Vacant Cost Recovery
Stop Utility Billing Theft and Start Saving
What happens when a resident fails to transfer utilities into their name upon move in? Or when they switch the utilities back to you prior to move out? Those units get misclassified as vacant by the utility company and you become responsible for them, which means you could be paying countless dollars each month for utilities you’re not using. Stop utility theft with Velocity’s Vacant Cost Recovery service. Our daily service helps remove costly errors and improves your bottom line by identifying residents who have not established or maintained the appropriate utility accounts in their name, and who knowingly or unknowingly are using utilities for free.
Save Site Staff Time with Efficient Utility Management
Comparing utility bills to your resident ledger can be a difficult and time consuming task—one your site staff probably doesn’t have the time nor expertise to do. With Velocity’s Vacant Cost Recovery service we do the heavy lifting for you. Each day we match the vacant unit utility bills to your rent roll, and identify any overlaps between the service dates on the bill and the lease dates. If a violation has occurred, we calculate the cost, post it to the resident’s ledger in real-time and mail a separate notice to the resident.
Vacant Cost Recovery Improves Your Bottom Line
With our daily Vacant Cost Recovery service you can recover an average of $2.00 per unit per month—an ROI of almost 300%. You may also have the option to add penalty fees to the resident’s bill to offset or cover the costs of this valuable service.
Identify Utility Billing Theft Sooner
Velocity seamlessly integrates with all property management systems, including OneSite® Leasing & Rents. This allows us to have real-time data regarding move-ins and move-outs. Additionally, it ensures that we are always comparing the most up-to-date rent roll to vacant units so we can identify utility theft as soon as possible.
Increase Collection Rates
Because Velocity imports charges in real-time to your property management system, your staff can generate accurate final account statements that include 100% of allowed utility expenses. Being able to collect payments while residents are still present at the property can increase final utility collection rates at move out by 3% or more.