The Lease Renewal feature is helpful in buildings where residents need to sign a new lease every year in order to keep living there. This feature pulls lease offers from Yardi and displays them to residents some time before the current lease ends. The resident is then able to choose one of the offers, or inform the property manager that they would like to move out instead.

The primary purpose of this feature is to communicate to the resident that the renewal offers are available, and get the resident to pick one of the offers, or to inform management about an upcoming move out. In either case it should be clear what the resident's intent is, well in advance of the lease end date.

This feature is not available in buildings that do not use Yardi, as the lease renewals offers can only be set up on the Yardi side.

To begin with, the 1VALET user in Yardi must be given Read/Write access to Lease Offers, and a Read access to Lease Charges. After this the feature can be toggled on in 1CONNECT Portal.

Additionally, lease offers and their corresponding changes must be set up in Yardi in advance for the eligible residents.

The toggle for this feature can be found by navigating to Suites and pressing the Lease Settings button. There, the feature can be enabled and configured.

An optional early bird discount section allows to display a discount to residents that accept the lease offer quickly. The percentage and the duration of the discount can be specified here. Please note that when a resident accepts an offer with an active early bird discount 1VALET sends an email to notify the person responsible for inputting that discount into Yardi. An email address for the recipient can also be entered here.

Lastly, the lease renewal period can be set up here. For example, entering "100" here means that 100 days before the Lease To date we check with Yardi whether any renewal offers are available for that lease. If yes - the lease offers are pulled into 1VALET, the primary resident receives a push notification and an email (if the resident has an email on file).

Please make sure that the offers exist in Yardi and are in "Approved" status for the eligible residents by this day. If the offers are still not set up by the time the early bird discount period ends - the resident will not see the early bird discount option at all.

Once the resident chooses an offer it gets selected in Yardi. If the offer has an early bird discount an email with discount details is also sent to the address specified in the settings. The rest of the process takes place outside of 1VALET - working with the resident to sign the lease documents, collecting any outstanding payments and so on.

Lastly, here are some screenshots of lease renewals in the 1VALET App.

The text scrolls automatically to allow the resident to read it in full.

Once "More Info" is clicked the user is redirected to a list of offers. Each offer shows the information as retrieved from Yardi. The early bird discount is applied to the first charge. If the offer has a flexible term length - the resident is able to select the number of months from the provided range.

Once an offer is selected it is updated in Yardi with "Selected" status. All the other offers for this resident become "Inactive". Please note that it's not possible for us to automatically update the unit rent amount in Yardi. Instead, an email is sent out, advising that the resident made the selection within the early bird discount period.

Alternatively, the resident can scroll past all of the offers and choose to notify staff about non-renewal. This allows the resident to submit a new Conversation. If this option is used the conversation will have a "Lease Renewal" label in the 1CONNECT Portal. Or the resident can choose to chat with a leasing agent, which also opens a new Conversation but with a "General" label. Please note that the offers will be visible in the 1VALET App until deactivated in Yardi, which gives an opportunity to change the terms of the offer to try and convince the resident to stay.

If you have any questions or need further clarification, please do not hesitate to contact our Customer Support Team at support@1valet.com.