For property managers, third-party vendors play a crucial role across the spectrum of need-to-complete jobs, from routine maintenance to large-scale CapEx operations. But soliciting and selecting bids from third-party vendors has long been a costly, uphill battle.
To streamline the process, we first had to understand the biggest roadblocks facing industry leaders. In hundreds of conversations with property managers, owners, and operators, a few key challenges rose to the surface.
Missing data
Property managers lack information about vendors, like services, specialties, credentials, coverage, and capacity. To find these details, property managers are often routed to vendors’ unmonitored email or voicemail inboxes.
Manual processes
Without visibility into vendors, and with no centralized system to collect bids, property managers spend valuable time on manual tasks — scrolling through limited search-engine results, calling individual vendors, and gathering scattershot data into disconnected spreadsheets.
Unhappy residents
When residents submit work orders, they expect help fast. Because delayed maintenance is a leading cause of resident dissatisfaction, time spent on vendor searches directly impacts resident experience.
As revenue margins in the industry shrink, these challenges grow costlier for big and small property management operations alike. Across the industry, “traditional” processes for third-party vendor management cut into multifamily leaders’ net operating income.
How Wreno Opportunities helps property managers get ahead
To solve these problems, Wreno built an all-in-one platform for property owners and managers to find, hire, onboard, and manage third-party vendors for any job, without the risk of vendor noncompliance.
One of our key solutions, Wreno Opportunities, is a third-party vendor marketplace for leaders in real estate, enabling property managers, owners, and operators to discover and hire qualified vendors for projects of any size and scale. With Wreno Opportunities, property management companies can find the right vendors for the right jobs — and the steps are easy.
1. Post Jobs
Create and post job listings that give vendors the right information — and ensure vendors provide the right information. You can specify your timeline, your geographic area, and the work you need done, down to specific services and skills.
2. Gather bids
Make your job listing instantly visible to the vendors you specify, like those in a certain area or an existing pool of vendors, or explore our database of 400,000 vendors, searchable by dozens of criteria. If you spot the right vendor, invite them to apply directly. You can also enlist Wreno’s Vendor Fulfillment Services to do the heavy lifting, directly recruiting vendors and supporting onboarding.
2. Gather bids
Make your job listing instantly visible to the vendors you specify, like those in a certain area or an existing pool of vendors, or explore our database of 400,000 vendors, searchable by dozens of criteria. If you spot the right vendor, invite them to apply directly. You can also enlist Wreno’s Vendor Fulfillment Services to do the heavy lifting, directly recruiting vendors and supporting onboarding.
3. Get matched to the perfect vendor
Review bid applications, including detailed vendor data, in one place — and lean on Wreno to get accurate cost estimates. Our proprietary AI technology, VendorIQ, offers instant quotes customized for your projects, so you can standardize the cost-estimation process for all your properties anywhere in the world.
4. Onboard with one click
Wreno makes compliance onboarding fully customizable, so each vendor completes the right paperwork. Once you’ve picked your vendors, start the automated onboarding workflow with one click, and let Wreno handle the rest.
5. Get the job done
By centralizing and automating vendor management, you can plan, start, and finish projects — from minor repairs to extensive renovations and CapEx projects — with more speed, more efficiency, and zero risk.
Transform your business with Wreno
Wreno Opportunities provides an all-in-one marketplace for property leaders to find and hire qualified vendors for diverse projects portfolio-wide, all without the risk of noncompliance. With Wreno, property leaders can put curated data and industry-leading tools to work, making vendor centralization a reality today.
To learn more about how your team can find and manage vendors, save time, and eliminate risk with Wreno, book a demo or get in touch.
