Establishing Your Vendor Selection Criteria for Real Estate Projects

With so many options out there, it can be hard to find the vendor that works best for your space or organization. That’s why creating an extensive list of vendor selection criteria is important.

You can’t go into the vendor selection process without a solid idea of what you want from a product or service. You will find yourself wasting a great deal of time and energy trying to compare wildly different providers, and you may never even find the one you are looking for.

A list of criteria for supplier evaluation and selection solves this problem. It provides an important base of knowledge and helps your team enter the vendor selection process 100 percent ready for your upcoming decision.

We know identifying the factors affecting supplier selection can be difficult on your own. CTG Real Estate Services is here to help. Our CEO and founder Chris Gardner has more than 20 years of experience in all aspects of the real estate industry — which means he has identified some of the key supplier criteria clients like you need in your vendor or supplier search.

For guidance tailored to your situation, please schedule a consult today. Below, find some basic information about RFP selection criteria with CTG Real Estate Services.

First: Everyone’s Vendor Selection Criteria Will Be Different

Search for “vendor selection criteria” anywhere on the internet, and you’ll be presented with many suggestions for creating your vendor selection criteria template. Before you go creating your list of supplier criteria, we encourage you to reach out to a professional such as CTG Real Estate Services, as well.

While many of the basic criteria for vendor selection and evaluation can apply across all industries, not all will. You will need a real estate professional to determine which specific vendor evaluation criteria are necessary for your project. No two projects or real estate spaces are the same; your project deserves a tailored vendor requirements template to best meet your needs and goals.

In order to find the best vendor, Chris Gardner can 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.

9 Common Supplier Selection Criteria for Property Managers and Owners

When you work with CTG Real Estate Services, you can rest assured that Chris Gardner will guide you through every step of the vendor selection process. This will always include discussing the criteria for supplier selection for your real estate project. Chris’ experience with all aspects of the real estate industry will provide an expertise rarely found from other professionals.

Our knowledge has helped our team come up with a few general vendor criteria that we recommend to our clients. Of course, not all of these criteria will apply to every search for a vendor or supplier, but they are a good place to start:

1. Experience

When you’re hiring a vendor or supplier, you want them to be able to accomplish the goals you have for them. For most of our clients, experience is the first priority in their vendors and suppliers. A successful track record proves that a vendor can meet your goals and expectations, as they have for other property managers or owners in the past.

2. Ability to Provide Necessary Products or Services

Obviously, another important factor in whether or not you hire a vendor or supplier is their ability to meet your goals in the first place. If you are looking for someone to provide a certain amount of product each month, and the vendor you are evaluating cannot meet that quota, they will not be the right choice for your organization.

3. Ability to Integrate with Existing Systems and Management

If you have an existing space or organization, you already have certain systems in place. It’s crucial that the vendor you select is able to meet your existing supplier criteria for those systems. You want to make your job as a property manager or owner easier, and knowing that a vendor can seamlessly transition into your existing systems can be a great advantage.

4. Flexibility

The real estate industry can be an active one, and it’s normal for your business to go through ups and downs. Can a potential vendor handle an increased demand for services or products during successful times? Are they comfortable retaining their contract if the need for their services declines during a certain period?

5. Variety of Available Services or Products

If you are interested in integrated facilities or property management, you are likely looking for vendors who can meet several of your needs at once. This choice can bring down your overall costs. While this may not be a make-or-break supplier selection criteria example, this characteristic can be an advantage — especially if you decide you want more services from this supplier in the future.

6. Sustainability and Financial Stability

Just as you frequently consider the future of your property or organization, it’s also important that you consider the viability of the vendor that you choose. Consider asking for a potential supplier’s long-term capital plan. Are they a professional that you can rely on for years to come?

7. Pricing (as it applies to your budget)

Another crucial part of your suppliers’ selection criteria is how well a vendor fits into your property’s or business’s budget. This is often a non-negotiable part of the vendor evaluation process. If needed, a professional like Chris Gardner can discuss your budget with a proposed vendor to evaluate their flexibility on their pricing bid.

8. Customer Service and Responsiveness

No property manager or owner wants to deal with a vendor or supplier who is rude and unresponsive, especially when the services they provide are so instrumental to the success of the property or organization’s daily activities. Your team should take note of your interactions with a potential vendor during the vendor procurement process. You should also consider former and current clients’ reviews to determine whether this vendor is someone you wish to work with or not.

9. Testimonials and Recommendations

As mentioned above, one of the best ways to evaluate supplier selection criteria is by asking those who have worked with a certain professional before. A vendor or supplier will always present its best self to a potential client, but you should always be aware of what their service level will be like after the contract is signed. Reviews are often the best way to find out this information.

Remember that Chris Gardner and his team have built up a network of trusted vendors and suppliers over his 20 years in the industry. He can help you create a list of professionals who meet your goals and needs, and he’ll then guide you through the rest of your vendor selection process — all the way until the final contract. To learn more, schedule a consultation today.

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