Choosing the Right Vendor(s)
Picture this – you have a large project on the horizon and you know you will need third-party assistance in order to complete it. How do you determine who your vendor partners will be to ensure a successful project?
First, it is important to understand your short and long term goals and basic scope of work so you can best communicate to those that will be supplying you a proposal. Next, create an RFP (request for proposal). Remember, it does not have to be fancy or extremely elaborate. The goal is to ensure all vendors are bidding on the same scope of work. Apple to apple comparisons related to pricing, timing, value and potential warranty included.
You can always ask for suggestions or examples of work in the RFP. This will allow your potential vendors to share their expertise and creative ideas that may elevate your project and potentially exceed your expectations. Once you receive the RFP responses – look to see who responded on-time, who took the time to follow your specific instructions for submission, and who went above and beyond in their response. These simple checkpoints will tell a lot about who may be the best match for your project. There are excellent vendor options out there and there is no reason to settle. Always follow your company guidelines on insurance requirements, reference checking and best practices to protect your asset when choosing such vendors.
Once you have narrowed down your choice, invite your chosen vendor to the site for a walk-through and a deeper discussion related to the scope of work and goals for the project. This will let you know if your communication style and personality is a good match. Now it is time to award the assignment. Do this immediately upon the selection process and notify those that will not be participating, and thank them for their time. If you are sincere, let them know you will consider them for future projects. Proceed to contract and begin the project.
Communication is key throughout the process, be sure you are available for any potential questions and set the tone and expectations so everyone remains on the same page. If your selected vendor meets or exceeds your expectations be sure to tell them and thank them for a job well done, and pay them according to your agreed contract. Celebrate your successful project!
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The mission at MultifamilyZone is to assist multifamily professionals in finding the products and services to help them achieve top competitive positioning. Through an engaging and interactive website, we will provide current information on a wide-range of qualified, pre-screened vendor partners. As wll, we spotlight industry news and trends to become a primary resource for all things property management.