Velocity Applauds Passage of New Utility Billing Legislation for Multifamily Industry in Texas
(May 27, 2009) — Velocity, a leading provider of resident utility billing and invoice processing services for the multifamily industry, praised new utility billing legislation that allows Texas multifamily owners who submeter water and sewer services to charge a nominal service charge. Velocity, in a collaborative effort with the Utility Conservation Coalition, was instrumental in introducing and encouraging passage of Texas Senate Bill 2126, which was signed by Gov. Rick Perry last week.
Submetering enables multifamily owners to bill residents for their actual utility consumption. Under the new law, an administrative fee of no more than 9% of the total submetered water and sewer bill can be passed to residents. Given that submetering has been proven to promote conservation, Velocity believes that the percentage service fee was more appropriate than a flat or fixed fee.
“Research has shown that submetering encourages water conservation,” said Ryan Grogan, compliance officer for RealPage. “We are pleased that we played a part in encouraging passage of the bill and, more importantly, in ensuring that the legislation will continue to promote conservation. Our customers with multifamily properties in Texas will now be able to pass through to residents part of the administrative cost of providing energy saving submetering programs.”
When provided with an accurate billing of actual utility usage, residents typically modify behavior to reduce water consumption, which in turn lowers utility bills. The more the resident conserves, the lower the service fee.
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Velocity is the fastest growing resident utility billing and invoice processing company in the multifamily industry. Serving more than 2,000 multifamily communities in the United States, Velocity’s innovative approach leverages technology and property management system integration to reduce work at the site and increase property revenues. The Velocity product line includes resident converged and utility billing with built-in compliance and comprehensive reports and auditing; utility invoice processing for accurate, timely handling, rate and consumption monitoring, streamlined payment approvals, and comprehensive reporting; and utility submetering with end-to-end meter installation, maintenance, and servicing. For more information, visit www.realpage.com/velocity.
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides products and services to more than 20,000 apartment communities across the United States. Its six on-demand product lines include OneSite© property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student housing, and military properties; CrossFire© sales and marketing systems that boost occupancy and build retention; YieldStar© asset optimization systems that maximize asset valuation and investment return; Velocity™ utility management systems that accelerate payments for resident charges; LeasingDesk© risk mitigation systems that reduce a community’s exposure to risk and liability; and OpsTechnology™ spend management systems that help owners manage and reduce operating expenses. For more information, call 1-87-REALPAGE or visit www.realpage.com.