Multifamily Utilities

Unrecovered Revenue

Property managers do not have the means to identify lost utility consumption for each of their properties. Until Omniware, there weren't tools available to determine if the allocation of utility costs in common areas are accurate. Estimating unrecovered revenue can be a perpetual and data-intensive process for many properties without Dynamics Billing.

Challenge

Traditionally, unrecovered revenue has been estimated using empirical financial models and manual processes. These outdated approaches are often highly inaccurate and cumbersome. Inaccurate unrecovered revenue estimates could lead to inaccurate recovery of costs for properties.  

Omniware Approach

Leveraging Dynamics Billing analysis capability, customers can calculate unrecovered revenue in many ways - per billing cycle, from the bottom up, or even on a facility-by-facility basis. Revenue billed is then compared to revenue due to the utility for incredibly accurate results.

Benefits

  • Data-driven unrecovered revenue tracking to support better financial reporting

  • Bottoms-up calculation of unrecovered revenue using Dynamics Billing to eliminate the need for estimations

  • Accurate attribution to common area charges and accounts

  • Ensuring full recovery of costs 

 

Payment Processing

Collecting payments has the potential to be a valuable service to Property Management Companies. Setting up the proper infrastructure to support this service can be time-consuming and costly if not done properly.

Challenge

There are several components to implementing a successful collections capability with your business - identifying the proper payment gateway, payment processor, and charging the appropriate fees. These all take time and, in some cases, continued analysis. Getting this tweaked just right takes a lot of time and small mistakes can cost you money.

Omniware Approach

Dynamics Billing offers an integrated, complete payment facilitation solution that includes easy on-boarding, a combined gateway and processing solution that makes it easy to set up or switch to. The fees charged via this solution are simple to understand and comparable to, if not less than, other options available.  

Benefits

  • Easy onboarding

  • Single point of control for billing and payment processing

  • Increased conversion of residents from Print and Mail to e-billing options when combined with Dynamics Billing’s E-billing capabilities

  • Reduced monthly CC & ACH fees

Energy Efficiency

Consumers and residents seek opportunities to become more energy-efficient if it is convenient and not prohibitive. Progressive property managers support these values by providing opportunities to acquire energy-efficient products and services.

Challenge

Traditionally, it has been time-consuming to identify energy-conscious consumers and reward them. The Energy Star initiative unrecovered revenue has been estimated using empirical financial models and manual processes. These approaches are outdated and often inaccurate. Unrecovered revenue estimates that miss the mark could lead to large losses.  

Omniware Approach

Leveraging Dynamics Billing analysis capability, customers can calculate unrecovered revenue in many ways - per billing cycle, from the bottom up, or even on a facility-by-facility basis. Revenue billed is then compared to revenue due to the utility for incredibly accurate results. 

Benefits

  • Unrecovered revenue tracking to support better financial reporting

  • A bottom-up calculation of unrecovered revenue using Dynamics Billing to eliminate the need for estimations

  • Accurate attribution to common area charges and accounts

  • Ensuring full recovery of costs 

 
 

Meter Management

Submetering has resulted in an improvement for residents since they are billed for what they consume. However, submetered property managers do not always perform the required meter maintenance. Dead batteries, broken units, no RFID connectivity, and various other reasons can become troublesome for RBCs.

Challenge

As an RBC, you have the responsibility of calculating accurate bills. Submetering aims to make this easy. but when a meter breaks, it can create problems. Beyond managing an estimation process when a meter breaks, there is the added complexity of managing the broken meter itself. When and why did it break, when did it come back online and what are the implications to the reads being collected? Today, much of this is reactive for your staff - you deal with it after it breaks and then again after it is fixed. 

Omniware Approach

Dynamics Billing provides a Meter Management solution that tracks and manages meters that are producing read issues. You can track the date estimation started, track the identified issue for the problem, and track when the meter is fixed. All of this information is easily accessible by your staff and is shared with the property. 

Benefits

  • Save time diagnosing and tracking meter failures

  • Provide a proactive benefit to your properties

  • Minimize billing inaccuracies

  • Save time during billing

 

E-bill Conversion

Getting bills to residents is important, but the method that these bills are delivered can have big implications on your bottom line. Paper and mail are costly and residents will most likely not ask to change. The status quo is comfortable and familiar, making electronic billing and payment an afterthought.

Challenge

Incentivizing electronic billing and payment adoption can be difficult. Without the right tools to encourage adoption, you won’t realize a high enough conversion rate for your efforts.  Re-purposing critical staff towards an effort that may or may not result in the gains you’re expecting can be detrimental to your business.

Omniware Approach

Dynamics Billing offers a pre-packaged, easy-to-implement E-Billing adoption package. It combines an easy to use Resident Portal, a unique “Pay Now” option on the electronic invoice, targeted messaging to residents via email/invoicing, a pricing incentive that is offered for a period you control, and one that is automatically factored into a resident’s bill if the resident selects the option. We work with you to define the package, kick off the program, and track the results in real time.

Benefits

  • Program kick off with minimal time investment (1 - 2 hours)

  • Automated program

  • Expected conversion rates between 10 - 25%

  • Reduced print/mail costs

 

Real-Time Consumption Management

With submeters in place, the availability of real-time meter reads presents an opportunity for RBCs to identify real-time issues with consumption. Flagging this for properties and residents is an invaluable tool.

Challenge

Dealing with "bill shock" consumes much of your time as an RBC. This can create cash flow issues if residents decide to argue fees and refuse to pay. Your costs can increase in situations where costs associated with consumption, while accurate, are written off or administration fees are waived to provide some flexibility to the resident.

Omniware Approach

Where meter reads are available via meter software integration, Dynamics Billing allows for real-time monitoring to be set up. Variances in reads can trigger notifications to the RBC which can then be presented to both the resident and the property. This can result in a reduction of over/under consumption to protect your customers and your business's bottom line.

Benefits

  • Stop runaway bills before they happen

  • Improve the value of your service to Properties

  • Prevent write offs

  • Conserve energy for Properties

 

EV Charging for Residential and Commercial Multi-tenant Buildings

Electric Vehicle usage is skyrocketing. Users want charging stations available for use on every corner. Condo boards, property managers, residents, and commercial tenants want to have EV charging stations available at their residence, for their guests, and at the workplace.

Challenge

Multi-unit commercial and residential buildings face unique challenges to implement EV charging. EV utilization is growing every month - until there is a need for EV charging in each parking spot, EV charging stations will be shared for residents & tenants of the building.

Omniware Approach

Dynamics Billing is built to integrate with third-party EV Charging hardware. Our electric installation partners can install and monitor EV Charging stations at any facility. Dynamics Billing can also identify the EV as a resident or guest and enable point-of-use billing and payment collection. If the EV is a resident’s, it can even be combined with their utility consumption on a convergent invoice.

electric vehicle of the future using sma

Benefits

Dynamics Billing enables property managers to offer and bill for EV Charging to their tenants, residents, and guests.

  • Assessment, installation, and maintenance of EV Charging electrical infrastructure and stations by partners

  • Convergent billing of EV charging with utility bills

  • Point of Use EV Charging for guests

  • Earn LEED points and other green building certifications and comply with any local EV regulations