What is the best way to track lease renewals and expirations?

Use a lease management software. Create a lease expiration schedule. Communicate with your tenants regularly. Monitor the market conditions. Review and update your lease documents.

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For everyone out there, using a large database with reminders is great and I recommend doing this AS WELL as using a calendar, here’s why. When I say a calendar, I am talking about the HUGE ones. (They are like 5$ instead of 2$.) Before we used software and databases, these big calendars worked wonders. You lay them flat out on your desk, and write what your objectives are for the next day. (Along with things like lease reminders,ext.) Some advantages are: -You are way less likely to forget what you need to do when sitting at your desk. -When you physically write something, you statistically have better memory of what you wrote.🧠 -The squares are big enough to write what you need.📅 - A great way to keep your handwriting crisp.✍️👌

A simple and effective start would be by using Google Calendar or any reliable online Calendar application, with lease information, you can then set reminders to alert you or your agents/admin. You can also support this reminder by using your CRM system that manages your database and for most Real Estate businesses who utilize an automated Property Management application/system, for example, Payprop, reminders can be set there too. It is a very simple process so try not to become too overwhelmed and as I recommend, keep it simple.

Choose the method that fits your team and tech comfort. 1. Tech is your friend: Use dedicated software for centralized data, automatic alerts, and reporting. Think efficiency! 2. Spreadsheet savvy? Create one with clear columns for lease details, expirations, and reminders. Keep it updated manually. 3. Calendar control: Mark lease expirations and set reminders well in advance. Simple but effective. 4. Communicate clearly: Discuss renewals proactively with tenants based on lease terms and market conditions. Be transparent! 5. Proactive approach: Regularly review leases to avoid last-minute scrambling. Plan ahead for smoother outcomes.

In my experience one of the best ways to track lease renewals and expirations is by using a dedicated lease management software or a spreadsheet with built-in reminders. These tools allow you to input lease details, set up alerts for upcoming renewals and expirations, and maintain an organized record of lease terms and deadlines. Additionally, integrating a calendar system can help you stay on top of important dates and deadlines.

We have a product which does this job efficiently. It's called the Contract Management System (CMS). What it does automatically is to send reminders per the defined metrics to the org. reps. This includes the escalations aswell. One can also set reminders when an email should be sent to whom and how many times and how much in advance within the org. All this for few $ subscription fee a year. There is a huge demand for this service among the MSME segment where they can't have a dedicated resource handling such a crucial data. Often, we see such contracts lying in the store of the Co-Founder, CEO only to realize that some contracts have already expired and there is a compliance issue and the losses owing to non-renewal of contracts.

Calendar reminders are the easiest for me. Just calendar a reminder when you execute each lease for a month or two before the expiration date. Unless, you want to ask if they are ready to buy (which you should). Then you want to remind yourself 3 or 4 months before so they have time to shop for a home. Of course, a CRM is great, too, if you use one!

In my experience Calendars systems Make a list of all relevant lease Check list to follow correct measures during renewal Avoid missing important deadlines Keep focus on to do list Reminder should be set

Keep it simple. Add to business Calendar. 💪🏽 The reminder feature is also helpful. Set the reminder for 35 days before lease expires. If you know tenant may be positioning to purchase a 🏡 home check in with them 3 months before expiration. 😇

If you have more than a few leases a spreadsheet is an invitation to error. I don't mean to be overly simplistic, but the likelihood for error, human or otherwise in a spreadsheet is almost 100% over time. Just one person entering one thing in the wrong cell can easily blowup your sheet. There are good, reasonably priced management systems that minimize the problems and often pay for themselves over time.

Effectively tracking lease renewals and expirations using a database and spreadsheet involves a strategic approach at my end. Create a notification system to alert relevant stakeholders well in advance of upcoming renewals or expirations. Establish a clear categorization system within the database for easy sorting and filtering based on critical criteria, such as lease end dates or renewal options. Leverage data analytics tools to generate reports, offering insights into lease trends and potential renewal opportunities. This integrated approach ensures a proactive and organized method for tracking lease renewals and expirations, minimizing the risk of oversights and facilitating informed decision-making.

If you have more than 3-4 units, spreadsheets are a huge headache. Software is the way to go with automated rent collection emails and so many other features

Use a system/tool/resource that you already use. Learning and integrating a new feature in an administrative role.. typically does not end well.

Utilize a digital calendar (google calendar works for me) or aproperty management software with alerts for lease renewals and expirations. and here you have some property management software: 1-AppFolio Property Manager 2-Buildium 3-Yardi Breeze 4-Rent Manager 5-Propertyware or just use the old traditional way: Keep a detailed spreadsheet to track lease renewals and expirations, including key dates, tenant details, and lease terms.

