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Renewals Configurations Manual

This manual details the configurations that are currently part of your renewals pipeline.

  1. New Expiration
  2. Housing Renewals
  3. Trigger Owner Approval
  4. No Approval (Working)
  5. Owner Approved
  6. Trigger Tenant Offer
  7. Offer Not Accepted (Working)
  8. Add/Remove Tenants
  9. Offer Accepted (Drafting)
  10. Sent for Signature
  11. Renewal Signed (Working)
  12. No Renewal/Move-Out (Closed)
  13. No Renewal/ PastTenant
  14. Renewal Complete (Closed)
  15. Month-To-Month Lease

Deal Automation/Process

New Expiration

Automations:

  • New expiration deals come in 3 months before their lease expiration.
    • When a deal comes to New Expiration Stage:
      • Go to contact page and see if there are other renewal deals associated with the contact that is currently open
      • Check appfolio if they currently have a lease that is not expiring within 3 monthsRenewals Coordinator will go in and first check if it was populated correctly.
      • If not, proceed to the next step
  • Go to the left side under Renewal stage and fill out the following:
      1. Proposed Rent Amount -- The standard rent increase we do is 5% from their current rent. For this example in the screenshot below, $1,895 is their current rent. 5% of $1895 is $94.75. We always want it to be closed to either ending in 5 or 0. So for this, we will round it off to $95. Proposed rent will be $1990. 
      2. Deal Formatting -- Follow the checklist under this.
      3. Once you have formatted the ticket, move the deal stage from New Expiration to PM Approval. 

PM Approval

  • Once the deal is moved to this stage, a task will automate for the PM to go inside each deal and select a decision of either Approved or Denied to renew (workflow). PMs work closely with the owners so there are some instances where they have already been told by the owner beforehand if they are wanting to renew a certain tenant. Another possibility is also when we are closing management and no renewal will be done to their properties. There are 5 PM Renewal Decisions recently made:
      • Approved - regular 
      • Approved - owner approval received (go straight to Trigger Tenant Offer)
      • Approved - owner approval received and tenant accepted offer (go straight to Offer Accepted (Drafting Renewal))
      • Denied - EOT
      • Denied - Other

      • Approved regular - this option will be chosen if there is no special instruction regarding the renewal deal and will proceed as normal. This will trigger an automation to move the deal to Trigger Owner Approval (workflow)
      • Approved - owner approval received (go straight to Trigger Tenant Offer) -- this option will be chosen if the PM has already spoken with the owner and has approved renewing the tenant. This will trigger an automation to move the deal stage to Trigger Tenant Offer stage (workflow)
      • Approved - owner approval received and tenant accepted offer (go straight to Offer Accepted (Drafting Renewal)) -- this option will be chosen by the PM if there’s confirmation from the owner on renewing the tenants and tenants also confirmed wanting to renew their lease. This will trigger an automation to move the deal stage to Offer Accepted (Drafting Renewal) stage (workflow)
      • Denied EOT -- this option will be chosen by the PM if we decide not to renew with the tenants and will trigger a task to the PM to deliver an end of term notice and will move the deal stage to No Renewal Move out stage (workflow)
      • Denied Other 
  • If the deal has been stuck there for a while, the Renewals coordinator can go in the deal, mention the PM on the notes to follow up. 
  • Once a decision has been placed by the PM, a task will be created for the Renewals Coordinator informing them of this. Renewals Coordinator will then go in the deal, check if there are special instructions on how to proceed with the deal. (workflow)

 

Trigger Owner Approval

  • Once a deal is moved into the trigger owner approval stage a PandaDoc will be sent to the Owner:
  • The owner will get a reminder text message daily for 4 days (workflow) > (workflow)
    • A renewal analysis is now ready for your review. Please refer to your email for a message from PandaDoc to submit your renewal decision.
      -Reeder Asset Management
  • After 5 days, if a renewal decision hasn’t been made by the owner and the deal has been sitting in Trigger Owner Approval stage, a task will trigger for the deal owner (renewals coordinator) to let them know that the owner has not yet made a decision and to manually move the renewal deal to Trigger Tenant Offer stage with the recommended renewal rate as per the Rental Analysis PandaDoc (workflow)
  • Options for the owner include:
    • YES, I would like to renew the current tenant at the recommended rate
    • NO, I do NOT wish to renew the current tenants at the recommended rate

WARNING:  This PandaDoc will NOT send unless the information below is in the deal record in HubSpot (this information should be entered PRIOR to moving the deal into the stage to Trigger owner Approval:

  • Current Rent Amount
  • Proposed New Rent Amount
  • Lease Expiration Date
  • Owner Email Address
  • Owner response actions:
    • If the owner approves the tenant and the new rental rate amount, the deal will automatically be moved into the Trigger Tenant Offer Stage. A task will be assigned to the deal owner that the owner has approved the renewal. (workflow)
    • If the owner does not approve the new tenant and the new rental rate amount, the deal will be automatically moved into the No Approval (working) stage. A task will be assigned to the deal owner that the owner has NOT approved the tenants and/or the new rental rate amount for lease renewal. (workflow). The renewals coordinator will reach out to the owner for more information.

