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Outstanding Vendor Management to Improve Maintenance and Lower Costs

Maintenance is one of the major issues that are the most challenging for property management. It is not only important to make sure the job is done within the shortest amount of time, but also it should be done properly and at the least cost. The people who do the actual work are your main assets for any maintenance job, whether these people are vendors or they form a part of your staff. A team of reliable vendors is as prudent as having some maintenance help who permanently remain on site and who work directly for you.

Compiling a Vendor Database

However, it is important to make sure you have a built a chain of vendors you can depend on, any time during the year. This calls for implementing a highly effective vendor management system. Your vendor database should include list of primary and secondary levels of vendors who are highly qualified for every maintenance category including flooring, plumbing, appliances, air conditioning, and heating.

It is smart to include in the compilation small and large vendors, who are specialists in their fields, and who are bonded and insured. It is important to check whether these vendors can be relied upon and are not some business that could disappear at any time.  

Compiling a vendor database takes time, and should be done patiently. Firstly, shortlist reliable vendors and interview all of them, even the large ones. After the interview process, have the best ones fill out the required application and sign agreements. However, make sure that they submit all the copies of documents that prove they have insurance and are bonded or licensed.

Implementing an Effective Vendor Management System

After compiling the main list, it is also sensible to have a list of backup vendors. This will certainly reduce the chances of maintenance work being delayed. Even the most reliable vendors will not be able to fit your property into their schedule all the time, and therefore it is always best to have a concrete and dependable backup.

While developing a vendor management system, it is fundamental to categorize and classify the main and backup vendors. This will significantly help property management select the right vendor for the job quickly. For instance, when you need to redo flooring, you might want to check out vendors who specialize in certain flooring types or might want to compare vendors by their pricing.

It is critical, or something to consider, to have at least three vendors in a particular category to make sure you have a range of choices. But you should have a go to vendor already picked out and they should know they are your top choice as well when something goes wrong or when you need some help. Secondly, when you have multiple properties to manage across the city, you would want to pick vendors operating in the same area for that of the particular property.

Vendor Training and Reporting

To obtain the best from your vendor management system, you might have to hold a vendor training session, to ensure vendors work in accordance to your requirements and expectations. Additionally, property management can also have a report card system that enables vendors know how they have performed.