Common Multifamily Utility Management Mistakes and How to Fix Them
Utility expenses are increasingly becoming a liability for property managers. Find out how you can save money and boost NOI through utility management, including recouping utility costs from residents, identifying and ending utility theft, and so much more!Start Reading
Staggering utility costs and consumption are a financial liability for multifamily operators.
Inflation is at a 40-year high and utilities have been hit the hardest by rising prices. And skyrocketing costs are colliding with increased residential utility demand. Industrial and commercial energy use has dropped by ~15%, while residential energy consumption has risen by 10%. That means your communities are seeing much higher utility usage and prices than they were just a few years ago. What are you doing to reduce these utility expenses that are draining your bottom line?
Utilities are multifaceted, and despite your best intentions, might be losing money on them because of siloed efforts. That's why we created this guide.
From recoupment to sustainability measures, accounts payable, and the resident experience, we go deep on 9 common utility management mistakes that have financial consequences for multifamily operators. If you're making any of these mistakes, don't worry! We included solutions to help you overcome them.
Find out how to correct 9 major but common utility management mistakes, so you can:
- Increase revenue and save money on expenses
- Make better use of your team's time
- Improve the resident experience & resident satisfaction
Are you keeping your utility expenses down?
The 9 Most Common Utility Management Mistakes
Understanding the effects these 9 mistakes can have on utility management will help improve the process for your associates and residents. If you’re making any of these mistakes, never fear. Our guide includes solutions that will get you back on track.
Including utilities in the price of rent
Charging a flat fee for utilities
Neglecting inefficient features that waste energy and impact NOI
Overlooking important utility metrics
Overpaying property utility bills
Accumulating and paying late fees every month
Paying for residents’ utilities after they move in
Failing to monitor utility regulations for your states
Overlooking the utility payment experience
Download Your Cheat Sheet
Utility Savings Cheat Sheet
We’ve compiled all of our tips and tricks for saving money and improving revenue into a quick and easy infographic that you can share with your colleagues. Download our cheat sheet to learn all of the ways you can improve NOI through utility management.