Adding Spaces/Units in Rethink

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Within this article, we'll discuss the Spaces/Units Object. This article will detail valuable information regarding what kind of information can be stored in this object. We will also touch on several peculiarities regarding its relation to other objects and how it can be utilized within the Rethink ecosystem. 

An important distinction to note is that the Space/Unit object is dependent on Property Records. A Space/Unit record cannot exist without an association to its parent object the "Property" record. Thus, if the associated property record is erased, then any associated spaces/units records will be deleted as well. Bare this in mind when modifying any property records. Additionally, note that double-clicking any record within the Space/Units records will redirect you to the associated property record (its parent object). 

What type of information is stored within Spaces/Units?

Within the "Space/Units" object we can find information such as space type, record type, tenant, rent amount, lease expiration date, etc.

Below we'll review the available fields in the space/units object and the purposes of those fields.

  • The Property column provides information regarding what property is associated with the space/unit.
  • The Space/Unit Name column contains the labeling or naming convention for that space/unit.
  • The Space Type column will help you identify if the space or unit is Retail, Industrial, Office, etc.
  • The Record Type column will help you identify with the record is a space or a unit mix
  • The Space/Unit Status column stores information regarding whether the space/unit is leased.
  • The Tenant column stores the name of the company or contact currently deemed as the tenant for that space/unit.
  • The Rent Amount column depicts a currency pricing for the rent amount.
  • The Rent (Unit of Measure) column displays the following types: Amount/Month, $/SF/Year, and $/SF/Month
  • Lease Expiration Date column displays the date which the lease will expire.

 

Creating a New Space or Unit Mix Record

New space or unit records can be created, either by clicking the "+ New Space/Unit" option from the drop-down menu (1) or by clicking on the "New" button within the navigation bar (2).

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Once you've elected space or unit mix you will be prompted with the below available fields:    

Space - available fields by section

 Subsection - Space details

  • Space/Unit Name (required) - naming convention 
  • Property (required) - property associated with this space
  • Floor # - Floor Number
  • Space Type - Classify the space type is it Office, Retail, Industrial, Multifamily?
  • Suite - a naming convention for the suite
  • Space Subtype - This will vary depending on the elected Space Type. Ex. if you pick Office as a space type your space subtypes will include traditional, tech/creative, executive suite, coworking space.
  • Space Size (RSF) - space size square footage
  • Space unit status - here you can mark whether the space is leased or vacant.

 Subsection - Lease Details

  • Tenant - tenant name or company name
  • Lease Commencement Date - Lease Commencement Date
  • Rent (Amount) - currency value for the amount of rent associated with that space
  • Lease Expiration Date - the date the lease is expected to expire
  • Rent (Unit of Measure) - allows for the following values: Amount/Month, $/SF/Year, and $/SF/Month
  • Lease Term (months) - Terms of the lease, such as 6 months, 4 years, etc.
  • Rent Escalations - a lease provision in which the landlord requires the tenant to pay a higher aggregate rent by adjusting the annual base rent by an agreed method during the term of the lease agreement.
  • Renewal Option(s) - A clause in a lease that outlines the terms for renewing or extending an original lease agreement.
  • Lease structure - allows for options such as Absolute net, Triple net, Modified Gross Lease, etc.
  • Landlord Work - is a currency value that depicts a value for how much funds towards improvements the landlord has invested for the space.
  • Tenant Improvement - is a currency value that depicts a value for how much funds towards improvements the tenant has invested for the space.
  • Lease Comments - an area to add extra details regarding the lease associated with the space.

Unit Mix - Information

  • Space/Unit Name (required) - Naming convention associated with the Unit Mix.
  • Property (required) - property associated with this Unit Mix.
  • Floor plan - a naming convention for the type of floor plan associated with the unit mix.
  • # of Bedrooms - Numeric value for how many bedrooms are available.
  • # of Bathrooms - Numeric value for how many bathrooms are available.
  • Total # of Units - Numeric value for total amount of units available.
  • Avg Unit SF - Numeric value for the average square footage per available unit mix.
  • Rent (Amount) - Currency value for the rent amount associated with the unit mix.
  • Rent (Unit of Measure) - allows for the following values: Amount/Month, $/SF/Year, and $/SF/Month

 

Viewing Options for Spaces

Similar to the other objects within Rethink (Contacts, properties, companies, etc) list views can be manipulated and modified using the filter optionfunnel.png. All of the previously mentioned fields are accessible for filtering and narrowing your list to your liking. Much like any other object you can also save list by adding filters to them then cloning the list and saving them under a new naming convention. If you require any other information regarding filtering list and saving newly created list, please review this article.

 

Mass Generate Documents

Note: This feature requires an Enterprise version of Salesforce along with the Mass DocGen Package add-on. If you are interested in using this feature, please reach out to your system administrator or Rethink Client Success Manager.

This button will allow you to generate two different documents. The first document is "Matching Lease Comps" for matching leases based on the selected Space/Unit Mix selected in the object listing. The second option is a "space teaser (commercial)" for marketing purposes. Once you've selected your desired document, you will also be prompted to pick your delivery method.You'll be able to attach the generated document to the property or download the document instead.

 

Please reach out to Product Support (rethinkcrm@buildout.com) if you have any questions about Spaces/Units.  

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