Renovations and Amenity Upgrades- Budget Edition
by Christin D. on 7/22/2019 3:22:20 PM
To renovate or not to renovate, that is a common question quite often pondered by operators and investors in the multi-family arena. Many attractive benefits can exist when contemplating an interior or exterior renovation, and amenity upgrades. Renovations may yield higher returns, improve aesthetic appeal, facilitate resident retention, and freshen up aging communities to better compete with modern trends. If you are planning on renovating, analysis of the local market, testing the product, and calculating costs vs. returns are all recommended steps to help forecast potential returns. Amenity upgrades should be comparable to the competition and allow a community to closely compete with surrounding properties. Below we will look at types of renovations, steps to take before the process begins, and what amenity upgrades have prospects and residents interested today.
Before you Start Renovating
According to Darren Williams of Portico Property Management, testing your product against current market conditions and projected future trends is key prior to starting any renovation project. Understanding the demographic nature of your property, along with local consumer tastes and preferences is imperative when choosing design and scope. Surveying current residents on the improvements and their additional expense toleration is critical in deciding on potential upgrades. Renovating and pricing a project’s needed return not based on current market conditions is not recommended. Taking these initial steps are important to anyone trying to achieve superior returns, and to avoid vacancies due to over inflated rents. Investors typically can realize a return of 10%-30% in rent growth post-renovations.
Choosing Interior Renovations
Visiting submarket competitors, both new construction and renovated product can provide information as to what upgraded characteristics yield the highest returns when comparing quality, age, pricing and occupancy. “Owners report that replacing carpeting with vinyl, tile, or wood flooring promises the greatest return on their investment” says Caufield for MultifamilyExecutive.com. Upgrading interior lighting is another desirable improvement due to its ability to brighten and refresh living spaces, especially those with limited natural light. Kitchen and bath upgrades such as wrapping cabinets with new finishes, replacing hardware, as well as upgrading appliances are also remodel activities that may yield superior returns.
Choosing Amenity Additions and Upgrades
The standard amenity package offering for multifamily communities use to include a couple of grilling areas around the property, a workout center, tennis courts, and maybe a business center. It was not unusual for on-site laundry services to be offered if residents didn’t have their own machines or did not have hookups available to them. Fast forward to today, the amenity package desired by renters has shifted substantially.
Today renter wants communal space for gatherings and can inspire other social benefits. Areas where residents and their friends can watch popular sporting events and shoot pool is becoming more attractive, as the sense of community can propel itself into an amenity category all its own. Other examples of communal amenity spaces encouraging residents’ creative capacities are painting and art galleries, pottery and crafting workshops, music studios, and co-working spaces. The offerings of these creative spaces tap into a desire for a lifestyle that is appealing.
Wellness and offerings geared towards healthy lifestyles are another category ranked highly on the desired amenity lists. Offering community cooking classes, nutrition seminars, and other engaging and educational sessions allows residents to bond with one another while engaging in positive initiative to benefit their overall lifestyle. From these gatherings, residents will often form their own relationships inspiring further community building in the form of running clubs, painting and art evenings, and pet play dates. This, creates an organic, thriving community that will help attract new residents through word of mouth and retain current residents that see the value in the relationships built by these offerings.
Upgrading Dated Amenity Spaces
Taking an existing business center with basic office equipment and transforming it into a coffee bar and lounge with free Wi-Fi would likely be more attractive to today’s renter. Multifamily fitness center amenities use to include only basic cardio equipment and a multi-purpose weight machine or two. Now, upgrading the space to include a yoga studio with virtual fitness instruction is highly attractive to those seeking a healthy lifestyle. Using any additional square footage to house free weights and functional fitness equipment can help an older community stand out. Upgrades to amenity areas can allow older properties to better compete with newer assets by looking and feeling the same.
Off leash pet parks are also a common amenity being included with newer developments. If a community has extra outdoor space, converting it into an off-leash pet park or a community garden can appeal to today’s renter who wants to be able to utilize outdoor space as if it was their own backyard. Community gardens are very attractive to renters who have previously resided in single-family homes and enjoy nurturing gardens and harvesting fresh produce. Offering an option that allows residents to enjoy outdoor space in a personal way can make the community feel even more like home, and encourage further social interaction between residents.
