Setting up a lease to collect rent is easy. To set up a lease, you must have first have added a property. Please see here (Prop.01) for details on adding a property if you haven’t done this already.
Once you’ve added your property, it will appear automatically under the Leases page. You will be able to add a separate Lease for every unit of a property. Open the expanded view of each property and select ‘Add Lease’ for a unit within that property. There are four simple steps to setting up a new lease —these appear in the right slide-out after clicking ‘Add Lease’:
Add Tenant Details - Add your tenant’s name and contact information. If this is a tenant you already have added to Baselane (e.g., from a previous lease), select the Existing Tenant tab, and choose your tenant.
Detail Lease Terms - This includes lease dates, monthly rent amount, recurring fees, prorated rent, and late fees. If you are starting to collect rent for an existing lease, select the Existing Lease tab, enter the original lease dates, and the date you would like to start collecting rent on Baselane.
Detail Deposits and One-Time Fees - Here you can choose to collect a security deposit, last-month rent, and any other one-time fees (e.g., move-in fee). You will be able to select due dates for each deposit and fee.
Select Receiving Bank Account - Once you’ve completed the above steps, select the bank account to receive the related monthly rent and fees, and separately to receive the security deposit if applicable. If you have not yet connected a bank account, you will be prompted to do so. See here (Bank.02) for details on how to connect a bank account.
The final step will be to review all lease details. From there, you can click ‘Save and Submit Lease.’ Submitting your lease will automatically generate the rent collection invoices for the duration of the lease and automatically send an invite to your tenant to join the Baselane Tenant Platform. Your tenant will be able to view their upcoming invoices and pay rent directly on the Baselane Tenant Platform via bank transfer, debit card, or credit card.
Note that you can save a work-in-progress lease at any time by clicking ‘Save’ during the lease setup. Then, you can resume the setup by clicking ‘Resume Setup of Lease’ from within the relevant property/unit on the Leases page.
Watch our quick How to Set Up a Lease video for more detailed information.