Asking Rent

Navigate: Valuation > Asking Rent

OR

Valuation > Property Characteristics > Advanced Search > [Next] > RPA Main Page > Common Actions > Asking Rent

Description

Use Asking Rent to view, define and maintain rental information for income-producing properties, such as commercial, industrial or multi-family.

Information compiled in Asking Rent comes from a variety of sources such as property owners, property managers, realtors or publications. This information is gathered and used to determine what the approximate market rents should be for a specific Income Type or Subtype.

Asking Rent cannot be used to complete a valuation on an appraisal site; however, it does not include vacancy, expense or rate information.

NOTE: Income Configuration is a prerequisite to this task.

Steps

1. On the Real Property Search screen, enter your search criteria and click Search.

2. In the Results panel, select the checkbox for one or more items in the grid and click Next.

3. On the Asking Rent screen, click Add New in the Included Income Types panel. A new line is active for editing.

OR

Click the Pencil icon for an existing item in the list. Enter or select the following information:

• Income Type – Items in the drop-down list are configured in the Income Configuration task. Associated characteristics of individually offered leases are displayed in the Available Space Data panel.

• Income Subtype – Items in the drop-down list are mapped to the selected Income Type, as configured in Income Configuration.

• Income Class – Items in the drop-down list are populated based on the income classes that have been mapped to the selected Income Type/Subtype in  Income Configuration.

• Eff. Year of Income

• Source – Indicates the source of the income information.

• Effective Date – Identifies the 'as of' date that rents are valid.

4. Click the green check mark to save your changes. Or, click the red X to discard your changes.

5. In the Available Space Data panel, click Add New to add a lease offering to the selected Income Type.

NOTE: The Available Space Data will be associated with the highlighted Income Type. If there are multiple Income Types available, click on the preferred Type to highlight it.

OR

Click the Pencil icon to edit an existing item in the list.

• In the Rental Terms tab:

  • Enter a description.

  • Selected Unit of Comparison – Select the unit type to be used as the unit of measure specified by the asking rent.

  • Rate – Enter the asking rental rate.

  • Basis – Select the unit of time by which the rate is applied: daily, weekly, monthly or annually.

  • Lease Type – Select the type of lease used for the site.

  • Term – Select the term; available options populate based on your Basis you selected.

  • Enter the Lease Start Date and Lease End Date.

  • Finish Type – Select the structure's type of finish.

  • Allowance – Enter the allowance value.

  • CAM's – Enter the common area maintenance value used to adjust the actual rental price.

  • Analysis Code – Select an available validity code.

  • Select the checkbox for Multiple Tenants, if applicable.

  • Available Size and Unit Types (columns to the right) – Enter the amount of area available for rent. The grid displays all available options for the appraisal site in view.

• In the Amenities tab, enter information for the Income Type/SubType.

• Click the green check mark to accept changes. Or, click the red X to cancel changes and edit the editor.

6. Click Save in the Command Item bar.

   • Click Advanced Search to return to the Real Property Search screen.

   • Click Close to end the task.