Creating a lease renewal notice is a crucial step to ensure the continuity of your rental contract. Follow these detailed steps to ensure a smooth and efficient process:
Step 1: Access the Lease Tab
Start by clicking on the Lease tab in the left column of your dashboard. This tab contains all currently active leases and those in progress.
Step 2: Select the Lease to Renew
From the list of leases, select the one you wish to renew. Note that the lease must be signed and active for you to create a renewal notice. Make sure the lease is not expired or awaiting signature.
Step 3: Creating the Renewal Notice
Click on the blue Create Renewal Notice button. This button will direct you to a form where you can enter the necessary information for the lease renewal.
Step 4: Fill in the Necessary Information
Complete all sections of the form accurately:
Renewal Dates: Indicate the new start and end dates of the renewed lease.
Rent Amount: Enter the rent amount for the new period. Make sure to enter the exact amount agreed upon with the tenant.
Explanations and Other Modifications: Add any explanations or modifications to the lease terms. This can include changes to property rules or specific adjustments agreed upon with the tenant.
Scheduling the Sending: Choose the date and time when the renewal notice will be sent to the tenant.
Delays/Reminders Options: Configure delays and reminders to ensure the tenant responds on time. You can set automatic reminders to avoid any oversights.
Step 5: Preview and Verification
Before sending the renewal notice, take the time to preview and verify all information. This step is crucial to avoid any errors or omissions.
Step 6: Sending the Renewal Notice
After verification, finalize the renewal notice. The notice will be automatically sent by email to the tenant(s). They can respond directly online by choosing one of the following three options:
I accept the renewal of the lease with its modifications.
I refuse the proposed modifications and renew my lease.
I do not renew my lease and will leave the property at the end of the lease.
Step 7: Tenant's Response
Positive Response to Modifications: If the tenant accepts the new terms, the lease will be automatically renewed with the changes made.
Non-Renewal of the Lease: If the tenant refuses the renewal, the lease will end on the initially scheduled date, and the tenant will leave the property.
Negative Response to Modifications but Lease Renewal: If the tenant refuses the modifications but wishes to renew the lease, a negotiation may be necessary to reach an agreement.