Yorlet Leasing offers a dedicated dashboard and a streamlined workflow to efficiently manage the renewal process, maximising occupancy and providing a seamless experience for tenants. As a tenancy approaches its end, Yorlet creates a renewal intent record, allowing you to either renew or terminate the tenancy. The dashboard enables you to take quick action and stay on top of your occupancy rates.
Setting up automaic renewals
To get started with Renewals, navigate to the settings dashboard in your account, then go to Leasing > Renewals. Make sure the Upcoming renewals toggle is switched on to enable the automatic creation of a renewal intent at the end of each tenancy. Additionally, you need to define the number of days before the tenancy ends when you want Yorlet to generate the renewal intent record. This can be set between 1 and 120 days. Once configured, renewal intent records will start appearing in the Renewals Dashboard under the Pending section.
Managing renewal intents
When a renewal intent is created, it will appear in the Pending section of the Renewals Dashboard. The record provides a snapshot of the tenancy, including details on outstanding arrears and registered deposits, to assist you in navigating the process. You can also mark a renewal intent as either Renewing or Leaving, which triggers one of two workflows:
Renewing
If the tenant decides to renew their tenancy, click the Renewing button. This updates the status of the renewal intent, and a new button, Create renewal, will appear. When selected, the application builder will open in the Renewal format, automatically populating tenant and property information. You will need to update specific details such as payment schedules, pricing, line items, application payments, and contracts. Once completed, the tenant will receive an email with a link to the Application Portal, where they can proceed with the standard application process. Once the application process is finished, the renewal intent status will be updated to Complete.
Leaving
If the tenant has decided to leave the tenancy without renewing, click the Leaving button. This updates the status of the renewal intent to Leaving. Then, navigate to the overflow menu (•••) and select Complete leave. The renewal intent will be updated to the Complete status, and the tenancy will end on the expected date. Please note that this action is irreversible.
Change renewal intent type
Before you choose to Create a renewal or Complete leave, you can switch the status of a renewal intent between Renewing and Leaving. To do this, go to the overflow menu (•••) and select Switch to renewing or Switch to leaving. You can make this switch as many times as needed.