MASTERKEY BLOG

Save time by having the Contract Rent calculated for you!

Great news for Leasing Agents and Property Managers. Automatic rent calculation is now available via Contract Rent - a new field which calculates the total rent, in the case that Contact Term is less or more than a year. This will be very useful especially in the following scenarios:

 

Short term extension of the Contract

 

The Tenant’s one year contract just expired, but the he wants to extend it with another three months. Previously, you would have to change the Annual Rent field to reflects this extension, which is not be best way to deal with this, as it will impact your reporting and unit status. 

 

Solution: By using the Contract Rent field, you can renew the lease for another three months without changing any numbers. Simply set the new Lease End Date and the rent due with the extension will be calculated automatically.

 

Contract spanning multiple years

 

For example, if you’re creating a New Lease over two years with the Annual Rent of 120,000, you would previously have to change the Annual Rent field to reflect the total amount of rent due over two years (240,000) to be able to arrange payments over the period.

 

Solution: Now you can keep Annual Rent the same, as Contract Rent will automatically calculated to show 240,000 as the total rent owed over the term.


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