Introduction

In LoftyWorks, Contracts hold all the details of your tenancy. This is where you manage the contract length, the rent amount and frequency, the tenants, the documents, and more.

We highly recommend setting up a Recurring Invoice when you add the Contract. This will help you stay on track with the rent payments you need to follow up on. 

Summary

• Quick Add Button
• Via Property
• Import in Settings
• Contract Creation
• Manage Contract

Quick Add Button

The quick add button, located to the right of the search bar, is visible no matter where you are in LoftyWorks.

Via Property

Open the Property you are creating a Contract for and move to the Contract tab. Here, you will have the option to add a one-off contract or bulk upload contracts.

Import in Settings

If you have a CSV file of contracts that you would like to import directly into LoftyWorks, go to Settings > Import / Export and upload your file under Contracts. It is important to ensure that your columns are set up so they will be recognized and import correctly. A template is available for you to download and refer to.

Contract Creation

Basic Information

On the first page of the contract, you enter key details about the contract, such as the type, start and end date, and tenant. 

On this screen, you can define the following:

• Link the Property to the Contract that you are creating
• Define the Contract Type. For example, a Firm Term or month-to-month
• Define or update the Contract Status, whether it is in Draft, Active, or Cancelled
• Define the Contract Reference. By default, LoftyWorks places a reference of "C-FirstNameLastName-StartYear". This can, obviously, be adjusted if you have your own method for defining your Tenancy References.
• Define the dates of the Contract
• Link your Tenant and Guarantor to the Contract

Recurring Charges

On the second page of the contract, you will enter the financial information related to the Lease. 

We encourage you to take advantage of the Recurring Invoices when you set up your contract. Creating a Recurring Invoice will give you a reminder when the rent is due and make it easier for you to follow up on outstanding payments. 

On this screen, you can define the following:

• The agreed Rent Amount and Deposit Amount for the Contract
• If you charge a Management Fee, you are able to select the nature of it and the amount here.
• We recommend setting up a Recurring Invoice to help you keep track of your receivable rents. This will create a reminder for you that you can mark as received, even if you receive the payment via CashApp, Zelle, Venmo, or another platform. 
  • The Start Date should reflect the next date you plan to receive rent - meaning, even if you are entering a contract that started 6 months ago, you should set the Start Date in the future as the next date the Tenant should pay you rent.
  • The Number on days until due tells LoftyWorks how many days of grace you allow your Tenant before their rent is considered "late".
  • In the Line Items section, you will add any charges that are included in your monthly rent. For example, if you charge your tenant for a Benefits package every month, you would add that here.
    • One-off charges, like move-in fees or landscaping fees, will be added on the next screen. 

One-Off Charges

The final screen will allow you to add any one-off charges. Under Contact Type, you can select if this charge should come from the Tenant or the Landlord. 

Manage Contract

Once you click Complete, you will be taken back to the Contract screen. On this screen, you can manage the following:

• The Details of the lease, including Start and End Date, Rent Amount or Tenants.
• The Financials pertaining to the lease, including Rent and Recurring Invoices. 
• Any Documents pertaining to the lease.
  
  • Documents uploaded to the Contract will be visible to any Tenants on the Contract. 
• A history of all previous Invoices.
• An Audit History of all changes made to the Contract, timestamped with the name of the user who made the change.

Questions?

Thank you for taking time to invest in your LoftyWorks learning. We hope you enjoy our best-in-class Property Management software. If you have any questions, comments, concerns, quips, queries, or quandaries, please email support@loftyworks.com.