Tenants are on the market for a home that offers them plenty of amenities, is in a good location, and most of all, is fairly priced. Using a submeter system is the only way to ensure your tenants are paying fairly for their energy and water usage. Your tenants will appreciate the ability to control their monthly energy bills through conservation. If you own a multi-family rental complex, then it’s time to consider installing a submeter system.
Too many landlords, however, put off switching to a submeter system because they’re concerned about the costs of installation. While there is an initial investment involved, the numerous benefits of a submeter system far outweigh any setup costs.
Whether you own a preexisting property or new construction, your new submeter system needs to be installed by a qualified professional. In most instances, an electrician or plumber is needed to correctly prepare each unit for the new system. Depending on the type of meters being used, the project may involve complex rewiring or plumbing work.
Once your property is wired, you need to purchase enough meters for your units. There are many different types of meters on the market, so it’s important to choose the model that will best serve your property. Depending on the type of submeter system you’re installing, you will be able to choose from a variety of gas, electric and water meters.
The final installation cost involves setting up the meters. Once the property has been fully prepared, a technician will install the meters in each individual unit. The meters will them be commissioned and tested to ensure that they’re reading properly.
Tips to save money
Many landlords are hesitant to install a submeter system simply due to costs. However, it’s important to note the ways you can save money on your installation. When hiring contractors, such as plumbers or electricians, be sure to get several quotes beforehand. You may find that certain contractors charge less than others.
If you own a small property, you may be able to save money on installation by choosing a no-wire meter system. These meters do not require rewiring or additional electrical work. In fact, the supplier of your meters should have technicians available to install them for you.
Costs after installation
Once your new submeter system has been fully installed, you will only be responsible for monthly maintenance and upkeep. These fees cover billing services, including sending invoices to tenants and keeping records of payments. Property managers are also given access to comprehensive reports, showing overall energy and water consumption for the entire property.
Benefits of submetering
Even though you will have to pay upfront to install a new submeter system on your multi-unit property, the benefits are endless. By creating energy invoices for each unit, your tenants will only be responsible for their own usage. You’ll be able to keep your rent prices lower, creating more interest with potential tenants.
As a landlord of a multi-unit complex, you want to manage a property that is highly profitable. The initial investment of a submeter system is nothing compared to the increase in revenue you’ll see. Submeters create happier tenants, and you will have fewer empty units. The cost to install a new submeter system will more than pay for itself in the long run.