Corporate/Master Lease Contracts

Brought to you by the Optimization & Ancillary Services team

What is a Corporate/Master Lease?

A corporate/master lease allows a parent company to lease multiple units at once, often times at a discounted rate. These contracts allow companies to lease residential units in order to accommodate employees or for other business purposes. The parent company can take full financial responsibility or can share the responsibility with tenants.

2 Options/Types

1. Corporate Lease via corporate lead profile- This option makes the primary company sign leases for each unit individually & also keeps individual ledgers for each unit.  It lets the corporate company view all units/make payments with 1 login.
   • Recommended for smaller group contracts that will be paying via Entrata login each month
2. Master Lease via imported Excel doc- This allows input of multiple units for a parent company at once without creating individual profiles for each unit.
   • Recommended for large group contracts that will be paying through bank transfer or other form of lump sum payment. The corporate company will sign 1 lease that is drafted manually by the property manager or regional.

Corporate Lease Setup Steps

1. Go to Leads (at the top of Entrata in grey) > Corporate Leads > Green arrow in the top left
2. Fill out the business information including LEGAL name, phone, email address, BIN, Tax ID, & primary contact
3. This will open a new screen with tabs applications, residents, & activity log. 
4. In the top right, click Process Screening. You want to run the Business Credit package. Note that you are screening the business ONLY in this step.
   • IMPORTANT: You MUST have the correct LEGAL name, BIN, & Tax ID in the lead setup for the screening to return correctly.
   • Business screenings come back with what’s called an intelliscore from Experian. It’s a number from 1-100 (100 being best) that grades how at risk a company is for paying/not paying. It’s based on many factors including background info, payment trends, collections, public record findings, etc.
   • Check with your regional about whether or not to accept score of 76 or less. You can also require tax information along with the intelliscore, but check with your regional.
   • If you have further questions, you can reach out to Experian at 1-800-520-1221 or visit www.Experian/com/b2b
5. Screening results will return & you can decide to Approve, Approve with Conditions, or Deny. In the top right of the corporate lead profile, select review results & make a decision.
6. Now that you've established the primary corporate lead, you're going to add an application (or multiple applications) to the corporate lead profile. In the top right of the corporate lead profile, click More Actions > Add Application. Select the property & agent & click start.
   • Once you start application, you'll notice on the corporate lead profile that it creates an account under the applications tab. It'll add an account for any app you add to the corporate lead (if the company is renting multiple units).
7. This will open up what looks like a normal resident profile. You'll see that the business is now the primary on the account. Please note, you've already screened the business. Adding the app allows you to add secondary people to the profile (usually Corporate Non-Leasing Occupants if the business is responsible for paying) & screen them as necessary.
8. Under step 02 Application, click Add Applicant. Add necessary applicants & invite them to complete the app.
9. Once the app is completed by all added occupants, you will complete the screening. 
   • IMPORTANT: You have already screened the business. This is just the screening for anyone you added to the application. Make sure to select the right package based on occupant type.
10. When the screening returns, you'll make a decision just like any other resident profile screening.
11. Once the screening is approved, you'll draft the lease. This lease will draft like any other lease on any resident profile.
    • Through this stage, any applications you add to the corporate lead profile show in the applications tab on the main corporate lead.
12. Once the necessary applicants sign, including the primary corporate lead, you can approve the lease.
    • Once the lease is approved, the account will move to the residents tab under the corporate lead profile.
13. Within the resident profile (under the corporate lead > residents tab > click the blue link), you can then move the unit in. You'll move this in just like any other resident, in the top right Review & Perform Move-in on the individual resident profile.
14. Follow steps 6-13 for any units that the corporate lead is renting. The corporate lead MUST sign individual leases for EACH unit/bed.
15. Rent will post to each individual ledger. The corporate lead should have 1 main login that allows them to see all units & ledgers. They can also make a lump sum payment & divide it among units as necessary.
16. When leases end, you'll place units on notice & move them out individually within the residents tab of the corporate lead profile. Add any move-out charges to the individual ledgers so that payment is collected correctly.

Master Lease Setup Steps

1. Download your property lease packet as a Word Doc (ask the Opt team for assistance if needed).
2. Make necessary adjustments to the lease manually.
   • Input company name & adjust merge fields as needed
   • Make sure that any dollar amounts are TOTALS, including however many units the parent company is renting
   • Get approval from your regional before sending the lease to the parent company
3. Send the lease to the parent company.
4. Once signed & countersigned, send the signed lease to Help Desk.
5. The Opt team will do an import that will create all profiles at one time. They will import as future, but can be moved in individually as needed.
   • New master leases- Residents & Applicants Standard excel doc
   • Renewal master leases- Renewals excel doc
6. Rent & other secondary charges will post to the individual ledgers monthly. There will also be a MASTER credit that posts each month to offset charges. All individual ledgers should always be at a $0 balance, as the payments are tracked elsewhere by Accounting.
7. Contact your accountant for specifics on payment. The Master GL is 1203 Mas. Be sure the parent company sets up the correct monthly payment.
8. Be sure you have a plan in place for one-time fees (move-in/out fees, resident life fees, etc.). Usually this are handled via the other income ledger in lump sums, but check with your accountant.