New Research Finds Multifamily Companies Who Automate Resident Billing, Payments and Utility Expense Management Improve NOI and Productivity
SAN DIEGO, CA – August 22, 2018 – PayLease, a leading payments and billing provider for the property management and HOA industry, today released its findings from a study which quantifies time and cost savings for multifamily companies who automate resident billing, payments and utility expense management. These metrics are presented in a white paper, “Driving Productivity and NOI at Multifamily Properties” which is available for download here. The study found that when property managers automate key business processes – specifically resident payments, billing, and utility expense management – they considerably improve Net Operating Income (NOI) and productivity. Furthermore, the research found that when property management companies use all three services in conjunction, these outcomes are substantially magnified.
Research for the white paper was conducted by Hobson & Company, a leading firm focused on Return on Investment studies. The firm conducted in-depth interviews with 18 PayLease clients to obtain metrics from companies that use PayLease’s solutions – Online Payments, Resident Billing, and Utility Expense Management – which are referred to as the PayLease Solution Suite. Some of the key metrics reported by multifamily companies using the PayLease Solution Suite include the potential for:
- 70% reduction in time spent managing and supporting resident billing
- 90% reduction in time spent receiving, processing and paying utility invoices
- 80% reduction in time spent tracking, processing, and managing vacant unit expense
- 50% reduction in time spent processing and managing resident payments
With online payments being utilized by multifamily companies for more than a decade, the white paper confirms what many property management companies already know – using this method for rent collection saves significant time and leads to reduced costs. However, the study is the first to provide concrete metrics from property management companies who, in addition to using online payments, also automate resident billing and utility invoice management. These services are steadily increasing among property management companies.
“More and more, property management companies are seeing the value in outsourcing time consuming tasks that have traditionally been managed in-house,” said Tiffany Mittal, Director of Platform Management and Strategy at PayLease. “Hobson & Company did an excellent job measuring ROI factors and quantifying the improvements that resident payments, billing, and utility expense management solutions can deliver to property management companies. The holistic impact that all three services bring to a property management company is compelling and we know that organizations who utilize these services will be the ones to thrive,”she added.
To read, “Driving Productivity and NOI at Multifamily Properties,” download it here.
PayLease provides online payments, billing, and utility expense management tools to HOAs and property management companies. Property managers use PayLease to improve their business’ operational efficiencies and boost net operating income. Our solutions are easy to use and are bolstered by the highest levels of security and customer support. Since our inception in 2003, PayLease has grown to serve thousands of property management companies nationwide and is now among the fastest growing technology companies in the United States. For more information, please visit www.PayLease.com.
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