New Utility Management Provider Increases Properties' Net Operating Income
February 16 2012
Property Solutions' billing and utility management services provide new capabilities to improve multifamily industry standards
Provo, Utah (PRWEB) --February 16, 2012--Property Solutions International, Inc., the largest provider of property management websites and payments, announced its release of ResidentUtility, a new billing and utility management option for the multifamily industry. The new system allows property managers to easily manage resident billing and utilities through fully automated convergent billing and electronic payments combined with a full suite of utility management products and services.
Property Solutions recognized several industry-wide issues associated with utility billing and created ResidentUtility to improve the standard. "After ten years of delivering billing and utility management services to thousands of properties, it has become painfully clear that the established billing industry leaves a lot of the properties' money on the table," said Neal Taylor, Executive Vice President of ResidentUtility. "It is pretty straight forward to generate $30,000 of additional NOI per average property, but ResidentUtility goes beyond expense and cash-flow management to provide a new level of service not feasible using current-industry technology." By combining Property Solutions' billing and utility management with its advanced communications and electronic payment system, properties can simultaneously increase ancillary income.
ResidentUtility also provides convergent billing capabilities, allowing properties to bill utilities on the same invoice as rent and related items. "Convergent billing is a great solution to providing properties more cash earlier in the month," said Taylor. "With our average property increasing its collections by 20 percent, properties can reduce their working capital requirements and pay their community bills on time."
Asset Manager Adam Bleznak expects ResidentUtility to improve operations and profitability for Birmingham-based Woodbury Communities, "From the experiences we've had using other Property Solutions applications, we saw ResidentUtility as an opportunity to add another valuable business tool to our mix. ResidentUtility will help us manage our vacant cost recovery and also grant our residents increased transparency in the billing process."
"We're confident that this new approach will change the industry's expectations for utility and billing management," said Taylor. "We're excited to be setting the new standard."
About Property Solutions
Founded in 2003, Property Solutions International, Inc. is the nation's largest provider of apartment community websites and a leading developer of innovative property management software tools. The company offers a variety of web based solutions for leasing, rent collection, and maintenance request processing. Property Solutions' web portals and electronic payment processing tools offer the advantage of full data integration with most widely-used property management software packages. For more information, go to http://www.propertysolutions.com.