How long do you think it would take to audit 8,000 leases against your ledger? If an agent takes 30 minutes to review a lease, that adds up to approximately 4,000 hours, or 100 weeks, of time spent painstakingly reviewing documents. You could pay an external agency to review your leases, but that service is expensive and frequently relies on extrapolating the results from a small sample size across your portfolio. Fortunately, there’s a better way to ensure you’re not overcharging or undercharging your residents: introducing Lease Audits by EliseAI.
Our newest AI-powered product is designed to help multifamily operators maintain precise records of fees, deposits, concessions, and more, eliminating the risk of either overcharging or undercharging your residents.
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Protecting Your Portfolio
Property managers and teams often juggle multiple tools and manual processes to maintain lease records. Even a small discrepancy, like a missed fee, an incorrect charge, or an expired concession, can lead to significant revenue loss and regulatory issues if it goes undetected and leads to you mistakenly overcharging a resident. The compliance risks and penalties vary from state to state, but national legislation like the Fair Housing Act means, for example, that charging a resident with an emotional support animal a pet fee could result in fines of up to $16k. Certain jurisdictions can even go so far as to revoke a property management license in the most extreme cases.
With Lease Audits by EliseAI, you can vastly mitigate your risk of under or overcharging residents. Our technology integrates with top PMSes and centralizes your data in one place, surfacing potential errors and highlighting urgent issues so your team can resolve them quickly.
What to Know About Lease Audits by EliseAI
Here’s a rundown of what to expect from the Lease Audit product by EliseAI.
Seamless Integration
Lease Audits works with many widely used property management software, automatically pulling in resident lease information for AI-powered analysis.
Daily Automated Checks
Instead of periodic or spot checks, Lease Audits continuously scans your ledgers for discrepancies against your leases. This consistent oversight helps property management teams address issues the moment they arise.
Comprehensive Reviews
Our Lease Audit product examines fees, deposits, credits, adjustments, and any other transaction that affects the resident’s ledger. The AI flags anything out of alignment, from incorrect charges to missing concessions, so that you can quickly rectify the situation.
Increased Visibility
The Lease Audit product is designed to be simple and actionable. Whether you’re an onsite agent or part of a corporate accounting team, you can quickly see which leases need attention and take immediate action.
Measurable ROI
By preventing missed charges and overcharges, Lease Audits can help you improve your bottom line, build trust with your residents, and reduce the risk of costly compliance violations.
How Lease Audits Works
Our Lease Audits product works through an integration with your PMS, eliminating potential errors during data exports or manual entry. Our AI scans each resident’s ledger, comparing transactions against existing lease terms. When the AI detects a discrepancy it notifies your team, ensuring a human stays in the loop and handles communication with residents.
Lease Audits surfaces discrepancies immediately, reducing the risk of disputes and helping you improve community NOI.
First, we run an initial one-time audit of all your leases to spot any mistakes. Then, the product does consistent, automated checks on a regular basis to reduce regulatory risk, as average turnover rates of 40-50% necessitate constantly checking leases against the ledger for compliance.
Get Started with Lease Audits
If you’re tired of paying a costly external auditing service or having team members take time out of their day to do painstaking manual document review, Lease Audits by EliseAI is the solution you’re looking for. Get in touch with us today to start taking advantage of continuous, AI-powered lease oversight with Lease Audits by EliseAI.