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How can you manage rent escalations with a property management system?

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Rent escalations are common clauses in commercial leases that allow landlords to increase the rent periodically based on various factors, such as inflation, market conditions, or tenant improvements. However, managing rent escalations can be challenging for both landlords and tenants, especially if they have multiple leases with different terms and schedules. A property management system (PMS) is a software solution that can help you streamline and automate the process of rent escalation calculation, notification, and collection. Here are some benefits and features of using a PMS to manage rent escalations.

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1 Save time and money

A PMS can save you time and money by eliminating manual errors and reducing administrative tasks. A PMS can automatically calculate the rent escalation amount based on the lease terms, such as the base rent, the escalation rate, the frequency, and the cap. It can also generate and send invoices and reminders to tenants, and track and record the payments. A PMS can also integrate with your accounting and reporting systems, so you can easily monitor and analyze your cash flow and profitability.

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Shantanu Gupta

Transportation Management | Strategy | Growth | P&L | India-Bangladesh Land Freight Specialist | Ex-Hyphen, LSN, MGH | Member: IIMM & CII | IIM | IIFT | NIBM | IBMI | Lean Six Sigma Black Belt | Business Coach
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When it comes to managing rent escalations, a PMS can be an invaluable tool. By using a reliable system, you can effortlessly monitor lease agreements, renewal dates, & the specific terms of those agreements. This helps ensure that rent increases are applied in a transparent & equitable manner. Furthermore, the system can automate rent escalations, send out tenant notifications, and swiftly update rental rates as needed. Moreover, a property management system can assist you in keeping an eye on rental market trends, giving you the necessary information to make well-informed choices regarding rental rates & negotiations with tenants. In short, a dependable property management system is a must-have for effectively managing rent escalations.

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2 Improve accuracy and compliance

A PMS can improve the accuracy and compliance of your rent escalation process by ensuring that you follow the lease terms and the applicable laws and regulations. A PMS can store and update all the relevant information and documents related to each lease, such as the rent escalation clause, the rent history, the tenant profile, and the lease expiration date. It can also alert you of any changes or issues that may affect the rent escalation, such as lease renewals, extensions, modifications, or disputes. A PMS can also help you comply with the accounting standards and tax rules for rent escalation, such as the straight-line method or the deferred rent method.

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3 Enhance tenant satisfaction and retention

A PMS can enhance your tenant satisfaction and retention by providing transparency and convenience to your rent escalation process. A PMS can allow your tenants to access and review their lease details, rent history, and invoices online, so they can understand and verify the rent escalation amount and schedule. It can also enable your tenants to pay their rent online, using various payment methods, such as credit cards, e-checks, or ACH transfers. A PMS can also facilitate communication and feedback between you and your tenants, so you can address any questions or concerns promptly and professionally.

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4 Gain insights and leverage data

A PMS can help you gain insights and leverage data to optimize your rent escalation strategy and performance. A PMS can collect and analyze data from various sources, such as the market trends, the tenant behavior, the lease terms, and the property characteristics. It can also provide you with dashboards and reports that can help you visualize and compare your rent escalation results and metrics, such as the effective rent, the occupancy rate, the tenant turnover, and the net operating income. A PMS can also help you forecast and plan your future rent escalation scenarios and outcomes, using various assumptions and variables.

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5 Choose the right PMS for your needs

A PMS can offer you various benefits and features to manage your rent escalations, but not all PMS are created equal. You need to choose the right PMS for your specific needs and preferences, depending on your property type, size, location, and portfolio. You also need to consider the functionality, usability, scalability, security, and cost of the PMS, as well as the customer support and training that the PMS provider offers. You can compare and evaluate different PMS options, using online reviews, ratings, demos, and trials, before making your final decision.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Lanesha Mohip, MBA, MHRM

Accounting Consultant | Help orgs 7-8+ figure budgets resolve accounting issues utilizing high-end ERPs & expert accounting insights. Freelance Finance Writer | College Accounting Instructor | Microsoft Excel Trainer.
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A property management system (PMS) can help streamline all the workflow, financial and reporting processes that are typically handled property managers and landlords for the communication needs of tenants and the reporting needs of operational teams. The goal is to implement, document and automate the tasks involved along the way of working through different projects. 1. The lease agreement will help to enter data on agreement terms related to current rents, rent increases, including the timing, rate, and method of calculation (e.g., fixed percentage, CPI-based, etc.). 2. Internally, you should consider digitizing & storing lease agreements in the PMS for easy access and reference, for everyone that may need to review those documents.

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How can you manage rent escalations with a property management system?

1

2

3

4

5

6

1 Save time and money

2 Improve accuracy and compliance

3 Enhance tenant satisfaction and retention

4 Gain insights and leverage data

5 Choose the right PMS for your needs

6 Here’s what else to consider

Commercial Leasing

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How can you manage rent escalations with a property management system?

1

2

3

4

5

6

1 Save time and money

2 Improve accuracy and compliance

3 Enhance tenant satisfaction and retention

4 Gain insights and leverage data

5 Choose the right PMS for your needs

6 Here’s what else to consider

Commercial Leasing

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