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The first step for renewals is typically completing the Renewal Workbook.
California-This is to be completed 4 months prior to the renewal month. Example: July Renewals are prepared in March.
Oregon- This is to be completed 4 months prior to the renewal month. Example: July Renewals are prepared in March.
Texas-This is to be completed 2 months prior to the renewal month. Example: July Renewals are prepared in May.
Washington- This is to be completed 3 months prior to the renewal month. Example: July Renewals are prepared in April.
Every property should have a renewal workbook which consists of 2 parts.
Lease Matrix- This report reflects the number of leases expiring each month along with the number of leases under a MTM (month-to-month) term.
You can find this report here:
| From Yardi Voyager, pull the Lease Expiration Report: Reports > Residential Analytics > Residential Analytics. | |||||||||||
| *Property = If your property number is not already listed, enter your property number. | |||||||||||
| *Report Type = Lease Expiration (SELECT THIS FILTER FIRST after the property number) | |||||||||||
| *Month/Year = Enter the month/year of the renewals you are preparing offers for. | |||||||||||
| *Summarize By = Unit Type | |||||||||||
Monthly Tab for leases expiring per month
This is the report you will compile from data from 2 different reports
| 1. From Yardi Voyager, pull the Lease Expiration Report: Reports > Residential Analytics > Residential Analytics. | |||
| *Property = If your property number is not already listed, enter your property number. | |||
| *Report Type = Lease Expiration (SELECT THIS FILTER FIRST after the property number) | |||
| *Month/Year = Enter the month/year of the renewals you are preparing offers for. | |||
| *Summarize By = Unit Type | |||
| 2. From Yardi Voyager, pull the Rent Roll with Lease Charges Report: Reports > Residential Analytics > Residential Analytics. | ||||||||||||
| *Property = If your property number is not already listed, enter your property number. | ||||||||||||
| *Report Type = Rent Roll with Lease Charges (SELECT THIS FILTER FIRST after entering the property number) | ||||||||||||
| *Date = Enter today's date in the "to" date. | ||||||||||||
| *Month = Enter the month of the renewals in the "to" month (format = MM/YYYY) | ||||||||||||
| *Summarize By = Unit | ||||||||||||
| *Click "Display" | ||||||||||||
| *Press CTRL and "F" on your keyboard at the same time to quickly search the report quickly (TIP - Search by name) to locate all lease charges. | ||||||||||||
| *Complete Columns T, U, and V, if applicable. If not applicable, enter "N/A" (NOTE - only those properties utilizing flat rate utilities should complete Column U). | ||||||||||||
| *Complete Columns X, Y, Z with renewal rates for "Other Charges," if applicable. If not applicable, enter "N/A." | ||||||||||||
Complete the workbook accordingly and coordinate with your Portfolio Manager to determine renewal offer proposals based on the property budget and market conditions.
Once approved come back and look up Lease Renewals step 2.
