When you create a property in UnitConnect, you specify how many units the property has. You can then assign a tenant to each unit using the New Tenant Wizard. If you have more units to add in the future, you can always do that.
There are a few ways to add a Tenant in UnitConnect. One common way to do it is:
On the Properties page, select the property and then the unit that you would like to add a tenant to. Then on the left side of the page under Related Actions click on New Tenant.
There are five steps in creating a Commercial Tenant:
- Units is where you select the unit to add your tenant to. If you have already selected the unit on the Properties page, you'll skip this step.
- Addresses is where you enter the tenant's name and their use, as well as where to send the bills to and where to receive payment, either at an owners address or your own / management address.
- Lease Details is where some of the key lease dates are entered. Lease Start / End, Rent Start, which is also known as rent commencement date, and Possession Date. On this tab you also set Tenant's pro-rata share, which is specified in the Lease, as well as Tenant's NNN responsibilities such as Taxes, CAM and Insurance. The check mark indicates that the Tenant is responsible to contribute. And the Base Type along with Base Year Amount provide the specification of how they are contributing, whether their pro-rata share, base year increase or a flat rate. This tab also contains Tenant's Security Deposit amount and whether or not its adjustable (adjusts when rent increases) as well as Tenant's Insurance certificate expiration date. Rent Due and Late Fee are configured here also.
- Rent Breakdown tab is where you specify the tenant's rent and additional recurring charges such as Taxes, CAM and Insurance. Base Rent is added in the Rent Breakdown section on the right of the page and additional charges are added on the bottom section of the page. If you have a long term lease with annual (or semi-annual) rental escalations, not to worry those can be a breeze to add with our Autofill feature. Here's an example of adding a 10 year lease with annual escalation of 3% with starting rent at $3,000.
- Enter Rent Start Period and Rent End Period, ex: 05/01/2019 and 04/30/2029
- Enter Starting Rent Amount, ex: $3,000
- Enter From (the date when escalation starts), ex: 05/01/2020
- Enter By (% rent escalates by), ex: 3%
- Every Yr (escalation period): ex: 1
- Notes tab you can write notes about the tenant.
When done, just click Finish at the bottom of the page.
Yes, there's a lot of information to put in, we get it! Leases are a complex creature and we've tried our best capturing all of its nuances.
P.S. Congratulations! You’ve added a commercial tenant.