Successful property management depends on the effectiveness of your contractors and/or service providers. This is true whether you are self-managing or you have hired a professional management company.
It all comes down to teamwork – the contractors are an extension of your property management team. The right contractors should integrate seamlessly with your business and your values. Their experience, skills and technology should expand upon your resources and allow you to focus on your core business functions.
But how do you find contractors who are the right fit for your business? Your search should begin by considering your company’s culture, and setting a goal to find contractors who exhibit the same core values you expect of your team.
Don’t get me wrong – when searching for the right contractor, it is still important to adhere to industry standards when collecting bids for your work. In general, the process involves (i) defining the scope of work; (ii) inviting contractors to bid on the work; (iii) comparing the proposals to make sure they are consistent; and (iv) choosing the one that best fits your project needs.
But choosing the right contractor is about so much more than finding the lowest price. Often, what seems like the lowest bid ends up either costing you more to fix mistakes or compromises quality because the contractor is cutting corners to meet their price.
The procurement process gives contractors a good opportunity to show you the value they offer and whether they fit in with your company’s culture. After all, you want contractors who will think about how they can make you more successful.
During this process, consider these issues:
Choosing the right contractor is just like choosing the right team member. Look for skills, expertise, and approaches that fit with your company culture. The long-term benefit of working with the right partner is worth the extra effort it may take to find them.