CAM reconciliation in itself may not sound like a lot of work but keeping it organized is a little more complicated than it seems. The CAM charges differ from property to property, hence, there is no way to determine the charges and put out a specific rule on how they should be charged.
The year-end usually gets burdened with the accounting and calculations, it’s easier when the property managers outsource a CAM reconciliation service for well-managed data. There are several other important duties when it comes to the Real Estate business and CAM reconciliation shouldn’t have to add to it, thus, outsourcing a solution is always beneficial for property managers.
What do CAM charges comprise?
The CAM charges usually don’t have the landlord in the picture as much, as the system of expenses and charges lies with the maintenance dept, thus the landlord finds it difficult to get involved at times or may find it demanding even if it’s for their own benefit. The two things that CAM charges comprise are:
This is the billing part of the common area which doesn’t have a solid format, this is why it tends to get confusing. The factors that go into making the bill are; pro-rata share, building security, building amenities, etc. These billings happen annually and there are chances of errors if they are not managed in a systematic order as the charges include a long list of billables and calculations.
In case of errors, it is obvious that the tenants are going to assume that the landlord is trying to extract more out of their pocket after the payment has already been made. This happens when the charges fail to cover the bill at year-end and the landlord may require to send an extra invoice in such cases.
How can outsourcing help the property managers:
Outsourcing helps property managers enjoy accuracy and avoid conflicts. The CAM reconciliation services have experts and technology that is solely to manage CAM as they understand every part of the common area system which lifts the CAM reconciliation burden off the manager and the error-free result is delivered to the property owners and tenants.
There is no chance of hidden costs with experts. This way the landlord and the tenants are clearly informed about the full expenses and charges steering both the parties clear of any misunderstandings. The outsourced third party provides the landlords and tenants with a clear view of CAM charges and a list of amenities used, etc, which makes it comfortable for both the parties involved to understand the fees.
Better end resolution:
Accurate auditing is a highly important factor that outsourcing CAM reconciliation can help with. The CAM reconciliation services ensure that everyone involved stays updated about the bills and fee dates, etc. They go through the CAM system and make the necessary changes for better functioning and bring in benefits that can be relished by both property owners and tenants. Outsourcing is also cost-effective as it doesn’t demand extra team and accommodation which is otherwise required if you build your own CAM reconciliation management. Overall outsourcing CAM reconciliation services brings in a healthy billing system that removes irregularities, targets the areas that need updating, and nudges profit in the business.
Features of CAM software
CAM software is a highly efficient tool that simplifies common area management. It includes detailed information about CAM charges and the common area property by creating an elaborate and mapped report on the bills and resources. It creates a bridge between the landlord and the tenant leaving no room for misapprehension which makes all the responsibilities hassle-free for the management.
Why choose Springbord?
Springbord is a team of experienced experts and next-generation technology that deals with all kinds of services. CAM reconciliation is one of the fields of our expertise, we understand that every business and property is different from the other, hence, we are flexible with our services and applications providing tailored solutions.
Springbord puts the client’s demands at utmost priority, we offer end-to-end solutions, boost business productivity, ensure cost-effectiveness, high-quality end results, highest accurate data, up-to-date business solutions, and much more with added benefits for CAM reconciliation.
Find out more about our solutions and services in detail by clicking here and talking to us today.