How It Works: Resident Utility Billing Explained in 60 Seconds
Utilities, the third largest expense for multifamily properties, are on the rise and eating away at your bottom line. Savvy management companies are recouping their growing utility costs with Resident Utility Billing, a solution that maximizes revenue while providing a great resident experience.
But even though Resident Billing increases NOI, stabilizes financials, alleviates manual workflows, and promotes conservation, some management companies do not recoup utility costs at all – leaving money on the table. Others choose to include utilities costs in the rent, but struggle when utility prices fluctuate. They are also at the mercy of their residents’ consumption, since their residents are not held accountable for their own usage. Or perhaps certain management companies want to bill back, but can’t find the right billing partner.
Your utility billing provider should help you select, implement and manage the right recoupment structure for each of your properties. They should consolidate each resident’s rent, utility charges, and ancillary fees into one comprehensive statement. It’s also important that they work with you to maximize your best recoupment strategy while keeping each of your properties in compliance with the numerous state and municipal billing regulations.
Interested in implementing a Resident Billing program across your portfolio but not sure how it works? Watch this quick video for a high-level overview of the PayLease Resident Billing solution.
Our legal experts work with you to set up the best recoupment strategy for each of your properties, identifying your maximum allowable recovery rate.
A single resident statement is generated on your behalf monthly with rent, utilities, and all property charges. Residents make one online payment that flows directly to you, no intermediaries.
Our system is integrated with your management software and fully automated. You’ll increase operational efficiency, save time for your staff and gain insight into your portfolio’s performance through business intelligence.
The results? Increase your property’s NOI and grow your portfolio with PayLease
Keep Going! We’ve handpicked a few more pieces you might be interested in:
Blog Post: How to RUB Your Residents
Podcast: Starting a Utility Billing Program