One of the toughest processes to deal with in real estate is CAM reconciliation. Many owners and landlords struggle with their annual reconciliation. This is because of the intricacies involved, poor tracking of expenses, and the variation in the payment that we see every year. Common Area Maintenance is essential for owners, and missing this could lead to significant financial losses. Erroneous lease calculation can further compound the CAM reconciliation process. But stepping back for a moment to look at the problem can be the best solution. Let us look at other solutions that can create a great impact and offer tremendous benefits.
Solutions for efficient CAM reconciliation
Standardization is one area where most companies struggle. So, let us walk you through the types of standardization and their significance.
Lease standardization
Writing a clear lease is crucial and the primary thing to note in CAM reconciliation. It is necessary for both parties to clearly understand what is included and what is not included in the recovery of operating expenses. To mitigate financial losses and confusion, it is wise to check the previous disputes and the common places where errors tend to occur. We all need standard leases, but a hole in it can ruin the entire process. Thus, look for holes in the standard lease and find a way to fix them in the upcoming leases. Doing this will not only save time but also reduce the complexities and headaches moving forward. Leases are standard and fresh. Find out sections that you think need extra care and attention and focus on them.
Accounting record standardization
If the lease documentation is clear and precise and the work orders and maintenance tickets are accurately kept, then bookkeeping can be done effortlessly. So, keep a few things in
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