Vendors are a large part of successful multifamily operations. By outsourcing various areas like landscaping, cleaning, maintenance, amenity management and other activities, apartment property managers can spend more time on big-picture tasks, including tenant recruitment and retention.
While vendors are important, too many of them can be problematic. “Juggling multiple vendors creates inefficiencies, service inconsistencies and administrative headaches,” WithMe Founder and CEO Jonathan Treble told ApartmentBuildings.com. As a result, multifamily owners and operators are consolidating vendors and letting go of inefficient suppliers without reducing quality.
A Consolidation History
Treble said the move toward vendor consolidation took place for a while, but the pandemic moved it forward. “Staffing shortages and rising costs forced property managers to rethink operations,” Treble said. “Efficiency became a necessity, not a nice-to-have.”
These days, property owners and managers want vendors who can take on more tasks without adding problems. As such, vendors offering consolidated solutions are more than convenient. “They’re becoming the go-to choice for operators looking to simplify and scale,” Treble said.
Treble added that effective vendor consolidation helps streamline operations, decreases administrative headaches, and boosts reliable service. “Instead of chasing down multiple vendors and troubleshooting issues, teams have more time to focus on what they do best: building a great community,” he commented.
Defining an “Inefficient Vendor”
An efficient vendor tends to create more problems than it solves. Obvious signs of vendor inefficiency include a general attitude of not giving a darn or delaying a job. Treble said other red flags might include:
More work for staff. “If staff spends more time fixing issues than benefitting from a service, that’s a red flag,” Treble noted.
Unanticipated costs. Any vendor that generates unexpected fees or expenses makes budgeting more complex.
Inflexibility. According to Treble, efficient vendors must evolve with a property’s needs, “whether through scalable pricing, upgraded technology or enhanced service.”
Poor communications. Slow or unresponsive customer support can disrupt a property’s operations and erode tenants’ trust.
Basically, “a vendor should make life easier,” Treble commented. “If they add friction instead of value, it’s time to move on.”
As such, Treble explained that apartment owners and operators should seek out vendors that can make life easier by offering reliability, scalability, cost transparency, positive resident impact and hands-off management.
Improving Effectiveness, Reducing Headaches
The goal of consolidating vendors is to improve property and tenant experiences. Treble added that quality vendors go beyond simply providing a service; they help solve problems, simplify operations and make life easier for staff and residents.
“Letting go of inconsistency and inefficiency leads to better workflows, reduced stress on the property team and a better resident experience,” Treble said. “In the end, smart vendor choices set properties apart.”
A previous version of this article appeared on ApartmentBuildings.com.
The post The Move Toward Multifamily Efficiency: Vendor Consolidation appeared first on Connect CRE.
