Frequently Asked Questions - Utility Billing and Collections
What is submetering?
Utility Biling
What are submeters?
A submetering system typically consists of small meters installed at the point of unit entry. For example, at the water heater, at the main breaker panel and so on.
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These read the meters and send the signals to a centralized collector. |
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This is an antenna and small computer that collect and store the meter reads |
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Midway accesses your collection system via DSL line, dial-up modem, or
cable modem.
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Midway uses only the highest quality products from established vendors. We build long-term relationships with our clients, and refuse to use inferior goods. This is why we can offer FULL WARRANTIES on our installations.
Our Project Managers will work with your GC, plumbers, electricians, and owners to design the perfect system for your property. This includes permitting and Code Compliance. After reviewing the construction prints, they will recommend the most appropriate system.
How much do they cost?
No two jobs are alike. When preparing a quote, we take into consideration things such as: terrain, construction style, # of floors, and more. If replacing an existing system, the cost might be as low as $75 per unit. At the other extreme, a complete system installed in a hurricane-proof building might cost as much as $150 per unit.
In either case, the results are the same: you get a perfectly installed and functioning submetering system that will increase your property value and maximize your revenue for many, many years.
If you don't want to tie up your capital with an initial outlay, we can provide financing plans that require no money out of your pocket, ever.
What are the benefits?
| Utility Cost Recovery |
The number one reason why owners install submetering systems is to accurately bill and collect for their residents' usage. Without a system, you either have to raise the fees / rent, or allocate the cost in some way
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| Property Value |
It is no exaggeration to state that a submetering system will return a price 2-3 times higher than what you paid for it. Call our Sales department for details
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| Lower the Rent, Condo or HOA Fees |
When your residents pay for their own utilities, you no longer have to build these costs into your fee structure.
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| Less Hassle |
Some properties try to allocate their residents' usage based on the municipal master bill, and end up with a billing and collecting nightmare. A submetering system relieves your managers of this nuisance
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| Problem Identification |
A submetering system gives a more granular view into your property's utility consumption. It then becomes much easier to detect things such as leaky toilets, improperly set thermostats, etc.
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| Conservation |
In the past, this topic got frequent lip service, but was ignored because it couldn't justify itself financially. But, oil and natural gas prices are escalating, leading to higher electric bills. And water reserves are on the decline in virtually every area. Then there is the "Green" movement. Tenants and homeowners are looking for properties that are resource-conscious. Green buildings are showing higher occupancy rates.
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Why should I go with Midway?
Midway has been reading meters, preparing bills, and collecting revenues since 1995. It is not a simple task.
Rates are different in every municipality, and many counties require a submetering license. Some counties don't even allow the billing company to charge a fee, and others require the property to prove that the meters are accurately calibrated on a periodic basis.
Midway has the experience to take all of this in stride.
We have software systems designed exclusively for the submetering industry. These systems are fault-tolerant to ensure that your bills are delivered and revenues collected no matter what.
What about collections?
We collect your revenues through all of the channels you'd expect: online credit card, check, ACH, and of course, by phone.
But what about residents who refuse to pay? Midway has a multi-tier collections program. We send out Late Notices and Demand Notices, at your option. And, if you wish, we turn the account over to an ACA-accredited collections bureau (American Collectors Assoc.). They are licensed / bonded in 50 states. They verify the account against the NCOA (National Change of Address) database, and Acollaid Skip Tracing. And of course, they have lawyers.
Who handles customer service?
Our goal is simple - to keep you from ever getting a phone call from a resident regarding their bill.
We have a bilingual staff (Spanish / English) that is trained to handle any problem. Our hold times average less than 25 seconds.
What web services do you offer?
Midway provides online services that are the best in the industry. Here are a few examples.
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Your residents will love this. They get their own secure login, and can see their utility usage, billing history, and more. They can pay, and manage their account online. |
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Your PMs can see the entire property's utility status at a glance, both unit- and property-level. They can review billing and collection information, and much, much more. For example, we have over 70 Management Reports, Graphs and Charts, and this number steadily grows as we find new ways to improve your bottom line. |
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Our system has security levels that allow a Portfolio Manager to see the entire holdings in aggregate, or subdivide the properties down into regions, by Geography or any other method of their choosing. Now you can quickly identify which properties are performing best (and worst), and why |
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