Lease Lifecycle Policy

This Policy focuses on some business and localized laws customization. Specifically; this Policy is broken down into four (4) tabs:

  • Application Rules
  • Increase Rules
  • Renewal Rules
  • Vacate Rules

Administration→ Policies → Application Leasing→ Lease Lifecycle 

Application Tab:

Within this tab you can set the APPLICATION KEEP time. The time is set in days and allows you to set the number of days an application can be outstanding before the system will automatically close the application. Example: If you only honour applications for 48 hours you would set the Application Keep Time to 2. Leaving this policy blank will keep the application open until manually cancelled. 

Application_Keep_Time.png

 

Increase Tab:

This tab allows you to set the rules as they relate to Rent Increases. In this area you can create different rules for different lease types. For example, you may have a different renewal rule if the lease is Fixed with Extension vs Fixed. 

A few items explained for this tab:

Auto Increase: Checking this box sets the rule to Auto Increase the Lease based on the rules provided

Use Deposit Top Up: If deposit accumulated interest - checking this box will make sure the interest is used to top up the deposit during increase.

Min Increase Period (Months): This sets the rule of how many times a lease is allowed to be increased. For example, if you are only allowed to increase once a year you would set this rule to 12 months. If you are allowed to increase 3 times a year you would set the rule to 4. 

Increase Notice Generation Time: This tells the system the notice period that the tenant must receive before a notice of rent increase is issued.

Delivery Period Days: The delivery period is the time period that the property management company has to prepare the rent increase notice and for tenants to receive it. This number is added to Increase Notice Generation Time to determine the cutoff date for notice generation.

Apply to AR Codes: Here is where you specify WHAT AR codes receive an increase. For example, a Key Deposit may not necessarily be increased on an annual basis. Only AR codes that require increase should be listed here. Common ones include, Rent, Parking, Lockers, LMR deposit etc.

Increase.png

 

Renewal Tab:

This tab focuses on the Renewal rules based on your legislation. You can have and set different renewal rules based on the lease type. 

A few items explained for this tab:

Lease Transition: After the lease is completed per the defined terms the lease will transition to the the set lease term. For example a lease can be fixed and then be transitioned to a month to month lease after the initial fixed term is completed.

Auto Renew:  If Auto Renew box is checked, then the lease will automatically be renewed into whichever lease transition is selected as shown earlier

Generate Agreement: Checking this box auto-generates the Renewal Agreement as per your rules

Offer Create Time: These days determine how long before the offer for lease renewal must be created.

Offer Publish Time: These days determine how long before the legal Renewal time minimum the offer to renew can be published and seen by tenants

Legal Renewal Time: This is the legal requirement to make a decision on the Renewal Offer. System will not allow renewals to be created if the remaining number of days is less than defined here.

Renewal.png

Vacate Tab:

In this tab we can set the Notice to Vacate rules. You can allow Vacate Notices to be accepted directly from the Tenant Portal with rules around accepting or declining the notices based on your configuration. You can set different rules for different lease types.

A few items explained for this tab:

Auto Move Out: If Auto Move Out is checked, then tenant will automatically be moved out after the lease ends and all other options will be greyed out and cannot be edited.

Auto Accept:Checking this box will allow the system to Auto Accept Notices to Vacate if the rules below are met

Min Time: Min Notice period a tenant must give. Example: 30 days notice

Grace Period: Allows for a grace period to be set for min notice period. Example, 30 day notice must be given but you will allow if they give notice 1 day late. 

Not Earlier Lease Term End: Checking this box will not accept short notices where the lease is still active

On Billing Cycle End Date: Will only accept notices on the last day of a billing cycle - usually last day of the month.

Via Portal: Checking this box allows tenants to submit notices via the Portal online

Notice Reminder: Will send a reminder to tenants that the lease is going to be renewed unless tenant submits a notice to vacate

Notice Reminder Period (Days): Set the number of days before vacate for a notice to be sent

Forwarding Address Required: Checking this box makes a forwarding address mandatory

Phone Required: Checking this box makes a phone number mandatory

Email Required: Checking this box makes a forwarding email address mandatory

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