Understanding CAM Reconciliations: A Must-Know Skill for Property Managers
If you’re looking to build confidence and strengthen your understanding of CAM reconciliations, we encourage you to attend BOMA/GLA’s upcoming CAMS Workshop on Thursday, January 29th.
This hands-on training is designed to help property professionals better understand the CAM process, key terminology, and best practices—giving you tools you can immediately apply to your day-to-day work.
Guest Author: Nathan Sovich, RPA/Director/CBRE
I recall starting in the industry and being perplexed by the concept of Common Area Maintenance Reconciliation and what went into the work that my manager was required to perform. The topic seemed complex and well beyond the range of what I was contributing to the operations of the property at that time. Finally getting my own property to oversee and becoming directly responsible for this task was like getting thrown into the fire, it wasn’t easy, but I was a better manager after completing the assignment. I have learned a lot since completing my first reconciliation over 12 years ago, with a few tenant audits sprinkled in along the way. Working for a 3rd Party Property Management Firm this task is a critical piece of the service that we offer for our clients and I hope to be able to instill a general overview of Common Area Maintenance and the steps required to complete the reconciliation and estimate process every year.
The goal of this course is to create a softer introduction for those who may be new to the industry or unfamiliar with Common Area Maintenance Reconciliation entirely. Regardless of where you at in your career this course will serve as a great introduction to Common Area Maintenance Reconciliation and provide a holistic picture on the process, terms and implications this critical piece of our business plays in the overall operations of our properties. We are at a cycle in the market where nearly all of our office owners are watching their bottom lines closely and intimately understanding recoveries is a factor that really helps management team stand out with ownership, assisting in ensuring that the property is recovering as much as possible from tenants through their lease language.
