Special Knowledge/Skills/Abilities required – Lease Abstraction/ Lease Administration
- Abstract the leases and/or the financial provisions.
- Calculate all rental charges (base rent, pass-through operating expenses, taxes, insurance, etc.).
- Determine the method used to increase each tenant’s base or minimum rent.
- Determine each tenant’s pro rata share of each charge.
- Calculate and bill tenants for special charges, such as over standard utility usage.
- If required, prepare and send billings to all the tenants.
- Calculate rent increases.
- Calculate operating expense charges base on a gross of office building expenses.
- Bill tenants for their share of common utility meter charges.
- Email or Mail rent reminder notices.
- Determine if any tenants owe percentage rent and bill them for it.
- Calculate percentage rent year-end reconciliations for those tenants who paid percentage rent during the year.
- Calculate year-end reconciliations for pass-through charges.
- Bill tenants for underpayment of their pass-through charges.
- Either provide the tenants with a rental credit or refund overpayment of pass-through charges.
- Assist the property manager in developing the property’s income component of the annual budget.
- Answer tenants’ questions regarding their charges.
- Work with the property’s ownership accounting personnel.
