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.
Understanding Custom Rent Review Reminders
Once you have set up your preferences, as outlined above, this Custom Reminder will overwrite the Advanced Notification setting but only for the Rent Review that you are setting the Custom Reminder up for. Any delegates you add to the Rent Review will also be able to see the Custom Reminder.
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.