To stay competitive, property management companies need to adopt new methods to increase property performance, improve operational efficiencies, and boost monthly revenue and NOI. That’s why implementing a resident billing service as a means to recoup utility expenses has become a growing trend in the industry. However, some companies are reluctant to take the plunge because of all the confusing utility billing regulations that vary by location. No one wants to put their property at risk legally. So how do you maximize your recoupment strategy and track property metrics, while staying compliant with billing regulations? Furthermore, can you leverage resident billing to improve online payment utilization?
Been thinking about implementing a billing program? Contact us for your custom ROI analysis.
In our latest case study, Wehner Multifamily, a Texas-based property management company, shared how they were able to achieve their business goals by implementing PayLease’s resident billing solution. They knew that with the right compliance team, recovering utility expenses would be a surefire way to increase revenue. They also wanted to give their residents the convenience to pay their rent and utility charges in one easy transaction to boost online payments.
Playing by the Rules and Regulations
As newbies to utility billing, Wehner Multifamily discovered the local regulations surrounding the practice to be complex. Juan Leyva, Acquisition Specialist at Wehner, said “a big differentiator between PayLease and their competitors is the guidance PayLease provides about utility billing regulations.” Leyva is referring to PayLease’s legal and regulatory support services, which determine applicable billing regulations for each property and provide regular audits to ensure compliance as the regulatory environment changes. “We would not receive this level of guidance from other companies, so it was a big part of the decision to go with PayLease,” he added.
PayLease has also proven to be a valuable tool for tracking property performance goals. The Resident Billing platform contains a built-in business intelligence platform that has given Wehner increased insights about property performance. “I can easily generate reports through PayLease which gives us stats on our recoupment rates and usage trends, and it makes it easier for us to track where we are with our goals,” Leyva commented.
Online Payment Utilization Rates Increase
As a long-time PayLease Online Payments client, Wehner had already witnessed the tremendous operational benefits of automatic, online rent payments. But because many residents weren’t yet transacting through their portal, one of Wehner’s main goals was to increase online payment utilization to drive operational efficiencies. They hoped that by allowing residents to pay for both their utilities and rent with one click, more residents would be motivated to pay online.
Over the past year, Wehner Multifamily has added approximately 45+ properties to PayLease’s Resident Billing service. And even though they add new properties monthly, online payment utilization has increased by approximately 94%. On this, Leyva said, “residents now have all of their property and utility charges in one statement, they pay them all at once and it’s made online payment adoption increase. It’s definitely made business easier for us. I know just for myself, I save several hours per week thanks to the added automation.”
Like Wehner, you can maximize your recoupment strategy, stay compliant with billing regulations, and increase online payments, as long as you have a partner who is dedicated to your goals and growth. If you’ve been thinking about implementing a billing program, and want to know the exact benefits for your company, contact us. We’d be happy to run the numbers, and create a custom ROI report for you.
Want to learn more about Wehner Multifamily’s story? Read their case study.
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