A distinguished multifamily owner-developer in the Northeast recently had a happy surprise thanks to two members of our finance team, Megan Jackson and Jen Klein. Our client recently completed construction on a Class A, urban development. They chose to offer their residents a mix of telecom providers, and had contracted with Comcast to provide telecom services.
The surprise began when Jen audited revenue share payments for that client (who prefers to remain anonymous). She realized that payments due to our client had not been triggered. When she investigated further, Jen discovered that Comcast had not been notified by the developer that the properties were completed once the Temporary Certificate of Occupancy was received. This is the step that would have initiated the upfront payments on non-exclusive marketing agreements.
All phases of development are complex, and in the busy period following the issuance of the TCO, it’s easy to overlook an item on a long list of to-dos. In this case, it was an oversight that resulted in a significant payoff.
By closing the loop with Comcast, our team recovered more than $217,000 of unpaid telecom revenue for our client.
This is just one example of how RealtyCom Partners audits revenue share payments to ensure that clients are being paid in accordance to the terms of their agreements. Because of our longstanding relationships with service providers nationwide and our expertise in complex telecom contracts and negotiation, we have the resources to conduct ongoing due diligence on behalf of our clients, which allows our clients to focus on what they do best—investing in their communities by creating award-winning developments.
We’re telecom experts helping multifamily owners build smarter apartments and generate real revenue. Contact us to learn how we can help you.