At STRATAFOLIO, we know that buying and selling properties is part of a healthy commercial real estate portfolio. Our software allows you the flexibility to close out a lease and mark a property as sold in just a couple of steps:
- Mark the Asset as Sold – Enter the sale date and sale price for the Asset.
- Close Leases – Closeout any leases associated with the sold Asset.
With STRATAFOLIO you do not need to DELETE the asset from your portfolio. In fact, we strongly recommend that you do not delete the information. Instead, by following the steps above, the asset will no longer be included in your rent roll, but it will remain in STRATAFOLIO as historical information.
Mark An Asset as Sold
To mark an Asset as sold, you will need to Edit the Asset details in STRATAFOLIO.
1. Navigate to the Asset Details page.
2. Edit Asset
On the Asset information page, click the Edit Asset button so you can edit the details on the Asset.
3. Enter Sale Date & Sale Price
Once you are into Edit Asset Details, scroll down to the bottom to find a section where you can enter the Sale Date and Sale Price. Then Save Changes.
To finish removing the Asset information from STRATAFOLIO, you must also close the Leases associated with the Asset that was sold. (See below.)
To close out the leases, you should do the following for each lease associated with the sold property:
- Mark all the leases associated with the sold property as Expired.
Expiring a lease ensures that it will no longer show up in the rent roll.
- Enter the amount of Security Deposit that was refunded.
Security Deposits are a financial liability. When you enter the Final Inspection Charges and the Refunded Security Deposit in STRATAFOLIO, you are clearing that liability from your STRATAFOLIO financial portfolio. (Note, any transactions should also be recorded in your accounting software.)
- Review the Lease Closing Notes and add in any notations you need for the future. We suggest entering a note that the asset was sold so you have a historical record of the reason and activity.
For additional information on How to Close Out Expired Leases in STRATAFOLIO, follow this link.
Would you like to learn more about what STRATAFOLIO can do to help you manage Assets and Leases for your Commercial Real Estate Properties? Contact us for a demo, we’d love to show you all that STRATAFOLIO has to offer!
If you have any suggestions about what kinds of functionality you would like to learn more about with STRATAFOLIO, let us know. Send us an email at [email protected]