Lease agreements are at the very core of the relationship between landlords/property managers and tenants, providing the legally binding documentation for the relationship.
ManageCasa enables landlords and property managers to efficiently define the terms of a lease and generate automated accounting transactions. The system updates all relevant accounts and contacts, taking out the busy work of property management.
The updated Lease app allows landlords and property managers to:
- Differentiate between tenants and property occupants
- Add one or more tenants to a lease
- Specify rent amount due and payment schedule
- Define grace period and late payment fees
- Include prorated rent amounts
- Concede rent for a specific period
- Add additional rental fees such as parking fees, pet fees, etc
- Backdate the lease and generate automated payments
- Save a lease in progress for editing later
To get started, click on the Manage tab on the left sidebar and then select the Lease Agreements tile on the Manage page.
The Lease Agreements table allows you to Add a new lease, View current leases, and Edit leases in progress.
Click the Add button to create a brand new lease. You will be required to enter a unique alphanumeric lease number for every lease you create for your own tracking purposes. From here, you can upload and store an existing lease agreement in addition to defining the terms in the text fields below.
If you already added your properties and tenants, the process will be very straightforward and you can simply select them from the dropdown menus.
You can include occupants in the lease. This represents individuals who are authorized to reside in the rental property but do not sign the lease. This may include under-aged children.
You can define Terms of Tenancy, Rent Payment and Schedule, Grace Period, and Late Payment Fee details, which will automatically update in your accounting module.
Optional fees include
- Security deposit: refundable deposit paid at the start of the lease
- Prorated rates: the rent amount charged for an incomplete rental period. For example, if the rent is due on the 1st of the month and the tenant moves in on the 20th.
- Concessions: discount given to tenant for a specified number of cycles
- Additional terms: fees charged by the landlord, property manager, or property owner
For each fee noted, you can elect the payment to auto deposit into a specific account. The transaction preview table at the bottom of the screen automatically updates based the values you enter on the page. This will give you a preview of the automated transactions ManageCasa will generate on your behalf.
You can click Save and continue later to save your work and return to it later. You can see a summary view of the agreement and make edits.
Once all the terms are finalized, click Publish to notify your tenant(s) that the lease is ready to be viewed and signed. The tenant will be able to view the lease in the Leases tab on their profile. (More about what your tenant can see on ManageCasa is here.)
Publishing the lease also generates automated transactions as you specified.
The Lease Detail view summarizes all the lease terms. Here, from one simple view you have access to all relevant lease data including with an easy way to see when rent is due, the grace period terms, and more.
Navigate to the Transactions tab to see all transactions associated with the property and lease. You can always edit the transactions and delete them.
Below, you can see the transactions tab within the lease detail view, which offers you a lease transactions ledger. Here you can see a line-item breakdown of every transaction related to a specific lease agreement, including the security deposit, rent paid, and any fees assessed throughout the year.
Centralizing all of your lease agreements to one convenient place should save you significant time and hassle.
If you have any further questions about lease agreements, don't hesitate to contact us.