Streamlining Success: The Strategic Move of Outsourcing
In the fast-paced world of multifamily business, time is money, and efficiency is critical. For many organizations, recurring monthly admin tasks can be time-consuming, taking valuable resources away from core business functions and new revenue.
Outsourcing these tasks to a trusted partner is a solution that not only eases the burden but can potentially result in a net-zero cost. Find out how below.
In the year’s first quarter, initiating new partnerships and refining business practices is pivotal for long-term success. It sets the tone for the rest of the year and allows companies to adapt and evolve in an ever-changing landscape.
Starting fresh with streamlined processes boosts efficiency and positions businesses for growth and resilience in the face of challenges.
Outsourcing administrative tasks such as resident utility billing allows organizations to redirect their focus on what they do best, leaving the tedious and time-consuming billing processes to experts in the field. Just like you would take your car to a mechanic, working with specialized partners has many benefits.
Specialized companies, like Banyan (MUC), possess the knowledge and technology to streamline billing operations, ensuring accuracy and timely processing. By entrusting these tasks to a reliable partner like MUC, organizations can optimize their workflow, reduce errors, enhance their overall productivity, and even mitigate the risk of late fees and regulatory compliance audits.
For many industry executives in the multifamily space, compelling reasons to outsource billing are the potential for a net-zero cost and shorter contractual terms.
Many multifamily supplier partners operate on a pay-per-unit model, sometimes requiring a 60-month agreement. Banyan works with a per-unit model at low costs that is passed through and boasts (a minimum of) a 12-month agreement term.
This flexible approach eliminates the need for hefty upfront investments, making it a cost-effective solution for organizations in all asset classes and sectors of real estate housing: multifamily, student, single-family residences (SFR), build-to-rent (BTR), senior living, military, office/commercial properties, manufactured homes, marinas, and even RV parks.
Outsourcing utility billing tasks is a strategic move that can protect company time investment and limit the risk of hefty fines and fees associated with non-compliance with local and specific state utility commission regulations, late payments, incorrect billing, and more.
As businesses look ahead to the new year, optimizing operations in the first quarter is a proactive step toward long-term success. By embracing efficient outsourcing solutions, organizations can focus on their core competencies, reduce costs, and pave the way for a prosperous future.
If you are looking to make a third-party service provider change, mitigate your vacant cost recovery, and/or ensure your utility expenses for your 2024 budget incorporate best practices and align with your organization’s expectations and financial goals, schedule a time to talk to your market specialist by clicking here.
About Banyan
Banyan founded in 2007, is a leader in utility expense management and resident billing services. We are dedicated to providing a sustainable and cost-effective environment through awareness and conservation to help you increase your NOI and achieve your green energy initiatives. Our focus is providing customized utility solutions for our clients and their portfolio of communities in the US and Canada. Our innovative solutions include property management software integration, resident payment processing, in-house collections department, utility expense management, vacant cost recovery, regulatory support and submeter consulting. Banyan has been on the Inc. 5000 list of fastest growing companies six times, including 2019.