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You can add a Renewal Status to your tenants that have in-place leases. It's best practice to update them in the final 18 months of their lease to keep you and your organization on top of renewals and terminations. These statuses also populate in reports (including BI), powering helpful data metrics.
The four renewal statuses are: Renewing, Not Renewing, Negotiating, and Unknown.
- Edit Renewal Status on a Lease profile
- Edit Renewal Status on the Lease tab
- Filter by Renewals
- Creating Renewal Deals
Edit Renewal Status on a Lease Profile
A common place to update the Renewal Status is on the Lease profile. You can get there by filtering the Leases table for a specific in-place Lease or by using your Stacking Plans.
To update the Renewal Status:
- Click the vertical ellipsis.
- Select Edit.
- In the Tenant info panel, select your Renewal Status.
- When you're done, click Save.
You can also edit a Lease by hovering it in the Leases table, then clicking Edit Lease.
Edit Renewal Status on the Leases tab
You can also do easy Renewals on the Leases tab in just a few clicks.
First, make sure you have the Renewal Status column enabled. Click Configure, then select Renewal Status.
To update the Renewal Status, just click the dropdown right in the Leases table and make your selection.
Filter by Renewals
Filtering the Leases tab by Renewal Status is a great way to stay on top of your negotiations and analyze your rent roll. To do so, make sure you have the filter enabled—if you're not seeing it, click All filters and add it to your view.
You can select multiple statuses at once too—like Unknown and Negotiating—to target your relevant in-place Leases.
Creating Renewal Deals
Any time you add a Deal to an in-place Lease, it'll automatically create a Renewal Deal. VTS will pull in basic information like the tenant name, size, and LCD—which is the day after the LXD. You can still edit any information you need to, including the Deal type, before your create the Deal. Just be aware that the Deal will automatically be in the Proposal stage.
You can add Renewals on the Lease profile or by hovering a Lease on the Lease table and clicking + Add Deal.
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