An alert in your email means something in STRATAFOLIO needs your attention. If this is your first time getting a Lease Rate Unconfirmed Alert, it may be confusing as to why this was sent. There are several reasons as we will go into detail on.
When entering Lease Rates you may have noticed a small checkbox after the amount column. If you did not check it when entering the Lease Rate, that may be the reason why. If you leave this unchecked, you will get these alerts 30 days before the lease will escalate.
One reason for this box to not be checked by the Onboarding team is normally for the leases that escalate by an unknown rate, i.e. by the Consumer Price Index or CPI. When entering these lease rates, the future can be unknown but STRATAFOLIO still needs to alert that an escalation may be happening. It is important to show on the Rent Roll that the lease will escalate even if the amount is unknown until it happens. When this box is unchecked, STRATAFOLIO will send an alert that there is an Unconfirmed Lease Rate.
In the emailed alert, click the View link and it will bring you directly to the Lease in question. Look in the Lease Rates tab for the escalating Lease Rate. Click on the pencil to edit the Rate.
If the Base Rent amount needs to be modified due to a different CPI rate, change the amount. Click the Lease Amount Confirmed Box and Save.
There are other reasons that the Onboarding team will leave the Confirmed Lease Rate box unchecked. Including unclear rates in the lease such as “Annual increase of no less than 2%.” The team will enter a 2% escalation, but the amount may be different when the time comes. The alert is to help you verify that you are charging the correct amount and that you are letting the tenant know what the new amount will be 30 days prior.