Purchasing a property as an investment opportunity is equally exciting as it is nerve-wracking. Most investors try to ensure that their rental covers a large portion, if not the full amount, of their bond but sometimes overlook another large expense; utilities. Water consumption and electricity usage are two things that can account for a large portion of a landlord’s expenses. When property owners and landlords implement solutions to help their tenants effectively control their water and electricity usage, it reduces the expenses associated with their rental properties.
It’s important to remember that property owners are liable for payment of municipal utility bills. Often there are disputes with tenants due to bill discrepancies. With a post-paid measurement system, tenants may dispute their utility bills saying that they did not use that much electricity or water. Whether excessive consumption is due to a leaking pipe or tenants illegally filling a swimming pool, landlords need to be on top of any unusual usage patterns so that they can quickly act on them.
Regardless of what happens, landlords are still responsible for paying the municipal bills. If not, they risk damaging their credit rating and may even stand to lose their property if the municipality takes legal steps to recoup extensive outstanding utility bills. Also, a landlord is not entitled to cut off the supply of water and electricity to their rented property. In terms of the Rental Housing Act and its related legislation, it has become a criminal offence to do so. This is just another example of why landlords need innovative solutions to help tenants control their water and electricity usage.
Prepaid sub-meters help control electricity and water usage
Installing prepaid sub-meters in rental properties is an excellent way to manage your tenants’ water and electricity usage. It is also one of the simplest ways to avoid disputes over utility bills. Tenants purchase tokens for the prepaid electricity and water meters upfront and use this on a pay-as-you-go basis. Prepaid sub-meters give landlords peace of mind knowing that their tenants’ utilities are already paid for and the tenant has control over their consumption and can budget more efficiently each month.
An advantage of installing Citiq Prepaid meters to control electricity and water usage is the online meter management portal available to both the property owner and tenant. This innovative online prepaid meter management system lets property owners and tenants access their property data, purchase tokens directly and download detailed reports.
Purchasing tokens on a pay-as-you-go basis and getting access to detailed reports puts the tenant in control. When the tenant is in control, they can make better choices to manage how much water and electricity they use. This helps them save money, budget more efficiently and be resource conscious too.
So, it’s clear that controlling electricity and water usage is beneficial for both the property owner, who wants to see his / her rental properties make a profit and the tenant who wants a convenient and transparent way to manage their water and electricity consumption.
