Dodge the Traps Associated with Resident Utility Billing Programs
On the surface, resident utility billing programs seem to have the same end goal: to help multifamily companies recover property utility expenses from their residents. But beware. Not all utility billing models are created equal. To the surprise of many multifamily operators, some utility billing programs bring unexpected (and unwanted) side effects like poor cash flow and irritated residents. Instead of experiencing these scenarios for yourself, get the play-by-play in this ebook. We outline commonly-used utility billing strategies and identify the key differences of each one. Readers will understand the pitfalls that can come with certain utility billing programs, how they negatively impact your business, and the solutions that are better-suited to maintaining a strong NOI.
You’ll benefit from this guide if you:
- Want to effectively recoup resident utility expenses
- Need to understand the billing models multifamily companies use to recoup resident utility expenses
- Currently recoup utilities expenses using a legacy bill-and-collect provider but feel the process could be easier or bring better returns
- Want to maximize your utility recoupment rate in the shortest amount of time
- Are concerned resident satisfaction will drop by billing for utility consumption
Here’s what you’ll learn:
- The financial and operational benefits of recouping resident utility expenses
- The difference between two commonly-used billing methods for recouping utilities
- Why the perceived benefits of a bill-and-collect-model are inaccurate
- Why resident billing models are a more streamlined and financially beneficial way to recoup utility expenses
- The benefits of sending residents consolidated statements that include rent, utilities, and ancillary charges
This is a must-read for any multifamily company who is already billing residents for utilities or thinking about getting a program in place.