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REDA's proactive approach to automating rent renewal calculations in Canada began with comprehensive requirement and process understanding meetings with the respective process owners. These sessions laid down the roadmap, ensuring a thorough grasp of the intricacies involved. The primary focus was on building an automated, scalable and auditable solution which could result in a single click solution to calculate annual rent increases at both unit and building level. In collaboration with process owners, REDA compiled a detailed list of critical factors routinely considered during rent renewal calculations and created a beta model to check the accuracy and efficiency of the calculations. The process was rigorously tested and fine tuned with our client in Quebec, Canada and made ready to be rolled out to all Canadian provinces.

REDA's innovative solution for rent renewal calculations in Canada efficiently processes government-provided annual indexes and takes into meticulous account the intricate details of operating expenses, including maintenance costs, property taxes, and utilities, ensuring a holistic approach to rent renewal determinations.Additionally, the solution considers capital expenses and revenues, lease terms, vacancy, occupancy and renovation or improvement costs, ensuring that every conceivable element influencing rent renewal is intelligently accounted for in REDA’s native accounting system. What sets REDA apart is not only its meticulous approach to compliance management but also its integration of an intelligent approval process, a comprehensive Audit Trail, robust Customer Relationship Management (CRM), and a digital experience that elevates user engagement. All calculations done are 100% auditable and the calculated value is then fed directly into REDA Property Management System to ensure a seamless user experience. Notably, the tool goes beyond standard calculations – it allows for additional discounts to be factored in, enhancing flexibility and customization. The renewal journey is 95% automated, managing the entire process from drafting an agreement to sending it for approval, adding discounts, and calculating the rent increase. Tenants receive the updated agreement promptly, with the option to opt in or out. Based on their choice, the journey is further automated: opting in triggers the sending of the renewed rent agreement, while opting out prompts communication of the move-out date. This end-to-end automation is entirely paperless, encompassing workflows and communication notifications. The solution is available in both English and French, catering to a diverse user base.