Buyers Access Blog
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Company News

Improve Vacancy Rent Loss with Buyers Access

by Michelle N. on 3/14/2013 1:53:37 PM


Time is Money:  Reduce Turnover Time & Resident Turnover – Increase NOI

A recent article in Multifamily Executive discussed lowering costs of unit turnovers.  These included staggering move-out dates throughout the month, reducing the use of subcontractors for certain tasks like painting, and increasing rental rates to offset the expense of new carpet.  The article makes the assumption that very little can be done to improve resident retention.  Let’s look at some specific actions that may assist in reducing turnover time, reducing expenses, increasing resident retention, and therefore, increasing NOI.

Implement a Preventive & Scheduled Maintenance Program
Create a regular maintenance schedule for all your units and buildings.  This will allow inspection and repair of units while they are still occupied, minimizing the work necessary at turn.  Properly maintained apartments have been shown to increase resident retention as well.  Remember to include building and systems maintenance such as roofs, HVAC, plumbing, and electric in the schedule. Your trusted vendors will typically assist with a number of these inspections as a value added service.

Standardize Supplies, Products & Vendors
Implementing standard paint, carpet/flooring, faucet, and fixture colors and grades for unit turns not only saves time, but money.  By standardizing products, your costs should decrease by buying in bulk. Consolidating vendors reduces costs associated with invoice processing, inconsistent pricing/discounts, and quality of work. Time = Money.

Consider the Value of Hiring Temporary Workers
During peak turnover seasons, hiring temporary workers (painters, handymen, etc.) may prove to be less costly than additional days of vacancy rent loss.  Do the math.  If your rent is $1000/month, each day vacant = $33.33 in lost rent. Five vacant units = $166.65 per day. If you can reduce the turnover time by just 3 days, you will improve vacancy rent loss by $499.95. Even the best maintenance team needs some assistance occasionally.

Be Realistic & Honest
Do you and/or anyone in your organization have the time to review, develop & implement these necessary steps?  Consider the real value of a reputable GPO (Group Purchasing Organization) like Buyers Access. By utilizing our Account Management, and Member Services Teams, one phone call can accomplish the majority of these time = money savings programs. Our average member realizes a NOI of over $50 per unit per year.  

To learn more about other cost/time reducing strategies and services that Buyers Access can offer, contact us.  We look forward to hearing from you.         

Check out our Facebook page and or visit our website www.buyersaccess.com  
Buyers Access • 1777 South Harrison Street, Suite 300 • Denver, Colorado 80210
 Phone  800.445.9169 • Fax 303.991.5588 • www.buyersaccess.com




Company News

Buyers Access Explains Your Total Cost of Ownership of Carpet

by Michelle N. on 3/14/2013 1:10:06 PM

When buying carpet for your property, it is important that you not only look at the initial expense but also the total cost of ownership (TCO). There are many factors involved in the cost of ownership that aren’t upfront.  For example, carpet can appear to be less expensive at first. However, on-going maintenance of the carpet can end up costing more money in the long run. It is important to work with a multifamily purchasing expert that can help walk you through what TCO really means. This will greatly affect how you purchase carpet for your property today and in the future. 

So let’s talk a little bit about the less visible costs of carpet ownership.

Carpet material: Some shelf pricing on carpet may or may not include the materials it takes to manufacture the carpet. However, selecting premium grade carpets factors the costs associated with manufacturing and for this reason material costs do not need to be considered separately.

Carpet form-factor: The way the carpet is cut will determine whether or not you are wasting material or not. Broadloom carpets come in rolls and need to be tailored cut which often leads to wasting good carpet material. On the other hand, carpet tiles come in pre-cut dimensions which leads to less carpet material waste during the installation process.

Fiber shape:


Although this may look like microscopic organisms, this graphic illustrates just how different carpet fibers can really be. It would benefit you to understand the differences of carpet fibers before you make a carpet investment. Another factor in the fiber would be the pile height. This is the measure of the carpet fiber above the backing. Take another look at the graphic and you will see the height differences between each. The greater the pile height, the more material used to make the carpet.  This can result in more frequent cleaning of the carpet as it absorbs more dirt.

Carpet life: Maintenance and usage of a carpet that gets heavier foot traffic will wear out quicker. Therefore, the life cycle is shorter and will cost more to maintain over time.  It is important to estimate the useful life of the carpet in order to calculate the annualized costs.

