- Abstracting all
financial and critical non-financial covenants of complex
commercial lease documents including:
Minimum Rent
Percentage Rent
Real Estate Taxes
Common Area Maintenance or Operating
Expenses
Insurance
Marketing/Media/Promotion Charges
Utilities Charges
Termination Rights
Cotenancy Requirements
Operating Covenants
Etc. - The requirements summarized can
vary greatly by project/client, including the level
of detail for each condition.
- Recognize and abstract
covenants that are critical to a property's financial
condition or operation even when not specifically required
to abstract the specific issue.
- Calculate each of
the financial covenants abstracted. While many conditions
are straightforward, our consultants are expected
to identify, understand and have the ability to calculate
the most complex issues, such as:
How an anchor's recapture can affect
an inline tenant's CAM
The effect of a CPI increase or rent
abatement on a natural breakpoint
How a cumulative vs. non-cumulative
cap can significantly affect future cash flows
How a property's definition can greatly
affect tax and CAM rates
The list of complex issues is endless,
often with calculations that may be unique to a specific
property or tenant. While the calculation may
not have been performed by a consultant previously,
our consultants are expected to have the ability to
identify these one-off scenarios
- Once calculated,
compare the correct calculations and specifically identify
why a client's calculations need revision.
- Clearly and concisely
describe any revision for the benefit of the client so
that the client can issue a revised invoice to its tenant.
- Work within various
property management software.
- Identify potential
improvements in our clients' processes, procedures and
systems.
- Identify potential
improvements in Meridian's own processes, procedures and
systems.
- Interact effectively
with our clients at all levels within their organization.
Every consultant is expected to have the
skill set reflected above. However, some consultants
have the following additional responsibilities:
- Prepare cash flow
analyses and/or identify why revisions may be needed to
a seller's cash flow
- Prepare estoppels
- Perform prorations
for property closings
This may sound like an impossible
role to fill – someone with accounting, legal/analytical,
communication, and interpersonal skills, along with a desire
to read leases and a personality. However, we have
been successful in building a solid team gradually. Over
the past five years, our voluntary turnover rate has been
less than 5%. We find the right candidate, and then work
very hard to keep the person challenged and rewarded.
The ideal candidate will have:
- A college degree
in accounting, real estate or related field
- Experience in a
real estate accounting (lease, not financial), lease administration
and/or legal environment
- Strong Excel and
Word skills
- Experience in a
property management software (JD Edwards, MRI, CTI, etc.),
and the ability to learn new ones quickly
- The ability to deal
with all types of people at all levels within an organization
- Strong accounting,
analytical/legal, written and verbal skills
- Passion for real
estate
- The ability to travel
on a limited basis
The following would be considered a plus:
- Argus cash flow
modeling experience
- CPA
Meridian Realty Consultants, Inc. offers:
- A challenging, rewarding
career
- Competitive salary
and benefits including health, dental, life, long term
disability and 401(k) with matching
- A great work environment
If this
sounds like you, send your resume with salary requirements. You
may be the right fit.
For opportunities in Philadelphia,
contact pmcgowan@meridianrc.com
For opportunities in Atlanta, contact jnugent@meridianrc.com
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