Buyers Access Blog
<< Prev| Page: 1 2 3 4 5 6 7 8 9 10 |Next >>
Company News

CDC offers guidance on cloth face coverings

by Christin D. on 4/7/2020 4:13:02 PM

The CDC has recommended that people wear a protective face mask while in public to help protect against COVID-19. Unfortunately, there is a current shortage of masks, and many are unable to source them for use. As a result, the CDC has indicated on its website that a substitute mask exists and can be made at home. We invite you to use the video they released below to access the steps involved in making the cloth face coverings recommended by the CDC. You can also read more on their website by clicking HERE. 

 




Industry Trends

Get SMART with us! Where do you begin?

by Christin D. on 4/2/2020 1:41:40 PM

SMART technology selection: what do renters want?
"Smart" technology is quickly gaining popularity as part of the "On-Demand" lifestyle, and as a preferred feature when residents are weighing rental housing options. Recently, the National Multifamily Housing Council (NMHC) and Kingsley and Associates released a 2020 survey of resident preference results, in which 70% of renters surveyed indicated a preference to see "smart" tech that saves money and increases their ability to control their homes remotely. With the rapid change of technology, decision overload can easily confuse investment strategy decision making when weighing in on what features to add to current rental investments. But are these innovative additions sound investments to generate income and or reduce expenses, or are they just necessary to keep up with the competition?

 



Top 3 "smart" features
Data from the 2020 Resident Preferences Report supports the adoption of “smart” home features in multifamily housing, and the top 3 features residents want are “smart” thermostats, “smart” lighting, and “smart” locks. 70% of respondents indicated they want to see at least one of the 3 features present in their new homes, and 5% even report it as a requirement. Buyers Access has partnered with industry specific suppliers who specialize in “smart” home upgrades and have numerous offerings and solutions available. But first, let's look at the 3 top categories revealed by renters starting with number 1 contender, “smart” thermostats.



Smart thermostats
The most desired "smart" home feature and ranked number one by residents is the "smart" thermostat. The increased visibility and control residents gain through this innovative solution allows them to control and adjust temperatures on demand and remotely. Money-saving benefits associated thermostatwith "smart" tech features is a primary reason why residents ranked it number one on their list.



Smart Lighting
Smart lighting ranked second by residents in the 2020 report in desirability, and has many similar features and benefits to the "smart" thermostat. Increased control over lighting on demand and remotely, or even automatically decreases wasted money on electricity. Being able to control lighting remotely can offer increased peace of mind when it comes to electricity bills resulting from forgetting to turn off the lights. Another benefit is the deterrence of crime. Adjusting lighting at any time from anywhere makes it look someone is present in the house when it is unoccupied. That extra peace of mind these two benefits can bring can be compelling with some people.



Smart Access Control
Ranked number three, "smart" locks, are continuing to gain traction and increasing in demand to residents and property management teams. Smart locks compliment "on-demand" services and eliminate the need for property management teams to validate entry permissions, potentially removing liability if guests or vendors need access when a resident is away. Property management team can change locks remotely, grant access to vendors, and aid in resident lockouts through the ability to lock, unlock and change access programming on demand and remotely. Common area controlled access through smart lock features also save landlords time and money by eliminating physical requirements to complete the task, and also track usage for liability purposes.



Buyers Access is Smart, and ahead of the curve
RemoteLock– cloud-based access control

One of the newest supplier partners to join Buyers Access offers a high caliber, seamless smart home technology for access controls. Remotelock specializes in cloud-based access point technology crafted explicitly around the needs of residential, business, and commercial properties. This technology solves many of the most significant access management and scheduling issues that property management faces daily. The RemoteLock solution is cloud-based and can be controlled from anywhere, eliminating dependence on a server or hardware that demands presence on-site. 

 

SmartRent – advanced smart tech operating solutions

SmartRent, another new Buyers Access supplier partner, creates multifamily technology solutions that provide property owners and managers a platform to better monitor and protect assets and create operational efficiencies, all while driving ancillary income. Some of the SmartRent technology options include vacant unit management, advanced leak detection, vendor access, common area, and building access, and predictive maintenance reports. In addition, residents of SmartRent communities can use the mobile app to control their smart home devices (thermostat, keyless credentials, lights) from anywhere. SmartRent will help develop a customizable plan that fits the level you are looking to invest in smart building operations.



