Utilities algorithm developed by lettings management platform

11 February 2021 | Renting

 Utilities algorithm developed by lettings management platform

Lettings management service Ringley Group has teamed up with a utility broker, 001 Ltd.

It says this sources and identifies economies of scale to bulk buy utility access, getting the best deal available for landlords and properties’ communal areas.

Ringley also claims that 001 can detect if a client is overpaying. For example, landlords in Ringley’s residential managed portfolio could be paying charges that do not apply to them, such as a climate change levy that should only apply to businesses in the industrial, public services, commercial and agricultural sectors.

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Ringley says it has developed a new algorithm to process utility bills, which takes information from utility providers such as VAT rate, supply address, contract end date, and the estimated bill to create a notional or ‘face-value’ bill. 

Ringley will then run data tests and authorise appropriate bills automatically. 

If customers would like to receive the original bill from their utility provider, a link on their notional bill will direct them to contact their provider, who will  download it for them.

Ringley adds that in its opinion utility providers can often over-estimate monthly payments, where meter reads are not taken or applied incorrectly. The rollout of smart meters will help improve the accuracy of all billing, so clients only pay for their actual usage.

“It’s clear the utility market has its problems, so we hope the new service makes it just that bit easier for our customers to navigate the market” says group managing director Mary-Anne Bowring.

This post has originally been featured in Letting Agent Today.