Money left on the table? - Where the TMI's at?
TMI's in the world of Commercial Property Management stands for taxes, maintenance, and property insurance. The short, these fees are above and beyond monthly rent to. Typically all commercial leases will have TMI's, which are based on a unit's square footage and their percentage of the overall size of the property; from there, invoices/costs for the property are split based on the units share, which can include landscaping, insurance, taxes, repairs, utilities and garbage removal.
These fees typically increase year-over-year as the cost of services/materials increases.
If you own commercial property, your Property Management Firm should have a skilled, in-house accounting team to ensure that you are capturing all your TMIs. Often when we take over commercial properties, we see that not all has accurately been captured.
Connecting with our team on this subject, we will quickly be able to show you how we can increase your revenue and lower your expenses.
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