Get smart with us

Both Buyers Access partners undoubtedly offer a robust amount of options to meet the Smart Home Tech results shown in the preferences survey. Contact your Buyers Access account manager or sales team for more information on SmartRent and RemoteLock.

 




Company News

Press Release: Buyers Access and AMC Announce Partnership

by Christin D. on 4/2/2020 10:00:00 AM

For immediate release:
Buyers Access® and AMC Announce Partnership


Denver, CO, April 1st 2020
–Buyers Access® (BA) and Apartment Management Consultants, LLC (AMC) today announced a strategic partnership, which will provide AMC properties purchasing optimization benefits through Buyers Access. As a Member of Buyers Access, the AMC properties and organization will realize additional opportunities for cost savings through purchasing standardization, spend consolidation, outsourced services, data analytics, reporting visibility, compliance education, and training.


Dan Haefner, President & CEO of Buyers Access® commented, “Our entire team is both thrilled and honored to be entering into this strategic relationship. We sincerely welcome the opportunity to provide value add services and support to AMC properties and owners, and the ability to positively impact their day-to-day operations. We look forward to working closely with AMC and their Associates.”


Brenda Barrett, President of Property Management Operations at AMC said, “We are constantly looking at ways to perfect how we do business, and how we can improve the experience for our residents, team members and owners. At AMC, every detail matters, and that includes providing efficient and effective purchasing processes. We look forward to our purchasing optimization partnership with Buyers Access and driving additional NOI to the bottom line.”


About Buyers Access
As the nation's leading Purchasing and Cost Control specialist for the multifamily housing industry, Buyers Access provides real estate owners and operators with full service purchasing solutions to help maximize the value of their real estate assets. Since 1986, Buyers Access has helped thousands of properties and hundreds of companies to reduce operating costs and drive improved cash flow, while leveraging substantial personnel time savings. For more information, visit http://www.buyersaccess.com or call 1.800.445.9169


About AMC
AMC is a full-service property/asset management company that was founded in 2000. Since its founding, AMC has grown to be one of the premier management companies in the country. AMC is dedicated to meeting the needs and exceeding the expectations of owners and asset managers. AMC strives to make each of the properties it manages perform to their highest potential by giving its staff the tools they need to succeed, by intelligently responding to the industry's market changes, and by overcoming any obstacles that might be presented along the way. AMC is dedicated to continued excellence by establishing, maintaining, and promoting the highest standards of property management.




Best Practices- Maintenance

Pet-Friendly Upgrades!

by Christin D. on 3/19/2020 1:52:00 PM

Earlier this year, the National Multifamily Housing Council released it’s “2020 Apartment Resident Preferences Report,” and the results solidified what has become a known fact: our residents LOVE their pets!
That’s right, just as suspected, residents will often compare properties pet-friendly perks when searching for their new home, and it could make or break their renting decision at your community!  
Know what makes them tick
Successful community teams are actively prioritizing how well their property features cater to the needs of four-legged residents. They are up to date on their competitor’s pet-friendly offerings and constantly strategize ways to engage the community with their next-level features. That “little something extra” separates the pet-friendly features from serving just as an amenity and skyrocket it up a level to a full-blown experience. Perhaps you could incorporate the same at your property with Buyers Access and Pets and Playground this year?
It pays to love pet’s
The love of four-legged family members doesn’t come without its benefits to property teams. Herein lies the perfect opportunity for properties to capitalize on the prioritization of pets and making leasing and retention a breeze! Renter’s will often place their pet’s comfort before their own when weighing rental decisions, and they will pay for it too! According to the 2020 preferences report, these additional features can generate an additional $28 - $34 per month per apartment! Partner with a purchasing consultant like Buyers Access, and you can utilize our team of supplier partners like

 Pets and Playgrounds to source your upcoming amenity projects. Saving with us and streamlining the process while using the expertise of our partners, you will recoup the cost in no-time!
What’s hot right now
So how can you upgrade or begin attracting these dedicated pet owners to your community? Easy! Here are some ideas to get you going:
  1. Turn the old computer lab or package room into a “paw spa” fully equipped with grooming supplies, state of the art air-dryers’, and local pet confection’s like gourmet treats, shampoos, and other fun grabs that give that extra charm.
  2. Create a pet of the month club and have local pet food and supply vendors participate in a monthly winner awarding them with treats of choice through their business. It’s a way to get their name out and partner with the local community while praising furry residents. Don’t forget about cats!!!
  3. Are your community tennis courts not getting used? Maybe upgrading them into an outdoor agility course with faux turf and people-friendly fire pits would be a better pull. This way, your residents can interact regardless of whether they have pets or not and be in the same space within the community. This interaction will build an amenity that residents won’t want to leave, and prospects will want to know.
 
 
 
Personalize the experience
Catering to the love of residents and their pets can not only help secure leases and renewals but also will promote an overall sense of community depending on how you leverage the additions. Hosting that monthly “Yappy Hour” isn’t a bad idea and pet’s or no pet’s, wine, and apps are always welcome!
The conversation will attract a crowd, and before you know it, the “Yappy Hour” is awaited by all residents alike.
 
 
 
 
Let’s do this for the pets!
It’s heating up, and the weather will generate demand for pet-friendly features. Why not capitalize on the opportunity, have some fun, and add value to your
 asset in the meantime?
Contact Buyers Access to see how our solutions and partnerships can help make your amenity upgrades a breeze. The savings and efficiency will create a profitable ROI in record time, and it’s likely one of the easiest projects you will ever do. Click to contact us or reach out to your Account Manager for more information.
 
 



Company News

RemoteLock and Buyers Access announce partnership

by Christin D. on 2/27/2020 11:09:47 AM

           

RemoteLock Announces Partnership with Buyers Access
 
DENVER, CO (February 25, 2020) RemoteLock, a leading provider of cloud-based access control and smart lock management software, today announced it has partnered with Buyers Access, a leading provider of purchasing optimization services and customized purchasing solutions to the multifamily industry.
 
“We are thrilled to partner with RemoteLock, who brings a cloud-based solution to key control that so many
multifamily properties need as a solution,” says Dan Haefner, CEO and president of Buyers Access.
“RemoteLock’s technology solves some of the biggest access management and scheduling headaches that our members face on a daily basis at their properties.”
 
RemoteLock’s cloud-based application, EdgeState, consolidates connected locks on an easy-to-use software platform enabling property managers to remotely control access for tenants, guests, employees and support staff that in turn, saves time, money and manpower. EdgeState allows property managers to secure and manage any door at any of their rental properties from anywhere around the world. The platform can support Wi-Fi and Z-Wave smart locks for any type of door including resident units, elevators, garage doors and common area doors.
 
“Our goal at RemoteLock is to simplify access control management for everyone at a multifamily property, from property management to maintenance teams to residents,” said Barclay Friesen, executive vice- president of direct sales for RemoteLock. “Our partnership with Buyers Access will allow more property owners to take control of managing access to their properties with a solution that is not only easy to use, but that showcases a level of technological sophistication that today’s savvy renter is looking for.”
###
 
About RemoteLock: RemoteLock is the leading provider of cloud-based access control and smart lock management software. Its cloud-based application, EdgeState, consolidates connected locks on an easy-to- use SaaS solution enabling customers to remotely control access for guests, employees and support staff, saving time, money and manpower. RemoteLock opens doors across the world more than 100+ million times per year, secures doors in more than 65 countries and engages with more than 40+ million users on its EdgeState software application each year. RemoteLock is headquartered in Denver, CO.
 
For more information visit www.remotelock.comor contact: Kim Garcia, Director of Dealer Marketing kgarcia@remotelock.com
 
About Buyers Access:Buyers Access (BA) is the United States’ leading provider of customized purchasing
solutions, serving more than 650,000 housing units in the multifamily space.
 
For more information: visit: www.buyersaccess.comor contact:
Dan Haefner, CEO 303-991-5577



Supplier Partners

Ancillary Services Management sits down with our CEO in "Get Smart with Dan Haefner from Buyers Access"

by Christin D. on 2/7/2020 11:47:25 AM

 

ASM sat down with our CEO, Dan Haefner, in a recent interview to catch up on the 2020 outlook and multifamily trends. As a trusted supplier partner, Ancillary Services Management is bringing our customers solutions in conjunction with the Buyers Access platform of services to drive NOI and operations. Click the title to view the full article and email us for more information on how you can capitalize on opportunities through Buyers Access and Ancillary Services Management in 2020!

Get Smart with Dan Haefner from Buyers Access

by Terry Chili | Jan 27, 2020 | Spotlight 

"Today we get to know Dan Haefner, CEO of Buyers Access. Buyers Access (BA) provides purchasing optimization solutions for multifamily owners, operators, and properties. Let’s see how Dan got started and how he got “smarted” about those purchasing decisions.

Chili – Tell us about your first job, so we can discover a little about your background and business approach.

Haefner – My first job was in a grocery store, when I was probably 12 years old.

Chili – An early start. Studies show people who get jobs at an early age tend to be more successful, so it makes some sense you started so young.

Haefner – Yeah, back when I was in sixth grade, the child labor laws were a bit different. I don’t think they let anyone 12 years old work anymore.

Chili – Apparently the laws were changed by people who didn’t read those studies I mentioned. It looks like you grew up on the west coast, attending high school and college in California.

Haefner – I was born in Michigan. My father worked for IBM, which stood for “I’ve Been Moved”. We hopped back and forth between Michigan and California. My family finally figured out the California weather was too attractive to ever live in Michigan again. Eventually I ended up in Atlanta to be closer to, at the time, my wife’s family.

Chili – And stayed on the east coast?

Haefner – I followed the jobs, all east coast opportunities. Yes, I’m an east coast fan and love it here.

Chili – Easy question…the hard ones come later. Most of your career was involved in multifamily management or ownership. How did that prepare you for your position at Buyers Access?

Haefner – My experiences were very cumulative. I’ve been blessed with several great mentors who allowed me to take on a range of responsibilities. That helped me become a “Jack of All Trades”, master of none. I’ve worked in accounting, legal, insurance, acquisitions, development, construction management, and property operations; all important for a CEO, because you need knowledge in all areas of the company. Despite all those experiences, and while I love what I do, I still can’t tell you exactly what I want to do. I’m still figuring that out every day. But I can tell you what I don’t want to do, and I’ve been able to avoid that.

I’ve been able to use that wide-ranging experience in my role now. I’m a people person and a process guy. Those experiences helped me learn how to set a plan in place and let people execute. Of course, on the backend, you must trust and verify. I think someone else came up with that phrase, but it works in business as well.

Chili – At the start of 2020, every interview – I think it’s required by federal law – asks for predictions. Use your multifamily crystal ball and make a couple of predictions for the upcoming year.

Haefner – I know multifamily will more thoroughly embrace technology. We are traditionally 10-15 years behind banking and other industries. We’ve finally concluded the data now available helps make property manager’s and resident’s lives easier. The push for AI and IOT will go deeper into more properties. Residents want it, and it’s now a business necessity, and it didn’t used to be so.

Chili – That’s one prediction. What else?

Haefner – I think the apartment industry growth and expansion wave will continue strong. Most people are asking when this solid growth will be curtailed. But I see us in the 7th inning, with more time left in the game. If Trump gets impeached in the Senate, or there is significant political or economic turmoil, my prediction might not look so good.

Chili – Our company, ASM, is based outside of Washington, DC, but we prefer to talk about baseball and the World Series Champion, Nationals, not politics.

Haefner – Even though we are in Atlanta and have a rivalry with Washington, I am happy for you. I was never a Houston fan, and it was a long time coming, so it was good to see you win it all.

Chili – My next question is about technology. I didn’t know you would bring it up in your predictions. What role does it play with Buyers Access and your clients?

Haefner – To be candid, not enough of a role. It’s one of our company’s points of emphasis. We have a push to increase our technological capabilities in 2020. A lot of what we do to refine purchasing decisions involves data analytics. To the extent we can utilize technology to replace manual processes our customers are more efficient. And everybody profits then.

Chili – Any “old school” characteristic you still consider essential despite your emphasis on technology and innovation?

Haefner – Absolutely. Everything depends on people and relationships. That’s a constant. Customer relationships remain the most important aspect of business.

Chili – Fill in the blanks on this question. Buyers Access solves the ______________ problem for customers.

Haefner – Good question. I’ve never had to put it in one word before.

Chili – It doesn’t have to be just one word. For example, ASM solves the problem that clients don’t have the time or market expertise to negotiate the best possible ancillary services agreements.

Haefner – BA helps customers identify and improve on challenges or solve problems they aren’t even aware they have. For example, everybody is rightfully focused on five- and ten-dollar bills and don’t focus on pennies, nickels, and dimes falling out the bottom. And those fall out hourly and accumulate into lots of five- and ten-dollar bills over time.

Chili – ASM does precisely that in telecom or other ancillary services; we give clients time to focus on residents and leasing priorities.

Haefner – I might rephrase the word “problems” as we see it as an opportunity to help them improve. We turn problems into opportunities.

Chili – What are the top 2 or 3 ways you benefit their bottom line?

Haefner – One is identifying standardization/consolidation and recommending alternative purchasing opportunities. Two would be creating visibility through data analytics, allowing customers to make faster, better, and more informed decisions. And third, but equally important, is our account management and member services teams, which act as an extension of the owner/operator team, freeing up time so they can focus on their core business.

Chili – Changing gears somewhat…what do you do when management signs a deal and the field doesn’t embrace it.

Haefner – Our approach is totally different. We work to get in front of any deal to ensure it’s not crammed down from the top and it is collaboratively developed with the field. Whether it’s the next software rollout or introducing a new process, it’s about getting buy-in at all levels, so everyone is involved and has skin in the game.

Chili – Multifamily, as opposed to most industries, has not consolidated. The 80/20 rule doesn’t apply. There are thousands of owners, none having more than 3-4% of total units. Do you see this consolidation increasing in the future and what impact does this distributed ownership have on your company?

Haefner – There are many small owners, and often for an investment vehicle it doesn’t pay to try and consolidate 12- or 24-unit properties. And even for the larger properties, I see the industry continuing to be very fragmented.

Chili – Wrapping up our session I want to shift back to the personal side. Do you have a recommendation for a book that inspired you or one you recommend? Are there any books that you give to other people?

Haefner – Absolutely, and I strongly suggest you read it. It’s also a movie now. It’s called “The Ultimate Gift”. I got it in a Christmas gift basket probably 15 to 20 years ago. I don’t even know who it came from. It’s by Jim Stovall, and worthwhile for anyone.

Chili – I will get it. And are you a digital reader or do you still like to read books?

Haefner – I’m still a paperback reader. Mostly because you use to have to shut off your Kindle on take-offs and landings.

Chili – Last question. What question should I have asked you that I didn’t ask?

Haefner – My favorite question in an interview I once had is – if you could pick any other time to live in, what era would you pick and why?

Chili – That’s a toughie. Are you going to answer it or are you just going to give me the question?

Haefner – I would have picked the Wild West.

Chili – Not the TV show with Artemis Gordon and James West?

Haefner – Loved that show but now I love reading Louis Lamour books. And for some reason, I don’t know why I like that time. It was a much harsher time, but it was also about hard work, integrity, and reputation. Those things, I feel are essential to me, and maybe don’t get emphasized enough these days.

Chili – I get the last word and will give you a book recommendation, “All the Pretty Horses” by Cormac McCarthy. It fits into your love for the west and was a movie too. The movie has a young Matt Damon and Penelope Cruz, although the book is much better. Thanks, that’s a wrap. "

 

Thank you, Ancillary Services Management!

- The Buyers Access team!




Company News

Buyers Access appoints Vice President of Sales for Bidders Access

by Christin D. on 2/3/2020 5:58:17 PM

 Denver, Colo., February 3, 2020 – Buyers Access is pleased to announce the appointment of Rose McMillen as Vice President of Sales for Bidders Access, a cloud-based bid solicitation platform specifically designed for the multifamily industry.


“Rose brings over 20 years of experience serving and partnering with multifamily owners and operators and representing innovative platforms that have increased financial and operational success for customers. During her tenure with RealPage, Asset Essentials, and Rent Collect Global (now Assurant), Rose helped to substantially increased industry recognition, customer satisfaction and brand adoption. We are very excited to have Rose join the Bidders Access team, and the opportunity to deliver a new innovative solution to the multifamily bid solicitation process,” said Dan Haefner, President and CEO.

