CAM reconciliations are an essential part of commercial real estate lease management and commercial real estate lease administration processes. Common Area Maintenance (CAM) charges are fees paid by tenants for the upkeep and maintenance of shared areas in a commercial property. CAM reconciliations ensure that as tenants, you pay only the correct amount of CAM charges. Therefore, it is crucial to hire the right person to handle CAM reconciliations for your lease portfolio. This blog discusses some things to look for when hiring a lease administrator to handle CAM reconciliations.
Experience: CAM reconciliations can be complex, and it’s important to hire a lease administrator who has experience in this field. Look for a lease administration candidate who has a track record of successfully handling CAM reconciliations for commercial properties.
Attention to detail: CAM reconciliations require a great deal of attention to detail. The person you hire should be meticulous and have a keen eye for detail to ensure that all the charges and calculations are accurate.
Familiarity with commercial real estate lease agreements: CAM reconciliations involve interpreting lease agreements and understanding the obligations of both landlords and tenants. A candidate who is familiar with commercial real estate lease agreements and can navigate the language is essential.
Communication skills: Communication is key when it comes to CAM reconciliations. The person you hire should be able to communicate effectively with all the stakeholders involved in the process including landlords, property managers and lease accountants.
Technology skills: Technology plays a key role in CAM reconciliations. The person you hire should have proficiency in the lease administration software platform that you use for lease management.
Outsourcing CAM Reconciliations to a Trusted Lease Administration Service Provider: A Wise Choice for Cost-Effective and Accurate CAM Reconciliations
While it is important to find the right person to handle CAM reconciliations, outsourcing your CAM reconciliations to a trusted lease administration service provider can also be a wise choice. Here’s why:
- Expertise: Lease administration service providers have a team of expert lease analysts who specialize in CAM reconciliations. They have the knowledge and experience to ensure that all calculations are accurate and that landlords are not overcharging tenants.
- Time-saving: CAM reconciliations can be time-consuming, especially for those who are not familiar with the process. Outsourcing this task to a lease administration service provider frees up time for your lease administration team to focus on other aspects of their business.
- Cost-effective: Outsourcing CAM reconciliations can be cost-effective in the long run. Lease administration service providers can help tenants identify areas where they may be overcharged, resulting in savings over time.
- Compliance: Lease administration service providers stay up-to-date on changing laws and regulations that impact CAM reconciliations. Outsourcing to a service provider can help ensure that you remain in compliance with these laws.
In conclusion, when looking for someone to handle CAM reconciliations for a lease portfolio, it is important to consider experience, attention to detail, familiarity with lease agreements, communication skills, and technology skills. However, outsourcing CAM reconciliation to a trusted lease administration service provider can offer additional benefits such as expertise, time-saving, cost-effectiveness, and compliance.
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