Smart meters are a buzzword in the property community, with landlords and managing agents both investigating their merit and practical benefits.
Smart Meters – the future of property management
Property owners need to make the most of the technology available to them to save money and make utility payments stress-free. Landlords and Body Corporates can’t possibly be expected to manage meter readings personally, and tenants can’t always be trusted to prioritize accurate billing for a property they don’t own.
Smart meters encourage mindful utility consumption and ensure that landlords and Body Corporates are paid on time.
Smart Metering to Save Money
There are a few ways that smart meters can save money:
- Tenants pay for their utilities upfront, and landlords are reimbursed fully for all units purchased.
Landlords and managing agents no longer need to chase tenants for payments each month. - Leaks or faults are reported faster.
Thanks to tenants monitoring their units closely, any leaks or faults are reported quickly. The financial liability is on the tenant, not the landlord. - Utility usage is always accurate.
Smart meters ensure that there are no estimated usage bills at the end of the month, leading to landlords paying more than they should. Tenants are not always diligent about taking readings each month. - Units in sectional title schemes pay only for what they use.
Rather than paying inflated averages for the entire scheme, each unit pays for its own consumption. This rewards those who use water sparingly.
Ultimately, a smart meter makes tenants financially responsible for their utility usage, mitigating disputes about what is owed and recouping funds.
Save Water with Mindful Consumption
When tenants receive a water bill at the end of the month, this is usually the only time that they’re aware of how much they consume. This is often too late to make any meaningful change, and keeping track of usage on a daily basis is quite difficult.
Smart meters change the way in which tenants use water, since there is a visual display of how many units they are consuming. There is also a very clear financial implication for how much water is used, encouraging households to use water sparingly.
Leaks are reported faster when tenants can keep track of the units available to them and are motivated to report these leaks because it is their money being lost, not the owner’s. Fixing water leaks as soon as possible impacts the availability of water to all surrounding properties.
Benefits for Property Managers & Body Corporates
Invoicing tenants and collecting their payments each month can be a laborious and time-consuming task, not to mention that some tenants dispute the amount owed. With smart meters, utilities are purchased in advance and the Body Corporate receives payments on time each month.
Landlords, property managers and trustees can contact U-Vend via email for more information about purchasing a smart meter and managing your utility system.
There are a number of smart prepaid meters with varying features – if you would like to learn more about which option might be best for you, please email sales@uvend.co.za.