Common Area Maintenance or CAM reconciliations are one of the dreaded things to do every year. In all seriousness, it’s next to filing your yearly taxes. Although some landlords like this part because they are able to squeeze in a few unnecessary expenses here and there, you should know better. The goal is not just to save you money through double checking the CAM reconciliation, you must also have peace of mind at the end of it all.
Unquestionably, CAM reconciliation is a headache and right now, you can’t really afford to spend time looking through the documents at the end of the year while you’re itching to go away on a much deserved vacation. So, what do you do? The best thing you can do is look for a company that offers CAM reconciliation services so you need not do a thing anymore. This service is hassle-free and your money is well-worth it. Let the professionals do what they’re best at—accounting your CAM accurately.
CAM Reconciliation Services
CAM Rec services are developed for the purpose of making the life of clients easier. Such program helps the clients review reports, documents, calculate the budget and expenses and make sure everything is on the right track. For the common property owner, this task is tedious but for the professionals, it’s just another day at work. Knowing this, there’s no reason why you shouldn’t save yourself the trouble.
So what exactly can CAM Rec services help you with? For one, they will assess the CAM charge amounts using the budget and expenses you have presented. The service provider will use specific tools to evaluate the accuracy of the numbers filed.
Next, the service provider will distribute the CAM charges accordingly based on the above computations. The amount will be divided by the total number of occupants, tenant’s share per square foot, total units, current tenants, tenant’s user-defined field and the tenant’s unique pro rate share.
After distributing the CAM charges appropriately, the reconciliation features are determined. The service provider will have to reconcile the CAM charges and expenses over the given date range, subtract the base amounts, reconcile tenants with properties, limit tenant responsibility based on move in/out dates, reconcile in cash or accrual and apply reconciliation credits and charges to individual tenants.
That was a mouthful but that’s nothing compared to what you have to do if you decide to do all of these tasks alone. Get help, get professional help to ensure accuracy and error-free CAM Rec every year.