How to Manage Lease Terminations in Deal Manager and Voyager
Effectively managing lease terminations is crucial for maintaining accurate records and ensuring smooth operations within the Deal Manager platform. This article explains the best practices for handling these scenarios and provides a step-by-step guide to using the Deal Manager and Voyager tools.
Overview
There are two main approaches to managing lease terminations in Deal Manager:
Editing the Lease End Date in Voyager: This process may require manual updates to both the tenant and unit records.
Using the Termination Deal Type in Deal Manager: This method creates a proper termination record and automatically handles the tenant and unit relationship.
For best practice, you should use the termination deal type in Deal Manager. This ensures a smoother process, removes the tenant from the space upon activation, and maintains accurate records automatically.
Best Practices
Use Termination Deal Type: Always create a termination deal type in Deal Manager instead of simply editing lease end dates directly in Voyager.
Minimize Manual Work: Relying on Deal Manager reduces the need for separate edits in tenant and unit records.
Step-by-Step Guide to Creating a Termination Deal
Follow these steps to create a termination deal in Deal Manager:
Navigate to the Property > Tenants section within the platform and locate the tenant whose lease you want to terminate.
Select the option to Add Deal. This will open the termination form.
Fill out all required fields in the termination form. (Required fields are marked with a red asterisk (*).)
Enter the correct Termination Date and Move Out Date. These fields are crucial for updating the rent roll report accurately.
Save the termination deal.
Execute the saved deal in Deal Manager. Once executed, this action will create an in-process amendment in Voyager for lease administration to activate.
Key Considerations for Accurate Reporting
Ensure Data Accuracy: Double-check the Termination Date and Move Out Date to reflect the correct timeline for tenancy.
Update Workflow in Voyager: Once the termination deal is executed, coordinate with your lease admin team to activate the in-process amendment promptly.
By following this structured approach, you can effectively handle lease terminations with minimal manual adjustments while maintaining accurate records across both Deal Manager and Voyager platforms.
Related Topics
Lease Record Management
Tenant and Unit Relationship Tracking
Reporting in Deal Manager