Mass Edit Rental Prices is a tool that allows managers to either increase or decrease the rates of customers.
Please note: This feature will only change the rate of existing tenants. If you want to raise the street rates of units, that needs to be done separately.
Configure rules
Go to Customers > Mass Edit Rental Prices. Begin by configuring rules based on the following information:
- Rent Updated At Least: Filter rentals by the length since the last price change. If you choose 1 month, the filter WILL NOT include anyone who has moved in in the last 30 days.
- Unit Types: Choose all or one specific unit type.
Note: To do more than one unit type; choose one of the unit types, complete step two, and then begin on step one again for the next unit type. - Increase/ Monthly Rental Price By: Change rental prices by a fixed amount or a percentage.
- Advanced Notice: The number of days prior to the invoice date (number of days before the due date the customer is invoiced - Billing Period) that the customer should be notified.
Note: Must enter an a number of days but the notification is optional.
Example 1: A customer has a Due Date of the 20th, a 5 day Billing Period, and an Advance Notice period of 5 days. The Notification Date will be the 10th and the Change Date will be the 15th.
Review changes
Once you have configured the rules hit Begin. This will bring up a list of all customers that fit into that rule. It will show the Date their rent was last changed, the date the notification will go out, the date the rent will change, the current rent amount, proposed change, and the new rent amount. You may choose to make adjustments to the new suggested prices by either raising or lowering that price, or skip a given change by unchecking the box to the left of the customers name. Review all customers listed before clicking Submit Changes.
If a customer is not showing up in the batch, it is because their rent rate or tax rate has been changed within the time frame that was entered in "Rent Updated At Least" field. This exempts them from a rate increase until the following month.
Please Note: Tenants who receive a discounted rate
If you are changing the discount amount, you will need to edit the customer's billing and enter the new discount rate prior to scheduling the rate increase.
Also, the rate increase notification does not show the discount in the notification to the customer nor in the yellow information box that indicates there is a price increase scheduled.
However, when the rate schedule actually happens the discount will apply to the new rate.
Notifications
Here you will choose how you want the notifications to go out; Email, Text or Print. You can choose any combination of the three, all or none of them. You will not be able to change this once you have selected it and hit Submit Changes.
Rate Management Batches
The Rate Management Batches tool does not automatically change rates, it will allow you to schedule rate changes based on the settings you put in. The Batches page will show you all batches that have been submitted from Rate Management and Mass Edit Rental Prices. You can click on the date of the batch to see when it was created, who created it, if printing was one of the notification options, and a list of unit types/who the price change will effect. You can also click the view next to each customers Change Date.
Scheduled price change
When you click View next to the customers Change Date you can change the New Monthly Price, reprint the notification (if you chose printing as a notification option), or Cancel Scheduled Price Change.
Rental exemptions
To make a rental exempt from Rate Management/Mass Edit Rental Prices, go to the tenant's profile page. Under the Rentals section, click the Edit next to Billing. Check the Exempt box under the rate management Plan. Save your changes.