Use google calendar which alerts you in the renewals/expiration of the lease agreements. And a spreadsheet that would help you monitor the profile of each individual tenants.

Using property management software and combining with a spreadsheet to keep track of conversation notes with owners and tenants.

In my opinion, using a spreadsheet or database is an effective method for tracking lease renewals and expirations. Tools like Excel, Google Sheets, or Airtable allow you to organize lease data efficiently. You can input tenant details, rent amounts, lease terms, etc., and use features like formulas and filters to analyze metrics such as renewal rates and vacancy rates. This helps monitor performance and make informed decisions.

In my experience I use a cooler spread sheet. I set up a reminder every month and look at it 30,60,90 days out depending on the lease. I rent to Inlivian and they request a 90 Notice of my request for a rent increase.

Sempre vou pelo mais eficiente, mais preciso e cujo entendimento é mais simples para todos. Nesse sentido, utilizamos o Excel com um desenvolvimento próprio para cada operação. Aqui o conselho é personalizar o máximo possível. Não existe "one solution fits all". Cada caso é um caso, e precisa ser tratado neste formato. E o excel é mais do que suficiente para isso.

I agree with using a software tool provided it is cost effective and useful for leasing purposes a system generated SMS and a Phone call and email WhatsApp messages will keep the reminders to the clients and they can be contacted after there interest sharing …

There are many lease management systems out there. Research them looking for those areas they have built into the software that meets your needs. Be sure they have room for expansion not just the number of leases you currently are tracking. The software should also allow you to track the lease renewal dates as well as the maintenance of the property they are leasing. The software should allow you to run income reports and expense reports on each proprty also.

There are many lease management software that helps to track lease expiration period. 🔹️It automate the process of tracking lease renewals. 🔹️send automatic remainders to lease holders. 🔹️centralized lease data at one place. 🔹️track extra information like permits and licenses. Therfore I would recommend the lease management software to track yours lease period.

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From what I observed it is better to automate lease renewals and expirations than relay on human management especially if the property leased is owned by an estate company managing great number of apartment or business units. The software ensures timely notification of expirations and renewal to tenants and response there by reducing disputes between management and tenants. it also helps streamline contract management in a single platform saving time and resources of the management company or the landlord. I believe the software can be equally beneficial for a mid to small sized estate company primarily dependent on the rental income generated from leasing apartment and business units.

It depend, if you prefer manual approach to track renewal or expiration of lease, you can use the online lease tracker templates. These templates may help you keep all tenant lease details on one place. There is a free lease trucker such as 'Joftfrom Tables'. In this way you can record lease amounts , contracts, rent due dates and more. There is also spreadsheet solution, mobile app like expiration reminder. If you can afford it you can consider using specialized software design.

I’ve had good results using Appfolio for lease renewals. The system alerts us when we are 90 days from a lease expiration. And the team can then reach out personally to the tenants. If they don't reply to the landlord’s lease renewal offer, the property is marketed again in the last 30 days of occupancy, to minimize vacancy.

I prefer using Lease Management Software. One time input and all the information and documents in one place. It makes it easy to track renewals, and generate standard documents like estoppel certificates and renewals.

I prefer the lease management software that provides a complete history of tenant interaction. When using proper documentation, reports will give an effective picture for renewals and customer satisfaction.

CRM is the acronym for Customer Relationship Management and when this PropTech is used properly it has to be the most incredibly effective way of tracking lease renewals and expirations. Real Estate is a people business with a physical component being the bricks and mortar. Effective use of a CRM system will allow you to get the "People" side of the process correct. Communication is key, clear and transparent communication with tenants. Even the most rudimentary of CRM systems today allow you to store and update clients details this coupled with some plug-in tech around email and sms functionality can provide automated updates to tenants of upcoming renewals and expirations. Personalised structured messages

I agree with this solution. With the world getting digital and smart. The use of technology is inevitable. Its not only efficient, its much more practical. Along side tracking the lease expirations, we can use the data base to target the customer for upselling also.

I highly recommend these CRM systems I know my clients and established property management companies use: 1) Yardi Voyager 2) ARC Lease & Renewal Tracker 3) CoStar 4) VTS 5) MRI

CRM helps manage all communications with both leads and clients. It is useful when it comes for.lead management, deal management, improve clients relationships , analytics and reporting, manage leads , personalised customer support and retain customers.

