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Owners: Let’s talk about utilities, amenities, and incentives

 

power billUtilities: What’s included?

One of the first questions prospective residents ask is, “What utilities are included?” In our experience, the average resident expects owners and tenants to share utility expenses, and some expect all of them to be covered. If you’re wondering what the right answer is, it’s whatever is best-suited for your property … and there are many things to consider. For example, if you provide a utility you may need to install meters and establish a billing system – both of which are things we can assist you with.

What’s in it for you?

Protection against the few tenants who fail to pay their bills, more control over your building’s expenses, and the ability to track utility usage rates by unit. 

Green incentives

Residents like green incentives. Offer rewards to residents who are energy efficient, who consume less water, or who recycle more than other tenants on your property. If you’re providing utilities and are able to monitor usage, then it should be easy to spot which units are energy or water hogs and which aren’t. Perhaps your recycling contest pits one building’s tenants against another’s, with a party honoring the group of residents who recycle the most. Invite all of your tenants to the celebration, then begin planning your next contest to keep the momentum going.

What’s in it for you?

Community engagement, an opportunity to demonstrate that you care about your tenants and the planet, and a chance to reward tenants who conserve energy, reduce water consumption, or divert trash from landfills. And perhaps you’ll save a few bucks on the month’s utility bills, too.

How do your property’s amenities rate?

Apartment shoppers care about amenities, and you can bet they’re comparing yours to the Joneses. Make sure you’re offering something more than your competition, and don’t let your property’s limitations stop you. Remember: you can always include utilities — like the water bill or the power bill or both — as amenities.

What’s in it for you?

A building full of happy tenants and more control over your property’s utilities.

 

Contact us today. We’ll help you decide what utilities you can offer your residents, build a utility billing system that’s tailored to your property, and we can discuss how to encourage your tenants to be more energy- and water efficient and to recycle more.

Posted by: Pacific Crest Real Estate on April 29, 2015