The #1 mistake that landlords and managers make with lease renewals is that they set up a new lease. When your lease is about to expire, you will want to:
- Offer two options*: (1) month-to-month at a higher price or (2) annual lease at a slightly lower price
- If they select monthly, then send to them a "Rent Increase Notice"
- If they select annual, then send to them a "Lease Renewal Notice"
For users with access to Rocket Lawyer (Complete package only) you can view the documents made available for your account here:
* check your state and county laws on rent increases
For a official notice, you can refer to the current lease and then create a one page document (a lease renewal) with the following information:
- Lease Extension Date - The new end date for the lease and whether it will terminate or go month-to-month after that date.
- Rent Adjustment - Any change to the rent amount for the new extension period. You will want to check your State's law on the notice required fo rental increases, such as 30 to 60 day notice required.
- Other Changes to Terms - Any other terms in the lease that may be changing from the original lease.
To then set up a lease renewal in Hemlane, please see the below steps:
Step 1: Click into the Tenant group & Use [Renew Lease]:
Please navigate to the Tenants & Leases tab, locate the group in need of renewal, and click their name:
Please then use the [Renew Lease] button in the group "Overview":
You will be prompted to message tenants, if no notice has been made, or you can proceed to the next steps with "Start Lease Renewal":
Step 2: Choose between uploading a signed document or proceeding with e-signing
You can change choose to complete the renewal process with your already completed document, or you can take further steps towards using the system's e-signing feature on a preferred document:
Please then choose your desired renewal type:
Step 3: Define your new terms, adjust your financials, and upload your document
You will want to define your preferred new lease terms for the renewal via the "Edit" button before continuing to any needed Financial changes:
Edit your relevant payment requests, if needed, and hit "Continue" once again:
Finally, upload your desired document from your device here:
Step 4: Apply any signature fields, review, and send
If you are using e-signing please flip between all relevant signees to add the relevant signature, text, or date fields in the appropriate sections of your renewal.
When you are pleased with said placements, or otherwise, please then click "Review & Send":
Lastly, confirm all details once again, and hit "Send Renewal":
What happens next?
The tenant will receive relevant notifications regarding the renewal and e-signature needs. They will find their signing requirements in their dashboard as below:
As a property manger or owner, you will see the renewal as "Awaiting Signatures" within the tenant group "Leases & Documents" section until all tenant signatures are completed:
When all tenant signatures are complete, you will be notified, and can finalize your own signing as it returns to the "Leases & Documents" section with a Ready to Sign status. You will utilize the "View & Sign" button:
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