Utilize a robust real estate CRM to efficiently track lease renewals and expirations. Leveraging its features resulted in increased sales. ensuring proactive management of lease timelines and developing stronger client relationships.

Using a CRM to track lease renewals and expirations is a smart move for efficiency and tenant management in commercial real estate. It keeps everything in check and accessible. I wonder, how are others integrating CRM with other tech to enhance lease management?

Use a CRM system - Best way to be organized and know what’s coming up - start looking into renewals 190 days out, communicating with your residents on a weekly basis with actual relevant information about what’s happening within the community and individual relationships goes along way. Genuine and unconditional customer service will result to long term resident retention, regardless of how much the rent increases. The small things go along way and make a big difference to renters, feeling appreciated and valued has no price tag.

A Customer Relationship Management (CRM) system is a tool used by businesses to manage and improve their interactions with current and potential customers. It centralizes customer data, streamlining processes like sales, marketing, and customer service. This leads to better understanding of customer needs, improved communication, and enhanced customer satisfaction, ultimately boosting profitability and loyalty.

In my experience If the CRM is developed to manage heavy data, it should be the workhorse that does it all. A good CRM should be a one stop shop for every piece if information needed, and at your fingertips

Often lease deeds contemplate the provisions re renewal by advance notice and therefore, timely notice and reminder for the same is critical to perform the obligations pertaining to exercise of renewal rights. I would certainly like to depend on the technology, tools and processes which can help me with reminders to perform my obligations. There are various contract tools in market which can provide these reminders to all the relevant folks. These reminders must be sent until it is confirmed back to the tool that obligation has been performed.

Les nouvelles technologies sont un allié incontournable pour permettre d’optimiser la relation client dans sa globalité et d’être performant, notamment lors des échéances capitales et déterminantes pour votre business, tel que le renouvellement d’un bail : Tableur Excel, Agenda électronique et CRM, notamment. À ce sujet, j’ai constaté qu’il est primordial et essentiel de favoriser une relation de proximité, génératrice de confiance afin d’ être informé au fil du temps des tenants et aboutissants qui peuvent impacter le renouvellement d’un contrat.

Lease renewals are the best time to refresh and renew relationships with your tenants. Plan ahead looking forward to zero in on projections together.

While technology is great, it can also be our greatest downfall. Balancing with a more manually tracking system also allows the renewals to be in front of you consistently so that you can seize the opportunity to go back to the basics with retention. Checking them should be apart of your every day routine— the same way you open the community or check your leads. Check your renewals, and think out side the box for ways to keep the fact that their lease is expiring at the fore front of your residents.

Make sure the emails used by landlords, software reminders, brokers, etc. are not tied to just one person. If that is the case and the person leaves the organization, emails to the now departed employee may end up in purgatory! Instead, use corporate emails such as leases@ourcompanyname.com or contracts@ourcompanyname.com to which several people have access. Also, ensure IT has clear instructions on email forwarding following an employee’s departure.

La meilleure façon de suivre les renouvellements de baux est de mettre en place une méthodologie rigoureuse et de s'y conformer scrupuleusement. Il est essentiel de respecter les règlements et les lois en vigueur pour éviter toute confusion ou litige. Il est recommandé d'envoyer ces avis de façon systématique. De plus, il est judicieux de classer l'état de chaque avis de renouvellement selon des étapes claires telles que "à remettre", "en attente de réponse", "réponse reçue (résiliation, renouvellement, négociation)", afin d'être informé en temps réel de la progression du renouvellement des baux. Ce niveau d'organisation permet de garantir une gestion efficace du cycle de vie des baux et d'éviter les surprises ou les retards indésirables.

Use a good management agency that takes care of your properties so you can buy more rather than being busy with tenants, this is my opinion.

With the advancements in AI technology, one innovative solution to effectively track lease renewals and expirations is through the use of a dedicated AI-powered chatbot. This chatbot can be programmed to automatically follow up with tenants, remind both parties of important dates, and keep track of all related documentation and communications. Not only does this streamline the process, but it also minimizes the chances of missing critical deadlines, ensuring a smoother lease management experience for both landlords and tenants.

Any and all technology tools are the best resource but don't forget to include all requirements for the renewal, e.g. notices to be given in order to exercise the renewal, negotiation of the increase (if applicable), if the renewal could also include an expansion, payment of TIs, etc. Make sure to start the negotiations ahead of the expiration of the term to avoid any issues!

Any method you use is only good if the diary system is implemented and followed. Be meticulous it will save you and your organization a lot of time and money at the end of the day.