How VendorSmart Can Maximize Your Vendor Management Efficiency

A man taking notes as he talks on the phone.

This innovative technology improves outcomes for both community managers hiring outside help and vendors seeking work

Key takeaways:

  • Vendor management is a challenging part of the job for community managers
  • Inefficient vendor management can bring significant damage and expense
  • VendorSmart offers a new way to oversee vendor relationships
  • The result is a more efficient community for your residents

Community managers fill many different roles and are responsible for countless tasks while on the job. Hiring outside vendors and contractors is one of the most vital, as these workers keep communities functioning by handling routine maintenance, emergency repairs, and other necessary work.

However, hiring the wrong vendors or struggling to manage their activities can create problems for you and the community. If you don’t vet these workers fully before hiring them, you could end up with contractors who don’t complete their work on time, cost too much, or even damage your properties. You could also struggle to attract reputable vendors if you aren’t organized and efficient during the vetting and bidding process.

Fortunately, 21st-century technology can do most of the heavy lifting for you. Here’s a look at how VendorSmart’s online platform can make your job as a community management professional a whole lot easier. 

What is vendor management?

Vendor management is the process of creating and nurturing relationships with third-party contractors. It involves determining which jobs you need to outsource, finding and vetting individuals or companies to do them, monitoring the work they do, and (hopefully) building long-term relationships with multiple quality vendors.

The goal is to have a team of outside help available to take care of all the jobs that you can’t do yourself. For instance, you might have a lawn care team visit each community you manage regularly to cut the grass, pull weeds, and maintain your outdoor areas

Trust is a vital component of vendor management. You must trust these contractors to do quality work in a reasonable amount of time, and they must trust you to clearly outline the projects and pay promptly when the job is completed. These vendors want to build connections with communities like yours because of the steady work they supply, so as long as you both hold up your ends of the bargain, you can establish an ongoing and mutually beneficial relationship.  

Efficient vendor management benefits both parties, which is why it’s vital to creating a successful community.

Common vendor management challenges

Of course, like any relationship, your partnership with your vendors could face some challenges. You could end up with unhappy vendors if you don’t provide them with clear instructions, take too long to pay, or fail to address expiring contracts. 

On your end, vendors could strain your relationships by failing to show up on time, damaging property, or doing substandard work. Proper vetting can alleviate many of these issues – especially if you can draw on the experiences that other community managers have had with a particular contractor.

Technology makes the task of vendor management easier and more efficient by automating and streamlining much of the process. There may be a slight learning curve, but once you get over that hump, a good vendor management system can make your life a whole lot easier.

Introducing VendorSmart

This web-based vendor management platform helps community management professionals nationwide find and hire the ideal vendors for their projects. All you have to do is fill out a simple request for proposal form, and the VendorSmart team will compile a series of bids from a network of pre-vetted vendors. VendorSmart will then produce a board packet comparing multiple side-by-side offers, helping you choose the best option for the communities you manage. You’ll also have access to reviews from other community managers to help you make your final decisions.

The VendorSmart team handles your compliance document management, ensuring the vendors you hire have insurance, pay into workers’ compensation, and have all other necessary certifications or qualifications. This minimizes your financial risks. You can also review these documents whenever you wish through the platform.

All of your vendor contracts will also be available through the VendorSmart platform, providing an easy way to keep them organized. You’ll receive reminders when a contract is about to expire, giving you time to renew or seek a new vendor if a change becomes necessary. 

In short, VendorSmart streamlines the entire vendor process by doing most of the time-consuming tasks for you, freeing you up to handle more pressing issues. It also reduces your risk because VendorSmart provides complete documentation of each vendor in our system, which you can review before allowing them to work in your communities. 

The advantages of using VendorSmart

VendorSmart is a dream platform for both community managers and vendors because it opens up the lines of communication between the parties. Vendors who register with VendorSmart have access to community managers in their local area, and community managers can receive bids from vendors looking for community association contracts.

There’s greater transparency and visibility because all the documents and contracts you’ll need to maintain vendor relationships are available through the platform. Both parties always know the contract status, minimizing miscommunication as the project progresses.

This technology enhances efficiency and productivity across the board. Community managers no longer need to spend time searching for vendors, seeking bids, and vetting candidates, while contractors can minimize the time they spend looking for new projects. 

The vetting process also alleviates risk for community managers because they know their vendors have liability insurance and experience working in similar communities on similar projects. The benefits are nearly endless for everyone involved.

Streamline your vendor management today

Vendor management takes significant work if you’re doing it all the old-fashioned way, but modern technology can make it a whole lot easier. Community management professionals can automate this process and save time when seeking and hiring vendors, freeing them up for more important tasks, such as establishing better relationships with their residents.

VendorSmart’s platform makes it all possible. Our team will ensure you end up with the ideal vendors for the communities you manage, improving efficiency and reducing risk. Contact VendorSmart to learn more or schedule a conversation with our team.