USE CASES

Multifamily Utility

Unrecovered Revenue

Property managers do not have the means to identify lost utility consumption in each property. Nor do they have tools to determine if their allocation of utility costs in common areas to common area charges are accurate. Estimating unrecovered revenue can be a multi-day, manual, and data-intensive process for many properties.

Challenge

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 These outdated approaches are highly inaccurate and cumbersome.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

Omniware Approach

Leveraging Dynamics Billing analysis capability can be used to calculate unrecovered revenue per billing cycle, from the bottom up, on a facility-by-facility basis. Revenue billed is then compared to revenue due to the utility. 

Benefits

  • 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, charging the appropriate fees to the residents all takes time and, in some cases, continued analysis. Getting this right can take a lot of time, getting it wrong can result in lost profit.  

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 alternative choices are convenient and not overly cost-prohibitive. Progressive property managers support these values by providing opportunities for consumers and residents to acquire products and services that are more energy efficient.

Challenge

Traditionally, it is time-consuming to identify energy-conscious consumers and reward them with improvements in energy consumption. The Energy Star initiative unrecovered revenue has been estimated using empirical financial models and manual processes. These outdated approaches are highly inaccurate and cumbersome. Inaccurate unrecovered revenue estimates could lead to inaccurate recovery of costs for properties.  

Omniware Approach

Leveraging Dynamics Billing analysis capability can be used to calculate unrecovered revenue per billing cycle, from the bottom up, on a facility-by-facility basis. Revenue billed is then compared to revenue due to the utility. 

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 in that they are billed for what they consume. However, submetered property managers are not always as attentive to required meter maintenance. Dead batteries, broken units, no RFID connectivity, and other reasons as to why a meter may not be sharing accurate meter read details can become troublesome for RBCs.

Challenge

As an RBC you have the responsibility of calculating accurate bills. With submetering, this should be easy. When a meter breaks, it makes your job more difficult. Beyond managing an estimation process when a meter breaks, there is the added complexity of managing the broken meter. When did it break, why, 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 offers a Meter Management solution that lets you track and manage those meters that are producing read issues. Track the date estimation started, track the identified issue for the problem, track when the meter is fixed. All of this information is easily accessible by your staff and it is also shared with the property. 

Benefits

  • Save time diagnosing and tracking meter failures

  • Provide a proactive benefit to your Properties

  • Reduce billing inaccuracies

  • Save time during billing

 

E-bill Conversion

Getting bills to residents is important but the means by which these bills are delivered can have big implications on your bottom line. Print and mail are costly and residents are probably not asking to change. The status quo is comfortable so driving electronic billing and payment adoption can become 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 and run 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 of time you control, for an amount 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.

Benefits

  • Program kick off with 1 - 2 hours of your time

  • Automated program

  • Conversion rates expected of 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 near real-time issues with consumption. Flagging this for Properties and Residents can be a valuable tool.

Challenge

Dealing with Bill shock consumes your time as an RBC. It 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 perhaps 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 (high or low) can trigger notifications to the RBC which can then be presented to both the Resident and the Property as you determine. 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

 

Contact

Any questions?

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4080 Confederation Pkwy, Suite 301

Mississauga, ON, Canada L5B 0G4

2915 Ogletown Road
Newark, Delaware, USA 19713

Phone: +1-416-264-6664

Email: sales@omniware.com

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