Simplifying utility allowance calculations with WegoWise
Time and time again, we've heard customers complain about the dreadful task of calculating utility allowances. The whole process is cumbersome: from gathering the utility data, weeding out inaccurate data, and sorting the data into categories, to the final step of determining the typical consumption for each category. Thankfully, we've been able to simplify the process for several users. Schochet Companies is one of our users that recently tried using WegoWise to assist them in their utility allowance calculations, and found that the software can significantly reduce the headache surrounding the process.
Schochet Companies' story
Before using WegoWise, calculating utility allowances for Schochet was a manual process. They completed the process in four main steps:
The entire process could take months to complete, and because of the high tenant turnover, data was frequently incomplete and thus not included in the calculation. However, using WegoWise, the process looks a bit different:
Rather than having to request utility data from their providers, a process that can take months to complete, Schochet has the data available at their fingertips the moment they want it. The historical data is not lost when a tenant moves out either – the new account can be added to WegoWise, and the data will continue to automatically import for that unit. This not only allows Schochet to have more units with a full 12 months of data, but also allows them to monitor each unit's consumption and costs over time.
Schochet then created reports in WegoWise that sorted the usages by bedroom type. Below is an example of a custom report looking at just one bedroom units. We've blurred out the names of the units, but each line on the graph represents a unit. The monthly data can also be viewed in a raw form.
Using the custom reports, Schochet downloaded the data for all of the units of each bedroom type into Excel, and were then able to easily calculate the utility allowances based on the average consumption for each bedroom type.
By having continuous access to their tenants' utility data, calculating utility allowances can become less of a burden for property managers. Though it can still be a demanding process, we're here to make things a bit easier and save you some time.