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Rent roll reconciliation, every line held against the leases
Send the rent roll and the leases. You get back an Excel workbook that compares every rent roll line with the lease as amended. Each difference is shown with both figures and the lease’s own words, so you can see at a glance where the rent roll and the leases part ways.
Coming soon
What people use it for
- Buying a property. Find out before closing whether the rent roll the seller sent is the rent the leases actually set.
- Lender and investor files. A rent roll where every figure has been held against the lease behind it.
- Taking over management. Catch missed rent steps, expired free rent and charges with no lease behind them before they become arrears or refunds.
- Year-end and audits. A clear list of where the system and the leases don’t agree, with the page to settle each one.
What you send
- The rent roll, as your system exports it: Yardi, MRI, AppFolio, Buildium, Rent Manager, RealPage, Entrata, Argus, VTS or your own spreadsheet, in Excel, CSV, PDF or text. A tenancy schedule with its rent steps and charges gives the fullest comparison.
- Each lease, with every amendment, addendum and side letter, as PDFs or Word files. Scans are fine.
What you get
- Rent roll summary. One line for each lease: its suite and tenant, its rent roll lines, how many terms were compared, how many differ, how many changed after the rent roll’s date, and the result.
- Rent roll check. Every term, one line each: what the rent roll says, what the lease says, whether they agree, and the document, page and words of the lease.
- Every line accounted for. Vacant suites, tenants whose lease you didn’t send, and leases that aren’t on the rent roll, each listed.
- Questions. Anything the documents can’t answer, such as a missing lease, in plain words.
Need the leases abstracted as well? We do that too. Our lease abstraction service gives every key term as amended, with its page, a base rent schedule and the critical dates. It works on its own or alongside your reconciliation.
What is compared
- The tenant, the suite and the rentable area.
- The commencement and expiration dates.
- The base rent in force on the rent roll’s date, a month and per square foot a year.
- Every later rent step, against the rent roll’s own schedule.
- Free rent and abatements, period by period and amount by amount.
- The security deposit, the tenant’s share and the expense recovery.
- Every other charge the rent roll bills, such as taxes, electricity or heat, traced to the lease that provides for it. Any charge the lease provides for that the rent roll doesn’t bill is listed too.
How it’s checked
Every reconciliation is checked before it reaches you:
- Every rent roll line is accounted for exactly once, and every lease is either compared or listed.
- Every Agrees and Differs is worked out again from the two figures, and every count on the summary is added up again from the detail.
- Every difference gives the lease’s page, and the lease’s words are checked against that page.
- Every rent roll figure is read again from your file and must match what was compared.
Questions
What do I need to send?
The rent roll as your system exports it, from Yardi, MRI, AppFolio, Buildium, Rent Manager, RealPage, Entrata, Argus or VTS, in Excel (.xlsx, .xls), CSV, PDF or text, and each lease with every amendment. Scans of the leases are fine.
What is compared?
For each tenant: the name, the suite, the area, the start and end dates, the base rent on the rent roll’s date and per square foot, every later rent step, free rent, the security deposit, the tenant’s share, the expense recovery, and every other charge the rent roll bills.
What if the rent roll and a lease disagree?
The line says Differs, with both figures side by side and the document, page and words of the lease that set the term. We don’t decide which one is right. That’s for you to take up with the property manager or the tenant.
What if a lease changed after the rent roll’s date?
A term that an amendment or a rent step changes after the rent roll’s date is marked as a later change, not as a mistake on the rent roll.
What about tenants with no lease, or leases with no tenant?
Every rent roll line is accounted for. A tenant on the rent roll whose lease you didn’t send is listed, and we ask you for the lease. A lease that isn’t on the rent roll is listed with the rent roll lines for its suites.
Can you abstract the leases too?
Yes. Lease abstraction is our twin service: every key term as amended, with its page, a base rent schedule and the critical dates. Order it with your reconciliation, or on its own.
Is it an audit or legal advice?
No. It’s a comparison of your rent roll with your leases, for you to underwrite, manage or report with. It isn’t an audit, an appraisal or legal advice.
Coming soon
Want to hear when it opens? Write to info@binadesk.com. In the meantime, our bank statement and document extraction services are open and free during the beta.