Working with leases
Included with every subscription
A lease is a record of a rental agreement over a property, with who leases it to whom, for how long and for how much.
Leases belong to your company, not to a valuation. The same lease can support any number of valuations, and each valuation keeps the details it had when the lease was attached.
From the lease document to the valuation
- Record the lease. Click New lease, find the property with the address lookup, and enter the parties, the term and the rent. VOW works out the rent per square metre.
- Attach the document. Put the lease document on the record as the source.
- Find it when you need it. The Leases page lists every lease running in a period, and the valuation's Leases panel suggests the closest leases to the property being valued.
- Use it as evidence. Add the lease to the valuation and write your comparison to the subject. The rent figures go into the report.
From the lease document to rent evidence in one take
Before you start
- Your role needs See the lease menu item and View and search for leases. Without them, Leases is not in your main menu. Set up users shows how an administrator gives them to you.
- Open Leases from the main menu. The table lists the leases that were running at any point in the period chosen beside the Leases heading, which starts on This Year.
The statuses VOW works out
A lease's status comes from its dates and today's date. You never set it by hand, and it changes as time passes.
| Status | What it means |
|---|---|
| Upcoming | The lease has not commenced yet. |
| Active | The lease has commenced and does not end within the next 90 days. |
| Expiring | The lease ends within the next 90 days. |
| Expired | The terminating date has passed. |
The status shows in the table's Status column and in the term readout under the dates on the lease form, with a bar that fills as the term runs down.
The rent figures
Enter the rent as the lease states it, Per annum or Per month, excluding GST, and the Lettable area in square metres. VOW works out two figures from them.
- Gross rent per annum ex GST is the current rent per annum. A monthly rent is multiplied by 12.
- Equates to $/m² per annum (ex. GST) is the gross rent divided by the lettable area. This rate shows when the lease is used as evidence, so a lease without a lettable area has no rate to compare.
A lease on a valuation is a copy
Adding a lease to a valuation copies the lease as it is at that moment. Editing the lease record later does not change the valuation. To bring a change into a valuation, open the lease there and click Update from source lease. Use a lease as rent evidence covers both sides.
The lessons in order
Each lesson starts where the previous one finished.
For every field on a lease, see the Lease form reference. For every column and control on the Leases page, see Leases overview.