Add Tenancy with an Existing Lease

  • Last updated on April 30, 2024 at 1:47 AM

Summary

This article will provide an overview of entering a Tenant profile with an existing lease agreement when taking over a management.

Covered in this article: 

Required information

  • Tenancy Ledger or Status report containing the following information: 
    • Tenant's paid to date
    • Rent Credit or Part payment
    • Bond funds held with the Bond Authority

Tip: If you don't have the information and require a Tenancy ID you can enter the Tenant as a Prospect and receipt all funds to hold for tenancy until you have the information to convert the prospect to a Tenancy

Lease Information

  • Original lease start: The date the tenancy first began a lease with the property. If it’s not known use the date the current lease started.
  • Lease start: The date the current lease started.
  • Duration: How long the current lease is for, if it’s a periodic lease leave this blank.
  • End date: The date the current lease will end. Again, if it’s a periodic lease leave this blank.
  • Charge Tenants Water Usage - This is only a reference and there are no reporting available to see which profiles are assigned or not assigned with this option

Rent Information

Property Tree uses all inclusive dates which means if a Tenant is paid to the 31st of the month, the 31st of the month is paid for an included. 

  • Rent Start Date: This is the next date rent is payable by the Tenant. The day after the Paid To Date stamped on the ledger (Not the Effective Paid To Date)
  • Amount: Enter the Rental amount and select the payment frequency
  • Next Rent Review: The date you expect to review the rent for the Tenancy

NOTE: Ensuring the Rent start date is correct from the beginning will ensure the ledger displays the correct information, any changes made to rent schedule at a later date will be recorded on the Tenancy Ledger

Part Payments \ Rent Credits

Different software providers uses different terminology which can include: 

  • Part Payment
  • Rent Credit
  • In-Hand Amount

Effectively this refers to funds the tenant has paid towards rent but is not enough for another full rent period, so it remains as a credit on the Tenancy.

You will create a rent credit for the Tenancy in Property Tree:

  • Tenant Profile > Actions > Create Credit
  • Create Credit for: Rent
  • Credit Type: Other
  • Reason: Rent Credit as per ledger provided by previous managing Agent
  • Enter the Amount as displayed on the Ledger provided by the previous managing Agent
  • Create Credit

Managing Payments made to previous Agent after taking over the Management

If the Tenant pays funds to the previous managing agent and they transfer funds directly to the Owner you will create a credit for the Rent which will advance the paid to date for the funds paid

  • Tenant Profile > Actions > Create Credit
  • Create Credit for: Rent
  • Credit Type: Other
  • Reason: Rent funds paid to Owner by previous Agent
  • Create Credit

Examples

The below are examples of ledgers provided by previous Managing Agents and what it looks like when entered into Property Tree when setting up a new Tenancy.

Example

Paid to: 14 December 2020 with a part payment of $35.46

  • Rent Start date: 15/12/2020
  • Amount: $2213.89 Monthly 

Once completed the details in Property Tree will correspond with the detail on the ledger provided: 

Still need assistance? 

Click on the Need Help icon to the right hand side of your Property Tree screen and select Need Further Support to contact our Support Team.