Banyan Utility: Revolutionizing Utility Management for Student Housing with Tailored Solutions

SAN DIEGO, Oct. 3, 2024 /PRNewswire/ -- Banyan Utility, the leading provider of innovative utility management solutions, is proud to introduce its full suite of services tailored specifically for the student housing market. With the launch of Student Max and Student Lite, Banyan offers flexible, scalable platforms designed to integrate seamlessly with the specialized student business model, ensuring both resident satisfaction and property success.

"Sustainability is becoming a stronger focus within the student market," said Maliece Sorrows, Vice President of Operations for Banyan. "The ability to track energy and water consumption across a portfolio allows the client to identify buildings that are under-performing and make smart decisions for efficiency improvements."

According to the vice president of a Banyan student housing customer, "Banyan's new utility management platform has revolutionized the way our onsite teams handle their operations. The management portal is incredibly intuitive and user-friendly for both managers and residents. The account management team is dedicated, detail-oriented, and provided exceptional support during the transition to their system. The process was seamless and the easiest we have ever experienced. I cannot recommend Banyan highly enough. Their platform and team have made a significant positive impact on our operations."

Customized Solutions for Student Housing

Banyan Utility's offerings, Student Max and Student Lite, provide by-the-bed resident billing solutions, ensuring comprehensive customer service support through live chat, phone, email, and a resident portal. These platforms are designed with the unique needs of student housing in mind, offering two flexible options:

• Student Max: Banyan collects directly from residents, requiring a form of payment to be on file for seamless billing.
• Student Lite: Properties retain control of collection, with charges pushed directly to the resident ledger.

Both options are 100% e-bill enabled, simplifying the process for both residents and management teams alike.

Enhanced Utility Expense Management

At the core of Banyan's student housing solutions is its state-of-the-art Utility Expense Management (UEM) platform. This platform provides property managers with a comprehensive view of utility expenses through detailed data points, empowering them to identify potential savings opportunities while maintaining compliance with regulatory requirements. Banyan also offers regulatory support, including lease reviews and updates to ensure ongoing compliance within each operating footprint.

Streamlined Mass Move-Out Process

Recognizing the unique challenges of student housing, Banyan Utility has developed a specialized mass move-out final bill process designed to drive financial success at the end of each school year. Final bills are generated promptly, ensuring they are either collected from residents under Student Max or pushed to the ledger under Student Lite, prior to the last month of the lease term.

Seamless Integration & Superior Support

Banyan Utility's solutions integrate seamlessly with all major property management systems, ensuring a smooth implementation process. Complementing the technology is Banyan's exceptional Client Success Team, which is composed of professionals with extensive utility and property management backgrounds. This team serves as the internal champion for clients, delivering timely and responsive support to meet expectations at all levels of the organization.

About Banyan Utility 

Banyan Utility, formerly Multifamily Utility Company, was founded in 2007 and is a leader in utility expense management and resident billing services. We are dedicated to providing a sustainable and cost-effective environment through awareness and conservation to help you increase your NOI and achieve your green energy initiatives. Our focus is providing customized utility solutions for our clients and their portfolio of communities in the US and Canada. Our innovative solutions include property management software integration, resident payment processing, in-house collections department, utility expense management, vacant cost recovery, regulatory support and submeter consulting.

SOURCE Banyan Utility