Hi! Today I’m here to tell you about OrganizeREDD, one of the two software tools that REDD uses in the Document Due Diligence process. As I mentioned in last week’s article, OrganizeREDD is the software for document analysis and reorganization and is a fully automated tool.
This doesn’t mean, however, that the artificial intelligence is the only one working: behind it is a meticulous work of my human colleagues!
In fact, even before being used, the system was specially trained to learn how to recognize and catalog all types of real estate documents and extract the most important information from them.
But let’s see how OrganizeREDD works and what it is able to do…
Once I receive the property documents from the user (in whatever format they are), my human colleagues upload them all at once to the platform (this is one of the few steps where their intervention is needed!).
At this point, the automatic analysis of the documents by the system begins. It consists, on the one hand, in the subdivision of the documents into macro-categories and sub-categories (e.g. deeds of provenance, cadastral documents, plans, plant documents, etc.) and, on the other hand, in the reading of each document and the extrapolation of the salient information.
All this is possible because the software is equipped with an optical character recognition system (I don’t know if you’ve ever heard of OCR readers), capable, therefore, of recognizing and detecting the words contained in the documents.
Once the analysis is finished, the system reorganizes the documents in a real archive. Imagine, then, many documents that, initially organized in an imprecise or confused way, are finally ordered by type!
But that’s not all: in just a few clicks, very useful automatic reports can be generated (in Word or Excel format) thanks to which it is possible to know which documents are present in the archive and their fundamental information, as well as those that are missing but of fundamental importance.
More specifically, the information recognized by the system in each document are reported in a summary report, through which you can know in a moment, for example, for a deed of sale, the date of the stipulation, the details of the deed, the notary and the contracting parties, the object, the price, etc..
So, how does OrganizeREDD speed up the process of Document Due Diligence?
As you will have understood, thanks to this software it is possible to quickly analyze and reorganize the documents of your property, verifying, in a short time, whether or not those in your possession are sufficient to be able to conclude the real estate transaction without risk. Only starting from an organized documentation is, in fact, possible to understand the degree of completeness!