LEASE MONITOR – DIY Online Property Management
April 21, 2010
1:44:37 PM (874 Reads)
Offer of 50% off for PIAA Subscribers - Lease Monitor is a secure real estate subscription service that performs all alerts and produces all documents needed to manage commercial leases.
Lease Monitor is an innovative program that supports landlords who prefer to manage their properties themselves. The program eliminates any need for the landlord to draft up any document or seek property management advice. The landlord simply logs onto the program to view the dated leasing events due within a 12 week snapshot then clicks on the event to produce the appropriate document.
An online Subscription service that diarises and acts on all lease management events of a given lease.
Landlords who would prefer to manage their properties themselves.
Requires basic computer skills.
What are the current alternatives in the market? Ad hoc accounting and word processing programs, or outsource to real estate agents.
The Mechanics of Lease Monitor
• every month, (e.g. pay rent, report turnover),
• at intervals throughout each year, (e.g. pay outgoings, etc.)
• once each year (pay insurance, calculate rent increase, calculate % rent.)
• once throughout the lease (Option, Market review, repaint, lease renewal or expiry)
Lease Monitor logs when each of these events must occur and, on activation, produces a table of events over the last 6 weeks and next 6 weeks. Each dated event has detailed description of its obligation, function and further instructions to produce its activity document (Tax invoice, statement, notice, etc).
What Documents does Lease Monitor Produce?
• every month,
o addressed Tax invoice for next month’s rent (including rent increases when due),
o statement of tenant’s invoices and payments
o addressed Tax invoice for next month’s rent with notice that rent is overdue,
o Notice to report monthly turnover
• several times throughout each year,
o tax invoice or notice to pay outgoings (council rates, water & sewerage fees, Owners’ Corporation charges, Land tax
• once each year,
o tax invoice to pay insurance,
o annual summary of all charges paid by tenant.
• once throughout the lease raise all alerts and notices for the following,
o Option, Market review, repaint, lease renewal or expiry)
Each document produced by Lease Monitor is addressed to the intended party with all particulars relevant to the event described therein and does not require any editing. The document can be saved in soft or hard copy form and then forwarded by email or post. In this way tax invoices and statements for monthly rent and outgoings are produced. At rent review time the tax invoice for monthly rent automatically calculates all forms of increases to enforce the new rent rate.
Similarly notices are raised that relate to late payments, Options, Market review, repaint, lease renewal or expiry. They will be specific to the individual lease and will not require further editing. In using Lease Monitor effectively landlords are not required to have a sound grounding of the lease terms, the relevant legislation, nor written communication skills; ideal for those where English is their second language. However basic computer skills such as website access, emails and printer use, are required.
Introduction
What is it?
An online Subscription service that diarises and acts on all lease management events of a given lease.
Who would use it?
Landlords who would prefer to manage their properties themselves.
Is it easy to use?
Requires basic computer skills.
What are the current alternatives in the market? Ad hoc accounting and word processing programs, or outsource to real estate agents.
Functionality
On subscribing to Lease Monitor, the lease is subjected to close scrutiny from a qualified commercial property manager who determines its obligations and functions which are loaded up into Lease Monitor’s database. Further information, such as contact details and outgoings particulars are also entered into the database. Subject to satisfactory security and quality control testing, the landlord is given instructions and passwords to commence use of the subscription service from any computer anywhere.
The Mechanics of Lease Monitor
All parties to a commercial lease must perform obligations through time sensitive events which occur;
• every month, (e.g. pay rent, report turnover),
• at intervals throughout each year, (e.g. pay outgoings, etc.)
• once each year (pay insurance, calculate rent increase, calculate % rent.)
• once throughout the lease (Option, Market review, repaint, lease renewal or expiry)
Lease Monitor logs when each of these events must occur and, on activation, produces a table of events over the last 6 weeks and next 6 weeks. Each dated event has detailed description of its obligation, function and further instructions to produce its activity document (Tax invoice, statement, notice, etc).
What Documents does Lease Monitor Produce?
• every month,
o addressed Tax invoice for next month’s rent (including rent increases when due),
o statement of tenant’s invoices and payments
o addressed Tax invoice for next month’s rent with notice that rent is overdue,
o Notice to report monthly turnover
• several times throughout each year,
o tax invoice or notice to pay outgoings (council rates, water & sewerage fees, Owners’ Corporation charges, Land tax
• once each year,
o tax invoice to pay insurance,
o annual summary of all charges paid by tenant.
• once throughout the lease raise all alerts and notices for the following,
o Option, Market review, repaint, lease renewal or expiry)
Lease Monitor is a comprehensive online DIY real estate property management program available 24/7 from a computer anywhere today. It offers timely professional real estate service when and where it is needed at considerably lower cost than is currently available. For PIAA subscribers RDS Real Estate offers six months subscription for $160, a saving of more than 50% and a discounted annual renewal of $650 after 6 months.
To subscribe to Lease Monitor visit; http://www.retaildevelopment.com.au/
Go to Services, then Lease Monitor and open Application Form. Print off, fill out the form then post off with a copy of your lease to RDS Real Estate.
RDS Real Estate contacts you to finalise the process and have you operating Lease Monitor within 10 working days.
Author: Mark L Coppens
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