What to Know About Vendor Analysis

How CTG Real Estate Services Can Guide You Through Choosing a Vendor

Acquiring, moving into and managing a new real estate property is a process with many moving parts. As much as you may try, you will be unable to find one business that personally handles each of the responsibilities and their associated aspects. Instead, you will need to go through an evaluation of vendors to choose the individual professionals that best match your goals.

But, with so many vendor companies out there, how do you find the ones that are right for you?

Let CTG Real Estate Services help. Our in-depth knowledge of all real estate processes will aid in your vendor analysis and selection, and our team can guide you through every step of your proposal, evaluation and vendor selection process.

What are Vendors in the Real Estate Business?

First off, what’s a vendor in regards to commercial or multifamily real estate?

A vendor is any company that provides specific services for your purchasing, renovation, move-in and management processes. Every professional involved in your real estate development project can be described as a vendor, including CTG Real Estate Services.

Every building owner or tenant will go through the process of outsourcing vendors for their property. The vendors needed for each real estate development will be determined by the goals of the client in the space.

Here are a few common suppliers associated with real estate:

  • Real estate agents or companies, who locate spaces and complete final leases and contracts
  • Construction project managers, who oversee construction and renovation on a property
  • Architects, who design the overall construction and layout of a building
  • Interior designers, who design the interior of a real estate space
  • Facility managers, who oversee the day-to-day processes of a commercial or multifamily property
  • Property managers, who specifically oversee the exterior of a building and common areas and manage marketability of available space
  • Move managers, who assist a tenant with moving into a new space and decommissioning old spaces
  • Facilities planners, who create long-term plans for the building and business’ continued success and productivity
  • Maintenance and repair professionals, such as plumbers, electricians, landscapers, etc.

You may not need all of these vendors for your new property, or you may be unsure of which ones you do need. This is where the professional guidance of CTG Real Estate Services comes in handy.

How to Complete a Vendor Search and Evaluation

Once you have identified what services you need, choosing a vendor for each service will be your next step. Because there are so many vendor companies out there, we recommend you work with a professional for guidance through this process.

Typically, vendor analysis is done through a process known as “vendor request for proposal.” Professionals like CTG Real Estate Services have vendor RFP templates that they help their clients complete, based on their individual goals and needs for their real estate space.

A request for proposal, also known as an RFP, is a document that announces funding is available for a real estate project and invites companies to place bids for that project’s completion. Your RFP will need to address things like bidding process and contract terms and how the bids should be presented. Obtaining a vendor proposal allows professionals to evaluate potential vendors on similar aspects to decide which is best for them.

Once you have a vendor response to RFP, it’s helpful to have a professional guide you through selecting a vendor that works for you. You’ll want to compare aspects like:

  • Expected timeline
  • Budget
  • Experience
  • How your project goals line up

It can be overwhelming to review vendor RFPs, especially if this is your first time going through the process. Therefore, an experienced professional can be extremely helpful. This process can take a week to a month or more, depending on the scope of services that you need.

Why Work with CTG Real Estate Services?

CTG Real Estate Services can be your professional guidance in evaluating RFPs and selecting a vendor that’s right for you. We know new vendor development can be complicated, but we have the expertise and network to make it as easy as possible.

Our knowledge of and capability to handle all steps of the commercial development process — we call it our “turnkey solutions” — means that you will always have an expert advocating for you in your evaluation of vendors. Our CEO and founder Chris Gardner has more than 20 years of experience in building out commercial and multifamily properties and, during this time, he’s developed an ever-expanding list of vendors and professionals whom he trusts to get the job done. Let him connect you to those professionals for any supplier selection problems and questions you have.

Vendor analysis can be complicated at times — but let it be simple and easy with our professional guidance. Not only will CTG Real Estate Services help you through your supplier selection process, but our team can also manage those vendors as your process moves forward, should you desire us to. This is all part of our commitment to a partnership with you. Your goals and needs will always come first with CTG Real Estate Services, and we’ll work closely with you to make them happen.

To learn more about how our team can help you through your vendor development and evaluation processes, please schedule a consult with us today.

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