5 REASONS WHY YOU NEED THE MOST ROBUST UTILITY BILLING PROGRAM POSSIBLE FOR YOUR MULTIFAMILY COMMUNITY:
1. If you are billing through utilities via RUBS (billing based on some sort of allocation equation where your property’s bills are cut up and spread out amongst the tenants), your rates are subject to change. Making sure that the rate structure for your utilities are understood and paid attention to is HUGE when it comes to maximizing your utility recovery onsite. A robust utility billing program should be monitoring this kind of data for you while also making sure that you are adjusting your billing strategy to continue to max out your utility recovery.
2. Utility recovery shouldn’t begin month 2 for new move ins on your property. A robust utility billing program positions you to be able to immediately recover utility revenue from new move ins on property during month 1. Still depending on the security deposit to pay for month 1 of lost recurring charges? It’s time for a change!
3. Tenant turnover is a big deal. Turning units costs you and your team money. Making sure that you are producing correct and accurate data each month on your tenant’s billing statement is a great way keep your tenants happy. A robust utility billing program like Southwest Utility Solution’s is auditing your data, the utility company’s data and the allocated utility billing data monthly to make sure that you are passing through clean and correct information to your tenants. $300 credit versus a $0.30 credit on a tenant’s bill creates two very different outcomes.
4. There’s a good chance that the leases you used 5 years ago need to be updated. As your competitors change their prices it is important for you to stay competitive at your community! In doing so, making sure your leases are in compliance with changing PUC regulations and your billing methods will keep you protected in the long term. A robust utility billing program should be up to date and well versed in changing industry regulations and lease terms for your community.
5. Recapturing the most current utility bill in the city your property is located in is a really big deal- it’s also something that’s not normally done well. A robust utility billing program like the one Southwest Utility Solutions provides makes sure that you are billing through the most recent and current utility bill to your tenants. 60 days in arrears? As if!
Need one (or all) of the above to happen at your multifamily community? Let's talk.