FAQs

FAQ

Why it Works?

We have a tremendous amount of leverage driven by the representation of a large number of properties of all types. And this is all we do. It’s also about years of relationships and our unique approach of focusing on portfolios of properties to optimize results.

Do I lose control?

No. You are in complete control at all times. We can only secure proposals on your behalf. Throughout the process, you retain sole decision-making authority.

What's my risk/cost?

We’re entirely value-add and if we can’t create savings, or if the proposed terms are no agreeable, you are not obliged to move forward.

Why not do it ourselves?

Many owners find they don’t have the time or experience to manage the agreements and providers, particularly across a portfolio of assets. It’s challenging to review the existing business terms and exclusions in order to line up proposals from a variety of providers. Further, it’s daunting to facilitate the change out of providers if that’s in the best interests of a property(s). Having a dedicated expert as a resource working on a contingency basis saves you time, helps avoid costly mistakes, and gives you the control you need.

Typical results?

A typical engagement results in lowering the overall elevator spend by 25-40% or more. This is achieved through Thrive renegotiating agreements to market rates, utilizing Thrive’s Master Service Agreement with significantly enhanced protections (including reduced labor rates, overtime and obsolescence controls, and more), and via Thrive’s team of experts auditing repair invoices and managing repair proposals.

Can we do a proof of concept?

As with any negotiation, you’ll want to make sure your cards are played optimally to maximize your leverage and overall position. It’s vital that service providers recognize the relationship’s potential, as well as the benefits and drawbacks. Thrive’s agreement features a 30-day termination option for any reason to enable pilot-like flexibility. This way, both sides have a chance to shine while limiting their exposure.

What if we are stuck in long term agreements?

We are generally able to renew and improve existing agreements years in advance. As we look across your portfolio and the other portfolios we represent, we’re often able to identify opportunities to show the providers the potential for added value and, in some cases, risks that the providers would like to avoid.

We have an existing advisor?

We cherish our clients’ loyalty, but we also want our present and future clients to expect us to optimize their profits and keep them up to date on industry developments. We deserve to be put in jeopardy if another consultant can surpass us by delivering value we haven’t considered or can’t achieve. Given the value of revenues and services associated with elevator maintenance agreements, it’s important to consider if you believe you are optimizing results or merely nurturing a vendor relationship that has passed its prime.

I’m busy. Is this worthwhile?

The value of your time, specifically the return on investment for the time spent producing the savings and administering the agreements, is critical. We’ve never encountered a business owner who didn’t want to see every dollar owed to them. Enrolling in our program takes less than two hours for the average client. We then undertake all the work behind the scenes and present you with properly prepared and vetted ‘yes or no go’ decisions, rather than taking up your head space over months if you were to RFP and negotiate the suppliers yourself. Each proposal grouping takes less than an hour for you to study and approve. We also develop a contract template and rider for each provider, which saves you even more time.

What does your agreement look like?

It’s the closest we could get to a handshake. We’re completely exposed and completely reliant on your success. It’s a one-page agreement that outlines our scope of work, your sole decision-making authority, our compensation as a percentage of your savings, and a no-fault termination clause that any of us can invoke if we’re unhappy with the arrangement.