The Importance of Utility Bill Review for Landlords

As a landlord, balancing tenant management with maintaining your properties can be demanding. Amid these duties, the significance of periodically checking your property utility bills might be undervalued, a key aspect of property management efficiency. Yet, our recent experiences underscore the necessity of this task. In the last few months, we discovered significant billing errors for gas and electricity at three properties, due to incorrect day and night electric readings by the utility company

Uncovering Billing Discrepancies

An initial review of our utility bills revealed concerning discrepancies. A detailed investigation confirmed that the utility company had inaccurately recorded the meter readings for our electricity usage during day and night. This prompted a rigorous process of gathering evidence, including photographs and meter tests, to challenge the recorded readings.

The Journey to Property Management Efficiency

Correcting these errors was neither quick nor easy. It involved extensive documentation, persistent communication, and numerous phone calls and emails. However, our efforts were rewarding, leading to corrected accounts and significant savings – over £2,000 for each property, with one instance of a £4,000 overcharge.

Why Regular Reviews are Essential

• Avoid Unnecessary Expenses: Utility bills are a major operational cost for properties. Regular reviews can identify errors, preventing overcharges and yielding considerable savings.
• Promote Energy Efficiency: Monitoring utility usage can highlight opportunities for enhancing energy efficiency, reducing costs and benefiting the environment.

Practical Tips for Landlords

1. Conduct Regular Meter Readings

Ensure accurate meter readings are taken regularly to track usage patterns and verify the utility company’s records.

2. Maintain Detailed Documentation

Keep comprehensive records of all utility bills, meter readings, and communications with the utility company. This documentation is crucial for disputing errors.

3. Stay Updated

Be aware of changes in utility rates, billing procedures, or regulations that could impact your properties.

4. Consider a Property Manager

If utility bill management is overwhelming, a property manager specializing in this area can be invaluable. They can oversee the monitoring and accuracy of your utility bills. At Prime Property Care we do exactly that for our HMO Landlords.

Conclusion

Vigilant property management extends beyond maintenance and tenant relations. Regularly reviewing utility bills, ensuring meter readings are accurate, and promptly addressing discrepancies can save money and build tenant trust. This minor investment of time and effort can result in significant financial benefits and peace of mind.