Welcome to Lease Record: Related Leases Training with VLU.

By the end of this course, learners should be able to:

• Define the types of relationships supported by the lease record related tab.
• Recall the steps to add a new relationship association to a lease record.

Please pause here and take a moment to review the agenda. If you are looking for a specific topic, feel free to navigate to the corresponding timestamp.

Many times, one lease agreement is associated with another in some way. In this video we will review the relationships supported by the VL platform.

• Related record, also referred to as associated records, are lease records that:
  • share an identifier or data point that links them together.
  • Or data from one lease rolls up into another, like financials for example.
• Some relationships are identified and flagged automatically, while others require manual association.
• All relationships are housed and managed through a single tab within the lease record.

So, what kind of relationships does the Visual Lease platform support?
Master ID – a single lease contract governing the terms of several other leases. An example may be leasing a fleet of vehicles. Each individual vehicle may have its own lease record that rolls into a larger governing record containing terms for the entire fleet. A master ID will link each vehicle to the larger agreement.

Location ID – associates records based on physical location. This typically comes in handy when an organization leases multiple floors within a building separately, or when leased equipment is kept in a single storage facility.

When a location ID is assigned, it overwrites the address of the record with the address of the location ID record. The address fields on the lease general tab are then locked and cannot be edited unless the location ID is changed or removed.

Overlease/Sublease – A sublease is a full or partial lease by the lessee of an estate to a third person, for a shorter term than that for which the lessee holds.
Typically, the overlease is the expense record of the asset you are leasing, and the sublease is the income record for the area you have sublet to a third party.

When one record is assigned an ID, the other record is automatically updated to reflect the other side of the relationship.

Related landlord is the only record association that is fully automated. When a landlord is assigned as a lease record contact, the platform scans the entire portfolio for other records with the same contact record.

Visibility into this association may be helpful during lease negotiations, giving you a full view of all lease holdings with a particular person or entity.

It’s important to be able to identify related leases quickly and easily across your portfolio. This topic reviews the Related Tab of the lease record, where these relationships are made and stored.

The Lease Record Related tab is laid out in a simple and easy to view format.

To add a new lease relationship, locate the kabob in the section header and select Add Lease from the action menu.

A new dialogue box opens with 2 required fields. The first is a dropdown list with each type of association available- master lease id, location id, overlease and sublease.
Remember- contact associations happen automatically when the landlord contact is assigned to the record, so you will not see this option in the dropdown list.

I am going to associate this lease with a Master Lease ID.
The second field is a predictive search text field for the lease id I want to associate the current record with. Simply start typing an ID and the results will update and display below. Select the desired record from the results list.

Click Save to complete the process.

Repeat these steps as needed for additional associations.

Remember, a record can support only one master ID, one location ID and one overlease relationship. If an overlease is added, the existing record takes on the role of the sublease. This results in the sublease option being removed from the dropdown.

That concludes the Lease Record: Related Leases training course.
Remember:

• A lease record can support one Master Lease ID, Location ID, and Overlease relationship.
• However, a single lease record may contain multiple subleases and landlord associations.

Thank you for your time. Questions, suggestions, or feedback can be sent to support@visuallease.com.