Future-Proofing Your Multifamily Property: New Building Standards and Smart Utility Management
The landscape of multifamily property management is rapidly evolving due to increasing energy efficiency standards. Staying ahead of these changes is crucial for maintaining profitability and resident satisfaction. To help you stay ahead of the curve, we’ve compiled much of the information you need about the impact new building standards will have on the industry and how you can optimize your utility management in the long-term.
Embracing New Building Standards:
Many states and cities are adopting stricter energy codes and building performance standards (BPS) to reduce carbon emissions. These standards often include:
- Enhanced building envelope insulation.
- High-performance windows.
- Efficient HVAC systems.
- Electric appliances.
Key Considerations:
- Proactive Planning: Implementing energy-efficient designs and upgrades early minimizes future retrofit costs.
- Resident Education: Engaging residents in energy conservation practices enhances overall efficiency.
- Government Incentives: Capitalizing on available incentives reduces the financial impact of upgrades.
- Process Updates: Regularly auditing energy consumption and implementing operational improvements are essential.
- Compliance: Understanding and complying with local and state BPS laws is mandatory.
Optimizing Utility Management:
Effective utility management goes beyond billing. It involves:
- Data Consolidation: Utilizing software solutions to store and analyze utility data enables you to make data-driven decisions about your properties and their energy consumption.
- Accurate Billing: Ensuring timely and accurate billing improves cash flow.
- Waste Reduction: Identifying and addressing energy waste minimizes operating costs.
- Expert Partnerships: Partnering with utility management experts ensures compliance and cost savings.
- Utility Auditing: Regularly auditing utility bills to find errors and recoup overcharges.
The Role of Technology:
Integrated software solutions like Entrata Resident Utility and Entrata Utility Expense Management streamline utility management processes, providing:
- Consolidated billing.
- Proactive expert support.
- Invoice processing.
- Cost savings identification.
By embracing new building standards and implementing smart utility management strategies, multifamily property owners can enhance operational efficiency, reduce costs, and create sustainable communities. Staying informed and leveraging technology are key to navigating the evolving utility landscape. To learn more about how to improve utilities management at your property, download our latest ebook, Take Control of Your Utilities: A Step-by-Step Approach.
