What is Vendor Management for Property Managers?

As a property manager, you will have a number of vendors. Your vendors are all of the contractors whom you hire to do work on your property. These Vendors include general contractors, roofing contractors, painters, plumbers, electricians, and anyone else who helps prepare your turnkey properties. The number of vendors you have depends on the size of your property and the complexity of the work. You could have a few vendors or even dozens of vendors. Each vendor will have their own contracts, schedules, pay rates, and points of contact. Vendor management for property managers is the process of managing all of those moving parts.

Preparing Turnkey Properties

To prepare a turnkey property, you will need to enlist many specialists. You can do this by hiring a single general contractor to oversee the project. Or you can manage vendors directly, working with all of your specialists and keeping everyone on task to get the job done. Either way, when preparing a turnkey property, you will need to make sure that all of your vendors are working to your standards.

In multifamily property management, the competition is stiff. With a multifamily housing boom sweeping the country, renters have lots of options. To put your best foot forward and attract tenants, you will need to stand out. One way to stand out is to have your turnkey properties prepped and ready to go as quickly as possible after a tenant moves out.

Managing Vendors for Success

In any multistep process, the outcome will only be as good as the weakest link. You could buy a brand new, 80-inch ultra-high definition TV. But if you are playing a standard DVD, you will get a picture that is no better than a 1990s CRT television. The same is true of turnkey property management. Your process is only as good as the weakest vendor.

It is essential to make sure that your vendors reflect the quality of service that you expect of yourself. If a single vendor is late or off schedule, your whole project suffers. Ultimately you will be unable to deliver your turnkey property on time.

In addition to timeliness, quality of work is vital for every vendor. If you want to have your turnkey properties prepared to your high standards, you will need vendors who can meet those standards. For quality work, the final responsibility falls on the individual laborer. Hiring a painting vendor who works with several laborers or subcontractors can result in varying degrees of quality. One laborer or subcontractor may be more skilled, faster, or more detail-oriented than another. So if you want to stay on top of the quality of your work, you will need to manage not just vendors, but individual workers.

Keeping Track of Vendors

As a property manager, you will develop a broad portfolio of vendors. Each vendor will, in turn, have their own roster of laborers and subcontractors. Delivering a quality product, that is a turnkey property on time and with high quality and attention to detail, requires managing a lot of individuals. Different multifamily property managers have come up with different ways of doing this. In the end, the best system is the one that delivers efficiency, ease, and consistency.

At Needo USA, we develop software that will let you keep track of your vendors. You will be able to track not just the vendors, but also their individual workers. If you like the quality of a particular job, you want to be able to call back and request that worker in the future. There’s no reason to leave your jobs to chance. It’s important to reward and rehire quality workmanship.

When you can track and reward quality work, you will find that you are building a network of vendors whom you can rely on. The more you use a vendor management system, the more you will fine tune your vendors list. Before long you will find that you have no trouble finding a great vendor and a great worker for every piece of your work. That will make preparing turnkey properties faster, easier, and more efficient.

Sharing Needo Technology With Your Contractors

Needo USA technology can be shared with your contractors to provide a seamless management system for everyone involved in your projects. Whether the technology is being implemented by the property manager or the general contractor, it is accessible to everyone.

With our online interface, vendors, contractor, subcontractors, and property managers can all log useful information. Tasks, timetables, schedules, and invoices can be stored and updated by and for each worker. Having your vendors participate in the tracking process can shift part of your workload off of your to-do list and onto the people with the direct knowledge of the project.

There’s no reason why you should be following up on the progress of your project and entering that data yourself. Needo allows the workers, contractors, and vendors with firsthand knowledge of the status of each job in your project to update that information in the construction management software. You can say goodbye to complicated oversight. With Needo USA software, the process of managing your projects will happen from the ground up.

Quick and Easy Invoicing

Invoicing can get complicated when dealing with multiple vendors. Each vendor will have to prepare an invoice. Then, you will have to compile those invoices to make sure everyone is paid. Finally, you will have to take all of that information to prepare an invoice for the property owner. That’s a pretty complicated, multistep process that involves lots of people. But what if you could streamline that process?

With Needo USA software, each vendor can invoice directly in the management system. Vendors can keep track of costs at every point in the project, including materials, labor, and overhead. Then they can produce beautiful, professional invoices quickly and efficiently. Once you have those invoices in the system, you can prepare your invoices in the same way.

Not only does Needo USA software allow for easy invoicing, but we are also continually developing new integrations with existing invoicing systems. If you already use an invoicing system for your property owners, Needo USA can help you integrate our product into their system.

Construction Management Software that Grows With You

At Needo USA, we believe in the importance of customer feedback. We want to hear what you love about our product and what new features you would like to see. Our talented team of developers will include your feedback in our future development, including the features that you want and need most.

Out excellent customer support comes from one of our three guiding principles: Listening and analyzing feedback from our internal and external customers. We take your needs seriously. Another guiding principle tells us how we want to do our job: Outperforming the status quo, always growing and perfecting our services. That means that we are never satisfied. We always want to make our product better, serving the unique needs of our customers.

You can rely on Need USA to provide the best solutions to your property management needs. With a growth mindset, we are here to guide your success. If you’re ready to improve the quality, ease, and efficiency of your turnkey property management, contact us today. We’d love to help you discover what Needo USA technology can do for you.

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