Utility billing is growing in popularity among multifamily properties as the most effective way to recover utility expenses from residents. However, some property managers have been hesitant to charge their residents for utilities. Others are billing their residents using a flat fee model, but are unaware of the risks associated with this. Some are uncertain how to get started and what types of utility billing programs are available.
If you fall into any of these categories, take a listen to the latest episode of Building Success: A Real Estate Podcast. On this episode, Nicholas Frank interviewed Tiffany Mittal, Director of Platform Management and Strategy at PayLease, to discuss the basics of Resident Utility Billing programs for property management companies. Tiffany reviews some of the common misconceptions around this evolving industry and how to get a utility billing program started at your property. Listen to “Starting a Utility Billing Program” here, or download from any of your favorite podcast platforms like Stitcher, PodBean, PlayerFM, etc.
Building Success is hosted by Nicholas Frank, a real estate trend watcher and marketing leader at MRI Software. The podcast regularly features interviews with the best and brightest in the world of real estate tech, operations and financials, and Tiffany is no exception. With more and more multifamily companies adopting Resident Billing at their properties, there’s a lot of buzz in the industry, along with questions about how it works.
So what is Resident Billing exactly? Resident Billing calculates the resident’s utility charges and consolidates it with all of the property’s charges (i.e. rent, HOA dues, pet rent, storage etc.) into one comprehensive statement. PayLease Resident Billing offers property managers a better, and more efficient way to recover utility expenses through intuitive automations and seamless integrations with property management software systems. When combined with PayLease Payments it improves the resident experience and adoption of online payments. PayLease Resident Billing and Payments integrate seamlessly with MRI property management software and ensure that all funds are automatically reconciled in the property’s account, saving time and eliminating manual work for the property team.
Want more details about PayLease Resident Billing? Contact us if you have any questions about launching a billing program at your property and we’ll give you advice about what is best for your communities.
In the meantime, listen to our podcast from your preferred channels: