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Things You May Not Be Doing to Optimize Your Budget in a Purchase

by Michelle N. on 10/29/2018 1:10:00 PM

There are several things to consider when purchasing products and services for your property. It is a fine balance to ensure that these purchases achieve a positive investment and do not generate losses for the organization.

However, sometimes we may not know what product or service is best for our properties or how to manage the budget as it pertains to those purchases. This uncertainty can be sure to cause headaches and present errors. In this blog, we tell you 4 things you may not be doing to optimize your budget in a purchase.
 

Think About Quality Not Price
While it is true that you get what you pay for when it comes to certain products, we need to be cognizant of the fact that not all higher priced items equate to quality product. Let’s not ignore the fact that expensive product can also be poorly made. Making a mistake in purchasing higher priced items assuming higher quality can present inconveniences that will cause more budget to be invested in repair or replacement.

At Buyers Access, we help our clients make informative purchasing decisions that lead to increased savings and efficiencies. Our Member Services and Account Management teams do all the leg work to make sure properties are purchasing the right product for the right price, all the time. We help our clients find the balance between price and quality ensuring the best investment is made for their property.
 

Buying with Balance and without Rushing
Purchases for multifamily properties can sometimes be extremely urgent, which means we can resort to making fast, on the fly purchases without thinking thoroughly about the right product at the right price point. Ordering too many of one item or not the right items, increases the workload when it comes to receiving orders as well as paying for those additional invoices which makes the process of ordering product not only inefficient but costly as well.

Making purchases with haste can be a risk that can give the company financial or economic imbalance for short or long term. At Buyers Access, we help multifamily owners and operators control and optimize money spent on products and services. We our help clients gain greater insight and visibility to all their purchasing transactions, budget availability and their approvals resulting in saving money and controlling costs.
 

Buying What You Need
It is important to know exactly what you need before making a purchase. Acquiring extra supplies will probably be a mistake you regret. The idea of having a little extra of this or that, is not always applicable in every process. Buying excessive and unnecessary amounts can be a waste of time and possibly risk product that cannot be refunded or returned, resulting in loss.

At Buyers Access, we guide our customers to increased savings and efficiencies through visibility of data, training and communication, reinforcement of best practices, and providing supplemental personnel resources. Our Member Services, Account Management and Client Success teams become part of your team to ensure your best practices are followed throughout your entire organization.
 

Research and Investigate the Products to Purchase
It is wise to do a little research on the product or service you want to acquire. Being well informed about which suppliers provide the best service, price, and quality will help you have a clearer picture of what product best suits your budget.

Although, it might be daunting to make the right purchases, at the right price, all the time for your property, working with the right purchasing partner can help make this process less of a headache while effectively managing your budget.

Buyers Access provides insightful data analytics and reporting solutions that allow customers to monitor spend habits and saving opportunities. Our team of industry experts can identify trends and anomalies in large sets of data. Further, we have the flexibility to set client specific benchmarks to ensure your purchasing specifications support your overall business objectives.
 

Learn more about how Buyers Access can help your property today!