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Lease Audits
Residential Lease Audit
A residential lease audit can effectively assist owners in validating that they received what they are entitled to. Residential properties maintain documentation regarding tenant information, financial data including collections and payables, as well as occupancy/vacancy status which property owners rely upon. Our lease audit team reviews property management procedures to ensure all policies are being adhered to, examines cash receipts and expense chargebacks, inspects vacant units, and reviews lease files to ensure accuracy and completeness of lease data.
Commercial Lease Audit
Commercial lease audits can evaluate the quantity and quality of income, recover costs, and prepare for future investment activity. Our comprehensive procedures include an analysis of base rent (including escalations and concessions), operating expenses, CAM charges, square footage allocations, CPI and capital expenditure calculations. We can evaluate the cost of running the property and make recommendations on cost saving solutions.
Frank, Rimerman lease audits can:
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Recognize immediate financial savings. Our team can help identify human errors such as miscalculation of charges, and recognize potential fraud areas such as cash pocketing.
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Implement solutions and provide advice for future financial savings. All audit results are documented in detail and are communicated to owners. Results include additional recommendations to improve business efficiencies.
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Ensure systems are correctly processing data. Our team can analyze accounting systems to ensure reports (i.e. rent roll) are accurate and reflect current activity.
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Prepare for future transactions such as investment activities or change of management. We can assist with data integration and validation, opine on financial statements, and validate the quality of tenants.
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