 

“Management companies are always looking for ways to improve efficiencies for their company and teams, and Bidders Access does exactly that. By centralizing work flow, communications and document management, owners and operators can save time and streamline process, and standardize bid results for comparison. This makes the process easier for everyone, even the vendors. It’s exciting to be working with such an innovative company.” said Rose McMillen, Vice President of Sales for Bidders Access.


About Bidders Access- a subsidiary of Buyers Access

Bidders Access is a cloud-based bid solicitation platform optimizing the way multifamily investment property owners and operators create and obtain bids. By streamlining bid solicitation communication process, standardizing input and output and centralizing work-flow, efficiency increases, and teams gain a competitive advantage when comparing and understanding bids. Operations teams now can have complete control when defining scopes, quickly and easily create RFQs, conduct seamless communication with multiple bidders through automated emails, and review clear and transparent bids side by side. Cloud-based storage of all bid information and related documents/photos makes pertinent information easy to access at a moment’s notice, regardless of location.

About Buyers Access-

As the nation's leading purchasing optimization and cost control specialist for the multifamily housing industry, Buyers Access provides real estate owners and operators with full-service solutions to help maximize the value of real estate assets. Since 1986, Buyers Access has helped thousands of properties and hundreds of companies reduce operating costs and drive improved cash flow, while leveraging substantial personnel time savings. Robust analytics, detailed reporting and specialized technology solutions create improved visibility and decision making, allowing customers more time to focus on their core business of leasing, retention, collections and service. For more information, contact Buyers Access at www.buyersaccess.com or call 1.800.445.9169.

To schedule a Demo or learn more, contact Rose at rmcmillen@biddersaccess.com or visit us online at www.biddersaccess.com.

 




Best Practices

Are your vendors covered? Is the coverage enough? Is the coverage active? How can you be sure?

by Christin D. on 1/28/2020 3:50:00 PM

 
Vendors and contractors without the proper insurance coverage can cost your management company, property owner, and/or investors millions.
 
YES, MILLIONS!
 
Those Certificate’s of Insurance sent in the mail to properties and corporate offices turn out to be pretty important after all! A vendor without a valid COI that shows the information that is needed to transfer the risk off of you and on to them, you are assuming the risk for their actions when hiring them to perform work at your property, and it will cost you. Even if expired for just one day,  if the vendor policy is not active and an incident occurs, it’s going to be hard to get the risk off your shoulders; and you probably won’t. That’s why monitoring vendor and contractor insurance coverage is so important and needs to be a top priority daily, but how do you possibly do it when you are at the mercy of your on-site responsibilities?
 
 

The challenge
 
Property teams have daily tasks that are best practices within the multifamily industry. These tasks can range from “sparkling” vacant and model apartments, preventative maintenance inspections, grounds clean up, and turn-key operations, to name a few. Residents in and out of the office day after day make having a solid hour or two to verify insurance for vendors next to impossible. The struggle!
 
Insurance compliance is often an afterthought until it matters and doesn’t make that to-do list every day. Often vendor insurance isn’t checked every day; they come onsite, especially painting and carpet contractors, and we assume it’s valid because they come often, and you are sure it’s the same, right? The responsibility to manually verify the coverage is active would be needed to ensure 100% compliance every time they came to paint an apartment. That is unless you aren’t the one monitoring, and you have a database that will send you an alert when a lapse of coverage exists so you know not to let the vendor begin until corrected. There is a better way.

 
 
Why hire a 3rd party
 
To effectively handle vendor insurance monitoring, transfer the responsibilityTake the burden off the property site team and let a specialist handle the monitoring and corrections in real-time on your behalf. Multiple 3rd party companies specialize in monitoring vendor insurance and will work with vendors, contractors, and their insurance companies to verify and load documents showing valid coverage on a day-to-day basis. You will likely be alerted if the coverage previously in place lapses so you can rest assured that if something happens, you're covered!
 
RMIS is a program that exists in the multifamily management space that handles all vendor compliance, coverage verification, and like activities for you. RMIS will invite your vendors to register with them and track all the information in a custom database. This saves the operating team from missing coverage lapses, details on stipulations, and other crucial components. Wouldn’t it make more sense for the on-site team to focus on managing risk on the physical asset in real-time, daily than doing administrative checks and balances, leaving risk unnoticed?

 
Life before and after RMIS – what a transformation!
 
Look at the comparisons in the table below and see for yourself just how much time you get back by outsourcing this crucial step to a service like RMIS.
 
 
WITHOUT RMIS’s help YOU must:
WITH RMIS, you are relieved of managing:
Keep your records up to date with all vendor and contractor W-9 and COI forms.
 
The vendor onboarding process is initiated and managed from start to finish by RMIS.
Ensuring coverage is active by checking the dates on the COI.
 
Customer and vendor support provided through RMIS team members who are available for on-site teams to contact for any insurance needs.
 
Checking for coverage limits and types.
 
Daily vendor monitoring to ensure active coverage is in place, consistently.
Validating that the interested party is listed correctly on the COI to cover your property.
 
Obtains coverage documents if expired on behalf of the property management team
Promptly requesting all non-compliant information, manually, and entering corrections submitted from vendor insurance companies or the vendors themselves.  
Verification of background screenings and proper licensure.
Obtain vendor COI upon expiration and re-verify coverage and other requirements.
Analysis of COI’s to check: coverage limits, coverage types, additional insured clauses, Waiver of Subrogation, records policy numbers, tracks effective and expiration dates, and other items as needed by management companies.
 
Ongoing management of everything in the next column, without 3rd party support or resources to save time and prevent expensive oversights.
Upkeep of all of the documentation, processes, and certifications that are accessible on-demand and customized for your company requirements.
 
  
If you do this one thing
 
If there were doubts about whether hiring a vendor insurance compliance partner to track insurance coverage for you, we hope we convinced you there is a better way! Many may have already known the extreme amount of time and effort this process takes and how important it is to do consistently, yet struggle. It’s a tall order and quite an undertaking on your own, and it’s unnecessary to do it alone. If you are already a Buyers Access member and want to get this service set up free, contact your Account Manager and get connected! Not familiar with Buyers Access? Click HERE and explore a whole new way to drive NOI through our robust purchasing and procurement solutions HERE or contact us at sales@buyersaccess.com. If you email us or request to be connected, 90% of the work is already done, and we take care of the rest.
 
There. Is. A. Better. Way.

 




Best Practices

Rent Growth VS. Expense Optimization - How do you measure up?

by Christin D. on 1/7/2020 4:50:00 PM

Another great way to drive NOI – rent growth alone is so 2019!

Pushing rent increases to drive NOI and relying on income alone sooner or later will take a back seat, and expense optimization will again prevail as the industry cycle moves towards economic slowdown. Multifamily management firms that stay ahead understand that NOI through expense optimization can be achieved easily by partnering with a Purchasing and Procurement Service Organization.


While intelligent expense management is always a common goal among companies, the opportunities to maximize this area of your business are on a different plane. Purchasing optimization as a strategy to drive NOI requires resources and expertise at a different caliber than one can do alone, which is why you need a specialized Purchasing Optimization Organization to partner with like Buyers Access.
 

Purchasing Quiz: Your purchasing defined

Activity: Select the number of each statement that your company currently has in place for purchasing and procurement activities. 
 
  1. Onsite teams have the necessary tools to complete purchasing activities effectively through our company resources and systems.
  2. Our current payables process eliminates pricing and invoicing discrepancies.
  3. We have the best pricing negotiated with multifamily industry MRO suppliers such as Home Depot Pro Multifamily, HD Supply, Maintenance Supply Headquarters, and like organizations.
  4. The procurement department handles purchasing activities at our company. For larger projects and renovations, we have regional maintenance and construction project managers that ensure efficiencies. 
  5. Our company has reporting metrics that track product spend, pricing, contractor scopes, and uncovers opportunities for further optimization.
  6. We have less than 1000 units and don’t need a purchasing service.
 

Now that you have your numbers match them with the numeric category below and  unlock insight into how to better drive NOI through expense optimization.

