SAN FRANCISCO, Sept. 17, 2020 /PRNewswire/ -- For decades, Multifamily property owners have been able to meter their water, electricity and gas consumption. Now, they can meter their waste and recycling to save on costs and drive toward waste diversion goals through a new partnership between Compology, the only provider of AI-powered waste meteringTM, and Realpage, the leading provider of software and data analytics to the global real estate sector.
While the new partnership marks waste metering's entry into the Multifamily market exclusively through RealPage, Compology also works with a portfolio of Fortune 1000 clients with substantial real estate footprints including Nordstrom, Capital One, ADT Security and Jones Lang LaSalle (JLL).
"Compology's integration offering enables industry leaders, like RealPage, to flexibly and seamlessly integrate automated waste metering into their existing platforms," said Ben Chehebar, Chief Product Officer of Compology. "We're excited for the positive results RealPage will deliver to the Multifamily market, and we look forward to expanding waste metering's impact in the commercial space, too."
Waste metering can help any property owner or manager monitor and analyze exactly how much waste each building is producing and then match collection frequency to their actual needs (rightsizing), mitigate overage and contamination fines, and in turn, reduce annual collection costs to improve the net operating income and overall value of the property.
For example, an average 250-unit apartment community typically has 12 dumpsters, costing the property $30,000 to $40,000 per year for waste collection and fines. Waste metering will allow properties to reduce these costs up to 40 percent.
Sustainability for the Multifamily market
Remote dumpster visibility helps identify and reduce contamination in waste and recycling streams, improve diversion rates from landfills and satisfy resident demand for transparency and sustainability which lead to higher rents and better resident retention.
"The waste & recycling industry has seen a major movement towards the need for increased transparency due to changes in consumer sentiment, new regulations and a volatile economic environment," says Jason Gates, CEO and Cofounder of Compology. "Waste metering meets the needs of the market by enabling operational efficiency and regulatory compliance. We're thrilled to partner with a forward thinker like RealPage to bring visibility and cost savings to the Multifamily housing industry."
The RealPage and Compology collaboration helps buildings meet the ever-growing requirements of GRESB reporting and government mandates while importing new waste metrics into EnergyStar's Portfolio Manager.
"The partnership with Compology elevates the value we provide to our customers," says Jason Lindwall, Senior Vice President of Utility Management at RealPage. "We expect our new Waste Management Solution will cut customers' waste program expenditures by more than 40%. Because it's also paired with our unmatched utility data, it will transform the way Multifamily communities can sustainably manage their properties while realizing huge cost savings."
Compology milestones include:
- Compology has retail, corporate, broker, commercial and residential property management companies, waste haulers and trucking companies as customers in 43 U.S. states as well as Canada and Mexico
- Compology helps customers monitor 160,000+ total dumpsters and containers
- Compology has grown at a rate of 7X in 2017, 8X in 2018 and 5x in 2019
- Compology is helping reduce the cost of collecting and transporting waste by
- Compology has processed more than 60 million images through its AI technology
- Compology has more than 100 million data points about waste and recycling fullness levels, location, service events and contamination
- Compology has analyzed more than five million cubic yards of waste
- Compology identifies more than 100 tons of contamination monthly
As the leading provider of camera-based IoT and artificial intelligence solutions in waste and transportation, Compology helps move the world's raw material, finished goods and waste with the smallest footprint possible. Headquartered in San Francisco, Compology delivers unprecedented visibility to both the waste and trucking industries, serving some of the largest Fortune 500 companies, property management firms, waste hauling and trucking companies, waste brokers and services providers and cities and universities. Each industry uniquely applies Compology's core data points—fullness, content, location and activity—to operate more efficiently and sustainably. Visit www.compology.com for more information.
RealPage provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency in asset performance, leverage data insights and monetize space to create incremental yields. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves approximately 19 million units worldwide from offices in North America, Europe and Asia. For more information about RealPage, please visit https://www.RealPage.com.