We work with several property management companies and understand that utility costs account for a large chunk of resident and tenant budgets. We also know that keeping running costs, which includes utilities, as low as possible is vital to operating a profitable and successful business.
Over the years we’ve found that lots of property management companies overspend on their energy bills simply because they don’t have time to regularly track market movements or the current contracts they are in. It can be hard work keeping track of data and energy usage when you manage multiple sites and supplies. Here a few simple steps you can take to help ensure you are managing your resident and tenant energy usage correctly whilst also acquiring some of your time back:
Consolidated Billing
To help gain control of utility costs it can be beneficial to consolidate your billing. This basically means having one bill which covers the whole portfolio. It helps centralise everything in one, easy to access place and can maximize efficiencies in bill paying. A single supplier, with a single contract end date and a single bill once per month would make your life so much easier! Getting to that point is the challenge though.
Accurate Bills
Inaccurate invoices can be a distressing cost burden, especially for property management companies responsible for energy bills over multiple sites. 1 in 10 utility invoices contain errors so it’s important to know you are being billed correctly. Bill checking services ensure you are not overpaying on your energy. Outsourcing your Bill Checking will significantly help to reduce administration costs, whilst also providing confidence that invoices are accurate, and costs are being managed efficiently and effectively. You can then re-charge to your residents and tenants with confidence the bills are correct.
Look at your Capacity
A Capacity Review looks at peaks in your electricity use (Maximum Demand) in relation to how much you are allocated to use (Available Capacity) and the difference between them. Analysis of this can uncover savings. If you think of your Available Capacity (or KVA) like an overdraft i.e. the bigger the overdraft limit you have the more you are charged for it, then by lowering that limit you lower the associated cost. This might not be possible on all meters within your portfolio, but your largest spend meters are likely to benefit from a Review.
Use an Energy Consultant
Understanding your energy usage and spend should be a key priority. By working with an energy consultant we can not only help you gain control, we do all the hard work leaving you time to focus on other parts of your business. We can help with any of the points above plus uncover some areas you may have never thought of before. Get in touch today to see how we could help you deliver even greater value to your residents and tenants.
