Utility Billing and Cost Recovery Insights
Unlocking Efficiency: The Role of Ratio Billing for Accessory Dwelling Units
As the demand for housing intensifies and urban spaces become more constrained, innovative housing solutions are gaining traction. Accessory Dwelling Units (ADUs) have emerged as a practical and sustainable approach to address housing challenges while making the most of available space to create small, affordable housing opportunities. But with the inclusion of ADUs on a property comes the challenge of fairly recovering utility costs. Ratio Utility Billing is the answer! Read on to learn more about how you can make the most of this revenue-generating opportunity.
The Unsustainable Squeeze: Reclaiming Control of Utility Costs in an Era of Rising Prices
For many Housing Providers, offering "utilities included" rent packages was once a competitive advantage, attracting Residents with the allure of predictable monthly costs. However, in today's economic climate, this seemingly convenient practice can quickly devolve into a financial tightrope walk. Nationwide, utility bills are soaring at an alarming rate, outpacing the ability of Housing Providers to adjust rents in accordance with these rising costs. That includes water, sewer and trash bills, especially in places affected by drought and aging water system infrastructure. This discrepancy is particularly acute in jurisdictions with rent control measures, leaving Housing Providers caught in a vice of escalating expenses and limited revenue streams. But there is a light at the end of that particular tunnel.
Resolve to Save in 2024
2024 is here! Whether or not you set resolutions, it's natural to look for ways to improve your business at the beginning of a new year. This is a great time to think about building and bettering your properties for the sake of your business growth and development. The health of your business is everything. You can't serve Residents and protect your investments without a healthy bottom line.
Part 4: More Tech That Boosts Revenue and NOI for Housing Providers
Note: This is part four of our series on technology innovations that help property owners and managers get the most from their investments. So far, we’ve discussed a few amazing property management platforms that can help independent rental owners and professional property managers get the most out of their rental investments, as well as systems that can detect water leaks and make inspections easier from anywhere in the world. Today, we’re going to discuss Simple Sub water meters and Dwellsy, a marketplace for both renters and tenants. Read on to explore the unique features of these applications and how each can help grow your business.
Part 3: Tech Supports Property Owners for Greater NOI
Note: This is part three of our series on technology innovations that help property owners and managers get the most from their investments. So far, we’ve discussed a few amazing property management platforms that can help independent rental owners and professional property managers get the most out of their rental investments. Today, we’re going to discuss NOWi water sensors that help detect water leaks and RentCheck, a mobile app that helps both Housing Providers and Residents conduct accurate property inspections more easily. Read on to explore the unique features of these applications and how each can help grow your business.
Part 2: Tech Supports Today’s Property Owners for Better Investment Health
Note: This is part two of our series on technology innovations that help property owners and managers get the most from their investments. In part one of our ongoing series, we explored the benefits of Azibo’s online management system and Livable’s platform to recover master-billed utilities. In this edition, we’re going to explore two more amazing online management platforms: Renter Insight and Innago. Renter Insight is perfect for the Housing Provider who wants enterprise-level tools at an IRO-friendly price point, while Innago has a specialized feature that uniquely serves student housing providers. Read on to explore the unique features of these applications and how each can help grow your business.
Save Money by Encouraging Residents to Conserve Utilities
As a Housing Provider, managing expenses is an essential aspect of maintaining a healthy return on your investment and ensuring long-term success. One area where costs can add up quickly is utilities, such as electricity, gas, wifi access, sewer, trash collection and - especially - water. Utility costs continue to rise and water bills have shot up dramatically over the last several years in many areas, . By encouraging your Residents to conserve any master-billed utilities, you can not only reduce operational costs but also contribute to environmental sustainability. Read on for effective strategies to motivate Residents to conserve utilities, ultimately saving everyone money.
Tech Supports Today’s Property Owners for Healthier Finances
Note: This is part one of our series on technology innovations that help property owners and managers get the most from their investments. Managing properties, whether your own investment or as a fulfilling career, is a lot of work. But property managers today have more options than ever for cost-effective ways to manage that work load more easily and effectively. Improved interfaces, faster applications and cloud-storage options make these tools ever-more-accessible and easy to use.
When to Hire a Property Manager and What to Look for If You Do
Managing a property is time-consuming, especially if you own multiple properties or live at a distance from your assets. Many property owners see their rental income as a means to enjoy their lives, rather a full-time job of maintenance and problem-solving. If you see owning property as the means to more leisure time, hiring a property manager is essential. A professional property manager handles everything from rent collection to maintenance, making your life easier and freer, with fewer headaches. But not all owners need a property manager and not all property managers are created equal. The big questions you need to answer before making that investment are “When is it time to hire a property manager?” and “What should I look for when hiring one?”
Renter's Insurance: Covering Their Assets
You’ve seen ads for rental insurance. But do you know what it covers OR if you can require tenants to get it? Rental insurance is a specific type of policy that covers possessions within the home as opposed to the home itself. It is highly beneficial to your residents in the event of flood or similar disaster since you are not responsible for damage to personal possessions - only the property itself. Some property owners may require tenants to obtain rental insurance. Even if you don’t require your residents to have renal insurance, you can advise them to get it.
Choose Gardens Over Lawns for a Healthier Community and Planet
Single-family homes, duplexes, multifamily complexes and businesses have traditionally fought for idyllic lawns with the aim of causing envy among neighbors and passersby. But at Livable, we think we have a better idea! It’s time to level up and consider trading the battle of lawn envy for a healthier, more colorful and more sustainable option: building a garden. Replacing lawns with gardens is a fantastic option for a better environment and overall way of living. Check out our reasons for installing a garden over the manicured grass, plus suggestions for the kind of garden you could opt for. Now is the time to start planning for an amazing garden this summer!
Controlling Costs as Utility Rates Rise
At Livable, our mission is to help save Housing Providers money while encouraging conservation by making residents responsible for their utility usage, especially water. According to the U.S. Energy Information Administration , the residential electricity price nationwide increased 1.5% in 2022, continuing an upward trend in the coming years.