There are numerous problems that arise with purchasing supplies for your buildings, particularly if you manage a large multifamily portfolio across several boroughs. It becomes a juggling act coordinating with multiple vendors, contractors, and building employees; monitoring repairs and maintenance requests; and keeping track of inventories that are often used to service different buildings. Furthermore, price fluctuations on some items can often vary widely, and you may not even know if the price that was invoiced pertained to the one that was agreed upon when the order was placed or the time the order was delivered. You may not even know who ordered what or when.
Suffice to say, managing your purchasing agreements can be a full-time job in and of itself, and many landlords have found themselves putting in dozens of hours only to have things still get lost in the cracks.
PurchasingNYC is a platform and virtual marketplace that eliminates the discrepancies and issues landlords and managers face in supplying their portfolios with everything from appliances to janitorial supplies. The platform gives managers and landlords the power to compare how several vendors price thousands of individual items, and then allows them to choose the best deal. PurchasingNYC also allows you to keep track of orders, lock in prices, and see which employee authorized which purchase.
On larger orders, managers may even be eligible for an auction feature that will allow vendors to compete for your business. PurchasingNYC gives you the ability to centralize your purchasing operations and to allows you to better monitor your expenditures and your inventory.
PurchasingNYC came about as a solution to day-to-day problems faced by Terra Financial Solutions, a company who continues to offer back office and financial management solutions for numerous New York City property managers. As Terra developed their own back office management system to facilitate purchasing agreements and to stay on top of orders with managers' vendors, they noticed discrepancies in pricing while itemizing these orders.
No surprise, different vendors offer identical items at different prices, and most landlords tend to work with the vendor who can give them the best price for their total order. What Terra realized, however, was that the best deal would be to buy some items from one vendor and other items from another vendor.
While this would have been impossible in the days when one had to visit each vendor in person, creating a virtual marketplace would allow them to compare prices without having to travel. Luckily for New York City’s owners and managers, such a platform now exists: PurchasingNYC!
To see PurchasingNYC’s platform for yourself, click here.