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Tenants

The Tenants tab is where any information related to current tenants, prospects, and vacancies is entered. This information is utilized in many of the analytics, reports, and features throughout Simple Asset Manager.

General Information#

  • Name - What should the Tenant be referred to as?
  • Size - How large is the leased area?
  • Building - Which building is the Tenant in? Buildings are added through the Buildings tab.
  • Suite - How is the tenant's suite identified?
  • Status - What stage of the leasing process is a prospect or tenant in?
    • Options include Available, Interested, Negotiating, Under LOI, and Leased
  • Lease Start Date - Which day does the lease begin?
  • Lease End Date - Which day does the lease terminate?
Tenants - Updating General Information

Rent#

There are five categories of rent that can be included.

  • Base Rent, Common Area Maintenance, Insurance, Real Estate Taxes, Other Rent

Add Rental Income#

  1. Select which type of rent to enter from the dropdown labeled "Select Rent Type".
  2. Each type of rent requires the following information:
    • Amount
      • The amount can either be a Total Amount or based on a $ per square foot or square meter. The Size that is entered in the General Information tab is used to calculate the Total Amount when $ per square foot or square meter is selected.
      • % Increase is an increase over the previous period's amount. For example, if the first period is $100,000 per year and the second period is a 10% increase, the rent for the second period is $110,000.
    • Start Date - On what date does this payment begin?
    • End Date - On what date does this payment terminate?
  3. Clicking the "More" button expands the selected rent payment to provide additional timing information for the payment:
    • Payment Frequency
      • Monthly, Annually, Quarterly, One-Time
    • Payment Day / Date
  4. Click "Save".

Delete Rental Income#

  1. Select which type of rent to remove from the dropdown labeled "Select Rent Type".
  2. Click the "More" on the income item to be removed.
  3. Click "Remove Cash Flow".
  4. Click "Save".
Tenants - Updating Rent

Reimbursements#

  • This section is for modeling property operating expense reimbursements from tenants. For example, if a tenant pays a Pro-Rata share of the total snow removal expenses or common area electricity.

TIs and LCs#

Tenant Improvements (TIs) and Leasing Commissions (LCs) paid to a tenant or broker are entered in this section.

Add Tenant Improvement (TI)#

  1. Select Tenant Improvement from the dropdown labeled "Select TI or LC".
  2. Each Tenant Improvement requires the following information:
    • Amount
      • The amount can either be a Total Amount or based on a $ per square foot or square meter. The Size that is entered in the General Information tab is used to calculate the Total Amount when $ per square foot or square meter is selected.
    • Improvements Payment Date - On what date does this payment occur?
  3. Click "Save".

Add Leasing Commission (LC)#

  1. Select Leasing Commission from the dropdown labeled "Select TI or LC".
  2. Each Leasing Commission can be entered as a Total Amount or as a percentage of Rental Income:
    • Amount
      • The amount can either be a Total Amount or based on a $ per square foot or square meter. The Size that is entered in the General Information tab is used to calculate the Total Amount when $ per square foot or square meter is selected.
    • % of Rent
      • The % of the Rental Income agreed to be paid as a commission.
      • Calculate LC on Rent Beginning - What date does the period the leasing commission is paid on begin?
      • Calculate LC on Rent Ending - What date does the period the leasing commission is paid on end?
    • Include in % of Rent Calculations - What types of rental income are included in the commission payment?
      • Options include Base Rent, CAM, Insurance, and Taxes
    • Commission Payment Date - On what date does this payment occur?
  3. Click "Save".

Delete TI or LC#

  1. Select which type of leasing cost to remove from the dropdown labeled "Select TI or LC".
  2. Click the "x" in the right corner of the item to be removed.
  3. Click "Save".
Tenants - Tenant Improvements and Leasing Commissions

Options#

Options grant the holder the right, but not the obligation, to perform a certain action in the future. Common options in Commercial Real Estate include the right to renew, terminate, and purchase. Renewal Options are currently supported.

Adding a Renewal Option#

A Renewal option gives the tenant the right to extend their lease term to a future date at an agreed upon rate.

To add a Renewal Option:

  1. Click "Add Option".
  2. Each Renewal Option requires the following information:
    • Term Start Date - What date does the renewal period commence?
    • Term Expiration Date - What date does the renewal period end?
    • Date Notice Required - The notice period required for the option to be successfully exercised. It may be entered as:
      • Select by Date - Enter the specific date the option must be exercised before
      • Select by Days Before Expiration - Enter the number of days prior to the final non-option period the option must be exercised before.
    • Notice Received - Has the tenant provided notice they wish to exercise the option?
      • Date Notice Received - If "Yes", the date the notice was received can be entered.
    • Notes - Any relevant comments or notes regarding the Option.
  3. Click "Save".
note

Rent for all periods, including option periods, is entered in the "Rent" tab.

Remove a Renewal Option#

To remove a Renewal Option:

  1. Click "Remove Option".
  2. Click "Save".
Tenants - Tenant Options

Contact#

Contacts for both Tenants and Landlord can be added to any tenant.

Adding a Contact#

  1. Click "Additional Contact" to add a new contact.
  2. Select either "Tenant", "Landlord", or "Other" from the Contact Type dropdown
  3. The following information may be entered for any contact:
    • Name
    • Title
    • Email
    • Phone
    • Address

Remove a Contact#

To remove a Contact:

  1. Click "Delete" in the Contact to be removed.
  2. Click "Save".
Tenants - Tenant Contacts

Sync#

Sync creates a Tenant Portal for a Tenant, which enables online rent payment, document sharing, messaging, and more. Once an e-mail address is entered, an invitation is created and sent with a unique code that will only work with that e-mail address. This e-mail will include instructions for creating an account.

The status of an invitation may be checked from this page, and also cancelled by clicking the "Cancel Invitation" button. Once an invite has been accepted, it can not be withdrawn.

Tenants - Tenant Sync