Property Managers, the new year will be upon us in just a few weeks. Now’s the time to get organized and get ahead of the year-end closing of business and start the new year in an organized fashion. These are the some of the items you should have on your end-of-year PM checklist:
If your ’24 budget hasn’t yet been approved, get it done.
Once the budget is approved calculate the monthly impound for your net lease tenants.
Keep in contact with your A/P department and get a schedule of their closing dates.
Review all your construction projects and be sure your vendors have submitted invoices and release documents prior to cut-off dates for closing.
Monitor your monthly payables and make sure your vendors are current in submitting invoices for the year prior to cut-off dates for closing.
Review you vendor agreements for year end terminations.
If applicable, review your property tax escrow. Has anything changed in your estimate of amount due for next year?
Former tenants: Do you owe any security deposit or CAM reconciliation funds?
It’s not too early to prepare your ‘23 CAM reconciliation spreadsheets. Organization is the key should any of your tenants have questions or require an audit.
You should know by now what your annual occupancy percentage is.
Review leases and double check pro-rata shares.
Check leases for expense caps. Double check the lease language and familiarize yourself with how each is calculated.
Check leases for any expense exclusions.
Leasing activity is typically slow this time of year. Take this time to inspect your vacant suites and make sure they are in the best showable condition.
Review your janitorial vacancy credit calculations. Make any corrections and billing adjustments prior to the December invoice.
Get organized and enjoy the holidays!
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