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| Tracking Lease Renewals, Rent Increases 5 replies 6 voices |
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Lee Thomason
on Jun 23, 2011 2:41pm
Property Management Administrator Ray White Bateau Bay Bateau Bay NSW |
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We have a process in place with our rent reviews and lease renewals that seems to be quite time consuming to track. I was wondering if anyone has a process in place that might be more efficient.
We basically start the process with printing the reports for who is due, the managers contact the landlords, receives instructions, we then send rent increases and lease offers to tenants (this is where it gets messy) If they accept, we prepare leases, if not, advise the landlord in writing. If they don’t reply we then follow up. We then have to track receiving leases back, charging landlords etc, etc
We have tried a few ways ie, through reminders in outlook, another using a spreadsheet, another is a folder with dividers with sections such as: Rent increases to be issued, Awaiting tenant response, New Leases to be prepared, Awaiting renewal to be returned??
Our process seems to be good, but it’s the tracking of the process that is the headache!
Just looking for ideas to make the process a little easier, any ideas would be appreciated.
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Brenda Mitchell
on Jun 24, 2011 9:40pm
Business Development Manager Ray White Forest Lake Queensland |
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I don’t think ours is any easier. We do the same with printing a report, contacting landlords, receiving instructions, then we create a new lease and send this, a form 13, bond top up and cover letter assuming that they will stay. Then half don’t come back or they don’t pay bond top up. I am working on following up more closely, but it is not an easy process for us either. I would love to hear of something easier. |
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Melanie Seden
on Jun 27, 2011 10:54am
Property Manager / Business Development Ray White Albany Creek Brisbane Queensland |
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Hi Lee, I think this is just a time consuming process unfortunately. I’ve created a book which I quickly add details into & can see at a glance where everything is up to & what is missing. It might be easier than flipping through a folder. Send me an email if you’d like me to forward you a copy of it :) melanie.seden@raywhite.com |
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Rachel Burke
on Oct 29, 2011 3:41pm
Melbourne Victoria |
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Hi Lee, depending on what software you are using, you should be able to set up a task or request to track these and quickly and easily see what is due. We use Run Property’s software called Agentplus and a request automatically pops up 3 months prior to end of the lease, you merge your letters from the request and post, then snooze for a week or two until you receive a response. No response, merge another letter in 10 seconds or make a note in the request if you have spoken to tenant/landlord, and merge a new lease/rent increase notice. So simple and tracks absolutely everything. |
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Rachael Jenkins
on Jan 27, 2012 10:51am
Rent Roll Analyst/Consultancy/PM Independant Contractor The Property Management Doctor Tamworth NSW |
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I use the report/contact/folder system also – however when receiving instructions from the owner, I also ask what their instructions are if the tenant does not respond or objects to the increase/renewal. I then incorporate this into the letter that I send to the tenant. If the landlords are ok with it falling to periodic, then the follow up is minimal, as all parties are happy with this. If the landlords refuse a periodic lease, then a warning in the letter that if they don’t renew their fixed term, they will likely have their lease terminated – and this tends to draw a reaction. No matter what the case, in the letter of renewal it is made clear that no matter if they re-sign for a fixed term or not, the rent increase still stands. Using outlook reminders for a quick check of the folder on a weekly basis, I find the job takes less than 10 minutes & is easy to follow. |
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Jo Mannix
on Jan 27, 2012 4:55pm
Property Manager G1 Mooloolaba Qld |
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I don’t have many properties so the tracking is not such a problem I use spreadsheets for each month with columns to fill in. Getting the darn tenants to return the leases or let me know they are vacating is the issue! Since we have to send the leases so early, how long should we give them to get them back. My tenants probably feel like I am nagging them to death. |
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