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Booking a Lease

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Information

 
Summary
-

Previous: Booking a Sale


Book Lease 1.jpg

 

Step 1: Confirm Lease Details

All the fields that are already available on the comp will be filled in automatically. Enter the missing fields and hit next button

Lease Details.jpg

Step 2: Confirm Lease Summary

This step gets all the information related to the sale. Enter the following information

  1. Lease Term - Total term of the lease in months

  2. Lease Commencement Date - Date in which the lease goes into effect legally binding the parties the parties to the terms of the lease.

  3. Rent Commencement Date - Date in which the Lessee begins to pay rent to the Lessor

  4. Lease Expiration Date - End date on the lease

  5. Occupancy Date - The date the tenant may occupy the space.

  6. Square Footage - Square footage of the leased property

  7. Rental Rate - Amount charged per month/year

  8. Rental Rate Type - How the rental rate is treated. E.g. $/SF/Year, $/Year, $/SF/Month, $/Month

  9. Lease Type - Commercial real estate lease types

Lease Summary Confirmation .jpg

Step 3: Commission Items

This step allows you to create multiple line items for commissions that are part of the deal. If the lease includes multiple terms that need to be tracked in the commission items, use the first section of this page.

 

Note: The calculation and headings of this table changes based on the rental rate type that is selected in step 2.

 

Description of each column in the table is given below

 
  1. Term Start - Start date of the lease. If the lease commencement date is filled in the earlier step, it is auto populated here.

  2. Term End - End date of the lease. If the lease expiration date is filled in the earlier step, it is auto populated here.

  3. Area - Enter the square footage of the leased space.

  4. The number of periods is auto calculated from the term start and term end.

    1. Note that the column title changes based on the rental rate type selected in step 2

    2. # Months - If the rental rate type from step 2 is set to either $/SF/Month or Amount/Month

    3. # Years - If the rental rate type from step 2 is set to either $/SF/Year or Amount/Year

  5. Enter the rental rate from the lease agreement.

  6. Note that the column title reflects the selected rental rate type. E.g $/SF/Month ,

  7. Rate Type - Select how commission is calculated from the total

  8. Commission - This field takes both percent and $ values based on the selected rate type

  9. Commission($) - Provides the actual commission value for the line item



 

If there are additional items that don’t follow terms such as one time bonus/Sq.Ft upon closing the deal could be entered in the next table Other Considerations. The fields in this table are similar to step 3 of book sale wizard.

 

Commission Items $:SF:Year.jpg

Step 4: Commission Splits

This step allows you to review all the agents and their percentage of gross commissions. You cannot navigate to the next step unless the percent allocated is equal to 100%.

 
  1. To add an internal agent

    1. Click on the “Add Internal Agent” link to add a new line.

    2. Click on the search icon and select the agent.

Note: The internal agent must be added as a user in the Apto org to add them to the deal.

    1. Select a role. A role can be buyer rep, seller rep or any role that you would like to track.

    2. The commission can be either entered as a percent or amount. Apto would auto calculate the amount when a % is entered and vice versa. Selection is saved and later used when the data is retrieved again via Edit Commission page or via opening the Book Lease wizard again.

      1. To enter a percent, click on the % button and enter the split percent that applies to the agent.

      2. To enter an amount, click on the $ button and enter the amount that applies to the agent.

  1. To add an external agent

    1. Click on the “Add External Agent” link to add a new line.

    2. Click on the search icon and select the agent.

Note: The external agent must be added as a contact in the Apto org to add them to the deal.

  1. Select a role. A role can be buyer rep, seller rep or any role that you would like to track.

  2. The commission can be either entered as a percent or amount. Apto would auto calculate the amount when a % is entered and vice versa.

    1. To enter a percent, click on the % button and enter the split percent that applies to the agent.

    2. To enter an amount, click on the $ button and enter the amount that applies to the agent.

 

Lease Commission Split.jpg

 

Step 5: Holdbacks

This step allows you to enter any holdbacks that need to be taken out of the commissions at different levels. Holdbacks can be created directly from the comp detail page or can be created at the time the deal is booked. Types of holdbacks supported are

  1. Deal level - the expenses is taken out of the total deal commission and it impacts all the internal and external agents gross commission.

  2. In-House level - the expenses taken out of the In-House gross commission and it impacts only the internal agents participating in the deal.

  3. Agent level - the expenses taken out of an Agent’s net commission and it impacts only the selected agent.

 
  1. To add a holdback click on the “Add Holdback” link under the respective category to create a line item in the table

  2. Pick the type of holdback. This picklist can be customized

  3. Provide a text to describe the expense

  4. Pick a user if the holdback is taken out of an Agent’s net commission

  5. Enter an amount or percentage of gross commission

Step 6: Invoices

This step allows you to enter all the details needed to generate the invoices.

Select all the fields that are common to all the invoices

  1. Recipient - Click the search icon to pick the contact you would like to send the Invoice to.

  2. Recipient Account - Click the search icon next to this field to pick the account related to the recipient contact.

  3. Bill To - The invoices could be billed to either the recipient account or property ownership entity.

  4. Default Invoice Template - The invoice template applied to all the invoices related to this comp.

  5. Default Payment Information - Payment information applied to all the invoices related to this comp.

To add a standard invoice

  1. Click on the Add Invoice link under Set Up Payments

    1. Due Upon - This field is used for reporting and pick the stage at which the amount is due.

    2. Due Date - The due date that is displayed in the invoice

Notes - Additional text that is displayed under Notes section of the invoice

  1. Enter the commission due in either percent form or amount.

Repeat the above step to setup multiple invoices but make sure that the unbilled gross commission is 0 before moving on to the next step.

 

Lease Invoice .jpg

 

Note: Over the term commissions and invoices are discussed in a separate article

 

Step 7: Summary

Review everything that was entered and confirm. You can go back to any step by using the edit link in each section of the summary or by using the navigation bar.

 

Clicking Book Deal will update the comp, insert, update or delete anything related to the comp and mark the comp as booked. If any of the internal agents have a commission plan that calculates upon invoice booked, then commission payments will calculate net commissions at this point.

 

Lease Summary .jpg

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