Why Submetering Water Makes Sense
Increase Net Operating Income
When costs are incurred by the property owner it affects both the investor’s cashflow and the property’s net operating income (NOI) in a negative way. By passing water costs to the tenants, it leaves more money in your pocket every month and increases the value of your investment as operating expenses decrease, the NOI increases. Building values are largely based on NOI and the greater you NOI, the more valuable your asset becomes.
Keep Tenants Accountable
When responsibility for water consumption is passed along to tenants, they will always be more conscience of the water being consumed. As tenants use less water, your water fixtures last longer and maintenance decreases.
When tenants are billed directly for their consumption, it reduces the likelihood of tenant disputes about consumption and billing.
Take Greater Control of Your Property
When water consumption can be tracked on a daily basis you know if:
- - an unwanted tenant has moved in
- - a pool has been installed
- - the unit has been left vacant
- - a leak or other problematic water event has occurred
Log into your own portal online and view your properties in real time. See daily, weekly or monthly consumption for each unit.
Generate reports based on a date range and consumption. Data can be viewed in a graphical format or downloaded to Excel.
Monitoring allows for early detection of irregular water consumption
In this graph you see a spike in water consumption. Looking into the issue, it is determined that the tenant's toilet malfunctioned and was continuously running. One and a half months worth of water was utilized in one weekend!
The landlord was able to repair the toilet in a timely fashion and water consumption returned to normal. A spike in water consumption happened again which required the landlord to make another repair.
This example shows the benefit of catching a water issue early which benefits everyone.
"We have been using water sub meters from Water Bill Solutions for the past few years and have used them in many of our units. Separating the utilites and having tenants responsible for them has always been an important part of duplex and triplex conversion process. But beforewe found Water Bill Solutions, we were struggling to figure out the best way to handle the water bills. We heard about Water Bill Solutions through a podcast and another investor and decided to reach out to learn more and we were super happy to find such a great solution.
Dan is incredibly responsive to any questions we have or any requests for new meters. All it takes is a simple email and we have the meters delivered on site within a few days. When the water bill comes in, it takes minutes for me to remotely access the reads for the meters and get the water invoices sent off to the tenants. We are so happy to have found Water Bill Solutions and look forward to continuing to utilize their products in our rentals!"
What Water Sub Meter Equipment Do You Need?
This set up is for a two unit property. Systems can be setup for larger properties up to 50 units and beyond.
Please reach out if you have questions.