Simplify & Automate Resident Utility Billing
Are your property and accounting staff spending too much time managing your utility billing program? Is your staff encumbered with your current billing process, managing move-ins and move-outs? Whether you send residents one bill or multiple bills per month, our automated utility billing solution eliminates the time-consuming and error-prone process of manually creating utility bills, works to keep you in compliance, and helps to improve collections.
Flexible Utility Billing Options
We offer three convenient resident billing options so you can choose the solution that best meets the needs of your property and residents.
- Convergent Bill – Improve overall rent and utility collections with a single statement that contains rent, utilities and any other monthly ledger charges such as pet rent, storage and other amenities.
- Single Utility Bill – The resident bill contains utility charges only.
- Ledger Bill – If you include utility charges in the resident’s ledger or have regulatory constraints that prevent you from billing utilities separately from rent, you can still benefit from the value of having a monthly rent invoice statement delivered to your residents each month.
Each of our options comes with a customizable message board, allowing you to target communication to a specific resident and include conditional messages based on their lease renewal status.
Improved Utility Collections
Why let the billing provider collect the payments and hold your money for 30 days or longer? Improve your overall collection by choosing a resident billing service that will improve resident collections and resident satisfaction. With our detailed and accurate bills, residents have higher visibility into charges and fewer questions. They are more likely to make full payments on time, which results in improved collections for you. In fact, our convergent billing enables most multifamily owners to achieve a collection rate of 97-99%, significantly higher than the industry average rate of 85%. And in most cases the costs associated with generating and delivering the utility bill can be passed onto your resident, making this a no or low cost solution.
Ensure Accurate Utility Billing
Velocity integrates with the most popular property management software packages on the market. Tight integration enables an automated synchronization of residents’ ledger charges so your staff doesn’t need to fax or manually enter resident data into a website. Furthermore, OneSite® Leasing & Rents users benefit from Velocity being embedded into Leasing & Rents. This ensures that any recent payments or additional charges posted to the ledger are included on the bill and the resident receives the most accurate bill. And when a resident moves out, an automated Final Account Statement (FAS) integration occurs so that 100% of utility expenses are captured during the move out process.1
Boost Resident Satisfaction
Our clear and accurate billing statements help to build trust and boost satisfaction with residents. They don’t have to worry about hidden or inaccurate costs—they can view a detailed account of charges line-by-line and easily find pertinent information like final balance and due date.
Manage Utility Compliance
Each billing statement complies with local regulatory requirements in each state. Furthermore, Velocity’s compliance team reviews your billing program during implementation and monitors existing rules and regulations to inform you of upcoming compliance changes that could impact you.
Flexible Billing Options for Faster Collections
All of our billing options come with an e-Bill alternative where residents can choose to receive their bill electronically via their email account. Not only is this option better for the environment and more cost-effective, it also means that bills get delivered to residents faster which can result in quicker collections for you.
Protect Against Utility Inflation
Utility providers that are facing increased costs—from crumbling distribution systems, increasing government regulations, and in some cases declining demand—have no other option but to raise utility rates on their end users. Studies have indicated that the cost for water and sewer will increase between 5% to 15% every few years.2 If true, these costs will rise faster than market rents, putting pressure on multifamily owners’ operation funds. Many multifamily owners have already hedged against these rising costs by allocating the expenses to the end user, the resident, thereby protecting their FFO and operating margins.
1 Must be using OneSite Leasing & Rents
2 McCoy, K. (2012, Sept 29). USA Today analysis: Water costs gush higher. USA Today.