Don’t skip anything!

Scenario 1-

"Our site teams oversee our purchasing operations and have a (weekly) report they turn in showing the efficiency."

 
Operating efficiency is becoming harder to achieve and the reliance on site teams to a level that drives NOI is sadly unrealistic. Staffing challenges plague the multifamily industry, especially in maintenance. Residents also are now expecting an “On-Demand” lifestyle now that services like “Amazon-Prime” and others are able to deliver faster than ever. The expectation as created the same “On-Demand” expectations for residents and site-teams have to work fast! We can’t overlook it or balk on adopting it, we must keep up with innovation and deliver. Residents are the number one revenue driver in the multifamily industry so taking care of them to exceed their expectations is important and takes priority. Take care of your teams and your residents and place purchasing optimization in the hands of an inclusive purchasing organization specializing in the multifamily industry, such as Buyers Access.

Scenario 2

"Our site managers oversee our payables and are always catching duplicate invoices and price discrepancies right when they happen."

That is a good start, but your manager has so much more on their plate, such as monthly renewals, aggressive rent increase rates challenging retention efforts, overseeing maintenance, etc. The leasing teams, can they help? Where is maintenance? The leasing teams are fighting for their life to get leases and keep the property stabilized while growing GPR (Gross Potential Rent) in a highly competitive market. Maintenance is short-staffed and over-worked, your lender inspection is next week. Let us be the solution. Buyers Access gives on-site teams additional bench-strength through people who support daily purchasing activities, reporting, and contractor sourcing on-demand.

Scenario 3

"We have contract pricing with our suppliers already, and we get bulk discounts as it is."

Activity: Test your consistancy-

Let’s validate the price on one item by answering a simple question. You can do this on your own to see if this solution is performing at its highest potential.

  • Were you charged the same price on every faucet of the same item number from the same supplier in 2019 company or portfolio-wide?
  • If not, how many different prices were you charged for that same faucet from the same supplier in 2019?

Scenario 4

"Our procurement department already standardized the company product selection and negotiates these deals."

Having a procurement department is wonderful! Can your procurement department offer "On-Demand" support to your on-site maintenance and office teams to help with things like emergency contractor sourcing, returning incorrect items received, etc.? Do they offer an all-in-one eCommerce site to minimize the risk of pricing errors, save time through automation, or work to source and select "top-item" lists? Buyers Access' model is inclusive and will provide both managers and leadership visibility through customized reporting in real-time, approval controls, and other innovative solutions and strategies.

INTERMISSION! 

Are you still trying to figure out the answer to the faucet question in category 3?

- Let’s talk reporting.

The visibility you gain through operating data-driven purchasing activities makes answering this question easy. You may be struggling, and that is okay. Line item analysis and segregating products in GL code reports by supplier and item type can take a lot of time, time you may not have or can be better spent focusing on resident retention. Once you do find these metrics, the second part is cross referencing to ensure that agreed upon or "contractor" negotiated pricing between you and your supplier pricing was used 100% of the time, company-wide.

You do want the same low prices each time, correct? Of course you do! And why work harder when you can work smarter?

And finally.... Scenario 5

"We have less than 1000 units and don't need any purchasing optimization."

If you are under 1000 units and don’t think that this is applicable, think again! We have a special Small Units Program that leverages resources to get them the same deals realized by larger organizations when buying maintenance and repair supplies. Click here to learn about our Small Units Program now.

AND....Back to the Faucet activity in Scenario 3 ... Did you find the answer?

My final proposal for you is this:

Buyers Access will answer your faucet question AND will uncover the total savings opportunities based on your companies personal puchasing behavior for 2019. That takes care of time savings through finding the answer to the faucet exercise (and future pricing verifications) faster, and money saved through leveraged resources and strategy.

CLICK TO GET ACCESS- to begin the process.

We want you to make an informed decision about the fate of your NOI and we can show you your data, not a hypothetical example. We want you to have all the information to support your taking the next step and saving 10-20% on purchasing without sacrificing quality or quantity.

Thanks for playing and don't forget...

Rent growth as a strategy alone is SO 2019 and it's 2020!




<< Prev| Page: 1 2 3 4 5 6 7 8 9 10 |Next >>