PayLease today announced it has added same-day Vacant Cost Recovery notifications to its Utility Expense Management platform, empowering multifamily community managers to prevent utility theft at their properties. The service notifies community managers when new residents forget to, or in some cases, deliberately fail to transfer utility accounts from their property management company into their own name. Unlike other vacant cost recovery services that are available in the multifamily industry, PayLease notifies property managers about delinquent utility account transfers within a day– versus weeks or months – of each utility’s new billing cycle. The expedited notifications will minimize utility charges that are falsely appropriated to the property. Furthermore, it relieves the property manager from recouping those costs back from the resident, as PayLease will bill any offenders for what they owe.
Same-day Vacant Cost Recovery notifications will be provided to PayLease’s Utility Expense Management clients. Property management companies use Utility Expense Management to offload the burden of receiving, auditing, and paying each of their portfolio’s utility invoices – which can amount to hundreds of invoices per month. The details of each invoice integrate into the user’s property management software, giving them instant insight into utility usage and spend at each property. Utilizing Same-Day Vacant Cost Recovery will not only add further visibility into their utility-related data, but can reduce a property’s operating expenses.
Historically, stopping incidents of utility theft has been a time-consuming process for property managers. Without an automated Vacant Cost Recovery tool, property managers must manually compare their utility bills to their rent roll to determine if residents have moved the account into their name. The process becomes further complicated if property managers choose to recoup those charges back from residents.
“PayLease recognizes the toll that utility theft takes on property management companies,” said Dirk Wakeham, PayLease’s CEO. “Companies lose thousands of dollars every year without an effective way to catch residents committing utility theft. Our Same-Day Vacant Cost Recovery feature will minimize those occurrences, ultimately improving net operating income and, in some cases, their property valuation.“
Same-Day Vacant Cost Recovery is the latest in a series of automation tools that PayLease has developed that address the end-to-end challenges associated with resident billing, payment collection, and utility management. Some of the popular automation features that already exist on PayLease’s platform include a resident pre-bill review, payment reconciliation and integration. Additionally, PayLease offers move-out calculators, which automatically calculate a resident’s final utility bill and then posts it to the resident ledger within the property’s accounting software.
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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