Leasing

Add Lease With Existing Tenant

18min

There can be times when an existing tenant may require leasing an additional property. This could be for reasons like accommodating their family, expanding their business, or meeting other personal or professional needs.

Rentilium makes it simple for property managers to add a new lease for an existing tenant while keeping their records and financial history organized. Here's a detailed step-by-step guide to help property managers handle the process of adding a lease for an existing tenant.

Move To Leasing Section

  • Log in to the Rentilium ERP with the appropriate credentials.
  • On the left-hand side navigation menu, locate the Leasing module.
  • Click on the Lease Details tab. This section contains all the rental units categorized as either Leased Rental Units or Unleased Rental Units.
  • Switch to the Unleased Rental Unit tab to view all the available units that are currently not leased.
  • Use the Search box to quickly locate a specific rental unit.
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Select Rental Unit For Lease

  • See the list of available units in the Unleased Rental Unit tab.
  • Each row provides information such as:
    • Property & Rental Unit Name: The name of the property and the specific unit.
    • Area (sq. Ft.): The size of the rental unit in square feet.
    • Minimum Rent and Maximum Rent: The predefined rental range for the unit.
  • Once you have identified the desired unit, click on the Add Lease button next to the unit.
  • Verify the unit details before proceeding to avoid leasing the wrong unit.
  • If needed, confirm details like area and rent with your organization or property manager.

Tenant Details

  1. After clicking Add Lease, a multi-step modal will appear.
  2. In the Tenant Details section, review the information for the selected unit. It will display:
    • Property Name: Name of the property.
    • Unit Name: Specific rental unit name.
    • Rental Unit Type: E.g., Cubicle, Studio, etc.
  3. Choose whether the tenant is an Existing Tenant or a New Tenant.
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For Existing Tenants

  1. Select Existing Tenant to see a list of registered tenants associated with your organization.
  2. Use the Search box to locate a tenant by their first name, last name, or email ID.
  3. Click Select next to the tenant’s details to proceed.

What To Check Here?

  • Ensure the tenant details are accurate and match the lease requirements.
  • Verify the tenant’s contact information and rental history, if applicable.
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Lease Details

Fill out all the fields in this section to define the lease terms. The fields include:

  1. Lease Start Date and Lease End Date: Specify the duration of the lease.
  2. Tenure Period (Months): Indicate the total number of months for the lease.
  3. Rental Charge: Monthly rent amount.
  4. Discount Amount: If applicable, enter any discount provided.
  5. Discount Period (Months): Specify the duration for which the discount is applicable.
  6. Security Deposit Amount: Enter the refundable deposit amount.
  7. Late Fine (Per Day): Specify the penalty for late payments.
  8. Lock-In Period (Months): Minimum duration the tenant must stay.
  9. Upload the Lease Agreement in PDF format using the file upload option.

Auto Calculations

  1. The system calculates Total Days based on the lease start and end dates.
  2. It also computes the Actual Rental Amount after applying discounts.

What To Check Here?

  • Ensure all dates and monetary values are accurate.
  • Verify the lease agreement file before uploading.
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Add Energy And Other Charges

In this section, you can add utility and service charges associated with the rental unit.

The table displays the following columns:

  1. Charge Name: Name of the utility or service, e.g., Water, Electricity.
  2. Charge Type: Fixed or Rate-Based.
  3. Default Value: The fixed amount or rate per unit of usage.
  4. Select the utilities applicable to the lease by ticking the checkboxes.

Modifications

If needed, adjust the default values for each charge.

What To Check Here?

  • Include all applicable utilities and ensure the charge values are correct.
  • Cross-check with your organization for any predefined rates or additional charges.
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Preview And Submit

This section provides a detailed summary of the lease, including:

  1. Tenant Details: Name, email, and phone number of the tenant.
  2. Lease Details: Duration, rent, discounts, and penalties.
  3. Additional Charges: A summary of all utilities and their associated costs.
  4. Lease Agreement: The uploaded agreement is displayed for review.

Final Actions

  1. Carefully review all the information.
  2. If any changes are needed, click Back to make corrections.
  3. Once satisfied, click Submit to finalize the lease.

What To Check Here?

  • Ensure the lease agreement matches the preview details.
  • Verify that all financial amounts are correct.
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Confirmation

  • After submission, a confirmation message will appear indicating the lease has been successfully added.
  • The newly leased unit will now appear under the Leased Rental Unit tab in the Lease Details section.

What To Do Next?

Inform the tenant of the lease terms and provide them with a copy of the agreement if needed. Monitor the leased unit’s status through the dashboard.

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