No Approval Working

  • Deals are automatically moved here when the owner selects 'N0 - I do NOT wish to renew the current tenants at the recommended rate' in the 'Owner Rental Analysis for Approval' document sent via PandaDoc. (workflow)
  • The deal will be moved to the 'No Approval (Working)' stage
  • A task will be created and assigned to the deal owner: Owner Did NOT Approve Renewal: Deal Name

  • Renewals Coordinator will reach out for further instructions

Trigger Tenant Offer

  • Deals are automatically moved here when the owner selects 'Yes - I would like to renew the current tenant at the recommended rate' in the 'Owner Rental Analysis for Approval' document sent via PandaDoc. (workflow)
  • Once a deal is moved into the trigger tenant offer stage a PandaDoc will be sent to the tenant:

  • A reminder text is sent to the tenant daily for a week (workflow)


  • Options for the tenant include:
    • YES, I would like to renew my lease at the new rate
    • NO, I do NOT wish to renew my lease
  • If the tenant does not respond within 7 days, a task will populate for the Renewals Coordinator to follow up

Offer Not Accepted

  • If the tenant chooses NOT to renew their lease, the deal will automatically move to the Offer Not Accepted (Working) stage and a task assigned to the deal owner: Tenant DID NOT accept Renewal Offer: Deal Name
(workflow)

    •  Reach out to the tenant and confirm if they are moving out. If yes, move the deal stage to “No Renewal/Moveout"

Offer Accepted (Drafting)

  • If the tenant chooses to renew their lease at the new rate, the deal will automatically move to the Offer Accepted (Drafting Renewal) stage and a task assigned to the deal owner: Tenant has Accepted Renewal Offer: Deal Name. (workflow)
  • When drafting the lease, the Renewals Coordinator will work through the following checklist items
    • Month to Month
      • Check this if they have a month-to-month or month-to-month permanent tag in appfolio. Select N/A if not applicable.
    • Temporary m2m fee
      • The temporary m2m fee will apply if their lease is not finalized before the lease expiration date or if the delay is due to the tenants' non-cooperation. This will create a task (workflow) for the Renewals Coordinator to remove the m2m fee after the renewal has been finalized
    • Animal(s) - Pet(s)
      • Complete these items if pets are listed on the tenant page, or select N/A. If necessary, a ticket to complete pet screening will be populated (workflow)
    • Animal(s) - Service Animal(s)
      • Complete these items if service animals are listed on the tenant page, or select N/A. If necessary, a ticket to complete pet screening will be populated (workflow)

 

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Sent for Signature

Automations: [RENEWAL] 16 - Sent for Signature - TENANT

Move deals here when you have sent the new lease to be signed by the tenants.

  • A reminder text is sent to the tenant
    • Hi ! Your lease renewal has been sent to you via email. You can also access it through your tenant portal. Please make sure all parties sign within 72 hours. If you have any questions, please let me know. Thank you! -Reeder Asset Management
  • Delay 3 days
  • A task is assigned to the deal owner to follow up with the tenants regarding the signing of the lease.

Renewal Signed (Working)

Automations: [RENEWAL] 19 - Renewal Signed Email - BOTH

Once you receive the completed lease agreement, move deals into this stage.

  • An email [RENEWAL] 074 - Renewal Signed Notice & Review Request - Tenant [RENEWAL_SENT] will be sent to the tenant and the owner
    • Hi CONTACT.FIRSTNAME,

      This notice is to inform you we have received the signed renewal/lease extension for CONTACT.RENTAL_ANALYSIS_PLACEHOLDER_DON_T_USE_! We will now update our records to reflect the new terms.

      If you have any questions or would like to speak with us, please feel free to schedule a time that is convenient for us to reach out to you using this meeting link.

      Thank you again for choosing 512 Society Property Management!  

      Sincerely,

      Renewals Team

No Renewal/Move-Out

Automations: [RENEWAL] 20 - No Renewal - Deal/Ticket Tasks

Manually move deals when a tenant does not renew their lease.

Renewal Complete (Closed)

Automations: There is currently no automation in this stage.

Month-To-Month Lease

Automations: There is currently no automation in this stage.