For North American users, please be aware that "Tenancies" are known as "Leases" and "Terms & Breaks" within a Tenancy are referred to as "Terms & Options". For more information on regional terminology, please refer to our Glossary of Regional Terminology.
This article outlines the steps for scheduling a new Rent Review. A Rent Review is an essential part of lease management, ensuring that rental prices are adjusted according to market trends, inflation, or pre-agreed criteria. We'll guide you through the process of scheduling a Rent Review, adding necessary documentation, setting custom reminders, and automating lease/tenant notifications for an efficient and smooth experience.
Scheduling Rent Reviews
- Select the Lease/Tenancy.
- Click on Rent Reviews on the left menu.
- Click on the New Rent Review button.
- Enter a Description and Review type - this defines the basis of the rent increase.
- Set the Review date
- Optionally, add a New annual rent amount capturing what the Rent Review will be increasing to.
- Optionally, enter notes for internal purposes only.
- Optionally, delegate the Rent Review to a team member.
Reviewing or changing the Correspondence template
Define the template that Tenants will receive via email once the Rent Review is performed.
- By default the system will display the template that has been configured in Settings under Review types
- If you are happy with the default, no action is required, and the template will be used after the review is performed.
- If you would like to change this, select Add custom template and select from your template options
Add Forms and Agreements to Rent Reviews
Agreements will be generated as a PDF, which can then be attached to an email or downloaded.
- By default the system will display any configured templates that has been added in Settings under Review types
- If you would like to change this, select Add custom template and select from your template options
- Choose a Send method: Email, Download, or None.
- Preview the templates in Settings once selected.
- Select Confirm when you have finalized your template choices.
Custom Rent Review Reminders
To ensure you don't miss an upcoming Rent Review, you can set up a custom reminder:
- On the Create/edit rent review page, click on Add a custom reminder.
- Select when the reminder should appear on your dashboard, ensuring ample notice before the Rent Review due date.
Automated Lease/Tenant Notifications
Keep your leases/tenants informed with automated notifications:
- Click on Add lease/tenant notification to begin setup.
- Choose an appropriate email template for your message.
- Select a timeframe for when the notification should be sent out before the Rent Review due date.
By following the above steps, you can successfully schedule and manage Rent Reviews, ensuring a seamless process for both property managers and leases/tenants.