How to Switch Multifamily Utility Billing Companies: 3 Steps

Switching utility billing companies can seem like a daunting task – especially if you’ve been with an established provider for a long time. Fortunately, switching to a better utility billing provider is easier than you think. In this post, we’ll review the three simple steps you can follow to find a new utility billing partner to ensure you meet your utility billing goals.

Working with the right utility billing company can cut costs, save time and improve NOI. Many multifamily owners and management groups are making the switch from their current utility billing provider.

Sometimes, the RBC (read, bill, collect) company isn’t forthcoming with the reimbursement checks. Or maybe they’re not invoicing at all. Maybe a lack of transparency or service is causing headaches for management and ownership.

Whatever the cause, a rocky relationship between RBC and property ownership can crush cost recovery and impact the property’s bottom line. To get control of the situation, you’ll need to switch utility billing companies quickly and start recovering costs as soon as possible.

Switching Utility Billing Companies in 3 Steps

Step #1: Research and Compare Utility Billing Providers

The first step to switching utility billing companies is to find a few good alternatives to compare by following these steps:

• Identify Your Needs: Determine what features and services are essential for your utility billing needs. Examples include the type of billing systems supported, submetering, RUBS, billing software integrations and customer service.
• Evaluate Providers: Consider factors like experience, customer reviews, technical support, and knowledge on local utility billing regulations.
• Gather Quotes: Once you have a few prospective companies in mind, request proposals and pricing from them. This will help you further narrow down your options.

After you’ve found a few viable options, set up consultations so you can get answers to any questions you might have. Here are some good questions to ask a prospective utility billing company during a consultation:

• Will you change billing methods?
• Should you invest in submeters?
• What level of service do you need?
• Can the RBC deliver that level of service?
• Can they provide education and welcome letters that make onboarding easier for owners, property managers and residents?
• Will the RBC be transparent and forthcoming about bills and reimbursements?

Answering these questions will provide insight into the RBCs you’re considering and help you set cost and timeline expectations.

Step #2: Select a Company

There are a number of factors to consider when selecting a utility billing company. Especially if you are dealing with a frustrating RBC relationship, it’s important to emphasize the following factors in your search for an alternative.

• Client Service: Select a utility billing provider that prioritizes communication. A utility billing expert should be a phone call or an email away should you have a question or run into any issues.
• Technology: Work with a utility billing company with a “best-in-breed” approach to utility billing and property management technology. Many RBCs will force you into their preferred tech stack, regardless of if that tech stack is your best option.
• Cost Recovery: Ask for cost recovery stats. The right provider should be able to show you the average cost recovery rate for their clients.
• System Design & Consultation: If your cost recovery with your current utility billing provider isn’t meeting your expectations, then it’s important the provider you switch to has the capability to optimize your utility billing system to improve your cost recovery. Prioritize expertise and the ability to create custom utility billing solutions to meet the needs of your property.

READ MORE: How to Select a Utility Billing Company

Step #3: Share Your Current Rent Roll & Notify Residents

Once you’ve selected an RBC, share your rent roll and utility information with your new provider to start billing. The right company will be able to get your utility billing program started promptly without additional input from you or your team.

In the meantime, it’s also important that you share details about the switch with your residents, so they know to anticipate their bills from a new provider. If you’ve chosen a utility billing company committed to customer service and support, they can help you with this step if you have any questions.

Conclusion: Make the Switch to Synergy Utility Billing

If your current RBC isn’t delivering the results and responsive service they promised when you started working with them, know you have options. Making the switch to a better utility billing provider is a small amount of work for a large amount of improvements.

At Synergy, we believe in providing a level of service unmatched in the submetering and utility billing industry. We take utilities completely off your plate. We help identify the strategies that will help your firm realize maximum net revenue. And we deliver custom utility billing management solutions that unlock lost revenue, thrill residents and allow your staff to focus on what they should be doing.

No two properties or portfolios are exactly alike. When you use Synergy, you have access to the best minds and technology in the industry, all focused on building a system that works perfectly for you. Whatever your goals and whatever your needs, we’re the team you need to succeed

Ready for a better utility billing experience? Click here to make the switch to Synergy today. It will be the easiest part of your day.