Client-focused Common Area Maintenance (CAM) by Millennium Properties

Millennium Properties' Management keeps owners and tenants in mind

When Millennium Properties manages a property, our client-focused approach makes sure that our owners are taken care of, and that they understand our processes. We value the confidence and loyalty that our clients place in us, and we value the relationships that we maintain with them.  

It’s part of our job to make sure that our owners and our tenants are happy; and that we are operating their properties to the best of our abilities. Our great property management and maintenance is a collective effort, and often a two-way street between tenants and property owners. At Millennium Properties, we like to provide owners and tenants with support however we can, especially when it comes to the Common Area Maintenance (CAM) reconciliation process.

What is Common Area Maintenance Reconciliation (CAM)?

Many leases include contributions toward Common Area Maintenance (CAM) expenses. These funds are reimbursements for to building maintenance and other contributions that the owners, or in this case, the managers at Millennium Properties, make for the building as a whole. These reimbursements contribute to the upkeep and maintenance of the common areas shared by all tenants and upkept by the managers of properties. Our property managers are responsible for communicating the reimbursement process to tenants.

What to expect for Common Area Maintenance Reconciliation with MPI

Owners, or the managers at Millennium Properties, are responsible for informing tenants of the estimated payments for their building’s maintenance and other contributions to the common area maintenance. As the common areas are shared and used by all the tenants, and kept up by the managers of the property, many leases include contributions towards these expenses.  

It's important to make these reconciliation payments clear in the lease. By adding this payment into the lease, owners can offer their tenants discounted rental rates, while maintaining the income of the property. Our clients can see upside of collecting these payments though a fully leased building with strong income. By using Millennium Properties, tenants and landlords don’t have to worry about the accuracy of these extra payments or that some of the funds won’t be  collected.

At Millennium Properties, we want to have clear communication about where our clients’ money is going, write clear lease agreements, and maintain beautiful properties. To do so, all clients have to contribute to what’s required in the upkeep of common areas.

What are the benefits of a CAM contribution?

• Tenants may negotiate a lower rental rate over the life of their lease
• Every tenant receives an annual reconciliation showing each tenant exactly where their money is going
• The improvements that MPI makes to a property over the previous year are also clearly spelled out

How does MPI ensure client satisfaction when it comes to fees like those associated with CAM Reconciliation?

At Millennium Properties we do everything we can to keep the owner-tenant relationship content, peaceful and prosperous, especially when it comes to common areas. Tenant contributions to building common area maintenance can be financially important to both the owners and the building.

At Millennium Properties, we make our leases as clear as possible when we break down what clients are paying for by:

• Clarifying tenant’s proportionate shares or contributions to common areas within their lease agreements
• Ensuring the upkeep of a quality building and the spaces within it, common areas included, so clients see the results of what they are paying for
• Valuing communication – we are always here to listen to our clients as we clarify information and maintain a positive relationship

At Millennium Properties, we value our client relationships just as much as our sought-after properties. We do everything we can to keep our processes simple and to keep clients in the know. We value communication, well-kept properties, and clear lease agreements. That’s why with Millennium Properties, the Common Area Maintenance Reconciliation process is not a source of tension, but a clearly spelled-out fee that clients understand to be directly related to their well-being and that of the property in which they rent.