Ready for Renovations?
Renovating and upgrading may be a realistic and economical way to generate improved returns, particularly for older communities with dated interiors and amenity spaces. Renters are leaning more towards an overall experience, personalized space, and functional offerings when deciding on their next home. To stay competitive, older communities can upgrade existing spaces allowing them to realize returns faster than a new build. For more information about how Buyers Access can help your team with interior and exterior renovations, contact firstname.lastname@example.org, and we will be glad to offer you a comprehensive solution in every phase of your project using the best materials at competitive pricing.
Special Edition- Get Ready for Apartmentalize 2019!
by Christin D. on 6/21/2019 3:52:45 PM
Each year the National Apartment Association puts on an epic conference in a premier location featuring anything and everything multi-family! This year, Denver, Colorado, has been elected to host this amazing event and Buyers Access® cannot wait to see all our members, industry partners, friends, and future business partners at our booth, #1223!
If you are attending Apartmentalize for the first time, you are in for a treat! Get ready to network and interact with likeminded industry professionals and explore new potential resources at the Expo. Below is an overview of the various program elements you can partake in at NAA, and we encourage you to visit the event homepage online by clicking HERE!
Game Changer and General Sessions
Mindy Kaling, or “Kelly Kapoor” from the NBC hit show, The Office, will be kicking off Apartmentalize speaking at the opening General Session that begins at 12:45 p.m. on Thursday, June 27th.
Other “game changer” speakers that are going to be at this year’s NAA event include Brandon Stanton, David Rendall, Judi Holler, and Alli Webb! The show starts with Brandon Stanton, founder of Humans of New York, delivering an epic message on the power of storytelling on social platforms, on June 26th at 4:30pm. Moving into June 27th, you can check out Heather McGhee who will speak on transformative organizational change, David Rendall, the hilarious stand up leadership comedian with strong messages on empowerment, or catch Judi Holler of HOLLA productions for some defining courage insight. Friday will wrap up with game changer, Alli Webb of Drybar, speaking about a uniquely fabulous approach to business that has gained her major success!
Catch a “Deep Dive” seminar session where you can learn from influential industry pillars such as Dr. Debbie Phillips, Ed Wolff, and Susan Sherfield about career development on Friday at 12:45pm. You can also catch the industry data mining optimization “Deep Dive” which features 4 brilliant sales and marketing experts who will show us how to use data to our advantage when interacting with residents and prospects at a higher level.
The main event, the moment we have all been waiting for is the NAA Exposition! The grand opening will be held at 2:15pm on Thursday, June 27th and you can visit Buyers Access® at booth #1223. At the Exposition, Buyers Access will be giving live demos of e-commerce, procurement optimization, and launching our exciting new program, Bidders Access. Come see us for fun interaction, learning, and a chance to win a $250-dollar Sunglass Hut gift card!
Apartmentalize is an amazing place to attend the apartment industry’s best breakout sessions, which include insightful information on various topics across the multi-family business. This year, NAA will have over 85 different breakout sessions dedicated to topics in areas like maintenance, industry trends, affordable housing, operations, and marketing, to name a few.
Another exciting portion of this years NAA conference is a focus on health and wellness, bringing functional wellness front and center in the multi-family industry. The Wellness Labs series will host quick 15-minute breakout sessions bringing attention and focus to physical and mental well-being, and tips that are applicable to a multi-family professional’s life. We love the focus on the whole picture in terms of optimizing your personal and professional lives with wellness strategies, and we can’t wait to see you there.
Open Space Series
The open space segments at NAA will be a peer-to-peer learning experience you won’t want to miss. Engage and interact with like-minded industry processionals on topics such as resident loyalty drivers, smart home technology, and maintenance focused conversations. Collaborating with the industry leaders lined up to host these peer training and engagement sessions will enrich your mind and inspire you to do great things moving into the tail end of 2019! Don’t miss it.