Carpet customization:
Keep in mind that asking for special cutting and or dying of carpet can be an extra fee and would be reflected in the final price.

Adhesives: A good question to ask your knowledgeable multifamily purchasing expert is what sort of adhesive is required for the carpet you just purchased. Some carpet requires the use of adhesive to affix them to the floor while other carpet can use tactile pads which are placed on the four corners of the tile. There are pros and cons to both, so having a purchasing expert to help you determine what to use and how to use it will add value to your purchase and ultimately decrease the TCO.

Stain protection: Some carpets have stain protection features such as Scotch Guard that affects the maintenance costs.

Recycling and disposing:  Some carpet vendors may have specific recycling requirements or take-back programs that will affect TCO. Some recycle only their own brand of carpet while others recycle based on the carpet material. What if the carpet you currently have at your property or want to purchase for your property does not meet the requirements for recycling? Do you repurpose the carpet, burn it to produce energy, or do you dump it in landfill? While disposing and replacing carpet are typically one-time costs, they can be substantial and affect TCO. 

Who knew that carpet purchasing could be so challenging? Well, it doesn’t have to be if you are a member of Buyers Access. We make sure that members invest in products that have life-cycle costs conducive to their budget. We help you focus on value of the product not just the initial upfront costs. If you are in the market to purchase carpet for your property do not hesitate to call the multifamily purchasing experts today to get a free consultation. Let us help you take those sometimes difficult or time-consuming purchasing tasks off your plate. 

Check out our Facebook page and or visit our website www.buyersaccess.com

Buyers Access has been the apartment industry’s group purchasing expert since 1984!

Buyers Access • 1777 South Harrison Street, Suite 300 • Denver, Colorado 80210
Phone  800.445.9169 • Fax 303.991.5588 • www.buyersaccess.com




Company News

Buyers Access the Cornucopia of Multifamily Group Purchasing

by Michelle N. on 3/14/2013 12:35:10 PM


Did you know that Buyers Access has a “Cornucopia” of purchasing services to offer you? If not, you should take a gander at some of the specialized services we can bring to the table. We can help you with product searches, bulk pricing, bid solicitation and contracting, price checks, product by product comparisons and more. We also make available to you property usage reports, management company reports, AVA reports, and member services reports to help manage how each property spends with our suppliers. Our team will also work with our suppliers to identify items most frequently purchased then help you prioritize and standardize your purchasing to promote uniformity across your portfolio. Whether you are an apartment property management company, apartment owner or an onsite property manager, cost effective and convenient purchasing for your property is a must have. If you aren’t already standardizing your purchasing from top national suppliers then you are missing out. We are ready to serve you up some quality purchasing services that will keep you coming back for more!

Call for a free consultation to learn more about how Buyers Access, the Multifamily Group Purchasing experts, can help increase your NOI!

 

Check out our Facebook page and or visit our website www.buyersaccess.com

Buyers Access has been the apartment industry’s group purchasing expert since 1984!


Buyers Access • 1777 South Harrison Street, Suite 300 • Denver, Colorado 80210
Phone  800.445.9169 • Fax 303.991.5588 • www.buyersaccess.com




Company News

Emergency Purchases: Multifamily Group Purchasing

by Michelle N. on 3/14/2013 12:26:44 PM

“How can I reduce the amount of money we spend on ‘emergency’ purchases?” A great question often asked by Multifamily Housing Professionals.  Buyers Access is here to help with practical ways to either mitigate, or greatly reduce these expenses.

Have a plan in place. This includes having a list of approved emergency vendors. Failure to do so can lead to inefficiencies such as higher costs for standard items, use of inferior substitute items, use of unauthorized vendors, trips off site, and overtime charges. One recent analysis performed for a Buyers Access client revealed an increase of over 20% charged by the use an unauthorized vendor. This increase included the extra time involved in an offsite purchase, and reconciling an invoice to an unauthorized vendor. How can this drag on NOI be avoided?

Be realistic about what can and should be reduced. True emergency spend will never go away 100%, but in many cases the term “emergency” is used only to help justify an unplanned purchase. Establish ground rules, as to what constitutes a true emergency. Consultants at Buyers Access have identified several ways to improve efficiency, increase service levels, and reduce the incidences of “False Alarms”.  Once the ground rules have been set, communicate the plan to your team, and designate a leader to go to with questions.

