Your business and property only deserves the best. But, how do you determine who the best supplier or vendor for your needs is?
We know the vendor selection process can be tricky. So, let CTG Real Estate Services guide your team through the steps of how to evaluate vendors to find the right one for you.
When you work with CTG Real Estate Services, you will have 20 years of real estate experience by your side. Our CEO and founder Chris Gardner has helped many property owners and managers hire the appropriate vendors and suppliers for their needs — but that’s not all he can offer. When you work with CTG Real Estate Services, you have access to our unique turnkey solutions, which work to improve your organization and property for the future, too.
Interested? Schedule a consult with our team today to get started. In the meantime, learn a bit more below about how to choose a vendor in real estate with the guidance of our team.
How to Evaluate Vendors for Your Real Estate Properties
Every property owner or manager has unique needs and wants when it comes to their choice of vendors or suppliers. This is completely normal. No two spaces or organizations are the same — which is why different supplier selection strategies exist to find the right solutions for an individual situation.
Chris Gardner has guided many managers in how to choose vendors for their space or organization. Over time, he’s created a general process for vendor selection to help you get the best results possible.
We always tailor our vendor development techniques to your situation and needs, but there will be a few general steps involved when it comes to evaluating your vendor options:
Step 1: Review Your Vendor Criteria.
Before you and your team even start reviewing the proposals that have been returned, you must first reacquaint yourself with the vendor selection checklist you created as part of your RFP. Your decisions should always be made based on facts and figures, and RFP selection tools should be your reference throughout your vendor selection process.
Your vendor criteria can include factors like:
- Efficiency of current management system
- Record of timeliness and meeting deadlines
- Equipment numbers and most recent upgrades
- And more
If you have worked with CTG Real Estate Services from the start of your vendor selection process, our team of experts will have assisted you in creating a thorough and detailed vendor selection checklist when requests for proposals were initially sent out.
In order to find the best vendor, Chris Gardner will help you put together the statement of work for all the services you require. A statement of work must be created to allow potential vendors to put forward the appropriate requests for proposal for your needs. That way, you will ensure you only receive RFPs from professionals who are aware of and capable of handling all of your needs and goals.
Keeping your vendor criteria in mind will be a key to making the most-educated decision for your organization.
Step 2: Examine Each Proposal or Bid.
Once you have received all of the RFP responses from potential vendors, it will be time to evaluate their bids.
Many property and building managers wonder how to compare RFP responses. It can certainly be a daunting task for those with no experience. Fortunately, Chris Gardner can offer guidance through this process when you work with CTG Real Estate Services.
First, you’ll want to make sure that every bid addresses what you need it to. There’s no point evaluating a bid that doesn’t answer the questions or address the concerns that are necessary for your business’s needs. This also gives you a good opportunity to ask clarifying questions of certain vendors if you haven’t gotten the kind of responses you need.
Step 3: Create a Vendor Scoring Template.
When it comes to directly comparing your vendor responses, there are a few methods you can use. Many clients decide that a vendor scoring template — otherwise known as a vendor evaluation scorecard — is the easiest and most efficient way to assign values to vendors and fairly assess them against each other. Remember, Chris Gardner will help you identify the supplier selection strategies that are best for your needs.
Here’s how to evaluate vendors based on one vendor selection template:
- Assign a value to each of the criteria you require from your vendor or supplier. Alternatively, you can create a “pass/fail” system, in which a vendor that does not have a certain requirement is automatically removed from consideration.
- Next, assign a “performance value” for each requirement. Consider how well each vendor “performs” with a certain requirement, and assign an appropriate number for that skill.
- Calculate a vendor’s total score. Take the vendor’s performance value for each skill and multiply it by your individual importance value for that requirement.
- Compare the different vendors’ total scores. While this number may not be the final determinant of which vendor to use, it can be very useful in highlighting differences between your options.
Step 4: Talk with Your Team of Experts.
Your vendor scoring template should not be the only vendor selection method you use. Remember that team of experts from your organization? They should also have a say in which vendor you select — as they are often the ones most directly affected by your choice.
After you have compiled scores from your vendor selection template, sit down and have a conversation with that team. What are their thoughts on potential vendors? Do they have further questions or concerns?
Only after your entire team is in agreement and comfortable with a given provider should you make a final decision on a vendor or supplier.
Step 5: Select a Final Vendor or Supplier.
Deciding on a final vendor or supplier is a big step in this process — but making your choice doesn’t mean your process is done. There are still some necessary steps to secure your provider for your building, including negotiating a contract and preparing for the system integration.
Fortunately, CTG Real Estate Services is here to help you through those final stages. We can help you negotiate and finalize a fair vendor contract to ensure your needs and wants are met by your supplier. We can also help you prepare for the future merging of your systems and oversee any necessary training or facilities management that may be needed. It’s all part of the real estate turnkey solutions that we are happy to provide our clients.
Want to learn more about how to evaluate vendors with CTG Real Estate Services? Schedule a consultation with our team today.