4 Ways to Alleviate the Strain of Operating in an Inflationary Environment

Rising prices for goods and services – compounded by factors like slow rent growth and high apartment supply – can really put the squeeze on multifamily property owners and operators. What can they do, beyond increasing rents, to lower operating costs, reduce expenses and increase NOI? Here are four ways to ease operating pressures and drive optimal property performance.

#1 Manage vendors more effectively

Gain more visibility and control over vendors by centralizing vendor management. You can:

• Reduce vendor risk across properties with Vendor Credentialing
• Source, bid, contract and award business with Vendor Marketplace
• Benefit from group purchasing discounts
• Save on vendor purchases from your storefront catalogs

An integrated solution helps you efficiently manage all aspects of your vendor operations, from selecting the right vendors and getting the right prices to accessing discounts and creating catalog restrictions.

#2 Maximize purchasing power

 Pool together buying power with other property management companies and drive operational savings with a Group Purchasing Organization (GPO). You’ll get:

• Pre-negotiated discounts with major industry vendors
• Important industry updates
• Notifications for sales and special promotions
• Education and training
• Customizable vendor selections
• Quarterly saving report

eSupply GPO offers measurable savings with strategic vendor partners, quick access to discounts and expert advisors to establish, organize and maintain your preferred vendor network.

More than 3 million units purchase discounted goods and services from GPO

#3 Keep property spend under control

You can benefit from an online storefront catalog of goods and services from approved vendors that features:

• Full customization
• Amazing shopping experience
• Order management workflow
• Complete visibility into property spending
• Streamlined e-invoice process
• On-demand customizable reporting

A catalog helps property operations by eliminating maverick spend and creating more cost-effective workflows.

On average, save up to 5% on catalog spend – estimated $24/unit annually*
*Estimates based on savings by RealPage^® clients using GPO Vendors Network and managed catalog vendors

#4 Stay ahead with actionable data insights

Make informed decisions with drill-down analytics for relevant, timely insights. You can:

• Get reporting and insights
• Direct the spend process
• Benefit from operational support for vendors
• Map a plan of action with data

Only the most advanced dataset can turn into precision intelligence that fuels actionable insights for your operations. Reports range from purchasing efficiency and return on investment to vendor metrics.

Mitigate impacts of inflation

During times of inflation, multifamily owners and operators need to combat rising prices of goods and services while continuing to optimize property performance. To help alleviate the strain, they can increase efficiency by managing vendors better, expand their purchasing power, use catalogs to save on purchases and leverage data for spend insights.

For more on centralizing purchasing, invoicing and vendor management processes, see our Source to Pay platform.