Common Area Maintenance, also known as CAM, is one of the bedrocks of property management. These charges are designed to distribute expenses fairly among tenants, but demand meticulous oversight and accurate accounting.
This is a tough task if you’re tracking CAM data manually. But there is software that can help make CAM audits easier, more efficient and organized? Here’s what to look for in CAM audit software.
CAM Audit Software Must-Haves
1. Versatile CAM Calculations
When it comes down to it, commercial real estate software should be able to easily handle intricate calculations. This includes CAM audit software, so look for solutions that can accommodate various lease structures and CAM methodologies. It should also be flexible in handling different expense types, whether they involve fixed costs or variable changes. Accurate calculations and adaptability to diverse lease agreements are crucial.
2. Robust Data Management
You can’t settle for the minimum with data management capabilities. They must be efficient, seamlessly integrating with existing systems to facilitate easy data import and export. User-friendly interfaces don’t hurt either, as do centralized databases. Even if your CAM software simply has easy accessibility and lets you quickly retrieve vital information during audits or tenant inquiries, you’ll be in good shape.
3. Automation and Efficiency
Time is money in the world of commercial real estate management—and efficiency equals time for CRE pros. That’s why it’s important to seek CAM audit software equipped with automation features that streamline repetitive tasks such as invoice processing, reconciliation and report generation. With CAM software solutions like Quarem, you can even set up automated alerts for discrepancies or anomalies, saving valuable time and ensuring swift resolution.
4. Comprehensive Reporting and Analytics
Numbers are one thing. Insightful reports are another. The CAM software you consider should have insightful reporting capabilities, giving you the ability to generate comprehensive, customizable reports that aid in tracking trends, identifying cost-saving opportunities and facilitating informed decision-making. To go from good to better with your software choice, look for an option that provides detailed analytics and visualization tools to enhance transparency and foster better communication with stakeholders. You want to easily convey the message you’re trying to deliver with your data, after all. Otherwise, it may be a fruitless effort.
5. Compliance and Security
In an era of stringent regulations and heightened security concerns, compliance and data security should be non-negotiable. (Just look at all of the violation penalties associated with FASB.) Ensure the CAM software you consider adheres to industry standards and regulations while offering robust security measures to safeguard sensitive financial data and tenant information. It doesn’t hurt if you get additional support and insight from the team behind the CAM software, like you do with Quarem.
6. Scalability and Support
Growing real estate portfolios need scalable solutions. A CAM software option might be sufficient with small portfolios, but sputter or have limitations when it comes to a certain number of properties. Make sure you choose software that can adapt to evolving needs and expand alongside your business. Additionally, robust customer support and training resources are indispensable for a seamless onboarding process and ongoing assistance, as mentioned in the above section.
7. User Experience and Integration
CAM software isn’t very beneficial if you can’t use it easily. User experience plays a pivotal role in software adoption and efficiency, which makes intuitive software so valuable. You should be able to tell within minutes whether a solution’s interface is user-friendly or has a high learning curve. Additionally, consider software that integrates well with other property management systems, creating a cohesive ecosystem and reducing workflow disruptions. The fewer moving parts you have to manage, the better.
8. Additional Capabilities
In addition to providing CAM audit capabilities, consider going for an all-in commercial real estate software solution. With Quarem, for example, you get features and tools related to all areas of property management, from staying on top of vacancies and eliminating the need to juggle multiple suites to creating individual profiles for each property you own or lease space in. Quarem provides a hub for all things related to your properties.
Choosing the Right CAM Software
Selecting the right CAM audit software demands that you pay close attention to the features and functionalities (as well as compatibilities) related to your specific business requirements. Quarem is a leading name in commercial real estate software and we understand these pivotal needs. Our commitment lies in providing innovative solutions tailored to the unique demands of property managers, ensuring streamlined operations and maximum efficiency.
During your CAM audit software search, prioritize versatility, robustness, automation and scalability. The right software not only streamlines CAM calculations, but also elevates overall property management processes, empowering commercial real estate professionals like yourself to navigate the complex landscape with confidence and precision.
To see Quarem’s CAM audit capabilities for yourself, request a demo today.