Essential Living enhances tenant experience and operational efficiency with MRI Energy
Essential Living is a prominent build-to-rent property developer specialising in high-rent community buildings located in Central London. With a current management portfolio of approximately 550 units, Essential Living strives to provide hassle-free living experiences by offering all-inclusive utility billing to its residents.
Business Challenge
Despite its commitment to providing inclusive utility billing, Essential Living faced challenges in effectively managing and reconciling tenant contributions with actual consumption. The manual process of quarterly billing and reconciliation was laborious and time-consuming, requiring 2 or 3 employees, 2-3 weeks every quarter to complete, slowing down operational efficiency. Additionally, the company recognised the growing importance of environmental sustainability and the need to provide residents with real-time energy consumption data in an era of energy price instability.
A personalised approach with MRI Energy
To address these challenges and improve tenant satisfaction, Essential Living decided to implement MRI Energy a leading energy management platform. The decision to choose MRI Energy was influenced by the platform’s reputation in the market, as well as the strong relationship built with the MRI team throughout the sales process. Essential Living valued the personalised approach and engagement of the MRI team.
We considered other options, but for us we were more interested in fit and finding the right product for us…Most products do a similar thing, by and large, so it’s about the people, and we’ve built a really strong partnership with MRI.
– Olly Cavner, Operations Manager, Essential Living.
Efficient processes
The implementation of MRI Energy brought about significant improvements in operational efficiency and tenant experience for Essential Living. The platform automated the billing process, streamlining the calculation of consumption, unit rates, and contributions. What had been a laborious manual process using spreadsheets and excessive resources, becomes an automated process, saving weeks every quarter and allowing the team at Essential Living to focus on providing excellent service to their residents.
Enhanced customer service
Real-time energy analysis provides residents with valuable insights and increased visibility into their usage patterns, allowing them to be able to self serve on monitoring their usage or identify energy spikes, ultimately leading to allow tenants to make informed decisions to reduce consumption and improve sustainability. However, with meter readers inputting data directly into MRI Energy, the accuracy and timeliness of billing is greatly enhanced, and residents can access real-time data on their energy usage and billing.
Scalability
The scalability of MRI Energy allows the team at Essential Living to seamlessly expand their operations. With the ability to effortlessly accommodate growth in the number of properties and units managed, Essential Living can scale its billing processes without experiencing bottlenecks or sacrificing efficiency. This scalability not only ensures that the company can effectively manage its current portfolio of 550 units but also provides the flexibility to pursue future developments and expand its presence in the build-to-rent market. As Essential Living continues to grow, the scalable nature of the platform empowers the company to adapt and thrive in a dynamic and evolving industry landscape.
Addressing Market Challenges
In a market characterised by the cost-of-living crisis and increasing demand for better value, Essential Living remains committed to delivering exceptional service to its residents. Being engaged and available for residents is paramount to maintaining high levels of tenant satisfaction and fostering a sense of community within its properties.
By embracing technology and prioritising customer engagement, the company aims to stay ahead of the competition and meet evolving tenant expectations. MRI Energy plays a crucial role in facilitating this engagement by providing real-time energy consumption data and transparent billing processes. This transparency not only enhances trust between residents and the property management but also fosters a proactive approach towards sustainability.
Moving forward and meeting customer needs
The inclusion of utilities as part of the hassle-free living experience is highlighted as Essential Living’s USP, reflecting their commitment to providing convenience to residents. Moving forward, Essential Living can now leverage MRI Energy to further enhance sustainability efforts and improve the overall resident experience.
The partnership with MRI has enabled Essential Living to improve billing processes, enhance operational efficiency, and deliver an improved living experience for its residents. By leveraging technology and data-driven insights, Essential Living continues to set new standards in the build-to-rent market, demonstrating a commitment to sustainability and customer satisfaction.