Can’t find one of your leases in STRATAFOLIO? There are two main reasons a missing lease situation occurs:
- It is actually a future lease.
- The lease has expired.
In either scenario, the first step is to select Leases from the left-hand navigation. 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.
Once you have selected Leases, look for the address of the unit you believe has a missing lease. Look at the Lease Start Date and Lease End Date. In the case of this lease, it has not started yet making it a Future Lease. Yet, the lease status is set as Occupied. The lease status should be Future Lease. Here is what you need to do.
Updating Future Lease
The next step takes place in the lease itself. Once you access the Lease Abstract, you can make the changes. Start by clicking on the Edit Lease tab.
In the case of leases that haven’t started yet change your Lease Status from Occupied to Future Lease.
Finally, with all the edits made return back to the Building Page. In the Units tab, you will now see the lease is no longer missing.
Handling Expired Leases
Next, we will go over another scenario of a missing lease and that is if the lease has expired. Our first steps will be to identify the lease that is missing from the Units tab and then select Leases on the left-hand navigation page.
Once on the Lease page, identify the lease that had been missing from your unit. To access the Edit Lease page click on the Pencil icon highlighted below. Doing this is an alternate way to get to the Edit Lease page required to change our lease status from Occupied to Expired.
By clicking the Edit Lease button on the lease page we are immediately brought to the Edit Lease page of STRATAFOLIO. Our next step will be to change the lease status from Occupied to Expired. As you can see below, the lease is set to Occupied and now needs to be changed to Expired.
Finally, after changing the lease status to Expired return to the Building page. In the Units tab, you will see your lease is no longer missing.
In conclusion, it’s important to note that even though the lease is no longer missing, if the lease has expired, the unit will be still be represented as Vacant. It there is a tenant in that space and there is no new lease in place, we would recommend setting the Lease Status to Month-to-Month.
If you have any suggestions about what kinds of functionality you would like to learn more about in STRATAFOLIO, let us know. Send us an email at [email protected]