Got a topic that you have been wanting to learn more about in the multi-family industry? Check out the Express Education offerings kicking off on Thursday, June 27th which will offer 30-minute sessions on topics such as career development, industry trends, fair housing, leasing, and more. These sessions will run from 2:45pm-5:30pm on the 27th and pick back up from 10:30am-2:45pm on Friday the 28th.
Other things to know
Download the new NAA app or visit the online “map your show” tool by clicking here now and start mapping out your show experience. You can add the events that you want to attend to your outlook calendar with a click of the button, share it with your co-workers and friends, and access the master exhibitor list to plan your show visits. We hope you have safe travels to Denver, stop by our booth #1223, and have a great time at this year’s NAA Apartmentalize event in Denver, Colorado!
Buyers Access® and NAHMA Announce Partnership
by Christin D. on 5/30/2019 12:37:27 PM
Denver, CO, May 30th, 2019 –Buyers Access® (BA) and the National Affordable Housing Management Association (NAHMA) today announced a strategic partnership, which will provide NAHMA-AHMA members purchasing optimization benefits through Buyers Access. NAHMA members who take advantage of this program will now have the ability to leverage limited resources, and to access additional programs to enhance their bottom line. As part of this strategic partnership, Buyers Access®will work closely with NAHMA in support of its training and education initiatives, and become much more actively involved with NAHMA and AHMA members at a regional and local level.
NAHMA and AHMA members, regardless of company or property size, will have the opportunity to experience cost savings through outsourced services, data analytics, reporting visibility, purchasing standardization, compliance education and training. Members taking advantage of this partnership can realize discounts below published market pricing on key expense categories including maintenance, repair and operating supplies, flooring, paint, office supplies and more.
Dan Haefner, President & CEO of Buyers Access® reiterated his excitement stating, “The entire team is both thrilled and honored to be entering into this strategic relationship. We sincerely welcome the opportunity to provide value-added services and support to the NAHMA and AHMA members, and the ability to positively impact their day-to-day operations. We look forward to working closely with NAHMA, the AHMAs and their associated members.”
“NAHMA is excited to be entering into this partnership with Buyer Access,” said Kris Cook, CAE, NAHMA executive director. “Buyers Access has been a supporter of our organization and members for many years, and this new relationship and program will allow NAHMA and the local AHMAs to strengthen as they continue to support their members.”
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
NAHMA is the leading voice for affordable housing management, advocating on behalf of multifamily property managers and owners whose mission is to provide quality affordable housing. NAHMA supports legislative and regulatory policy that promotes the development and preservation of decent and safe affordable housing, is a vital resource for technical education and information, and fosters strategic relations between government and industry. NAHMA’s membership represents 75% of the affordable housing industry. Visit https://www.nahma.org/ for more information.
WW GRAINGER TO PROVIDE BUYERS ACCESS MEMBERS WITH MAINTENANCE, REPAIR, AND OPERATIONS PRODUCTS DISCOUNT PROGRAM
by Shelly L. on 4/26/2019 12:45:35 PM
Denver, CO (April 25th, 2019) – Buyer Access of Denver, Colorado announced today a new relationship with W.W. Grainger Inc., the nation’s largest broad line business-to-business distributor of maintenance, repair, and operational (MRO) supplies and other related products and services. More than 3 million businesses and institutions, across many industries worldwide, utilize Grainger to keep their facilities and properties running efficiently.
Grainger distributes over 30 categories of products that encompass over 1.5M SKUs and 5,200 suppliers. This vast product offering, along with an enhanced Multifamily Housing product focus, large branch and distribution center presence, and large eCommerce capabilities allows for same day or next day delivery on over 90% of items. Grainger also offers a vast amount of services to help manage properties, including lighting/energy services, roofing services, inventory management, and safety services. Grainger, similar to Buyers Access, has vast experience in helping members to improve operations, lower expenses, and maintain the value of their assets. Members will receive significant discounts on the complete Grainger offering.
Matt Kunzler, Director of Multifamily Housing Strategy stated. “We are excited to work with Buyers Access and their members, and helping them manage, maintain, and improve their properties in order to keep resident satisfaction and retention high. Our vast product and service offer, new Multifamily product expansion, along with our first-in-class logistic capability will allow properties to find every day, and even tough to find products, much easier.”
