started with is to figure out the tasks you need to automate. Hopefully, this blog was helpful for your initial research. There are a number of solutions out there which you can have a look at, compare them, and decide what works best for you.
If you're considering automating your data extraction workflow, we'd love to help. Schedule a demo with Docsumo and figure out how we can help you achieve 99% accuracy in data extraction and 90%+ straight through processing for CRE documents.