Rent Raise Module (and Preliminary Checks)

In this article,  we'll go over a quick overview of the Rent Raise Module located under

• Configuration > Revenue Optimization > Rent Raise/Lower

Under this section, you can make the following types of rent changes:

• Occupied Tenants
• Scheduled Rent (also known as Base Rent) for Vacant and Occupied Units

NOTE: The two types of rent changes mentioned above sound the same, but they execute entirely differently. So, please make sure to read the information carefully, and if you need to visualize how these rent changes get executed. Please click on this article here (VIDEO) Raising Rent for Occupied Units and Vacant Units.

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Before we start reviewing the Rent Raise Module, we need to do Preliminary Checks to ensure your Rent Change Letter gets emailed.

Preliminary Checks

1. Test your email: Head over to Configuration > Client Management > Site Setup (tab) > Click Edit on your site > Email Account (tab) > Send Test Email. If the results are successful, please proceed with the next step.
2. Verify the Rent Change Letter is set to be Emailed:  Head over to Configuration > Site Management > Move-In / Move-Out > Tenant Document Delivery Settings > Click Edit on the top right corner > Once the necessary changes have been made, please proceed with the next preliminary check.
3. Verify the Rent Change Letter Email and Document is up to par: Head over to Configuration > Template Management > Email (tab) and Document (tab). This will vary between facilities, so please make sure the information it contains is enough for your facility.

If you did not do a preliminary check and encountered a problem with the email or the document component. Please reach us at [e-mail] so we can review your issue's extent. Depending on the extent of the problem. You will likely be required to use Overview: Cloud CRM to send the email out or generate the document.

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Rent Raise Module

So, lets us head over to the Rent Raise Module:

• Configuration > Revenue Optimization > Rent Raise/Lower > New Rent Change

You'll be met with a similar window:

IMPORTANT:

• The first five options:
  • All Tenants
  • Tenants by Unit Type
  • Tenants Based on Last Raised Date
  • Tenants Paying Less Than Scheduled
  • Tenants Based on Delinquency

If you go ahead with the options above, the program WILL send a Rent Change Letter to your tenants right after your press COMMIT. The rent change will be scheduled based on the date you've chosen.

Where are these options shown on Cloud? For the rent changes above, it will be shown here:

• The last two options:
  • Unit Types based on Occupancy
  • Manage Scheduled Rent

If you go ahead with these options above, the program WILL NOT send your tenants a Rent Change Letter after you press COMMIT. These two options are just changing the BASE RENT (or what we call SCHEDULED RENT) of both your vacant and occupied units. How are these applied to vacant and occupied units?

• Vacant Units
  • This base rent change will apply immediately.
• Occupied Units
  • This base rent change will go into effect after the tenant has moved out.

Where are these options shown on Cloud? For these base rent changes above, it will be shown in several places:

• Configuration > Site Management > Units > Unit Types
• For Occupied Units:
  or
  
• For Vacant Units:
  

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In the snippet below, I selected the All Tenants option:

NOTE: If a unit does not appear in your list. It is due to the unit having a scheduled rent change.

1. Units Affected: The number of units that will have a rent change applied.
2. Change Rent By: You can increase Rent based on a dollar ($) or percentage (%) amount.
3. Adjustments: Increase or Decrease all rents by a flat amount.
4. Round: You can round up to the nearest $1 or $5.
5. Effective Date: You can set the date you want the Rent Raise to apply to every unit selected.
6. Check Marks: Use these to select or unselect tenants for the rent raise.
   • If you deselected any units. (1) will update its value as shown after deselecting unit A1.
7. New Rent Column: This column shows the new rent amount that can be modified individually for each unit.
8. Desired Effective Date Column: By default, this is not the date your rent change will execute. It will only execute on this date if you decide to modify it.
   
   IMPORTANT: If the program already has a preselected date of your liking. It will only execute on this date once you change it to another date, then back to the date initially shown. It turns green, as shown in the snippet above with unit A3.
9. Actual Effective Date: By default, the program will execute on the date shown under the column. Unless the Desired Effective Date Column is adjusted.

Once you are satisfied with the changes, click on SAVE. The options Send for Review and Commit will appear.

1. Send for Review allows you to send for review to other users on Cloud.
2. Commit will immediately apply the rent changes and send out a rent change letter if configured to do so. Verify the changes you made before pressing this button because if you execute it incorrectly, you will need to cancel the Rent on each unit individually.
   • Click on this article to learn how to cancel a rent change: How to Cancel Rent Change(s) (and Reschedule a New One)

If you have any more questions or concerns, please get in touch with us at [e-mail].