Can’t find one of your leases in STRATAFOLIO? There are two main reasons why a lease may be missing:
- It is actually a future lease.
- The lease has expired
In either scenario, the first step is to select the drop down for the Operations tab from the left-hand navigation and then select Leases. It is important to note the address of the unit/tenant as it will make it easier to identify the lease as you are doing your search.
Now that you can view all the Leases in STRATAFOLIO, use the search bar to find the Tenant you believe has a missing lease. Look at the Start Date and Lease End Date. In this case, it has not started, making it a Future Lease. Yet, the Lease Status is set as Occupied. Below is what you need to do to update the lease as a Future Lease.
Updating Future Lease
Begin in the lease abstract page for the lease that needs to be updated.
Select Edit Lease.
Select the drop down button for Lease Status. Change the lease status from Occupied to Future Lease. Then select Save Changes.
Finally, with the lease now being a Future Lease, we want to return back to the Building page. You can go to the Building page by clicking the blue hyperlink for the building address.
Now that you are in the building page, select Units. You will now see the lease is no longer missing.
Handling Expired Leases
Next, we will go over another scenario of a missing lease that has expired. Our first steps will be to identify the lease that is missing from the Building page then select the Units tab. This will show all the units located in the building. As you can see the lease is missing because it says Vacant.
From here, you will need to select View Unit Details.
Once you’re in the Unit page, select Leases then Edit Lease Details for the missing lease.
This will bring you to the Lease Abstract page where you will select Edit Lease.
Our next step will be to change the Lease Status from Occupied to Expired. Then select Save Changes.
Finally, after changing the Lease Status to Expired, return to the Building page. You can go to the Building page by clicking the blue hyperlink for the building address.
Once in the Building page, select Units. You will now see your lease is no longer missing but expired.
In conclusion, it is important to note that even though the lease is no longer missing, if the lease has expired, the unit will still be presented as Vacant. If there is a tenant in that unit but no new lease is in place, we would recommend setting the Lease Status to Month to Month.
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.