How Automation Can Improve Property Management Bill Collection
As COVID-19 continues to expose new challenges for businesses, property managers have pivoted their usual operations in response to the crisis. In March, the Institute of Real Estate Management released a guide to help property managers navigate the pandemic, including how to create a preparedness plan and maintain daily operations. One recommendation was to implement virtual and self-guided tours, a tool that 27 percent of property managers have utilized to keep their operations up and running.
Technology and remote work are vital tools for maintaining business continuity.
Technology and remote work are critical tools for maintaining business continuity. While remote work and touchless technology are gradually becoming the norm, some multifamily property managers are still lagging and relying on manual processes that can easily fall short during times like this. One way that property managers can ease the burden is through automated property management bill collection. Let’s explore the benefits of automation.
1. Touchless property management bill collection
Many multifamily property managers rely on onsite visits to collect utility bills from the mail. As this pandemic has shown, unexpected events can easily throw a wrench in typical daily operations. Property managers have to prepare for a decrease in staff availability and build new plans to mitigate disruptions and maintain basic processes.
By automating utility bill collection, property managers can continue to get their bills paid while minimizing face-to-face interactions, for their own safety and the safety of their residents.
By automating utility bill collection, property managers can continue to get their bills paid while minimizing face-to-face interactions, for their own safety and the safety of their residents. With automation, once utility bills are made available by suppliers, property managers can easily access them online, eliminating the need for property visits.
2. Cost reduction
We’ve seen how automation can keep businesses afloat during a pandemic, but the benefits go beyond that. Automated property management bill collection can also reduce operational costs by eliminating manual processes that carry a hefty price tag. Not only does manual data entry require time and labor costs, but it also results in a one percent error rate.
Not only does manual data entry require time and labor costs, but it also results in a 1% error rate.
By switching to automation, multifamily property owners can rest assured that utility bills will be collected, processed, and aggregated without the need for human intervention, resulting in fewer errors and a seamless process.
3. Enhanced visibility into energy efficiency
Each month, property managers routinely pay utility bills without taking the time to compare usage from month to month. With utility bill automation, line-item data is collected into a centralized location, enabling managers to visualize their data and uncover billing errors and usage spikes. With this enhanced visibility, property managers can make informed decisions that reduce energy costs and consumption.
4. Lower risk of late payments
With manual utility bill collection, paper bills often get lost in the mail, a problem that nine percent of organizations find to be their biggest challenge in the AP process. Misplaced utility bills can lead to late payments and potentially utility service shutoffs, ultimately driving up costs for property managers.
By automating utility bill management, property managers can rely on on-time property management bill collection and payment, eliminating late fees and ensuring continued service for essentials like electricity and water.
Stay prepared with automated utility bill management
Automated utility bill collection streamlines the way multifamily property managers do business. If the pandemic has shown us anything, it’s to expect the unexpected. With automation, you can gain peace of mind knowing that even with a drastic change to external circumstances, your utility bills will be one less thing to worry about.
Are you ready to take the next step to worry-free utility bill management for your multifamily properties? Speak with one of our data experts today.
You may also like:
- Facility Energy Management & the Path Towards Energy Efficiency
- The Next Frontier in Energy Efficiency: “Greening” Multifamily Housing
- The Importance of Automated Utility Data in the Midst of Business Disruption
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About Ma-Keba Frye
Ma-Keba Frye is a Content Marketing Associate at Urjanet, assisting with content development and execution. When she's not writing, she enjoys reading, listening to music, and volunteering.