Because Conservice specializes in utilities, we have the ability to provide a complete utility assessment for property owners looking to acquire additional residential communities. Evan Glickman, a financial analyst for Resource Real Estate, uses the CONFIRM Utility Assessment service provided by Conservice to gain an understanding of the aggregate historical utility usage at multifamily communities that Resource is looking to purchase. "It is very helpful when we are looking to understand a property with numerous utility accounts that would be very time consuming to analyze in-house."
The CONFIRM Utility Assessment includes extensive analysis:
- Breakdown of current utility costs and recovery rates, including vacant costs
- Assessment of existing sub-meter equipment and possible capital improvements
- Extensive expert regulatory review
- Analysis of current utility billing program
- Recommendations for conservation measures
- Consumption analysis and solutions to lower usage
- Utility rates review
- Comparison to other communities in the area.
A Kentucky community was recently assessed and it was estimated that utilities would account for over $365,000 in annual expenses. Here is a sample breakdown:
At this particular community, there was not currently a program in place to recapture the water expense from the residents. Conservice was able to provide valuable information to the client to demonstrate how a utility billing program could greatly improve NOI.
Because Conservice has access to utility data across the country, we are even able to provide benchmarking reports, comparing similar communities in the area to the community that our client is looking to acquire. This can help a client determine how energy efficient and cost effective the utilities are at the community, and it provides a useful target cost per unit for each utility.
The CONFIRM Utility Assessment report has been incredibly beneficial to Conservice clients. If you're looking to acquire any communities, consider a CONFIRM Report. Email email@example.com for more information.