Quoting Projects for Your Property? “Bidder” Safe than Sorry!
Years ago, during one of my onsite marketing visits for The Vendor Guide, I met a community director who shared a story with me about a vendor who’d quoted her an unusually low price on some interior painting she needed to have completed in several apartments.
“I was fairly new to property management at the time,” she confessed. “I jumped on the proposal thinking it would save my management company money and I’d look like a superstar! Unfortunately, my joy was short-lived when I learned that the apartments that had been painted with the “bargain” paint required not one, but two coats. Needless to say, having to double-coat each unit cost me twice for material and labor.”
“Ouch!” I said sympathetically. “I guess you didn’t look like such a superstar for a while after that..."
She nodded. “I’ve definitely learned some things the hard way! I’m a firm believer in the old adage, ‘you get what you pay for’.”
Before leaving her office that day, I asked her to share some of the other things she ‘d learned when obtaining bids from vendors. Here are some of her tips:
1) Seek reputable contractors and always check references.
2) Confirm that any vendor you’re considering carries the appropriate — of liability coverage and worker’s compensation insurance for your management company.
3) Outline a thorough scope of the work that needs to be completed.
Stress to the vendors who are bidding that there can be no hidden charges. The price they quote must include all aspects of the project.
4) Request a projected start date and a realistic timeline for the work to be completed.
5) Find out whether or not you will be charged sales tax on goods or services provided. If so, obtain the company’s sales tax identification number.
One of my favorite tips this manager also shared was how she insists on ongoing communication with whichever vendor is chosen and she sets that expectation right up front.
“When it comes to working with vendors, I don’t like surprises. These days, I’ll only work with companies that keep me informed on my projects along the way,” she said.
While bidding projects can be an arduous task, it’s good to know there are resources like Bid-Quest on TheVendorGuide.com to make the process a lot less painful!
Whether it’s products or services you’re bidding, our vendors are here help and help you shine like the superstar you are!