Lease Abstraction: Tool Set
I cannot think of a compliment high enough for NTrust's Lease Data Abstraction and Management team, than to simply say: "Wow". The Project Manager was on top of issues 24X7, and the quality and speed of deliveries were a very pleasant surprise.
- Richard Hill, Top US Retailer
NTrust has developed in-house a core set of software tools that implements its industry leading abstraction and validation process, ensures quality of delivered abstracts, and provides real time visibility to its clients on progress and issues.
- NTrust provides a proprietary tool set including:
- NCAT – lease abstraction data repository and validation software to ensure data accuracy. NCAT consists of a proprietary ABRQA (Abstraction Business Rules Quality Assurance) engine that is customized for each client. ABRQA validates abstracted data using general business rules specific to the industry and accommodates additional business rules specifically indicated for a given portfolio. NCAT is a proprietary data repository specifically designed to receive real estate lease abstract data. NCAT utilizes the given abstraction template so lease abstracts and corresponding data can be customized for each client. NCAT allows data to be abstracted once and then exported to multiple systems. In addition, NCAT facilitates data validation, quality control reviews and programmatic data checking such as:
- Double-blind data entry and comparison – two lease abstractors, each separately abstract a lease and enter selected key information. NCAT automatically compares the data fields entered by the two abstractors and notifies QC Reviewers of any discrepancies. Statistics are maintained and reviewed to determine where inaccuracies are most commonly made and abstractors are retrained in these areas.
- Programmatic data validation – NCAT’s data validation routines automatically analyze date and numeric fields to ensure that numbers are entered correctly, dates have the correct format and required number formats are maintained.
- Date Sequencing – NCAT helps to reduce data keying errors and ensure that lease dates are entered correctly by reviewing the sequence of dates associated with a lease. For example, NCAT ensures that the lease commencement date is prior to the expiration date and that amendment dates follow the sequence of the amendments.
- Required fields – NCAT’s custom template design lets clients designate those fields that should be included in every lease and make them required input within NCAT.
- Dependent clause and data – NCAT ensures that dependent clauses and related data are entered into the system. For example, if a lease has a CPI lease clause, NCAT will require that associate data is entered into the system. If a lease has a second amendment, NCAT will require that a first amendment also be entered into the system.
- Quality Review comments and error analysis to improve future abstraction efforts – NCAT provides detailed error reports which are reviewed to identify areas of improvement. Abstractors are routinely re-trained in areas where mistakes occur to improve their accuracy rating.
NTrust lease abstractors utilize a two-monitor configuration with NCAT on one screen and the electronic lease files presented on the second screen. This allows abstractors to easily view the data being abstracted while completing the abstraction template in NCAT. Abstractors also “tag” or link specific clauses within the electronic lease documents to the summary of lease clauses in NCAT. These tags are used to create bookmarks in the PDF file. This enables Quality Control Reviewers to quickly and easily refer to sections of the lease document when reviewing the abstraction data.
NCAT strictly enforces data format standards which, in conjunction with NCAT’s customized lease abstraction template, ensure that abstracted data can easily be exported from NCAT and directly into lease administration systems. In addition, NCAT has the ability to export lease abstractions into Microsoft Excel, CSV or XML files.
- NAMS provides internal workflow management, quality review, assignment tracking and visibility throughout the abstraction process. NAMS is used to assign documents to abstraction, review and QA personnel. NAMS tracks the areas of specialty among abstraction staff and allows leases to be assigned to staff specializing in that specific type of lease or clause. NAMS ensures that leases to be abstracted follow the assigned workflow and are completed on time. Workflows can vary on a project by project basis.
- NeView is NTrust’s proprietary management tool which provides workflow management, productivity and SLA measurement, document management, and reporting. NeView gives clients real time visibility into work-in-process, status reporting and other key metrics. NeView is often customized to meet specific needs of each client.