30 Days of 3.0 – Day 3: Standard Term
Welcome to Day 3 in our “30 Days of 3.0” series. So yesterday we talked about the all new Financial Engine that powers our upgraded financial calculations. Today, we’re going to tell you about a new way to take control of future leasing patterns, the Standard Term.
In previous versions of AdvancedREI, our rental patterns were pretty simple. You simply entered a lease start and end date, and we just added up the duration of that pattern, and repeated it over and over again, forwards (and backwards, if necessary) to fill out the reporting periods.
In theory, that was fine. In practice, it created a barrier to using the app, because you had to put in every lease before you could get usable data.
In V2, we fixed this by adding a field to the initial Unit Mix form called “Standard Term”. It referred to the number of months in typical leases for that floor plan, and we used it to generate lease start and end dates for you, so you could see results faster.
But we never saved that data to the database, it was only to add to today’s month, to create the end date for the initial leases.
So when we re-built the Financial Engine, we gave the Standard Term a more prominent role. We still use it to calculate the initial lease end date for you. But now, instead of the initial lease repeating over and over, the “Standard Term” also defines the length of all additional leases generated to fill out the reporting period in both directions. This gives you more control over how the next lease is predicted after the current tenant vacates, which was an issue for some users.
You’ll find this new property for each Floor Plan under “Ledgers => Defaults”.
That’s it for today. Tomorrow we’re going to talk about the new way we handle turnovers, and how their expenses are calculated. I’ll see you then, and I hope you have a fantastic day! :)