Managing utility costs for a multifamily property can be a huge headache. Whether you’re working with a ratio utility billing (RUB) formula, submetering, or an allocation method, dealing with local utility providers, navigating local regulatory issues, and collecting fees from non-compliant residents can consume huge amounts of a property manager’s time. The industry has responded by creating a handful of tools to manage the minutiae of utility billing and collection. Unfortunately, managers have never been able to alleviate all of the headaches associated with utility billing. Until now:
Property Solutions’ ResidentUtility fits seamlessly into our suite of web-based property management solutions, and offers more functionality and efficiency than any other utility billing solution:
- Utility Cost Management: ResidentUtility can help properties recapture much of their utilities expenses and significantly boost the average property’s NOI. We work with you to develop and provide an NOI analysis and plan, and benchmark against that plan.
- Regulatory Compliance: Starting with bill acquisition and digitization, we work with you and local utility providers to help ensure regulatory compliance within each jurisdiction by embedding client rules that reduce sources of error and loss typically associated with utility billing.
- Data integration: ResidentUtility takes advantage of the robust architecture and integrations already built by Property Solutions for payment processing, resident portals, and other systems. This allows us to use data and functionality already in place to clear up traditional bottlenecks and reduce human error.
- Convergent Billing: Property Solutions’ best-of-breed data integration makes it possible for ResidentUtility to offer the most efficient convergent billing option available. Residents are provided with a single bill for rent and utilities charges and a variety of payment options. This functionality increases cash flow for your property by reducing rent delinquency by as much as 20 percent.
- Vacant Cost Recovery: Our system provides stand-alone billing for sub-metered utilities that residents fail to switch into their name before move-in, which can generate an additional $15,000 to $24,000 NOI per property. Best of all, questions about VCR bills can be directed to Property Solutions’ support team.
With these features and additional functionality coming soon, getting started with ResidentUtility is one of the smartest decisions a property manager can make. For more information, check out our website or contact us at 877-826-9700 to schedule up a demo.
