In Practice
Vendor management covers everyone you hire from outside the team: plumbers, electricians, landscapers, pest control, janitorial, elevator and fire alarm companies, painters and more. Done well, it keeps work quality up, costs fair and the property safe and compliant.
The manager and the maintenance supervisor handle most of it. That means getting bids, checking references, collecting a certificate of insurance and any licenses, agreeing on scope and pricing, scheduling access and inspecting the work before payment. Regional and asset managers set approval limits, preferred vendor lists and contract terms.
Example: a property gets three bids for a parking lot repair, checks that each vendor is licensed and insured, picks one and writes down the scope, price, start date and what done means. After the work, the manager walks the job and pays against the agreement. That paper trail matters if there is a dispute later.
Common mistake: using the same vendor out of habit with no review, or starting work with no insurance on file and no written scope. Keep a vendor list with contacts, coverage dates, rates and performance notes. Follow your management agreement and approval limits on spending and contract signing.
Vendor Management: Common Questions
What should a vendor file include?
Contact details, a current certificate of insurance, any required licenses, a signed agreement or scope, rates and notes on performance.
How many bids should you get for a repair?
It depends on your company policy and owner approval limits. Many companies require multiple bids above a set dollar amount.
