The choice to install smart meters in buildings has benefits for both the tenants as well the property owners and management teams. In general, information tends to focus on the benefits for tenants, which includes the ability to more closely monitor their water use and effectively manage their budget.
It is also important to stress the benefits smart metering offers to property owners and managers. While there is an initial cost of installation, this cost can be quickly offset through the advantages this type of metering system offers as compared to ratio utility billing systems, which involve complex formulas and constant disputes with tenants.
Increased Marketability of Rental Units
In locations where there is a high vacancy rate for units for both residential and commercial properties, offering smart metering to tenants can provide an edge over other properties on the market.
Potential tenants see the value in only paying for the utility they use, which helps them to budget and save money over time. It also allows potential tenants to have online access to their billing and payment history through a secure portal. With most people choosing online billing and payment, this is an advantage; property owners can market to potential tenants.
Increased Management Potential
With smart metering through top utility billing and management systems, property owners can access daily reports on consumption levels and monitoring for the property. By using this technology any leaks, taps left on in vacant units, or even atypical water usage can be detected and checked before water damage or large bills occur.
Additionally, the management team for the property can also monitor peak usage times and implement water conservation plans or programs. For green buildings or those seeking or having LEED certification, this is an important factor to consider.
