Utility management is the process of tracking and controlling energy, water, and other resource consumption in multifamily properties. It requires attention to detail, accurate recording of data, and a clear communication strategy with providers. These strategies can help property managers minimize costs, maintain tenant satisfaction, and promote a greener future.
One of the best ways to control utility costs is through a ratio utility billing system (RUBS). These systems track the fluctuation in expenses and correlate a resident charge to their consumption, rather than a flat fee that doesn’t account for usage. A RUBS calculator uses unit-specific factors like occupancy and square footage to create weighted charges that more accurately reflect the cost of utilities each unit consumes.
Effective utility management requires a robust database that can store detailed information about the facility and its utility bills. This includes a full breakdown of every expense, and the ability to view costs over time to identify opportunities for savings. Using a utility management software that supports a centralized information platform can save hours of work by eliminating the need to manually collect, record, and calculate figures.
Keeping an eye on utility expenses can be difficult for property owners, residents, and staff alike. It can be challenging to make sure payments are being processed properly, or that utilities are not being billed when they should be shut off. It’s important to establish a consistent and efficient way of handling utilities so that everyone can stay on top of their responsibilities. utility management
