Did one of your leases recently expire? Want to know how to close out an expired lease to open space for a new lease in the unit? In this Knowledge Base Article, we will review the steps for closing an expired lease.

Identifying the Expired Lease

Our first step in closing out an expired lease is to open the Operations tab on the left-hand navigation. Once the Operations tab is open click on the Leases button. After doing that, it will take you to the All Leases page.

Now that you are on the All Leases page, identify the lease that has expired. To identify if a lease has expired, begin by checking the Lease-End Date. You can go directly to the tenant you are looking for. Or, you can sort by the Lease End Date in the table header.

If the Lease End Date has passed it is now Expired and must be changed from Occupied to Expired. To make this change in status, click on the Edit Lease button highlighted below.

Editing the Lease

Now that you are on the Edit Lease page, your next step will be changing the Lease Status from Occupied to Expired. Once the Lease Status has been changed to Expired, save it.

Closing out the Expired Lease

After saving, you will return to the All Leases page. Next, let’s access the building for the unit you just marked as expired by clicking on the Building.

Once you are on the Building page, go to the Units tab and identify the Lease you marked as Expired. You can either leave the lease left as expired or add a new lease by clicking on the highlighted Add Lease button below.

In conclusion, it is essential to close out your expired lease as it allows you to keep your property information accurate.

Would you like to learn more about what STRATAFOLIO can do to help you manage your Commercial Real Estate Properties? Schedule a 1:1 demo tailored specifically to your organization’s individual goals and needs.