Advantages of Approved Vendor Lists
Finding and hiring new vendors can be challenging for even the most veteran property managers. First, it can be hard to find new vendors and contractors willing to quote new work. Even then, it can be hard for property managers to know if they provide high quality work.
Approved vendor lists help tackle both of these challenges by providing a resource to property managers when they need a new contractor. Here are just a few advantages of approved vendor lists for property managers.
Approved Vendor Lists Save Time During Budget Season
First and foremost, approved vendor lists are a huge resource for finding contractors during budget season. This is because an approved vendor list can save property managers time during one of the busiest times of the years.
Rather than searching for new contractors, property managers can quickly and easily solicit budget bids from already approved vendors. This is especially true for properties and companies, like Jones Lang LaSalle, with rigorous contractor requirements such as high rise buildings, data centers, financial institutions, hospitals and secured facilities.
Resources for Challenging Situations
Another major advantage of building an approved vendor list is having resources in place for emergency and no-show situations. Every property manager can relate to these situations:
- Contractors can’t attend to a critical need quickly enough
- Past vendors do not answer or return calls during an emergency situation
- Contractors no-show a service call or stop showing up to a project
When the lights fail or the air conditioning isn’t working, scrambling to find a qualified vendor only compounds the problem. While it might not resolve the entire situation, an approved vendor list helps property managers work more efficiently towards a resolution.
Approved Vendor Lists Help Avoid Low Quality Contractors
Lastly, approved vendor lists help property managers avoid poor contractors. This is especially true for organizations that have strict vendor requirements and enforce rules around hiring vendors. At a minimum this eliminates hiring unlicensed or under insured contractors because these are the two most basic elements of any approved vendor list.
Don’t Make The Same Mistake Twice
While approved vendor lists can filter out potentially poor contractors and vendors, it can’t avoid them completely. Vendors can and will get approved that ultimately won’t make the cut as a service provider. This could be related to quality of service, response time, personnel or many other issues.
As a result, property managers can note they should not be used on an approved vendor list. This is the final advantage of an approved vendor list. While it contains approved vendors, it can also help prevent making the same mistake twice with a poor vendor.
Find Contractors Using BidSource
Property managers can use BidSource to have our team find a contractor ready to assist with your next project. Share your project details using the form below and our team will be in touch with a qualified contractor!
About The Author
