Lease Management

The following features are available:

  • Management of Current Leases
  • Management of Rent Increases
  • Management of Renewals
  • Management of Exits

The Lease Status and Lease Phase fields

These fields are used to manage the Lease life cycle and it is important to understand the various options and how to interpret them in terms of the Lease life cycle:

  • Status New (All new leases are created with a status of New and can be found on the New Leases query)
    • Phase Entry WIP - all new leases are created with the Phase field set to Entry WIP
    • Phase Normal - when all the entry related activities have been completed the Administrator must manually change the phase to Normal. The Property Status on the Property dashboard will then change to Rented or Rented (Procurement Only) for a Procurement Only type Lease.
  • Status Current (All Leases where the Start Date of the Lease <= the Current Date and the Current Date <=the End date of the Lease) - the management of this parameter can be automated by selecting the Auto Lease Status flag on the Company Settings form. The system will then automatically change the status of New Leases to Current when the Start date of the Lease is reached.
    • Phase Renew WIP - when a Lease is marked for Renewal Management by clicking on the Renewal Management icon on any of the Lease queries, the phase will change to Renew WIP.
    • Phase Renewal Confirmed - when the Renewal status is changed to Renewal Confirmed, the phase will be changed to Renewal Confirmed.
    • Phase Renewal Completed - when the Renewal status is changed to Renewal Completed, the phase will be changed to Renewal Completed.
    • Phase Exit WIP - when a Lease is marked for Exit Management by clicking on the Exit Management icon on any of the Lease queries, the phase will change to Exit WIP.
  • Status Past (All Leases with an End Date <= the Current Date). If the Auto Lease Status flag on the Company Settings form is selected, the system will automatically change the status of Current Leases to Past when the End date of the Lease is reached.
    • Phase Exit WIP - when a Lease is marked for Exit Management by clicking on the Exit Management icon on any of the Lease queries, the phase will change to Exit WIP.
  • Status Archived (All Leases where the status have been changed by the administrator to Archived). The feature to do this is available on the Past Leases query and will move the Lease to the Archived Leases query. You should only archive Leases for Properties that you are not managing any more.
    • Phase Archived - when the Lease status is changed to Archived, the system will change the Phase to Archived as well.

Rent Increases

From time to time you might want to effect a mid term increase on a long lease. You can do this by using the Rent Increase Alerts query. This query is available from the Renewal Management menu and will display all leases where:

  • the Current Month is the Month of the Escalation date on the Lease and
  • the Current Month is not the Last Month of the Lease

Ideally you will run this query once a month to identify all leases requiring Rent Increases. You then need to manually update the Rent on each of these leases.

Leases will automatically be removed from this query in the month following the Escalation date month.

Renewal Management

For Adhoc Renewal Requests during the Month:

  1. Navigate to the Current Leases query
  2. Search for the Property
  3. Click to the Renewal Management icon to mark the Lease for Renewal Management

For the standard monthly process:

  1. Navigate to the Renewal Alerts query (Leases - Renewal Management - Renewal Alerts) to display a list of all Current Leases where the Lease End Date are within the default Renewal Alert window period specified on the Company Settings panel. This will typically be all Lease expiring within the next 40 or 60 days.
  2. Click on the Renewal icon to mark these Leases for Renewal Management.
  3. Navigate to the Renewals in Progress query (Leases - Renewal Management - Renewals in Progress) to display a list of all Leases that have been identified and marked for inclusion in the Renewal Management process.
  4. Use the Bulk Mail to Tenant feature available from the Tools drop down to send a template based Email to all Tenants on this list. Ensure that you have created a predefined Email template explaining the Renewal process and that can be used in this process.
  5. As you receive responses back from the Tenants, you can now contact the Landlord to get his consent to the new Renewal Terms. The best way to do this is as follows:
    1. Search for the Property on the Renewals WIP query.
    2. If the Tenants indicated that they were not going to renew, then select the cancel Renewal Option from the Options and Tools drop down to initiate the Exit Management process.
    3. If the Tenants indicated that they want to renew their Lease, open the Lease from the Options and Tools drop down menu option and tick the Tenant intent established tick box.
    4. Click on the Renewal Tab. The system would have calculated some renewal terms based on the current rent and escalation % that was entered on the current Lease terms. You can now adjust these terms taking into account any feedback from the Tenant. Make sure to save the changes made to the Renewal Terms.
    5. You can now use the Email landlord feature to Email the Landlord using a pre-defined template explaining the Renewal Process. The system will compile a draft Email containing the current and suggested renewal terms that can be sent to the Landlord to get his consent.
    6. Once you receive confirmation from the Landlord, you can update the Renewal flags to indicate that the Landlord has indicated his intent to renew. Update the Renewal Terms based on the feedback received from the Landlord.
    7. You can now Email tenant feature to Email the Tenant using a pre-defined template explaining the Renewal Process. The system will compile a draft Email containing the current and suggested renewal terms that can be sent to the Tenant to accept.
    8. Once you receive confirmation from the Tenant, you can update the Renewal flags to indicate that the Landlord and Tenant have accepted the Renewal Terms. You can now change the Renewal Status to Renewal Confirmed. The system will then update the Property Dashboard status to indicate that a Renewal on the Property has been confirmed. 
  6. To finalise Confirmed Renewals
    1. Navigate to the Renewals Confirmed query.
    2. Open the Lease Renewals Tab that you can to action.
    3. Compile the Renewals Addendum for the Lease
    4. You can now use the Email Tenant and Email Landlord features to send template base Emails to Tenants and Landlords and attach the Renewal Addendum.
    5. Once you received the signed addendums, you can update the Renewal Status flags accordingly and then proceed to do the top up billing where applicable using the Bill Deposit Top-ups and Admin Fees feature available from the Renewal Management drop down menu. The system will update the renewal flag to indicate that the billing has been done. 
    6. You can now change the Renewal status to Renewal Completed. Renewals with a Renewal Status of completed are moved to the Renewals Completed query and when the phase are changed to normal, they are removed from the Renewals Completed query.

Exit Management

Exit Requests are normally received either on an ad-hoc basis during the month or as a result of a prompting Email to find out whether a Tenant wants to renew his lease or not.

For Adhoc Exit Requests during the Month:

  1. Navigate to the Current Leases query
  2. Search for the Property
  3. Click to the Exit Management icon to mark the Lease for Exit Management

The phase will be changed to Exit WIP and the system will guide you through a few steps to determine the Exit Reason, the planned Exit date and whether the marketing process must be initiated to find a new Tenant (See example workflow below).

Step 1 - Select the Target Exit Date and Exit Type and click on Save button

Step 2 - Confirm whether the marketing process must be initiated. If you select Yes, the system will automatically initiate a New Tenant Procurement process, add the Property to the Property TO LET query and make the Property available to load new Applications from the Quick Tools menu options.

Step 3 - Update the Mandate Information that will be used for the Marketing of the Property and click on the Save button.

Once the above process have been completed, the system will create an Exit Ticket that can be used to manage the Exit Process. The Exit Tickets queries are available from the Leases - Exit Management Menu.  When you open an Exit Ticket the following information is available that can be used to manage the Exit process to completion:

The following options are available:

  • Exit Tickets New
  • Exit Tickets with Accounts WIP
  • Exit Tickets Completed
  • Exit Tickets with Outstanding Provisions

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