The other thing you may want to focus on - getting a good real estate property management software. You've different choices like Yardi and MRI Software, but not all may be the right fit for you. We can help you decide the right real estate management solution. 

Changing locks after tenants move out is crucial to protect the security of those moving in. Though your ex-tenants need to hand over the keys before leaving, for added safety to your new tenants and your property, the first thing you must do is to change locks. If it's a digital lock, it's always advisable to change the passcode every time a tenant moves out. 

Add a coat of fresh paint to the walls and check for any damages to the unit's flooring. Coating the walls with paint will make the unit look clean and new as the new tenants enter. A freshly painted house looks more bright and attractive than dull and dingy walls, and it's also a way to get rid of all the mold in the property, so you know the property is clean and safe before new tenants walk in. 

While it's essential to keep the inside of your property clean, don't forget to keep your yard clean. A clean yard will make your property more welcoming than a yard with weed and wild grass. Maintaining it can keep pests and animals away, making it a safer environment for your incoming tenants. Keep it well-groomed to add that extra oomph to your property. 

Look for the windows, fan blades, stove knobs, and the little areas that often go unnoticed. Don't overlook cleaning these areas because they can change the entire look and feel of the property at once. It's these small details that you should keep an eye on to ensure your tenants feel welcomed and homely as they enter. It may be hard to keep a check on these minute areas when you have a lot going on, but as a property owner, never miss this step when preparing your rental for new tenants.  

Check for any leakages or faulty pipes around the unit and instantly fix it. If the pipes need to be replaced with a new one, replace them instead of repairing them. Check if all the electrical lines are working fine and double-check if the circuit breaker works fine or needs repair. If it has a burning smell, replace it immediately. Get all the plumbing and electric work done to keep the premises safe from accidents and damages. One way, it's good to refurbish your property time and again to keep it in good condition for years. 

It's crucial to keep all the alarms in working condition and regularly check to know if it's working. If you haven't tested them for a long time now, you should get them replaced, such as the smoke and carbon monoxide detectors. Don't overlook these things just so that you can get done with cleaning the property soon. Take time out, list everything, and check the tasks done as you finish each. Always list out stuff, so you don't forget anything in the end. 

Lighting is another vital thing to be checked before your new tenants come in. Their first day at the property shouldn't be with a, let's say, flickering bulb in the restroom. So, fix all the lighting issues and ensure the handles and faucets in the kitchen are clean. Deep clean the stove and wall area to remove all the food dirt. Sanitize the sink and disinfect the kitchen for extra safety. Since the kitchen will be the most used, ensure everything is in working condition and clean. 

One of the main things to keep in mind is that not all the time it's good to repair. Sometimes, you may have to replace items to avoid extreme damages in the future. The more you keep repairing something, the more quality deteriorates, and eventually, it may become the reason for an accident. So, if you see a pipe or a switch that needs to be repaired, recheck it and see if they have to be replaced this time. Don't forget to check every outlet, switch, faucet, and appliance that needs to be replaced with a new one.  

It's best to hire contractors who will know professional cleaners, plumbers, and electricians so that you can relax and ensure the job is done right. Since they will have all the right types of equipment, they do it in no time and reduce your burden. Though preparing your property for new tenants can be an arduous task, it's just a matter of a few days until your property is sparkling clean and neat. A well-maintained property can keep your tenants for the long term and also attract new tenants in the future.  

Property management is not easy. It can be hard to manage tenant screening, onboarding, and maintenance all at once. At Assetsoft, we can help you manage your property with ease. To know more about our products and services, contact us today, and our team will get back to you in no time. Know how we can make real estate property management easier for you. Choose a reliable real estate CRM like MRI Software or Yardi. Streamline your operations with Robotic Process Automation. Talk to us to know more! 

Either way, it's a long, tiresome process. So, if you've been in that situation once or are new to property management, here are the top 10 things to know about CAM reconciliation. 

CAM Reconciliation is the amount other than the base rent that the tenant pays for common areas. But to avoid missing expenses or overcharging tenants, you need to know and follow some of the best practices to stay in the safe zone and have a better relationship with your tenants. So, let's take a look at some of the things that you must keep in mind. 

Documenting all your expenses is crucial when it comes to the CAM reconciliation process. The minute you miss any one of them, you end up spending more time to make things right. The main thing to keep in mind is to stay organized and keep all the documents in one place, so it's easy to review and estimate the CAM costs in the end. Have all the invoices organized monthly and keep tabs on the missing ones to cross-check again. Ensure your previous years' cost and the current years' cost dont differ greatly, so you know everything is going in the right direction. 

Once all your invoices are with you, it's time to calculate the CAM charges. Though it takes a long time to do, it's a must to do it right. Miscalculating can lead to major downsides which you don't want to deal with. Handle the calculations well, and you're halfway through the process. Re-check and review the calculations for better accuracy in the end. 

This step is important and shouldn't be missed. You need to ensure all the tenants have paid their lease and CAM fees on time. And you must also see if you've overcharged or if the fees paid is less. It's essential to keep a check on all this for a smooth CAM reconciliation process. 

It's always better to review the expenses so that you know you haven't missed anything. Try to scan the invoices and keep a copy of them as a backup. Having a backup is always great to not lose anything in the end. There are times when just before the reconciliation process, invoices go missing, which becomes a hassle to calculate expenses. So, to avoid all that, have a backup and review the expenses regularly. 

Generally, it's during the months between January to March when the CAM reconciliation process happens. So, you must take care of your expenses and calculate CAM charges well before the specified date. You need to ensure tenants have paid it on time to avoid any losses in the future. So, always stay ahead with the processes and keep everything ready before the deadline. 

Budget appropriately to avoid overcharging your tenants. Keep track of the monthly transactions made by your tenant and the CAM fees, so you know you're heading in the right direction. Budgeting accurately cannot be stressed enough here because your CAM reconciliation process will be a smooth sail in the end when it's done right. 

The CAM charges are based on operational expenses agreed on the terms mentioned in the lease contract. And currently, the real estate market is getting more and more complex with new terms, and it's important to stay updated with the market. To avoid affecting the bookkeeping and your relationship with your tenant, get your legal terms right and cross-check before jumping on to the next step. 

Invoicing your tenants is important but invoicing at the right time is crucial to have a good relationship with your tenants. You can stay ahead of the deadline and keep everything ready, and also can get long-term tenants. So, never delay invoicing your tenants. If you want your CAM reconciliation process to be less complex, this is the first thing that you must do right. 

Having all your previous records can help you predict the expenses of the current year and see if there are any significant differences in the calculations. Having a document of disputes will also help in solving similar disputes in no time. In the end, data is what drives the business, and any past data that you can safeguard can be a boon someday. So, never miss any document at any cost. 

Keep track of the costs, calculations, and every audit record of your property. Always stay organized and have all your records with you to avoid major conflicts in the end. As a property owner, the important thing is to get through the CAM reconciliation process is you need to keep every record intact to avoid disputes with tenants later. 

CAM Reconciliation process may seem to be a complex process, but it doesn't have to be so when you follow some of the best practices. Track, maintain and manage your records, and it'll be all fine in the end.  Know more about how we can make CAM reconciliation simpler for you. Talk to us today!