Property management firms rely on different types of vendors to provide a wide variety of services to tenants and properties. Oftentimes, a property management company depends on a sizable number of vendors on a regular and recurring basis. CMMS, computerized maintenance management software, with vendor management capabilities is an invaluable tool to optimize the relationship between property managers and vendors. There are multiple reasons why property management CMMS, like that available from NetFacilities, can effectively enhance and manage the relationship between a management firm and its host of vendors.
Centralized Collaboration and Management Solution
A common misconception when it comes to managing collaborative efforts is that it can be like “herding cats”. The assumption in property management is that coordination and organization with multiple third parties, like vendors, is impossible to implement and maintain.
But with CMMS, property management firms can effectively collaborate with vendors of all types. This includes vendors that provide solutions on a recurring basis for management companies and tenants, as well as vendors that are called upon to perform a one-time task or provide materials for a single project.
Convenient, Efficient Mobile Access
When it comes to matters associated with a property management firm and its tenants, vendors that are called upon for services or materials typically can’t be found in one static location. The same is true for a property management team. Mobility is a fundamental element when it comes to different aspects of property management and associated vendors.
NetFacilities has developed robust vendor management capabilities within its extensive CMMS that is highly mobile. With this type of specialized system, property managers and vendors alike have ready, convenient, and efficient mobile CMMS access.
This mobility is vital when it comes to ensuring that the provision of a service or materials by vendors is efficiently and effectively accomplished. It ensures the accuracy and timeliness of project progress and completion.
Effective Service and Cost Tracking
In the absence of a consistent and reliable CMMS, projects involving vendors can get off track very quickly. This unfortunate reality underscores the importance of vendor management capabilities in a CMMS.
Not only does this type of software solution permit effective budget oversight, it also provides invaluable real-time cost tracking. The system allows for prompt management intervention if a project or task appears to be deviating from the planned or established budgetary guidelines.
A prevailing reality among property management firms is budgetary limitations. Property management companies are called upon by owners, time and again, to accomplish more tasks with less money. These financial considerations are not expected to ease up any time soon, which again underscores the importance of a comprehensive CMMS to make sure unnecessary costs aren’t slipping through the cracks.
One of the most significant ways in which a relationship between a business and an associated vendor can break down is a transparency failure. When the details of a job become opaque, the relationship between business and vendor will often deteriorate. And quite frankly, when transparency is lacking each side can have a tendency to take liberties.
With CMMS, the consistent transparency between a property management company and a vendor is maintained. Both parties can access the CMMS to obtain the data and any other necessary information for the task. Additionally, mobility further enhances the effectiveness of establishing and maintaining transparency in the business and vendor relationship.
Reliable Payment Tracking and Documentation
Finally, another area of possible conflict between a property management company and a vendor is that associated with payments and documentation. CMMS is highly beneficial when it comes to the relationship between a property management company and a vendor because of reliable (and transparent) payment tracking.
The system permits the submission of a payment request by a vendor, and progress tracking of the invoice thereafter. If necessary, a vendor can communicate with the property management company about payment status, or any questions associated with a submitted invoice.
In addition, NetFacilities CMMS permits the submission of all documentation related to an invoice. This streamlines the overall invoicing and payment process between a management firm and a vendor. It also lessens the potential for payment delays or other confusion.
Overall, the use of CMMS with vendor management capabilities will serve to improve the relationship between a property management company and vendors. Moreover, when these relationships are optimized, a property management company can save on unnecessary costs and improve relationships with tenants.