Bill And Collect Article Quiz

All of the options listed in the question are features of electronic convergent billing. This means that rent, utilities, etc. are included on one bill, bills are emailed to residents, and there are direct links to online payment services.

Peter Voelkel is the owner of Holly Station, a Tristar property, and is quoted in the article.

Approximately 5 million U.S. apartment residents are billed for utilities in addition to rent. This suggests that a significant number of apartment residents have to pay for utilities separately from their rent. This could be due to various reasons such as the apartment complex not including utilities in the rent or the residents having individual meters for their utilities. Regardless of the reason, this statistic highlights the financial burden that many apartment residents face in addition to their monthly rent payments.

The benefit of utility bill and collect services is that they decrease the workload for property staff. This means that property staff members do not have to spend as much time and effort on collecting and managing utility bills, allowing them to focus on other important tasks. This can lead to increased efficiency and productivity in property management.

Convergent billing now represents about 1.5 to 2 million resident utility and rent bills per month. This means that a significant number of residents are using convergent billing services to pay their utility and rent bills. The range of 1.5 to 2 million suggests that the service is being widely adopted and is gaining popularity among residents.

Dave Staal estimates that electronic convergent billing could increase utility collections by 20 to 30 percent. This suggests that implementing electronic convergent billing methods can lead to a significant improvement in the efficiency and effectiveness of utility collections. By utilizing electronic billing systems, utilities can streamline the collection process, reduce errors, and enhance customer convenience, ultimately resulting in higher collection rates.

A convergent bill is a single bill that combines multiple expenses into one payment. It typically includes various charges such as utilities, rent, and additional fees like garbage fees and pet fees. Therefore, all of the options listed in the question might be included on a convergent bill.

The practice of utility bill and collect persists not because it is the lowest priced option, but because it operates "out of sight, out of mind," has cryptic and complex vendor remittance statements, and is accepted as a necessary evil.

Electronic convergent billing does not directly impact vacant costs. Electronic convergent billing refers to a system that consolidates and streamlines billing processes, allowing for faster and more efficient collections, reducing the required working capital, reducing administrative workload, improving transparency, and increasing resident satisfaction. However, it does not directly address or impact the costs associated with vacant units.