Does this sound familiar? Your commercial tenants are responsible for a portion of property expenses (i.e. electricity, gas, water, elevator maintenance, exterior building work, landscaping, parking lot maintenance, property taxes and property insurance) based on their lease terms. Your tenants are billed an estimated amount on a monthly basis throughout the year, which is reconciled against the property actuals at the beginning of the previous year. (This is known as Common Area Maintenance or CAM.) The process can take up to two weeks to complete and is usually handled outside of your property management software using Excel.
Well, say goodbye to those spreadsheets! (I’ll pause for you to do a happy dance.)
Done? Because there’s more. With AppFolio’s brand-new CAM functionality, you can track and reconcile CAM expenses and income for your commercial properties whenever necessary based upon your business practices and agreements with commercial tenants.
You don’t need to wait to reconcile CAM once a year due to the time it takes to compile bills and calculate the amount tenants are responsible for based on their lease terms.
AppFolio’s CAM functionality allows you to:
- Easily allocate property expenses to tenants based upon their lease terms
- Track progress throughout the year on both a property and tenant level
- Easily access all CAM expense and income transactions in one place
- Reconcile CAM at any point during the year
- Estimate property and tenant expenses for the upcoming year
This functionality is included for all AppFolio commercial customers at no additional cost and it’s completely integrated with AppFolio Property Manager.
With the ability to reconcile at any point in the year you’ll free up time to focus on other critical aspects of building and maintaining lasting relationships with your commercial tenants.
Let the dancing (and reconciling) resume.
Learn more about our Commercial features offering.