This article will review all of the global lease settings. Lease settings configure default lease statuses, move-out notices, fee postings, and activation options for streamlined management.
Lease Settings
- Default Pending Lease Status:
The lease status that is placed into this domain will, in turn, be auto-populated when creating new leases that are set to a Pending status or when creating a lease on a property that already has an existing active lease.
- Default Active Lease Status:
The lease status that is placed into this domain will in turn be auto-populated when creating new leases and setting the lease to an Active state.
- Default Tenant Gives Notice Lease Status:
When a tenant gives notice from their portal the lease status will automatically update to the lease status that is inputted into this domain.
- Enable Tenant Past Due Notice:
With this toggle on the tenant will receive a default past due email notification. This will be sent out the day after any charges on the lease are past due. For more information regarding this notification click here.
- Email Template For Tenant Past Due Notices:
When a tenant has a past due balance the template selected here will be sent to the tenant directly.
Note: The email template that is associated can only be a Lease template type.
- Default Lease Fee Posting Date:
Move-in Date- The lease fee will be posted on the move-in date that is set on the lease.
Start Date- The lease fee will be posted on the start date of the lease.
Today - The lease fee will be charged on the day you create the lease.
- Default Lease Activation Option:
Manually Activate Lease- Will leave lease in a pending status and will only activate the lease upon the property manager manually activating it.
Activate Lease on Creation- If there is no active lease on the property upon lease creation completion, the lease will activate automatically.
Automatically Activate Lease on Start Date- Upon lease creation, the lease status will be pending. Upon reaching the lease start date, it will automatically activate. If there is still an active lease when this start date passes the lease will stay in a pending state and need to be automatically activated.
- Create Pending Bank Transfers on Move Out:
In the process of moving out, it's common for tenants to have a security deposit. When a tenant submits a payment for the security deposit, the funds are directed to the escrow account linked to the portfolio's posting setting. To streamline this process and avoid manual bank transfers for each transaction, you can opt to enable automatic fund transfers when going through the move-out flow. For more information regarding pending bank transfers you can click here.
Move Out Statement Letter Template
- Move Out Statement:
When you go through the move-out flow for a specific lease the statement that is set on this domain will be the default move-out statement that is formulated and sent to the tenants via email.
Rent Increase Letter Template
- My Rent Increase Template:
When you initiate and complete the rent increase for a specific lease or leases the system will ask you for a letter template. The letter template set in this domain will be the default that is sent to tenants when submitting a rent increase.
Move Out Reasons
When going through the move-out flow in Rentvine the system will ask you the reason for the move-out. In this section in the lease settings, you can add different move-out reasons than the default ones provided.
Lease Statuses
This section is where you can customize and create your lease statuses. This is very important in property management so we can record exactly what happened in real life. For example, if someone was evicted in real life we would want to make sure we record that correctly in Rentvine. In this case, we would move the tenant out and make sure we change the status of the lease to Evicted.
To create a new status we would select Add Status in the top right of the page. Then we would simply create a name for the status and associate the name with a lease status.
Please Note: There can only be one Active lease per property.
- Active:
an 'active status' denotes that the lease agreement is currently in effect. This can occur either because the lease end date has not yet arrived or because the lease has not been terminated. In essence, it signifies that the contractual obligations between the landlord and tenant are still ongoing.
- Pending
a 'pending status' indicates that the lease agreement is not currently active but is in a transitional phase. This status may arise for various reasons, such as awaiting an inspection to determine if repairs or maintenance tasks need to be addressed before the lease can become active. Additionally, it could be pending because the tenant still needs to fulfill certain obligations, such as making outstanding payments. Essentially, a pending status signifies that there are pending actions or conditions that need to be resolved before the lease can proceed to an active state.
- Closed:
a 'closed status' indicates that the lease agreement has reached its conclusion and is no longer active. This status typically occurs after all financial transactions have been completed, including rent payments and any outstanding fees. Alternatively, a lease can be closed if the tenant is evicted or if the lease is terminated prematurely due to a breach of contract. In some cases, a closed status may also arise when there is a formal disposition or resolution in place, such as a legal settlement or agreement between the landlord and tenant. Essentially, a closed status signifies the end of the lease agreement and the cessation of ongoing obligations between the parties involved.
Recurring charges
This section is going to be mainly tied to the lease creation process. When creating a lease you will see a section for Recurring Charges this section of the Lease settings is tied to that section. Here is where you can input recurring charges that you would like to populate by default on all leases.
Property managers often find this feature invaluable because it eliminates the need to manually input the same charges. Instead, you can set up recurring charges that are standard across all leases within your property management company. By utilizing this feature, you'll save time and effort, ensuring consistency across all leases without the need for manual input each time.
To create these recurring charges you would select the + New Default Recurring Charge.
Then you will enter the Charge Account which would be the matching GL code/COA. You can add a description of your choosing and the amount of the charge. If the amount is subject to change you can leave that field blank and adjust it per lease.
