How Spend Management is Helping Vidalta Property Management Improve Yield

Whether formalized or not, spend management is an important part of what every property manager does. Put simply, a PMC that doesn’t control costs will not be one for very long. But there’s a big difference between simply keeping an eye on spending and having a real program in place to do it. It’s a difference that Vidalta Property Management has experienced first-hand. “Our spend management platform not only reduces the price we pay for things, but also gives us deep visibility into what we’re spending where so we can budget more tightly and accurately,” says Vidalta’s Humberto Cubillos. “It’s a comprehensive, systematic way to approach spending that improves our yield in a way an informal approach cannot.” Vidalta has adopted RealPage’s Spend Management solution, and Cubillos says it’s part of a bundle of RealPage solutions that work together to maximize NOI. Pay less, trust more Cubillos says his favorite aspect of the platform is the online product catalog, and for more than one reason. “The catalog is a central place for properties to order most of the products and services they need,” he explains. “The prices are pre-negotiated, so we know we’re getting a good deal, and the vendors are vetted and credentialed too. We only want to work with vendors we trust so we can eliminate ugly surprises.” Cubillos says the use of the managed catalogs eliminates random “rogue” spending and provides consistency and value across the board. It’s also a benefit to on-site property managers, who don’t have to cast around looking for vendors when they need products and services and second-guess their decisions. “These companies are pre-approved so managers can be confident when choosing them,” Cubillos adds. “And on top of that, the catalog makes ordering things very easy in comparison to ordering from random vendors.” He ad...