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Weekly Workflow: How To Document Your Lease Renewal Process

Weekly Workflow: How To Document Your Lease Renewal Process
16 April 2020 Stafflink

The lease renewal process is an opportunity to review the current rental market, providing a recommendation to your landlords on the rent amount and lease term and at the same time generating revenue for the business.

So why is this essential process not completed 100% of the time on time?

Faced with the task of completing thousands of lease renewals each year, we have identified that there are two major factors that can present a roadblock for this task being completed.

These are time and a clear process.

The lease renewal workflow below will address these two major factors and give you back your valuable time.

The importance of documenting your lease renewal workflow

A process is made up of a structured collection of tasks, performed in a specific sequence to deliver a service.

The benefits of documenting your lease renewal process is to gain clarity on what is currently being done which in turn allows you to find areas of possible improvement. By implementing a well thought out process we can begin to create a consistent approach on how the task is carried out, when the task is carried out and the expectations on completing the task.

Without this structure, the risk of the task being completed in the same sequence each time is drastically reduced, the team may also have feelings of confusion surrounding the task and there is increased risk of the task not being completed on time or at all.

Sample Lease Renewal Workflow Between STAFFLINK & Agency

Organising a work chart ensures that each team member is aware of their roles and responsibilities. It is as simple as providing a description for each step and delegating the right people in the right roles. To give you an idea, below is a sample lease renewal workflow that we have set up with our clients:

Time spent per month per lease renewal task for 50 properties

Preparing upcoming renewals
5 minutes (exporting of all properties)

The reviewing process begins 3-4 months prior to the end of the lease expiry.

Detailed current market analysis
15 minutes each property | 50 properties = 12.5 hours

Use a database spreadsheet to log and manage the information.

Draft the owner lease expiry review email
5 minutes each property | 50 properties = 4.16 hours

We prepare the draft email to the owner including stock levels, vacancy rates and also attach a CMA report to each recommendation email.

Notify property manager that emails are prepared
5 minutes

Notification will be sent to the Property Managers once the emails and CMA reports are prepared for them to review and send.

Edit and send the lease renewal email
5 minutes each property | 50 properties = 4.16 hours

The Property Manager is responsible for reviewing the information provided including the CMA Report. They will need to make edits (if required) and based on the information provided make a recommendation to the owner for both the rent per week amount and the lease term. Once this review is complete the Property Manager then sends the prepared email to the landlord.

Follow up owners as needed
5 minutes each property | 50 properties = 4.16 hours

If after 14 days, there has not been a response from the owner we then need to carry out a follow up phone call or email to ensure the instructions are received in a timely manner.

Set task for lease documents to be created
5 minutes each property | 50 properties = 4.16 hours

Once you receive the landlord’s response, proceed to the system of choice (email, Airtable, Property Me) to set the task for your offshore team.

Create lease renewal documents and send to tenant
10 minutes each property | 50 properties = 8.33 hours

Prepare the lease renewal agreement and send to the tenant for their review and subsequent return.

Follow up tenants for outcome
10 minutes each property | 50 properties = 8.33 hours

If after 14 days, there has not been a response from the tenant we then need to carry out a follow up phone call or email to ensure their intentions are received in a timely manner.

Audit status of outstanding responses
5 minutes each property | 50 properties = 4.16 hours

Senior Property Managers can periodically review and audit responses to minimise delays and the frequency of errors.

Now that you see an example of the lease renewal process, you can start reviewing and optimising what you currently have in place. But if you don’t have time for it…

Leave it to STAFFLINK, we’ll take it from here

STAFFLINK is able to complete the majority of the time consuming research and preparation elements of this process for your business.

By outsourcing with us, you and your team can leverage your time to focus on dollar-productive activities, and leave the administrative tasks to us.

Our staff are fully trained and follow each step of the agreed process. Not only will we accomplish the tasks you outsource, but we’ll make sure you get all the credit.

STAFFLINK also takes full advantage of cloud softwares and database tools to create structured workflows and processes that are easy to understand.

Talk to us now so we can build your own offshore team and save up on operational costs!

Schedule A Free Consultation!