Business Tips
January 3, 2023

The Four Must-Haves for a Winning Vendor Management Strategy

Keeping Your Preferred Vendors List Up-to-Date

One of the first steps in vendor management is developing a list of vendors that you regularly work with. This list should include vendors that provide a range of services, including maintenance, repairs, landscaping, and security. It's important to have a diverse group of vendors to ensure that you can handle any situation that may arise. Odds are, you or your company has built up a strong list already over the years.

Once you have your list of preferred vendors, it's important to regularly review and update it to ensure that you are still working with the best vendors for your property. This may involve adding new vendors as your needs change, or removing vendors who are no longer meeting your expectations. By regularly reviewing and updating your list, you can ensure that you are always working with the best vendors for your property.

Building a System for Strong, Detailed RFP’s

One of the key aspects of establishing a system for procuring services from your vendors is to have a clear and detailed request for proposal (RFP) process. This will involve outlining your specific needs and requirements, as well as any deadlines or other constraints that the vendor must meet. By providing clear and detailed RFPs, you can ensure that your vendors have all the information they need to provide an accurate and competitive proposal.

Once you have received proposals from your vendors, it's important to carefully evaluate them to determine the best fit for your property. This may involve comparing the proposals on factors such as price, availability, and the vendor's track record. By carefully evaluating the proposals, you can choose the vendor who will be able to provide the best services for your property.

Maintain an Active Relationship with Vendors

Vendor-property manager relationships are no different from any other business-client relationships. Establishing clear communication channels with your vendors is essential for managing your preferred vendors. This may involve setting up regular meetings or check-ins to discuss any issues or concerns, as well as using email or other forms of communication to keep in touch. By maintaining clear communication channels, you can ensure that your vendors understand your needs and are able to provide the services you require. It's also important to provide feedback to your vendors, both positive and negative, so they can improve their services.

Another way to maintain good relationships with your vendors is to show appreciation for their hard work and good performance. This may involve thanking them for a job well done, or recognizing them publicly for their contributions. By showing appreciation, you can build trust and goodwill with your vendors, which can lead to better performance and more effective collaboration.

Find the Right Tools for the Job

Just like your vendors need the right tools in order to effectively service your property’s needs, you need the right tools to manage your vendors. Proptech has emerged as one of the fastest-growing industries in North America and with that has come software that can help you accomplish all of the things we’ve mentioned here and more. Tools like VendorPM can help you find new vendors, track your existing ones, verify compliance status, communicate with vendors, and more! One of the key benefits of using VendorPM is the ability to access a large and diverse pool of peer reviewed commercial service vendors. The platform includes property managers and building owners from a wide range of industries and locations, giving you access to a broad range of opportunities. This can be especially valuable if you're looking to expand your business and serve new markets.

VendorPM is available to property managers across Canada and in select US cities! Property managers can try our tools for free here. Better manage your vendors, starting today!

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