Utility Management for Multifamily Properties

Utilities are essential for the daily operation of a commercial building or property. They are used to power equipment, provide lighting, support communication, and manage waste and sanitation. These services contribute to the operational costs of a property and should be managed as efficiently as possible.

A utility management service is a third-party entity that processes and tracks utility invoices for water, gas, electricity, fuel oil, telephone, internet, and waste removal. This service is a great option for property owners with multiple locations and/or large volumes of utility billings. A good utility management program can save time and money for multifamily properties, which often receive hundreds or thousands of invoices each month for utilities.

Letting tenants handle their own utilities can be helpful for property owners who want to keep rent prices competitive. However, it can also pose a risk to owners if residents don’t pay their bills on time or skip payments altogether. To prevent these risks, it’s important to have a clear process for handling utility payments.

One way to do this is to invest in a utility tracking system that can monitor consumption on a day-to-day basis and identify energy hogs. This can help reduce expenses and improve productivity. In addition, this system can alert you when the utility limit is close to being reached. This helps you avoid unnecessary energy usage and prevents costly outages due to an over-usage of resources. utility management