“Our partnership with Grainger continues our mission to help our members meet their business objectives” said Jeff Peterson, Buyers Access VP of Business Operations. “Their 1.5M SKUs will help our members to source products normally fulfilled through special orders, as well provide discounts on their day to day product selections.”
About Buyers Access:
Buyers Access (BA) is the country’s leading provider of customized purchasing solutions, serving more than 600,000-member units in the multifamily space. For more information, visit www.buyersaccess.com, or contact Dan Haefner at 303-991-5577 or email@example.com.
W.W. Grainger, Inc., with 2018 sales of $11.2 billion, is North America’s leading broad line supplier of maintenance, repair and operating products (MRO), with operations also in Europe, Asia and Latin America.
Bidders Access Now Available! The latest Buyers Access purchasing tool.
by Shelly L. on 3/21/2019 3:01:00 PM
Free bid solicitation software is now available to our Buyers Access Members. Watch the video to learn more:
To set up a live demo please email us at: firstname.lastname@example.org
Pennies, Nickels and Dimes, Where Can I Find More?
by Michelle N. on 2/4/2019 6:13:00 PM
As multifamily continues to evolve and mature there is ever increasing visibility, the need for speed and pressure on accountability. We know where the big dollars are, but the pennies, nickels and dimes add up! Big data is big talk, but how can it be used to drive more margin and improve profitability? What are the latest and greatest ancillary opportunities that can bring more revenue to the table, or enhanced service to our residents? What tools, tips and techniques are being used to optimize existing business processes and to drive down cost? How will Amazon and other purchasing processes impact me and my teams in the future? How can and will outsourcing be used to drive efficiencies and drive a better bottom line? Find out in this informative webinar, presented by Ken Miller from Buyers Access.
- Understand the significance of business metrics and data that help drive more margin and improve profitability
- Explore how ancillary income can boost the bottom line and increase resident satisfaction
- Learn techniques that are being used to optimize existing business processes and to drive down cost
- Learn how (big box/retailers) businesses purchasing process can impact the future of business
- Explore what best practices can be used to increase performance and set business on the right path
Tuesday, February 12
1:00 - 2:00pm CT
Courtesy Connection Partners with Buyers Access
by Michelle N. on 1/22/2019 12:44:00 PM
ATLANTA, GA (January 22, 2019) - Courtesy Connection, a next generation call management platform, is pleased to announce a partnership with Buyers Access (BA) of Denver, Colorado. BA is the leading provider of purchasing optimization services and customized purchasing solutions to the multifamily industry.
"We are excited to add Courtesy Connection to our diverse array of vendors and suppliers with a premier call management platform," says Hila Muchow, Buyers Access National Director of Supplier Management. "Courtesy Connection offers a robust and customizable platform that include best in-class phone trees, real-time call routing, instant notifications, one-click call recordings, and call data visualization. Buyers Access Members will now have access to negotiated bulk rate pricing, with a premiere call management platform."
Courtesy Connection CEO and Founder Ryan Nigro stated, "We are thrilled to work with Buyers Access and their members to deliver a modern call management platform to the property management industry. Courtesy Connection is a new solution to an old problem: how to most efficiently deliver the best service to residents and customers calling the property. While legacy answering services focus on deferred paging to site staff, Courtesy Connection is designed to give site staff real-time visibility to calls and the tools to best serve callers while providing management the data they need to keep site staff accountable."
About Buyers Access:
Buyers Access (BA) is the country's leading provider of customized purchasing solutions, serving more than 600,000-member units in the multifamily space. For more information, visit www.buyersaccess.com, or contact Dan Haefner at 303-991-5577 or email@example.com.
About Courtesy Connection:
Based in Atlanta, GA, Courtesy Connection is a call management platform specifically designed and implemented for the property management industry. Courtesy Connection's modern platform delivers real-time call routing, notifications, reporting, and call recordings. For more information, visit www.courtesyconnection.com, call 404.948.4255, or email firstname.lastname@example.org.
