|It’s budget season. Did you know there are some very common mistakes that can destroy your NOI for the whole year? |
Now is the time to change these NOI-busting habits:
1. Don’t flat-rate bill for utilities. Save as much as 20% by fairly allocating usage to residents.
2. If you’re “all bills paid,” it’s time to update your lease and put residents on a billing program as they move in. Residents will never conserve utilities unless they pay the bill.
3. If you’re not collecting as much as you pay out in utilities, dig deeper to find out why. You should be recovering all that the law allows.
Make sure all meters are working and that your collector is recording data. Once meters get to be about ten years old, corrosion and sediment can keep them from performing at peak levels.
4. Save as much as $12 per invoice to process master utility bills with Cass, and avoid late fees and shut-off notices. Your staff will have time to work on more strategic projects as well.
5. Don’t ignore regulatory compliance. Rates are going up, and jurisdictions are cracking down on owners who don’t follow the law.
6. If you’re in an unregulated electric state, now is an excellent time to look at your agreements and make sure you’re getting the most competitive rates possible.
We can help with all of the above. If you start now, you can sail into 2022 recovering as much as you can of your most significant expenses next to mortgage and property taxes.