An ounce of prevention is worth a pound of cure. One practical way to reduce emergency expenses is to perform scheduled property inspections. These can detect potential emergencies waiting to happen.  Key vendors are invaluable in this process. Buyers Access members have the benefit of making one call to our Member Services team to schedule qualified inspections by HVAC, plumbing, and electrical contractors.

Practice makes perfect. Review emergency procedures on a consistent basis. Our Account Management Team, can assist with this review, and identify additional solutions to further reduce costs associated with emergencies. Ultimately, these steps not only improve your NOI, but your residents’ experience through more timely resolution to their requests.

Call for a free consultation to learn more about how Buyers Access, the Multifamily Group Purchasing experts, can help increase your NOI!

Check out our Facebook page and or visit our website www.buyersaccess.com

Buyers Access has been the apartment industry’s group purchasing expert since 1984!


Buyers Access • 1777 South Harrison Street, Suite 300 • Denver, Colorado 80210
Phone  800.445.9169 • Fax 303.991.5588 • www.buyersaccess.com




Company News

Get Floored with Multifamily Group Purchasing Experts

by Michelle N. on 3/14/2013 10:43:48 AM

If you own rental property or apartments, cost effective flooring is a necessity. With tenants moving in and out of units frequently, it tends to put a lot of wear and tear on the floors. Because of this, landlords or owners must change flooring to not only replace dingy old flooring but to remain updated and fresh to prospective tenants. So how do you choose what flooring is going to be the best for your property? With so many choices out there how does one even start to consider the right product, compare product, find the right price, and remain consistent throughout the property portfolio? Could the answer to all of these variables really be right at our fingertips? Well, yes. What would you think if you could reduce expenses, ensure product consistency, and streamline purchasing for all floorcovering needs across your portfolio of properties? You may be in a position where you can’t afford not to look into standardizing your flooring program. Buyers Access offers up a Smart Advantage Purchasing Program that can help you find the best method to reduce costs and develop a consistent floorcovering program. You will be floored when you look at the cost savings, the time savings, and the return on investment. The Buyers Access Account Management and Member Services teams can assist you in identifying obstacles and recommend solutions that bring uniformity, and cost reduction, to a new floorcovering program.

Call for a free consultation to learn more about how Buyers Access, the Multifamily Group Purchasing experts, can help increase your NOI!

Check out our Facebook page and or visit our website www.buyersaccess.com

Buyers Access has been the apartment industry’s group purchasing expert since 1984!

Buyers Access • 1777 South Harrison Street, Suite 300 • Denver, Colorado 80210
Phone  800.445.9169 • Fax 303.991.5588 • www.buyersaccess.com




Company News

Improve Your Indoor Air Quality: Multifamily Group Purchasing

by Michelle N. on 3/7/2013 9:46:42 AM


As Property Management professionals you understand the need to provide value to your residents in order to increase satisfaction and improve resident retention. More advancements in sustainable products are being made every day, and their role in the satisfaction of residents is expanding while also providing a means to significantly reduce the carbon footprint of your communities. For example, did you know you could improve indoor air quality and reduce carbon emissions by using a Low VOC (Volatile Organic Compounds) paints? Unlike traditional paints, Low VOC paints are manufactured without chemicals that add to lingering, and continuing odors, and by definition contain less than 250 grams of VOCs per liter. (Based on U.S. EPA standards for latex paints)

Is your paint truly Low VOC? Many manufacturers' paint tints can actually add VOCs back in to the low or No VOC paint you have purchased, leaving the paint harmful to resident's air quality. To make sure your paint program is meeting your Low VOC standards, and to learn about other environmental benefits please give us a call!

Call for a free consultation to learn more about how Buyers Access, the Multifamily Group Purchasing experts can help increase your NOI!

Buyers Access • 1777 South Harrison Street, Suite 300 • Denver, Colorado 80210
Phone  800.445.9169 • Fax 303.991.5588 • www.buyersaccess.com

 




Company News

Welcome to the Buyers Access Blog

by Michelle N. on 1/31/2013 6:57:15 AM

The Buyers Access Blog features multifamily group purchasing, supplier, and property management news and commentary.  We welcome your comments.


Buyers Access • 1777 South Harrison Street, Suite 300 • Denver, Colorado 80210
Phone  800.445.9169 • Fax 303.991.5588 • www.buyersaccess.com 




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