Roofr Announces Strategic Partnership with Buyers Access - Industry Leading Purchasing Optimization Group
by Michelle N. on 1/17/2019 10:44:00 AM
Ft. Lauderdale, FL – (January 17, 2019) - Roofr.com, a marketplace for roofing services, is pleased to announce a strategic partnership with Buyers Access (BA) of Denver Colorado, the leading provider of purchasing optimization services and customized purchasing solutions to the multifamily industry.
“We are excited to add Roofr to our diverse group of supplier partners, and to supplement our product offering with the industry’s top marketplace for roofing services” says Dan Haefner, CEO and President of Buyers Access. “Roofr is quite unique and offers owners and operators the ability to further maximize their resources by outsourcing the roofing services bidding process. Roofr’s vast network of roofing contractors allows multifamily properties to receive up to three detailed bids from qualified, vetted roofing contractors very quickly.”
As part of this partnership, BA will deliver targeted marketing programs centered around Roofr’s capabilities to source multiple roofing contractor bids directly through their simple but effective web-based user platform.
Roofr CEO Richard Nelson said, “Our goal is to change the way apartment communities purchase roofing services. We quickly procure 3 bids from qualified, vetted roofing contractors. We have a dedicated Project Consultant on every project ensuring every project is built to scope and goes without headaches. Our process has already saved homeowners and business owners millions of dollars in the Florida market alone.
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.com or contact Dan Haefner at 303-991-5577, email@example.com.
About Roofr: Roofr is a marketplace for roofing services. Their hands on, focused approach ensures that property owners save money and stay well informed throughout the entire roof replacement process. The process saves property owners on average 20%. For more information, visit: https://buyersaccess.roofr.com.
Bringing Procurement Optimization in 2019!
by Michelle N. on 1/4/2019 4:56:00 PM
The New Year promises to guide consumers to new forms of state-of-the-art technology and integrated service offerings. In 2019, Buyers Access will not only continue to provide procurement optimization to the Multifamily and Student Housing industries, but will also be partnering with industry-leading companies that will bring innovative means to improving operating income and process efficiency to members. We are excited for what this new year will bring!
Buyers Access Partners with RMIS to Provide Vendor Onboarding and Monitoring Services
by Michelle N. on 11/28/2018 1:34:00 PM
Denver, CO - 11/28/2018, - Buyers Access (BA) is pleased to announce it has partnered with Registry Monitoring Insurance Services (RMIS®), a leading provider of onboarding and insurance monitoring services, as their exclusive Vendor Compliance provider. Through this partnership, RMIS will provide Buyers Access with the ability to provide robust compliance management services and technologies to all its customers.
“We are thrilled to add RMIS as a supplier partner, and we look forward to our customers benefitting from their expertise in vendor onboarding and monitoring” says Hila Muchow, National Director of Supplier Management, Buyers Access. “RMIS has a long history of providing customized vendor compliance solutions that streamline their clients’ ability to manage new and current vendors.”
RMIS’ programs are custom built to meet the unique operational needs of property management clients of all sizes and locations across the North America. All requirements are incorporated into a client-branded, web-based vendor registration portal that optimizes the process of onboarding and qualifying vendors. Each registered vendor’s Certificate of Insurance, W-9, contract, license and background screening results, and more are monitored and available to the customer.
“RMIS and Buyers Access share a commitment to provide exceptional services to our clients. We are very excited about our inclusion as a Buyers Access supplier partner” says Bill Nordhus, Director of Sales at RMIS.
About Buyers Access
Buyers Access (BA) is the United States’ leading provider of customized purchasing solutions, serving more than 600,000 housing units Nationwide in the multifamily space. For more information, visit www.buyersaccess.com or contact Dan Haefner at 303.991.5577, firstname.lastname@example.org.
Since 1996, RMIS has specialized in Insurance Monitoring and Compliance Services for property, facility management, and other industries. RMIS collects and monitors Certificate of Insurance information, manages compliance rule sets for its clients, and offers customized tools to significantly reduce risk, cut costs, eliminate paperwork, and automate the registration and compliance process. RMIS’ advanced technology coupled with live customer service gives clients peace of mind knowing they can utilize properly insured carriers who meet all their unique requirements. Contact RMIS to learn how a custom vendor compliance solution can improve your business.
Director of Sales