Utility Expense Management Across Diverse Real Estate Sectors

Why Submeter?

In the vast landscape of real estate, property owners across various sectors face unique challenges, especially when it comes to utility expenses and time consumption. There are a few key strategies that can prove to be a game-changer for multifamily, single-family, build-to-rent, manufactured homes, military, student housing, RV parks and even marina properties.

Multifamily Properties:

• Managing utility expenses in multifamily properties can be complex, with multiple units and shared common areas. Teaming up with a utility expense management and consulting partner can streamline the process, ensuring accurate billing, accurate and fair distribution among tenants using RUBS, prompt resident and on-site issue resolution and customer service team, thereby enhancing overall operational efficiency and time management.

Single-Family Homes:

• For management companies or landlords managing single-family homes, tracking utility costs can be time-consuming and problematic. Utility vendors can be difficult, disorganized and frustrating. Strategic partnering for offloading this process allows for centralized management, reducing the administrative burden and even uncovering opportunities for cost savings.

Build-to-Rent Properties:

• In the growing build-to-rent sector, where entire communities are developed for renting purposes, teaming-up with a specialized supplier focusing on utility revenue management ensures that the financial aspects are handled seamlessly. This allows property developers and investors to focus on creating and maintaining desirable living spaces and securing residents with a competitive advantage.

Manufactured Homes:

• Utility expense management becomes even more critical in manufactured home communities. Multiple lots and shared capture systems can prove to be frustrating, and often landlords will absorb the cost of water utilities resulting in exorbitant losses in income. Implementing systems to monitor and optimize utility usage, leading to increased tenant satisfaction and potentially lowering overall operating costs sounds like a daunting task. It’s simply inefficient to delve into this process without an expert partner.

Military Housing:

• Military housing often involves unique challenges, including frequent relocations, varied housing types and government policy and budget changes. Outsourcing utility expense management ensures consistency and accuracy in billing, providing military housing agencies with a hassle-free experience and a partner that is well-versed in the RFQ and government budgeting scope of activity.

Student Housing:

• In student housing, where turnover is high and there are specialized lease agreements, utility billing can be a major headache. Outsourcing utility expense management to a partner that is highly experienced in the student sector can free up ample time for the on-site team.  This, in turn, contributes to a smoother operational flow for property managers and a more straightforward experience for student tenants and their unique billing process.

Marinas:

• Marinas have distinct utility needs, including power for boat slips and facilities. Marina owners can optimize energy consumption, accurately bill boat owners, and enhance overall sustainability practices with a simple implementation of a utility expense management team.

The process of billing tenants, customers and clients for utilities requires incredible attention to detail and adaptability. Strategies for  improving efficiency, reducing costs, or ensuring accurate billing are imperative to navigating the complexities of the real estate landscape.

To find out if Banyan is able to provide solutions starting with integration with your property management systems or is capable of working with your type of property, schedule a time to talk to your market specialist today 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.