QRG – CRM IQ - Converting a Lease to a Month-To-Month
If a resident fails to renew their lease, you must complete the Month-to-Month process in CRM to charge the correct MTM rate.
1. Accessing Resident Record from Renewal Dashboard
*Please note the heading of CRM IQ has been updated to reflect these new dropdown options. The remaining images in this tutorial do not reflect the new dropdown options, however functionality remains the same.
2. You can view leases on MTM from the Dashboards > Renewal Dashboard. Select the Month to Month filter under Expiring Leases.
Select Actions menu > Go To Resident Record.
Accessing Resident Record from Search
1. Search for the resident record for the resident whose lease you want to convert to month-to-month by using the search bar at the top of the screen.
2. Select General > Manage. Then click Manage > Month-to-Month.
3. Complete the necessary fields on the pop-up:
Month-To-Month Date: Cannot be in the past. Must be today or future date.
New Rent: This field will populate a rate that is incorrect. You must enter the MTM rate from the renewal letter.
4. Complete the screen and click Save.
MTM Selected Mid-Month
If the MTM takes effect mid-month, the lease charges must be prorated and adjusted on the ledger. Steps to review and make adjustments:
Confirm Lease Charges
- Review Ledger
- Prorate Calculator
- Move Out
- Move In
1. Complete corrections to ledger by selecting General > Ledger > Create Charge.
- IMPORTANT: Review Ledger in between and after creating charges.
2. Credit existing full month charge. Select Submit to post to ledger.
- Ex. Note for Charge: Rent Adjustment Due to Mid-Month Renewal
3. Charge Prorated Rent Initial Dates @ Previous Rent Rate
- Ex. Note for Charge: Rent 11/1/24-11/23/24 @ $1,830
4. Charge Prorated Rent Effective Date-End of Month @ New Rate
- Ex. Note for Charge: Rent 11/24/24-11/30/24 @ $1,900
If a balance is due, update the resident with the appropriate correspondence.
Definitions:
Month-To-Month Date |
Date on which the new month-to-month lease term begins. By default, this is one day after the current lease expires if the current lease is still active. |
Month-To-Month Premium |
We want to lean on Revenue Management pricing, no additional MTM fees should be used. This field can be left blank. |
New Rent |
Amount that the resident will pay for monthly rent on month-to-month. By default, this is the market rent amount for the resident’s unit. NOTE: If you complete the Increase Amount field, CRM IQ automatically calculates the appropriate amount and completes this field. |
Increase Amount |
Amount by which you want to change the amount that the resident pays for monthly rent. This change can be either a flat amount or a percentage, depending on the option selected in the Type field. You may type a positive or negative amount. NOTE: If you complete the New Rent field, CRM IQ automatically calculates the appropriate amount and completes this field. |
Type |
Method by which you want to change the amount that the resident pays for monthly rent: $ Increase Changes the amount by a flat amount. % Increase Changes the amount by a percentage. |