It takes a village to keep your property running efficiently, and your service vendors can play a crucial role.
When chosen wisely, a service vendor can be a major asset, providing you with peace of mind that your property is functioning smoothly and freeing you up to focus on your core management responsibilities. On the other hand, choosing an ineffective vendor can cost you time and money, not to mention adding significantly to your workload and stress levels.
Unfortunately, the importance of selecting the right service vendor is often underestimated. Past relationships tend to win out, and property managers typically choose vendors they’ve worked with in the past rather than taking the time to find new options. This habit can make it difficult for them to assess if they’re truly choosing the right vendor for their needs.
Before you choose your next service vendor, take the time to understand the impact that your service vendors can have on your property’s long-term success, and consider modifying your vendor selection process accordingly.
Here are just five reasons why your vendor choices are crucial to your success as a property manager:
Vendors directly impact tenant satisfaction
No tenant likes waiting around for a repair person who may or may not show up. If they aren’t given timely resolutions to their service requests, they may start looking for a building that can deliver better results. That said, it’s important that you choose vendors who can represent you and your property well. Finding proven vendors who are fast and reliable is just one more way that you can show tenants that their needs matter to management, and that their time is respected.
Vendors can make or break your bottom line
Vendors frequently set annual price increases, which can be difficult to refuse when you’ve established a relationship with them. However, these costs can compound over time, and wind up costing you down the road. If choosing your familiar vendor comes with the burden of a yearly price increase, it might be time to look elsewhere. By underdoing a more competitive vendor selection process and comparing vendor pricing thoroughly, you increase your chances of landing the vendor that’s right for the job at hand, and for your budget.
Furthermore, finding reliable vendors that contribute to your tenants’ satisfaction decreases the likelihood of tenant turnover. This is good news for your bottom line, as you’ll be able to save the resources that you’d otherwise spend transitioning tenants in and out of the building.
Good property managers choose good vendors
Finding vendors that do quality work at competitive prices proves to property owners and asset managers that you’ve done all you can to keep costs lean. Ultimately, the vendors that you choose can serve as a reflection of your capabilities as a property manager. You need to be able to prove that you’ve done your due diligence when sourcing and comparing vendors in order to reinforce to your higher-ups that you’re the right person for the job.
Reliable vendors preserve your property’s value
High-quality service vendors do work that minimizes your property’s wear and tear, and can preserve your property’s value for years to come. Choosing a familiar vendor who does subpar work will end up costing you more down the line, as additional repairs or aesthetic treatments will need to be duplicated or corrected. Finding the right vendor who can perform regular, routine maintenance in addition to one-time projects increases your property’s curb appeal, ensures tenant safety, and prevents neglected upkeep projects from turning into costly major repairs down the road.
The right vendors can minimize your risk
Hiring an unvetted vendor can put your team in considerable legal risk. For example, if an unlicensed painter falls from a ladder in your property, you could be held responsible for his or her medical care, and could even be subject to a costly lawsuit. The right vendor will be prepared to provide license and insurance coverage information and will come with enough experience to avoid common worksite hazards.
Find the right vendors with Bid Management
Whether it’s for a routine issue or a middle-of-the-night emergency, selecting the right vendors can help keep your budget in line, your tenants satisfied and your occupancy rates high. However, finding the best vendor at the most competitive price may require you to deviate from your usual roster of candidates. To position yourself and your property for long-term success, consider undergoing a more competitive bid process for your next contract using Bid Management.
With Prism’s Bid Management platform, you can streamline the traditionally time-consuming RFP process into just a few simple steps. Our AI-powered request creation process, apples-to-applies comparative matrix and network of vetted vendors will help save you time and leave you feeling confident that you’ve secured the best vendor for your needs.
Get started with your Prism Bid Management demo today.
