The duties and responsibilities of a commercial property manager involve all aspects of day-to-day operations of the property, including accounting, tenant relations, maintenance and repair. The Property Manager assists in the preparation of the annual budget, monthly reporting and financial performance of the property. A commercial property manager is the main contact person who takes care of all the important details required to run a commercial building.
COMMERCIAL TENANT INSURANCE REQUIREMENTS
It’s important for property managers to ensure tenants show proof they have the required insurance outlined in the lease. A Certificate of insurance(COI) is the most common form of proof and is most often required pursuant to the lease and must be received by the Landlord or designated property manager(Capital Retail Group) on or before the Lease Commencement Date. If the COI is not received the Tenant shall not be permitted to perform any work on the Premises or otherwise use or occupy the Premises until such certificates are received by Capital Retail Group.
CAM CALCULATIONS AND RECONCILIATION
Operating Expense Rent or Common Area Maintenance (CAM) rent is carefully defined in the lease. The lease clauses dealing with CAM expense detail what building expenses the owner is allowed to “pass through” to the tenants. After the property owner and vendor year end costs have been received and calculated, property managers then work to reconcile the Common Area Maintenance (CAM) costs.
COMMON AREA MAINTENANCE BUDGETS
Common Area Maintenance Budgets – For triple net leases, a budget needs to be created by the property manager that captures all of the elements of passthroughs or common area maintenance charges stated in the tenants lease. The “additional rent” charged to the tenant typically includes building insurance, property taxes, and common area maintenance charges such as landscaping, snow removal, and exterior lighting.
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Capital Retail Group. All Rights Reserved. 7315 Wisconsin Avenue, Suite 400 Bethesda MD 20814. Phone: (202) 319-2884
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