Lease Renewal agent
Suggests renewal terms from the current rent and the yearly rise in the lease. A renewal that cuts the rent below the limit you set waits for a second person to approve it.
Validated with each clientWhat does Lease Renewal replace? The work of a leasing manager: prepare lease renewals. Suggests renewal terms from the current rent and the yearly rise in the lease. A renewal that cuts the rent below the limit you set waits for a second person to approve it.
Shows why
It shows its reasons and how sure it is on every draft. When it is not sure, it only brings the item to your attention.
Waits for you
Nothing is filed, paid or posted until a person approves it.
Gets reviewed
Every approval and correction is recorded, so you can see how it performs on your own books.
A day with the Lease Renewal agent
Picture a landlord with a dozen shops and offices let to tenants, and a leasing manager who tracks the end dates. This is how a renewal runs.
- A lease is nearing its end. The leasing manager opens the lease and asks for a suggestion under "Suggest renewal terms". The agent runs when someone asks; it does not contact the tenant.
- It reads three things from the lease. The current rent, the yearly rise written into the lease, and the end date. If the lease has no rise clause, it assumes a standard 5% and says so in its reasons.
- It drafts the terms. A suggested rent (current rent plus the rise), a new end date one year on, the reasons in plain words, and how sure it is. It is more sure when the rise comes from the lease itself than when it had to assume one.
- The leasing manager takes it to the tenant. The figures are a starting point for the conversation. The suggestion never bills anyone and does not renew the lease.
- The renewal is recorded with the terms you agreed. If the new rent is lower than the current rent by more than the limit you have set, the renewal is held and a second person must approve it first. Then the same action goes through.
- If someone sends it back, nothing changes on the lease. The lease stays as it was and the decision is recorded.
See a renewal worked out on one of your own leases. Send us a lease with its rent and rise clause.
What it reads and what it hands back
| What it reads | What it hands back | Where it lands |
|---|---|---|
| Current rent (or base rent), the rise written into the lease, the lease end date | A suggested rent, the rise it applied, a new end date, a note whether the rent is at or above the old one, the reasons, how sure it is | The "Suggest renewal terms" card on the lease screen |
| Your company's rent-cut limit, at the moment a renewal is recorded | A hold for a second person when the new rent is below the old one by more than the limit | Your approvals inbox |
| The lease's past renewals | A history of earlier renewals on that lease | The lease record |
What a person decides
You approve
- Every renewal that is recorded, including the rent and the new end date
- A renewal that cuts the rent beyond your limit: a second person approves it, never the person who proposed it
You set
- The rent-cut limit. If you set none, any reduction is held for a second person
- The rise written into each lease, which is what the suggestion starts from
It never does
- Nothing is filed, paid or posted without a person.
- Contact the tenant or bill rent
- Renew the lease on its own: it only proposes
Ask Kinnow about this
Questions an owner or leasing manager might type. Ask Kinnow shows its source and cost before it runs, and says so when it cannot answer from your records.
- "Which leases end in the next 90 days?" A list from your lease records, with end dates and current rent.
- "What rent would we get if we renew the Shop 14 lease with its yearly rise?" The figure the agent works out, with the rise it used.
- "Which renewals were held for approval this month?" The held renewals and who has to approve them.
- "Which tenants renewed at a lower rent last year?" Past renewals compared with the rent before.
Ask us to run a renewal on one of your leases, with your rise clause.
Works with
This agent belongs to the Pact application, which keeps leases, rent, yearly rises and tenant records. Related: AMC Renewal, Tenant Renewal Sentiment, Vacancy Filling, and the mall leases capability.
Questions
What does the Lease Renewal agent do?
Suggests renewal terms from the current rent and the yearly rise in the lease. A renewal that cuts the rent below the limit you set waits for a second person to approve it.
Does a lease renewal need extra approval?
Not every renewal. A renewal that cuts the rent by more than the limit you have set is held for a second person to approve. If you have not set a limit, any cut is held. The proposals themselves aim for terms at or above the previous ones.
Does Lease Renewal get better with use?
Kinnow measures it rather than assuming it. Each time you approve or reject, the result is recorded against how sure the agent said it was, so you can see on your own books whether its confidence can be trusted. Your corrections are kept as feedback.
How is it paid for?
It is part of your agent pack. There are no per-user seats.
How does Lease Renewal work out the suggested rent?
It takes the current rent and adds the yearly rise written into the lease. If the lease has no rise, it assumes a standard 5% and says that in its reasons. The new end date is one year after the current one unless you change it.
Does Lease Renewal look at what similar shops pay nearby?
No. It uses the terms in the lease only. Comparing against market rents is not part of it today.
Tell Kinnow what slows you down.
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