Common area maintenance (CAM) charges can significantly bump up tenants’ cost and if not monitored correctly can even expose landlords to challenges and disputes. While CAM costs are subjected to annual increases, sometimes sources such as property or construction taxes, landscaping, insurance, parking or utilities can lead to overcharges.
Springbord’s CAM Audit Services help ensure that CAM charges are accurate and in accordance to the lease contract. Our experts audit billing adjustments, costs levied, lease arrangements in terms of administration, facility portfolio and language and help ensure fair pricing and that CAM charges are applied accurately. Our services include:
CAM Audit for Landlord - CAM audit helps you include only accurate and appropriate costs, enabling you to optimize returns through proper, legitimate and timely cost-sharing, while safeguarding yourself against tenant disputes if any.
CAM Audit for Tenant – Using best practices we help you evaluate and ensure your CAM charges are fair and as per the contractual aggreement. Our experts assess invoices and compare them with the lease to ensure charges are accurate, eliminating any possibility of duplicity or accounting error that can lead to overcharges.
To find out how we can help collect accurate CAM charges, please get in touch with us and we will be happy to assist.
As property managers/owners you are required to prepare common area maintenance (CAM) reconciliation statements in order to recover charges for maintenance costs under a lease. But, CAM reconciliations can be complex, cumbersome and time-consuming process, leading to accounting errors and possibly you leaving money on the table.
Whether it’s for retail, office or industrial properties, Springbord offers year-end CAM reconciliation services that enables you to recover your expenses quickly and efficiently. Our team of experts bring high degree of financial acumen and technical expertise, enabling them to accurately allocate recoverable expenses across tenants, maximizing receivables and in turn profitability, while ensuring lease compliance. Our CAM reconciliation services include:
- Evaluating general ledger of the property for allowable vis-à-vis non-escalable expenses
- Reviewing each tenant lease to identify provisions for expense escalation
- Calculating gross-ups wherever applicable and other relevant adjustments to maximize receivables for the year
- Generating year-end CAM reconciliation tenant billings as well as current year estimated CAM tenant billings
- Fully documenting in an annual CAM reconciliation notebook to ensure complete transparency for audit and future reference
- Providing complete support if any tenant audits their billings