How to Create a New Lease?

How to Create a New Lease?

Tracking day-to-day operations of a newly signed lease contract is crucial for ensuring a smooth leasing process and for maintaining the availability of the unit. PropSpace Property Management Software allows you to easily create and manage new leases while keeping track of essential details. Below are the steps for creating a new lease.

To create a new lease for a unit in PropSpace, follow these steps:

  1. Click on the Leases screen and select New Lease from the available tabs.

  2. The sections highlighted in red are required. These include:

    • Selected Unit for Lease
    • Start Date
    • End Date
    • Ejari Number
    • Tenant
    • Lease Amount (Frequency)
    • Payment Mode
    • Payment Frequency

  3. The End Date is crucial as it determines when the unit will be available for lease again. This helps property managers or owners plan for the next steps, like posting a new rental listing ahead of time if the current tenant does not renew.

  4. Complete the remaining fields, including:

    • Reminder: Set this to notify you of renewals.
    • Contract Date
    • Source Tenancy
    • Lease Break Date (if applicable)
    • Break Lease Penalty
    • Management Fees
    • Renewal Fees
    • Deposit (and who holds it)
    • Commission (for both the company and the agent)

  5. The Reminder section is important for staying ahead of renewals. Set the reminder to 3 months prior to the lease expiration to notify the tenant of any applicable rent increases.

  6. Checklist: Select the required checklist for the lease. This is key for tracking all the necessary steps to ensure the unit is ready for leasing. You should include both a move-in and move-out checklist.

  7. Note: Add any relevant notes about updates or details related to the lease.

  8. Documents: Upload all necessary documents, such as:

    • Tenant and owner’s passport
    • Tenant and owner’s Emirates ID
    • Ejari certificate
    • DEWA bill
    • Property title deed

  9. To finalize the process, click Save Lease

By following these steps, you ensure that all essential information is captured for the new lease, and the unit is prepared for leasing without any issues. Properly tracking lease details, including reminders and document uploads, helps streamline the process and ensures efficiency.