(April 29, 2009) — Velocity, a leading provider of resident utility billing and invoice processing services for the multifamily industry, today announced that it received the Outstanding Multifamily Partner Award presented at the Broadband Properties magazine 2009 Summit on April 28, 2009. Velocity received the award based on the net operating income (NOI) value created for owners using its convergent billing service.
The Outstanding Multifamily Partner Awards, which are nominated and voted on by owners, developers, and managers recognize vendors who understand the unique attributes of the multifamily industry and how best to serve the resident. Candidates are nominated and voted on by multifamily owners with documented evidence of the vendor partner’s success at adding value to the owner’s business and/or communities.
“We are proud to receive the Outstanding Multifamily Partner Award from Broadband Properties,” said Ashley Glover, executive vice president, RealPage. “The customers who nominated us recognize that the Velocity convergent billing service enables them to achieve higher utility collection rates. Using convergent billing rather than separate invoices for utility bills can help an owner achieve a higher NOI per year for an average property in its portfolio. Our goal is to create real value for our customers through superior technology and superior execution.”
Velocity convergent bills are a single monthly resident bill that combines rent, utilities, and small charges and can help owners who are billing for electricity, natural gas, water or other utilities realize tremendous cost savings. Vacant unit electric or gas charges, along with corresponding administrative fees, are included in convergent bills, a key differentiator for Velocity. Since residents are already accustomed to paying monthly bills they receive in the mail, and this habit holds true with rent, the convergent bill typically results in higher visibility and urgency with residents, an increase in the overall collection rate and, more importantly, the timeliness of these payments.
The convergent resident billing service also takes the burden of utility allocation off of staff while greatly increasing accuracy and eliminating lost income due to inefficient collections. In fact, the Velocity convergent billing service enables most multifamily owners to achieve higher utility collection rates—some by as much as three to four percent over regular utility billing.
Velocity is the first truly integrated resident utility billing system and lease accounting system. Resident billing may be performed using submetered resident consumption data or ratio utility billing methods. Resident utility charges can be presented along with other resident charges on a single convergent bill, which Velocity will mail to residents.
To schedule an interview with a RealPage executive, please contact Michael Cunningham at michael.cunningham@realpage.com or (972) 820-3409.
About Velocity
Velocity is the fastest growing resident utility billing and invoice processing company in the multifamily industry. Serving more than 2,000 multifamily communities in the United States, Velocity’s innovative approach leverages technology and property management system integration to reduce work at the site and increase property revenues. The Velocity product line includes resident converged and utility billing with built-in compliance and comprehensive reports and auditing; utility invoice processing for accurate, timely handling, rate and consumption monitoring, streamlined payment approvals, and comprehensive reporting; and utility submetering with end-to-end meter installation, maintenance, and servicing. For more information, visit www.realpage.com/velocity.
About Broadband Properties, LLC
Broadband Properties, LLC is the publisher of Broadband Properties magazine, a monthly publication, which is the leading source of information on digital and broadband technologies for buildings and communities. Our editorial aims to accelerate the deployment of Fiber-To-The-Home and Fiber-To-The Premises while keeping readers up to date on the available solutions capable of serving their practical needs. For more information, visit www.bbpmag.com.
About RealPage
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides products and services to more than 20,000 apartment communities across the United States. Its six on-demand product lines include OneSite© property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student housing, and military properties; CrossFire© sales and marketing systems that boost occupancy and build retention; YieldStar© asset optimization systems that maximize asset valuation and investment return; Velocity™ utility management systems that accelerate payments for resident charges; LeasingDesk© risk mitigation systems that reduce a community’s exposure to risk and liability; and OpsTechnology™ spend management systems that help owners manage and reduce operating expenses. For more information, call 1-87-REALPAGE or visit www.realpage.com.