Common area maintenance (CAM) reconciliation is one of the most critical tasks of commercial lease administration, which if not done correctly can result in significant losses. CAM reconciliation is a complex, tedious, and time-consuming activity and your team is under constant pressure to get it done accurately and in a timely. This makes the process highly prone to errors. Wrongly reconciled expenses further compound the challenges, overburdening your team.
To avoid such issues real estate owners and property management companies are increasingly adopting outsourcing as their go-to strategy to streamline the CAM reconciliation process and improve efficiency. While outsourcing is a cost-effective way to achieve operational efficiency, it is equally important to look for the right service provider in order to realize its benefits. Here are some key aspects that you must consider to ensure you are partnering with an expert who is reliable and can help you achieve your business objectives.
Experience and subject matter expertise
While this aspect is given, it is important to look for a partner who brings a substantial amount of industry experience and domain expertise. A good practice would be to check the projects they have handled and their current client base. The primary reason behind outsourcing is the fact that the partner should be able to deliver the services confidently and efficiently. So, it is imperative that you assess what skills they are going to bring to the table.
The approach is what sets a business apart from another. This is the most fundamental aspect that underpins the entire business relationship. Being an expert is not enough, the outsourcing partner’s outlook matters deeply, especially in a long-term engagement. You need to not just assess their expertise, technology know-how, but also how they approach an engagement and how well they understand a customer’s point of view. Vendors who have a customer-centric focus are reliable and work towards delivering value to their customers.
One of the most critical aspects to look for. In a digital era, data protection is key to doing business safely, and therefore you need to look for partners who have stringent data security and protection practices and processes. Any breach of data would only serve to defeat the purpose but further compound business challenges and risk. A service provider should be well aware of privacy policies and should be able to strictly comply with the non-disclosure agreement.
When done correctly, CAM reconciliation helps landlords recover operating expenses and maintain profitability as well as landlord-tenant relationship. It allows better lease portfolio management. Plus, sound financial health translates into better business outcomes, and outsourcing it to an experienced partner guarantees that.
At Springbord we have been helping real estate companies easily and timely manage the CAM reconciliation process. We guarantee accuracy and help optimize the bottom line. To know more about our CAM reconciliation services, connect with us today!