The Situation
In mid-2016, Real Estate Auditing Services, Inc. started a lease portfolio review for a Fortune 500 client that occupied more than 20 million square feet of office space across North America.
The Approach
The team met with the client’s lease administration staff to review and discuss their portfolio so we can prioritize and target those leased locations as we begin our lease audit program. It was agreed that we would initiate our review with 5–7 prime leased locations. The program began in November 2016.
The Lesson
Our services can provide tremendous value and savings when incorporated into a portfolio-wide review. A portfolio-wide review also enables us to identify many upsell opportunities for its many other services.
About Us
Richard F. Taylor, President
As the president of the firm, Rich directs and leads the business development, strategic management, and personnel management aspects to ensure timely performance and quality control. He also acts as our senior project manager, reviewing preliminary reports with clients, negotiating settlements with landlords, and conducting proactive lease management seminars for clients.
Throughout his career, Rich's responsibilities have encompassed real estate asset management, operating expense and tax auditing, property valuation, and personnel management at various levels, including real estate lease and purchase negotiations. Prior to founding Real Estate Auditing Services, Inc., Rich held corporate positions with Digital Equipment Corporation, MCI Telecommunications, and Alexander & Alexander Services, Inc.
Shawn M. Hoye, CPA, Director of Auditing
Shawn Hoye is the director of auditing, bringing a diverse 30-year background with skills in accounting, auditing, and real estate finance. Shawn's deep understanding of commercial and retail leases, combined with his accounting and auditing background, has led to millions of dollars in savings for our clients.
As the director of auditing, Shawn supervises all lease auditing procedures and ensures that each client receives the highest quality service. He has been instrumental in enhancing and standardizing our company’s auditing program and reporting process. Shawn works closely with both clients and landlords in reviewing leases and negotiating settlements on audit issues. Before joining Real Estate Auditing Services, Inc., Shawn was a controller for Alexander & Alexander Services, Inc. and Columbia Freestate, Inc.
Thomas Hoesch, CPA, Senior Consultant
As a senior consultant, Tom Hoesch provides technical input on all audit issues related to the landlord's method of operation, from accounting systems to building operations, as well as how those affect the operating expenses being passed through to our clients. With an extensive background in working for major commercial real estate companies, he contributes more than 30 years of experience and knowledge in commercial real estate management.
Tom Janik, Senior Tax Consultant
As a senior tax consultant, Tom brings more than 40 years of experience in the property tax consulting field. He oversees a broad portfolio of tax consulting clients, specializing in commercial, hotel, and other income-producing properties for both real and personal property matters.