All Forum Posts by: Chet Cromer

The lease contracts say there is an annual reconciliation and we can collect any underpaid CAM expenses (or refund any overages).

We communicated with tenants about the project, but not enough in writing and to the point that I would not expect any surprises. I think as an act of good will, we will give them the offer to pay the cost up front (and maybe offer a 10% discount if the do as we didn't fully prepare them for the expense), or spread the cost over the upcoming year (or the remainder of their lease term, as one has the end (hopefully a renewal) coming up late next year).

I love the idea of sharing the capital improvements plan with tenants - knowing this is an every 4-5 year thing, knowing we may have another project coming up, etc. etc. It's still a relatively new building so has little problems, but this is a great idea.

Communication communication communication. I let it slip through the cracks a little on this in terms of the difficult part of the discussion. Lesson being learned.